You can buy and sell properties in the metaverse through a marketplace ( Secondly and Third-party marketplace). Metaverse‘s first-time visitors can even buy the land in metaverse through the official site of Metaverse to get a better picture of the site you are buying. But, how much is land in the metaverse? Don’t worry, here this guide will find out everything related to the pricing of the lands in the virtual world of the metaverse. To know more, keep reading.
The starting price for a metaverse land or plot is $11,000.
Why Buy a Land in Metaverse?
Before knowing the price of land in the metaverse, it becomes really important to know even if you buy the land in the metaverse in the first place. What is in it for you? And how is it going to benefit you?
Let’s start with knowing what is in it for you:
For most of the users, buying land in Metaverse is all about making a profit in the future. Remember, the Metaverse real estate world has nothing to do with the real world’s real estate. Purchasing land in the Metaverse will not buy you land in the real world. Most people confuse the world of two of these completely different real estate.
If you compare it with the real world, it serves no useful purpose. But you can surely make some of the money out of it by later flipping this land with other users of the metaverse. If you need a more solid reason to buy land in the metaverse than buying it just for the sake of flipping, here are those reasons.
According to a Fortune, the smallest plots of land on well-known metaverse platforms Sandbox and Decentraland are going for 3.7 ether and 3.46 eth, respectively. These amounts equal to around $11,717 and $10,957.
- According to Meta Metric Solutions, a business that measures the cost of digital real estate, the cheapest price for a piece of metaverse land is $14,099
- And the buying plot of Decentraland Metaverse cost nearly $13,211.
- The smallest parcel of land is 11, which corresponds to 96 by 96 “metres” in the Sandbox and 16 by 16 “metres” in Decentraland for the user’s avatar.
Brands are Investing in the METAVERSE Unconsciously:
The latest string of brands are running into the metaverse at feet first to claim as much land as they can. Nike and Gucci are some of the few brands that have entered the metaverse world before anyone.
Nike announced its plans to acquire RTFKT, which manufactures NFT footwear. RTFKT creates footwear that you can only find in the metaverse.
Nike intends to ensure that every avatar inside the metaverse will wear Nike shoes- what a great way of marketing, isn’t it? They further intend to do so quickly. Watching out on these companies and buying land in the metaverse will help you stay up to date about what these companies are doing and how you can benefit from these changes.
Gucci is not far behind Nike. This summer ran a temporary promotion for this Gucci Garden exhibit on the Roblox and sold a metaverse version of its popular bags. At the start of the exhibition, the price was decided between $1.20, but by the end of the exhibition, the price reached $4,100.
The Real Estate In Metaverse Is Pretty Huge:
Although the most popular platforms you find are young within the metaverse. But they play a huge role in expanding the world of Metaverse real estate. Hundreds of avatars are holding virtual lands and investing extensively in technological companies with the same wealth made in a virtual world.
Buying and having land in the metaverse to promote your business activities might not be expensive right now, but as time passes, it will become expensive as the brands will acquire many of the metaverse lands.
Metaverse is not new, it already hosts millions of users daily. Metaverse has captured the minds and hearts of roughly 70% of Americans. So, it is a great time for you to think about your code about buying the metaverse land.
Virtual Land Developers are Investing Million of Dollars Daily in the Virtual World.
Virtual land developers like Republic Realm have been purchasing the metaverse lands by exchanging millions of dollars. That’s a lot of spare change, these companies intend to create spaces like virtual malls and other affordable rental properties to lend them to brands like Nike in exchange for real-world money. As a metaverse user, you can also lend your land in the future.
Some of the users see a red flag of the running time which leaves you behind the brands like Republic Realm. These guys have business plans to back up all their purchases.
They want to create a world in which:
- They can rent storefronts to businesses that want to sell merchandise but don’t want to maintain any virtual real estate.
- Rent virtual condos to people who wish to visit the metaverse but don’t want to spend $12,000 on a lot of their own.
- Even design and build custom homes for celebrities who believe that a metaverse presence is beneficial to their brand image but don’t have the time to muck around in the messy bits.
Before all of this happens and metaverse potential reaches its peak, every Metaverse enthusiast wants to own some land in the virtual world for the sake of their presence.
These were the 3 reasons to buy land in the metaverse and with these reasons, you probably also have figured out how buying the land in the metaverse will help you. Now let’s go further on the real question of how much is a plot of land in the metaverse.
So, How Much is a Plot of Land in the Metaverse?
You can buy the cheapest parcels of metaverse property now for roughly $11,000. If you have no previous idea about where in the metaverse to buy land, start with the cheaper one. According to a Fortune story citing Meta Metric Solutions data, the smallest blocks of land on prominent metaverse platforms Sandbox and Decentraland are trading for 3.7 ether and 3.46 ether, correspondingly, which converts to approximately $11,717 and $10,957 in real-world dollars.
Further, Fortune’s report states that avatars can trade land for at least $13,000 at the time of publishing. While Ethereum values have since decreased owing to a bigger crypto bear market, buyers haven’t ceased buying ETH from trusted sources.
Now, you have the answer for how much is a piece of land in the metaverse, however, no price in the virtual world is a fixed price. You need to note that there is no regulated price in the metaverse. The existing price will rise sooner, as the metaverse becomes popular.
So, if you want to become part of the virtual world, consider buying at a less expensive price. As sooner or later every land in the metaverse will be utilized. So you may make good money either by flipping it or renting it for better use. If you are a small business, you can also utilize the land to promote your business by creating a virtual site.
What Does the Market Say About the Land Prices?
After Facebook was rebranded as Meta, the buzz surrounding the metaverse, the virtual environment in which people can live, work, and play as avatars, has grown dramatically. The company became more focused on the future internet, also known as the Internet as Web3. Just last year, Decentraland, the second largest virtual world, saw 21,000 real estate transactions worth $110 million.
In both virtual worlds, the average investment in land occurred around $5,300. Nonetheless, values have risen dramatically from an average of $100 per land in January 2021 to $15,000 in December 2021, with strong growth in the fourth quarter following the release of the Sandbox Alpha.
Every month between November 2021 and January 2022, an average of 8,000 pieces of land were sold for an average transaction price of 3.5 Ethereum (ETH), or roughly $13,000. In January 2022, the daily average price of metaverse land sales reached 5 ETH, or more than $18,000. This data can roughly provide an idea about: how much is it to buy land in the metaverse. As the data is always fluctuating. But, with its help, you can understand where the virtual real estate market is going.
Things To Know Before You Go Investing in the Metaverse
As the metaverse is becoming prominent, the speculation around it has also grown; while some users have gained experience with the metaverse products, some are still bigging. Now, it’s time to shed light on some of those speculations to see if they are true or vague.
Metaverse is Not in Action, Yet:
Yes, that is true. There can be millions of online virtual worlds, but only one metaverse to connect all of those virtual worlds. Most people confuse virtual worlds like Decentraland, Sandbox, Second Life, and Horizon Worlds as the Metaverse. However, these worlds are not the Metaverse. They only form a key part of the metaverse to create it as a whole.
When all of these virtual worlds unite to become interoperable, the Metaverse will become a reality. Interoperability means that all avatars will move freely in the metaverse. They will trade their digital assets from one universe to another in the real Metaverse.
Future of Metaverse is Uncertain
The statement is partially true. In the case of the metaverse, even the experts and developers can’t predict the future of Metaverse. Since Facebook has fueled Metaverse marketing, many new platforms have emerged, and many old platforms have sank right into the ground.
Second life came first and brought other platforms like VRChat, Fortnite, Sandbox, and Minecraft like wonders. Sometimes it is impossible to say which platforms will retain the sizable user base and which will fail. However, one thing is for sure there will always be new platforms emerging from the seeding ground of the metaverse.
Metaverse Don’t Have Any Potential
What else will you do with your bought land besides flipping it in the future? Many people believe that avatars can create offices, schools, residences, and businesses in the Metaverse and conduct business there. These thoughts may sound a bit hilarious to some, but these hold the real weight for some.
In the same way, now people use Amazon, watch Netflix, and take Uber, and everyone will use the metaverse. Metaverse will make it possible to access the basic right of education for everyone- for the children who live far away from the cities in the forest and the same for the children living in rural areas.
Medical experts will use the metaverse to analyze the patient’s condition and provide effective first aid. Metaverse will solve many complications and prolonged tasks.
How Much potential of the metaverse will be explored is still in question and only the future can tell the tail.
Metaverse Has Nothing New
Virtual reality (VR) is not new; AR is not new; what new does the metaverse have? This question is in the mind of many experts. Second Life, one of the first virtual reality providers, worked in the industry for a long time but failed to obtain traction. 3D gaming is not new; the world has already witnessed a lot of these.
Yahoo’s popularity sank because Google came out with a better service and grew in popularity. People used Hotmail and Yahoo mail. However, Gmail provided better service and grew in popularity.
On the contrary, Second Life has never attained popularity. People had no desire or need for a better Second Life platform. As a result, Decentraland, Horizon Worlds, Sandbox, and other niche projects will continue to exist.
So, what is new? Its connectivity. Nothing can provide connectivity to the users like Metaverse. The virtual world with the metaverse will provide a more immersive experience. So everyone in the virtual world will feel more connected and related to each other.
That was all about the metaverse and its lands. By the end of this guide, you have a recollection of how much land in the metaverse cost and why you consider buying land in the metaverse. The metaverse holds endless possibilities for the future. As an individual or a small business, you may enjoy more freedom after buying a piece of land than in the real world. However, always remember to do your research before you go and invest in the virtual world.