Metaverse and its rule
- Metaverse and its dominance in the digital market
- Prominence of Virtual Land
- Steps to buy Land in metaverse
- The flip side of meta verse
Metaverse is essentially a combination of augmented reality, virtual reality and video. Essentially the metaverse allows the users to play, work and stay connected with their friends in the virtual world through digital avatars.
Metaverse allows the users to do all kinds of activities that a normal person would do in the real world. Work, party go on trips, buy real estate and many more. But reportedly the one thing that has caught people’s attention is metaverse in real estate.
Metaverse in real estate
Essentially, for an interested person to acquire or to trade in real estate in metaverse, he needs to join a platform. There are many platforms that facilitate real estate trading in the metaverse. Some of them are Decentraland, Axie Infinity and many more. There are six steps for an investor to acquire real estate in metaverse
- Being a member of metaverse exchanges that facilitate real estate trading in metaverse such as Decentraland, etc.
- Do a quick comparison between the available lands and a comparison between their pricing and select the preferred digital land.
- Once the digital land is selected, learn about the exchange’s policies. The exchanges generally allow the trading of the pieces of lands using their own cryptocurrency. For instance, Decentraland allows customers using MANA, a cryptocurrency developed by Decentraland itself, to purchase and sell real estate.
- The most important point of consideration is that the investor needs to have a digital wallet, that is allowed in the real estate platform.
- As mentioned in the third point, the digital wallet must have the cryptocurrency of the platform being used in abundance to make the purchase.
- Once, the purchase is made, the land is stored in the wallet in the form of an NFT.
Some of the key considerations that would stress the investors the most.
In the metaverse, even if we acquire the land, the land always is at risk. The risk can be related to being stolen by hackers, or if the platform that was used by the investor fails, then the land also disappears. The volatility of the market is another demon that always rides in the market, waiting to hunt down the investors. The price fluctuation is another issue that the investor has to deal with.