One of the most important topics in 2021 was expanding virtual reality and Facebook’s new Meta platform. First, people need to understand that Meta is a part of Metaverse, a network of virtual worlds meant to connect people. People talk about it a lot because many big companies are joining the project.
A feature everyone will have in these worlds is buying and creating land. There is a process behind it, and you need to be careful with it because the majority now is just going into it and spending a lot of money on something that doesn’t guarantee value. For example, one individual bought a property for $450,000 to be a Snoop Dogg’s neighbor.
This game-changing platform already has new job opportunities like land creators and in-game assignments like running a casino. This sounds very exciting, but it’s hard to determine which investment is good because it just started. The best option is to be the one that is creating the locations and selling them.
What to Prepare?
Because you will be buying something virtually, you will need to have a cryptocurrency used in the platform. To acquire it, you should either purchase it directly or mine it. You can use a few crypto cloud mining platforms to mine crypto without any equipment needed so that you can focus only on Metaverse.
Once you have the funds, the next step is to get familiar with your options and manage them. For example, purchasing a particular property isn’t smart if you don’t research what you can do with it.
Visit the Marketplace
After you’ve done your research, you will need to visit a few platforms such as Sandbox, Axie Infinity, Decentraland and create an account. Each of them has its own story, and how they work, so you need to investigate when you decide which one is the best. For example, Axie Infinity is a game where you can buy characters and produce them.
Each property has its rarity in this game, which determines how much it will cost. One of them is Mystic, selling for 1 ETH in 2021. There are cheaper options, so you can experiment with them until you figure out what you should do.
Comparing and Choosing
The next step would be to compare what the platform offers and decide where to buy. One of the platforms is gaining massive traffic, meaning that the property you buy will cost more. So, it would be best to find great potential for the near future.
Remember that each platform has its currency that you will need to get, and some of them offer different ways of acquiring it. For example, it might be easier to earn it on Axie, but no one can guarantee that they will compete with others in the long term. For instance, Decentraland uses MANA currency, which you can use by playing games and investing.
Each has its unique way of building the system, but the principles are the same. So, the best tip is to be present in every single one of them so you can potentially earn money.
Setting Up Your Wallet
If you already have a wallet, you should check if it is compatible with what you need to get, which means it needs to support the cryptocurrency you will be buying. One of the ways you can do it is to check any top 10 list and choose the top options but always visit a reputable website so you won’t end up using a bad platform.
Wallets are probably the most important part of buying, selling, and owning crypto. No one can hack it, but you need to secure it with double authentication. The majority of buyers will recommend Metamask because they support every Metaverse platform.
Depending on which website you choose, the minimal deposit is usually around $15, but you’ll need to invest more if you plan on buying the land. Most of the available options will be expensive but don’t use your savings; instead, use the money you are willing to throw away.
Owning a Land
This trend’s most significant boost is from Facebook, and Mark mentioned how much this new wave would change the industry. It’s expected that every person will have some property made by them or bought. Once you purchase the land, it will appear in your wallet as an NFT.
Always remember that you won’t own it if the platform goes offline, so the safest option is the best one. However, if your goal is to make money by holding a particular area in the Metaverse, you should focus on reselling and creating.
Some of the properties gain a huge boost in price after a specific type of exposure, so it’s like in the real world when it comes to promoting. You can find a lot of Discord groups that are spreading the information that will be valuable for you, so try to find top groups that might help you make money.
Why Do You Need It?
Besides making money through owning or even renting virtual land, you might want to keep it for your own needs. It’s expected that people will use it for meetings and other similar occasions. So, you should think about it for each property you think about buying. Sometimes it will benefit you more if you keep the land.
Some people make a mistake and sell as soon as they get a great offer, but you’ll never know what the next one would be. The same happened with Bitcoin, where people said it would never hit $50k until it did. So, the ones that sold earlier were disappointed about how much they could’ve made.