NFT Metaverse Land is a piece of virtual real estate represented by a non-fungible token. Owners rely on the platform to use their land for social, advertising, work, gaming and other use cases.
You can purchase NFT Metaverse land through project land sales or directly from landowners using the NFT marketplace. A digital wallet and cryptocurrency are required to purchase land. Land can also be sold to other users through various platforms, and a leasing mechanism will be introduced in the future.
Always buy NFT land in the secondary market from a land sale project or through a trusted NFT trading platform. Make sure to fully understand the relevant projects on the site and consider the financial risks involved.
The process of buying and selling Metaverse NFT land is fairly simple, and you can follow our guide to do it easily.
What is Virtual NFT Metaverse Land?
NFT land is a purchasable piece of digital space within the Metaverse project. Non-Fungible Token (NFT) holders can use the land for various purposes or purely for speculation. Metaverse projects often divide maps into smaller areas and sell them as single or multiple land offerings. Transactions are usually paid in cryptocurrencies, but some projects also accept fiat currencies.
Once purchased, the space typically offers a 3D virtual experience for owners and visitors to explore. Land is an NFT, so the authenticity and ownership of these digital assets can be easily proven. Owners can sell land on the secondary market of third-party trading platforms, or through the Metaverse project ecosystem.
What are the Use Cases for NFT Virtual Land?
Some investors may simply speculate, while other buyers may wish to use the land for a specific purpose. The project you choose will affect land use.
If the land has enough traffic, it is often used to hold events, conferences, or even rent out advertising space. Firms such as PricewaterhouseCoopers also include their land in the service. If you buy land from an NFT game, you will most likely get in-game rewards from the plot.
How to Buy Land in the Metaverse
Buying NFT land is the same process as buying other NFTs. All you need is a wallet and some cryptocurrency to start buying. Do your own research before taking the plunge.
Step 1: Choose the Metaverse Platform
Before purchasing a Metaverse property, you need to select a Metaverse platform. The reason for purchasing the land will influence the choice of the project, which we will cover later in the recommendations section. We will use The Sandbox on Ethereum as a tutorial case, Decentraland is another popular choice.
Step 2: Set up the wallet
You need to create a wallet that enables you to use your own cryptocurrency. You can use a mobile wallet or a browser-based wallet, depending on your personal preference. In general, there are fewer problems with browser-based wallets.
MetaMask or Binance Chain wallets are both good options as they support multiple blockchains, but always verify that the wallet you are using supports the blockchain where the NFT land is located.
When you set up your wallet, you receive a string of words, which is your mnemonic. Put it in a safe place. It can help you get back in if you lose access to your wallet. It’s best to store it in a place that is always offline.
Step 3: Associate Wallet with Sandbox Marketplace
On The Sandbox map, you can see the auctionable plots. Some of these can be auctioned directly through The Sandbox, while others are hosted on external exchanges such as OpeanSea. For the sake of simplicity, let’s look at a project that can be auctioned through The Sandbox.
Before bidding, you need to link your personal wallet. On The Sandbox map, click [Login] in the upper right corner. Make sure the wallet is also linked to the correct blockchain.
Next, click [MetaMask]. MetaMask will pop up a window asking you to link your wallet. Click [Next]. Click the [Link] button to continue linking the wallet.
The Sandbox now asks you to add an email address and create a nickname. Click [Continue] to complete account setup. You can also voluntarily provide a password if you want to use the SandBox editor.
Click [Signature] at the MetaMask signature request to complete the account setup.
Once linked, you will see your account balance and profile photo at the top right of the website.
Step 4: Buy SAND or Ether on Binance and transfer it to your wallet
You must have SAND or Ether (ETH) in your wallet to buy or bid on land. Buying ETH may be more useful as most The Sandbox land sales only accept ETH. You can buy SAND or ETH with a credit or debit card in your Binance account.
After purchasing cryptocurrency, you need to transfer it to your personal cryptocurrency wallet. Copy the public address from the cryptocurrency wallet and use it as the withdrawal address.
Step 5: Choose a Plot
Most of The Sandbox land has already been sold, which means you can usually only find land on OpenSea. However, you can still bid on these sale lots through The Sandbox map. The Sandbox map is also the best way to verify the purchase of legitimate NFT plots, as the link to OpenSea is embedded into the user interface.
After you find some land you want to buy, you can click the [Bid] button to make an offer, or click the ETH amount to buy it at a fixed price.
You will now see a popup window asking you to quote. Enter the bid amount and click [Bid], then confirm the transaction with the wallet. If the seller rejects your bid or the sale ends, the cryptocurrency will be returned to your wallet.
If you click Fixed Price, the page will jump to OpenSea to complete the transaction. Before buying land, you need to link your wallet to the market. If you do not want to quote through The Sandbox, you can also use OpenSea quotes.