Metaverse is a virtual world where users can choose their avatars and interact with each other within a three-dimensional environment. This concept is gaining popularity since virtual and augmented reality is becoming more immersive.
Businesses and investors are constantly finding opportunities to capitalize on this growing demand of a digital world. Experts forecast that the global metaverse market will expand with a compound annual growth rate of 44.5% till 2030, and its market size will surpass over 1 trillion dollars.
Real estate is one of the most influential aspects of a metaverse since virtual land and properties are the new assets. Just like you buy, sell, and build properties in the physical world, you can do the same in the virtual world. Few experts believe that Real estate will be a popular industry in the metaverse and will help investors generate a significant amount of wealth.
Metaverse Real Estate exists beyond geographical boundaries, and it's a lucrative opportunity for businesses that want to market their products or services to a global audience. People who buy a metaverse property can either sell it, rent it, or open a storefront or an entertainment unit to generate revenue.
E-commerce businesses are buying metaverse properties to open their digital stores where users can come and enjoy a 3D online shopping experience. And as the metaverse grows, property prices will also appreciate. Businesses and investors have a great chance to make potential high returns on these digital properties and create revenue streams.
Buying virtual properties is as easy as buying NFTs. You can access Metaverse platforms from your desktop and see snaps of virtual lands available. You will also get all the necessary details like utility potentials, transaction histories, total area, etc. Once you find a piece of land you like, you can check their marketplace for buying options. You can also check third-party NFT platforms to check if the land is available as NFT.
Here's a step-by-step that you might find handy:
You will need virtual currencies to make purchases on Metaverse. Signup on a crypto exchange platform and deposit your traditional fund to get virtual money in exchange. Deposit that virtual money into your digital wallet like Metamask.
Pro tip: Before buying a virtual currency, check if your Metaverse platform supports that currency.
Select a metaverse platform where you want to purchase. Signup on that platform using your digital wallet. Some of the most popular platforms are The Sandbox, Decentraland, Treeverse, etc. Before you make up your mind, you can compare your options.
After picking your land, head straight to the metaverse's marketplace, where you can buy the plot of land through your digital wallet. Once you execute the transaction successfully, you will find your property as an NFT in your digital wallet.
In a few cases, you may need to signup to a third-party NFT platform to buy the virtual property of your dreams. Such secondary platforms like OpenSea use Ethereum (ETH) for completing transactions.
Pro tip: Check if you have enough crypto coins to buy the land and pay the gas fees before checkout.
Like every other investment opportunity, this one also has risks and rewards. Only some old-timers may argue that metaverse properties are not a good option for investment because they are intangible assets. But unlike them, millennials and GenZ believe in a tech-driven future. They can see the potential of technologies like the virtual world, AR, VR, AI, etc.