The non-fungible token (NFT) space is evolving rapidly, and NFT land has become a booming industry. In simple terms, NFT land is a virtual territory where users can buy land in Metaverse, and there are now several different worlds that trade on it.
You can interact with other people in these worlds through your digital avatar. And if you own NFT land, you can build on it, just like on ordinary land. However, the value of NFT land varies greatly for several reasons. Here are the three most important ones to remember when looking for land in the Metaverse.
The Advantages of NFT Real Estate
Although no one can physically be in these virtual spaces, their enormous scale, and potential reach. Therefore, real estate in the Metaverse is accessible to a global audience, which is not the case with real estate in the physical world. Therefore, the possibilities of these virtual spaces are almost limitless, and people are beginning to realize this.
As an investor, if you enter at the right time and in the right place (e.g., in a metaverse that is gaining acceptance), you stand a good chance of seeing the value of your investment increase dramatically, as has happened with XANA and The Sandbox, for example, in recent years.
In addition, virtual lands are a game changer for advertisers and large companies. They provide a platform to promote their products and services in new ways, especially as the populations of these platforms are notoriously difficult for advertisers to reach. The Metaverse offers a way to solve this problem.
What to Consider Before Buying Your First NFT LAND?
Buying NFT land in the Metaverse should be treated like any other investment or financial transaction. Be sure to do your research and consider the following:
Tip: 1
Buy NFT land from a reliable source. If you are buying land as part of a sales project, make sure you have the correct official reference. Never transfer the money directly into your wallet if you buy land from someone else. You should always sell through a reliable and reputable cryptocurrency exchange or marketplace. Binance’s NFT marketplace and OpenSea are two possible options, as mentioned above.
Tip: 2
Decide whether you want to purchase or rent out NFT land. If the platform you use supports rental, the price will depend on the location of transportation, proximity to other major venues, and the size of the plot. Depending on your needs, you may not need to buy land. You can hold a single event in a popular area of town.
Tip: 3
Think carefully about the design of the NFT site. The design you choose will determine the benefits and, to some extent, the costs of the NFT. If you are speculating on your site and want to resell it, you should pay attention to the main characteristics of the project, such as popularity, number of users, and equipment. If you want to sell advertising space or engage in another usage scenario, you should look for the Metaverse platforms that best suit your needs. Not all NFT projects are successful. Therefore, you need to consider the financial risk before buying NFT land. If you buy land for no use or demand, you risk keeping it forever.
Tip: 4
Location is an important factor in the value of NFT land: just look at the Fashion Street estate. It is located in Decentraland – a giant digital world based on the Ethereum blockchain – in the heart of the fashion district and sold for $2.4 million last November. This was at the height of the cryptocurrency market (the price of bitcoin was over $60,000 at the time), but the property’s location undoubtedly contributed to the price.
The new owner of Fashion Street Estate is building virtual shopping malls where avatars can buy all kinds of NFT products in exchange for Decentraland currency (MANA tokens). Decentraland also organized its first virtual fashion week in March, where major brands such as Tommy Hilfiger and Dolce & Gabbana presented their best NFT garments.
Tip: 5
As you might expect, large NFT venues tend to be more expensive (all things being equal). The Sandbox, for example, is a 15.4-square-mile metaverse made up of 166,464 different NFT sites, each measuring 1,033 square feet. The cheapest single plot currently costs just under 1.5 ether on the Opensea NFT platform, while the cheapest double plot costs around 4 ether.
If you buy a plot, you can build your own digital experience on it to draw a crowd. And the bigger your plot, the bigger that experience can be. Rapper Snoop Dogg, for example, is building the Snoopverse. A virtual world for fans includes a digital version of his California mansion, rap concerts in the Metaverse, and NFT Doggie avatar drops.
Tip: 6
When it comes to your digital investments, security comes first. Of course, it’s always nice when security comes in a neat little package. Like the Nano S Plus, Ledger’s latest secure wallet has more storage space, allowing you to manage over 5,500 digital assets and install over 100 apps. Check out the Ledger Nano S Plus.
How to Buy Your Own NFT property?
If you want to buy a virtual property, there are several ways to do so. First, you must choose the Metaverse, where you want to place your virtual property. While there are many different options, some of the most popular and well-known virtual worlds are XANA, The Sandbox, Crypto Voxels, and Upland.
You can then purchase the property directly from their platform or complete the sale on an NFT marketplace such as OpenSea. For instance, if you want to buy a virtual property on XANA, the process is as follows:
- Buy XETA, which is the cryptocurrency used on XANA.
- Visit the XANA trading platform
- Search for available plots and select the option you want to buy.
- Research the property. Find out about current availability, owner names, and current offers.
- Connect your wallet to the XANA native marketplace.
- Click “BUY” and confirm your purchase.
- Enjoy your new virtual land.
Final Thoughts
To many, the idea of a virtual land sale may seem far-fetched. However, one only has to look at the development of the NFT, digital collectibles, and the Metaverse to see how NFT land has evolved.
The idea is not unlike owning a website or any other virtual space. Popular domain names, for example, sell for hundreds of thousands of dollars. The difference, however, is in the way NFT-Land secures ownership. As the technology world prepares for the Metaverse of the future, it should be no surprise that new NFT metaverses will soon go on sale.
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