How much does a plot cost in Metaverse and what is it used for?
Find out how much land currently costs in the Metaverse
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Have you ever stopped to think about how much land costs in the metaverse?
A few years ago, the idea of investing in virtual land might have seemed pointless.
However, currently, land in the metaverse has become increasingly sought after.
With that in mind, in today’s article, we’re going to talk more about the subject and show you what this investment is for and how much it costs.
What is metaverse?
First of all, it is essential that you understand what the metaverse is.
The metaverse is actually a virtual universe, in which people will interact with each other through digital avatars.
The term, although it has become more popular in recent years, was first used in 1992 in Snow Crash, a novel by Neal Stephenson.
In this book, the metaverse was a virtual world inhabited by people from the real world, who could explore the online universe. The characters could “move” through this virtual world.
The concept combines augmented reality with virtual environments. According to some professionals, in the very near future, people will interact in this environment, as if they “were” inside it.
The idea represents the possibility of having access to a parallel reality and an immersive experience.
What is a plot of land in the metaverse?
Now that you know what this concept means, it's easier to understand what land is in the metaverse.
Basically, a virtual land mixes physical space and virtual space.
With NFTs, it is possible to ensure the authenticity of these virtual spaces and everything that is inserted within them, making the land truly yours.
Each virtual plot of land is traded with a non-tangible token (NFT) that represents a unique item.
In this environment, users can do almost anything they want with their virtual land.
A non-tangible token is a sequence of letters and numbers, but not a physical document. In other words, it is like a property deed, but with some significant differences.
There is no need to go to a notary's office to register, as the NFT is stored on a blockchain, a system that allows you to track the sending of certain information over the internet.
How much does land cost in the metaverse?
Acquiring land in the metaverse is far from cheap.
In fact, in popular metaverses, the land does not cost less than R$ 60 thousand.
The great demand for virtual reality universes (metaverse) has caused an increase in the price of these lands on well-known platforms of the genre.
In other words, to acquire a piece of virtual land, you need to invest at least R$60,000.
This value refers to the most popular metaverses at the moment: Decentraland and The Sand Box.
In Decentraland, for example, the smallest plot of land has an area of 16 square meters. In the The Sand Box, the smallest size is 96 square meters.
Why is it so expensive to buy virtual land?
As you can see, we are talking about a high-value investment.
But, after all, why did it become so expensive to buy land in the metaverse?
It is important for you to know that there is no single reason for this. In fact, the increased interest in virtual land causes the price to rise.
However, there are some factors that increase the value of a digital asset. In fact, these factors are basically the same as those that increase the value of land or physical property.
Among them, we can mention:
• Location: The most popular virtual lands have a higher value, as the possibilities of return are also greater.
• Demand: Demand, without a doubt, causes the value of a physical property to increase considerably. The same happens with virtual land.
• Size: the higher the value of the land, the higher its value will be.
• Shortage: If the platform has many users, the tendency is for the value of the lots to increase. However, if the opposite happens, consequently, the value decreases. In relation to the main metaverse platforms, the number of available lots is fixed.
What are the main metaverses?
In the main metaverses, you assume the identity of an avatar and, thus, have the possibility of living experiences in environments created by the game developers and companies that purchased the famous virtual lands.
It's no secret that the metaverse market is increasingly hot.
See below the main metaverse platforms on the market:
Decentraland
Decentraland is a blockchain game that enables socializing in the metaverse.
The project was created in Argentina in 2015 by Ari Melich and Esteban Ordano.
The metaverse is built on the Ethereum (ETH) blockchain, although it has its own cryptocurrencies, MANA and LAND.
In this virtual universe, users can not only acquire land, but also transform it into real digital businesses.
The Sand Box
Sand Box is one of the most popular blockchain games where you can create your characters and interact in this virtual world.
In other words, it is possible to build a digital life in this environment.
The first version of The Sand Box was created 10 years ago by the Pixowl studio, with the aim of competing with Minecraft.
After a few years of development, the platform was launched within the Ethereum (ETH) blockchain.
How to buy land in the metaverse?
First of all, you need to have a digital wallet and a cryptocurrency reserve.
Each game has a specific way of working, but most offer simplified options for acquiring and selling land in the metaverse.
Basically, the process of acquiring virtual land follow these steps:
• Have a digital crypto wallet
• Select the real estate platform
• Select a plot of land
• Connect your virtual wallet
• Complete the purchase
As you can see, it's not as complicated as it seems. However, remember that we're talking about high values.
Furthermore, to protect your assets, it is essential that you use modern and advanced security methods.
Conclusion
Now you know how much land costs in the metaverse and why this value is usually high.
To complete the purchase, you must have the amount available in your digital wallet.
Unfortunately, there are some scams in this market. Therefore, purchases should always be made through well-known and reliable platforms.
