The benefits of owning metaverse land and how to buy some
July 1, 2022
Ever dream of one day owning your own piece of land which you could do with as you please? The metaverse is ushering in a new age of real estate ownership.
With the uprise of Web3, it’s now possible to own actual land inside of various web3 games and platforms. These plots come in the form of NFTs and have been a hit amongst metaverse and Play-to-Earn enthusiasts as well as NFT investors.
Many may become baffled at the idea of owning digital land and wonder, what exactly are the benefits of owning this?
Let’s visit the use cases and how some, including big brands and celebrities, are using their digital plots.
Why own land in the metaverse?
Owning land in the metaverse might seem silly to some, but there are quite a few benefits to it. After making a purchase you are 100% the owner of the real estate on that platform! This is thanks to the power of digital ownership brought to us through NFTs.
As the owner, you’re free to do whatever you please with it. This means you can customize it to your liking and even host virtual events. For some, this has given way to a new form of, not only ownership but also promotion and entrepreneurship.
This futuristic asset hasn’t only been popular amongst gamers and investors but has also been picked up by some of the biggest brands in the world. One such example is Adidas, which recently launched a partnership with The Sandbox where Adidas bought a plot.
This was a promotional move by Adidas who were preparing to launch their first NFT collection. Their decision to purchase plots in The Sandbox lead to Adidas using this plot to host events, such as GamesBeat Summit 2022 which ran in late April.
One notable hip-hop rapper who dived into The Sandbox is the one-and-only Snoop Dogg who has his own area and avatars called the “Doggies”. The Doggies are an entire NFT collection containing 10,000 generated Snoop Dogg playable avatars.
Even though it could seem like a gimmick that big brands are investing in virtual real estate, there are actually some benefits to it. Not only do these brands make a marketing move into a fast-growing industry, but they also set themselves up for long-term activity in the metaverse.
Adidas along with other brands and celebrities have taken notice that the metaverse can be the next big promotional strategy and they want to be early to the party. This newfound strategy is through user-generated content that web3 is allowing them to monetize by creating unique experiences for all.
A common objective many platforms have is to change the way businesses interact with their audience through user-generated content and we’re really just seeing the beginning of this.
Credit: The Sandbox
Where can you purchase metaverse land?
So now that we’ve uncovered the benefits of owning metaverse land let’s see where we can buy a plot. New platforms and games offering this asset are constantly hitting the surface but a few names have managed to stand out.
The Sandbox is one of the most well-known metaverses to date after their first Alpha seasons proved to be a success. The Sandbox is a community-driven game that allows players to unfold their creativeness in their universe.
Their platform hosts its own marketplace and on Opensea, where it’s possible to shop for land. The plots can be purchased with SAND on their native marketplace or using ETH via OpenSea.
A range of items can be purchased including character gear to objects that can be used to decorate your space. Sandbox is a great example of a game where metaverse land has a central role that allows players to be creative with their NFTs and use the area to host games, create houses, or socialize.
Another metaverse to take a look at is Decentraland, which is a browser-based 3D platform. Just like the Sandbox, Decentraland allows users to buy plots that act as an NFT on the platform. Unlike The Sandbox, Decentraland uses MANA as its cryptocurrency, which is also the currency used to buy and sell.
Both games were originally established on the Ethereum blockchain but have since implemented Polygon, which has made buying and selling land in their metaverses more user-friendly.
Looking beyond these two big players in space, there are also plenty of other notable names. Games such as Axie Infinity and the Somnium Space also offer purchasable land within their respective metaverses.
How can you purchase metaverse land?
After hearing all we’ve had to say about metaverse land you might be ready to make your first purchase.
Ideally, players should be able to purchase a plot using crypto on the marketplace connected to the specific platform. Many platforms use OpenSea to sell plots considering it’s the largest NFT marketplace.
Some metaverses also have their own built-in marketplace and don’t rely on sales through external marketplaces. Buying plots can in many cases be done by using Ethereum or Polygon, but in some cases, it will require the native token of the respective games, such as MANA or SAND.
Before deciding where to make your purchase be sure to set up a crypto wallet and find exchanges that list the cryptocurrency you wish to use if you are holding none.
What can you do with your metaverse land?
Having metaverse land in your possession is awesome, but what is even more awesome is all the things that it allows you to do.
The most common activities owners usually participate in are building and designing, hosting events, and building games for gamers. These activities make it possible for the owner to be creative and interact with other players at the same time.
Big brands have already hosted virtual events and paved the way for the virtual concerts and festivals of the future. With that said, it’s also possible for casual players to use their area to host smaller events or gatherings with friends.
Another way to utilize your metaverse land is to rent it out. Just like in the real world, you can become a landlord and rent out your NFT plot for a sweet passive income.
Renting out your metaverse plot allows you to earn money without having to sell the NFT off completely. In the right games, renting has proven to be profitable, all it takes is to find a game where there is a big demand for a plot.
Utilizing land in the metaverse is only just starting to be explored, so there is no doubt that new creative ways to both play and profit will be discovered in the upcoming years as current games continue to develop and new initiatives step into the market.
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