The idea of a metaverse, by shifting even more of our lives onto a universal platform, extends this problem to a deeper level. It offers us a limitless possibility to overcome the constraints of the physical world; yet in doing so, only replaces them with constraints imposed by what the metaverse will allow.
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What is Metaverse, and how do you invest in it
In recent times, the metaverse has been a hot topic of conversation among like-minded investors, with Facebook and…
In recent times, the metaverse has been a hot topic of conversation among like-minded investors, with Facebook and Microsoft both staking claims. But what is the metaverse?
Neal Stephenson is credited with coining the term metaverse in his1992 science fiction novel “Snow Crash,” in which he envisioned lifelike avatars who met in realistic 3D buildings and other virtual reality environments.
What is the metaverse?
It’s a combination of multiple elements of technology, including virtual reality, augmented reality and video where users “live” within a digital universe.
Supporters of the metaverse envision its users working, playing and staying connected with friends through everything from concerts and conferences to virtual trips around the world.
Since we said the metaverse refers to a handful of platforms on the internet that have built interactive worlds complete with virtual entertainment and businesses. There are only a limited number of plots of “land” in the two biggest metaverse platforms, the Sandbox and Decentraland, and both companies have said that they will never create more.
How to Invest in Metaverse/ Buying Land
More important, buying into the metaverse is a bet on the future of the metaverse itself. You must know that if the metaverse continues to become more popular, the price of the properties on platforms could increase. But the price of land could also drop if fewer people interact with a particular platform or the price of a certain cryptocurrency drops.
More so, the minimum price for land in Decentraland, as of Wednesday, was about 3.087 Ether, or the equivalent of $13,675, according to OpenSea. The cheapest piece of land in the Sandbox on Wednesday morning was worth about 2.968 Ether, according to OpenSea, or about $13,135.
1. Get a Crypto Wallet
Since we all know that we can’t buy real-world real estate without money, the same goes for virtual real estate in Metaverse. You’ll need a digital wallet in order to purchase the cryptocurrency for the platform you’re interested in.
Before you buy land in Metaverse, you have to set up a crypto wallet. One wallet commonly used to buy land is called MetaMask, and it’s accepted by the Sandbox, Decentraland, and OpenSea.
To set up a MetaMask wallet, you will need to download the app on your phone or via the Google Chrome browser extension. After you download MetaMask, you will be asked to create a password and will likely be given a secret phrase which you’ll use to verify your identity later on.
Once you’ve created a crypto wallet you can use that wallet to open an account on the Sandbox, Decentraland or Open sea. And remember, it’s important to explore a given metaverse platform before you invest in it.
2. Searching for the right property
Once you have crypto in your wallet you can begin scouting properties on different platforms. The Sandbox and Decentraland both sell land directly, but on the Sandbox land is released by the company in waves, the most recent of which was on Dec. 2.
Because of high demand, these waves often sell out in seconds, said Ryan Bauer, co-founder of MetaMetrics Solutions.
3. Making an offer and closing
In the virtual world, it’s kind of almost not a thing. When you find a parcel you like and that’s within your budget, you simply click on it and buy it. On some platforms, like Decentraland, you can also make an offer on the property within the platform and the owner either accepts or rejects your offer.
Either way, once you have your parcel selected, your wallet funded, and you’ve settled on a price, clicking the buy button literally wraps up the rest. Blockchain funding takes just a minute, and the transaction is recorded using an anonymous identifier for your wallet, indicating that you now hold the NFT title to the property. Your ownership is complete. It’s all yours, as long as you don’t lose your digital wallet where you’ll store your NFTs.
Once the purchase is approved by the seller, the land will appear in your Metamask crypto wallet. For security, it’s important for landowners to back up their land onto a hardware wallet to protect against theft.
“I can’t emphasize enough the importance of a hardware wallet,” Diefenderfer said. “Twitter and various other places are just stacked with stories of people getting NFT, ETH, and various digital assets stolen from them because they’re not taking the proper safety protocols.”
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