The Metaverse 😎, cryptocurrency, fungible tokens, NFTs—we are living in a whole new world these days. Virtual land is part of that world 🤳, and plenty of enterprising businesses are investing millions into metaverse tech. If you want to be up to speed on what some people predict is the next iteration of social media, you might want a crash course in virtual land.
This article is a practical guide that should familiarize you with plots of land in digital space 🏠. If you need information on more typical metaverse topics, check out some of our other articles. By the end of this article, you should have a good grasp of how you can own a virtual piece of land using blockchain technology (and maybe even make a profit off it). It might feel like science fiction 🌌, but these virtual property prices are nothing to laugh at in this ever-changing digital world.
Virtual Land for Beginners: What Is Virtual Land Anyway?
“Virtual land” or “virtual real estate” is technically anything that can make you money online 🤑 (domain names, websites, etc.). However, this article focuses on virtual land in the metaverse sense.
In virtual reality, you can buy virtual land just like you can in real life. This “real estate” 🏠 is comparable to physical real estate in many ways. For instance, you can own a house, but you can also own billboards, structures, and even gas stations. But we’re talking digital spaces here, so the virtual property you encounter online can look pretty wacky.
Have you heard 👂 about NFTs? Technically, virtual real estate is a form of NFT. NFTs are a unique type of blockchain-based innovation that show digital ownership. You can confirm you own NFT on the blockchain when you acquire it. If you sell it, the transaction is recorded and the new owner will be able to verify that they own it.
Investing in Virtual Land
Sandbox and Decentraland, two virtual land investment platforms, started taking off in the early half of 2021. Both contain digital real estate that allows you to build, refurbish, or revamp your digital property 👩💻. Later in 2021, Facebook gave the metaverse, including metaverse properties, a big boost 📈 by rebranding to Meta.
This was all magnified by the fact that we were all stuck at home in 2021 thanks to the pandemic. As people started lingering online, businesses realized they could capitalize on that. If we could interact socially in virtual worlds with ownable digital assets, they reasoned, we wouldn’t need to leave.
Why Purchase Virtual Land?
Virtual parcels of land might sound kind of stupid, but it’s not all fun and games. There’s real money 💵 involved here. Decentraland’s MANA token soared from $0.08 in January 2021 to $1.49 by May. That’s why investing in virtual land, while risky, has already led to a big payday for some. As most financiers will inform you, ROI is their core motive.
Granted, virtual land is also fun, much like world-building video games 🎮. You can build the home of your digital dreams. Constructing, refurbishing, or redesigning your plots of land is easy on a virtual piece of land. There are endless possibilities for what you can develop and how you can earn money in the digital realm.
Facebook (Meta), a single business, peaked at over $1 trillion in September 2021. Grayscale, a crypto possession supervisor, just recently approximated that the metaverse may grow into a $1 trillion business in the near future 🤩. Right now, it’s still under just $25 billion. If things go the way Grayscale and Mark Zuckerberg predict, those metaverse property prices will experience a property boom and are only going up long term.
Profiting from Virtual Land for Beginners
Want a piece of that digital land 😱? First, you’ll need to purchase parcels of land with a compatible wallet, like a crypto wallet. Then, build something cool on your virtual land, you can use it to profit in the same way you would with real estate investing in the actual world.
You might produce a billboard and turn it into a rental property for advertising space. You could create an auditorium to host festivals 🤹♀️ or concerts and gathers cash from ticket sales. As the metaverse evolves and reality technology improves, different avatars could access your property across metaverses, bringing more customers to you.
You might even purchase a simple plot of land that you predict will be popular in the future and hang onto it. If the value of your pieces of land or any of your property goes up, you can sell it for a profit just like real estate.
Virtual Land for Beginners: Getting Started the Right Way
Metaverse investing through digital real estate companies is much more than a mobile game 📱. It can pay off in serious future profits, but like any risky investment, it’s best to start small. The ever-changing digital world 🌎, with its blockchain gaming, land NFTs, crypto markets, and non-fungible digital assets, can seem thrilling. But bear in mind that sinking your life savings into digital real estate is not a good idea. Instead, stick a toe into the alternative life with a digital plot land parcel and go from there.
As with the entire metaverse, long-term futures are uncertain, and the legal field is also racing to keep abreast with changes in technology 🤖. After all, even the term metaverse is relatively new to mainstream society! If you need help navigating the legal side ⚖️ of digital property values or the digital real estate market, your social media lawyer has your back. Contact us for a consultation today to make sure your long-term future crypto investments and profits are all following the letter of the law.