NFT metaverse land is a concept that is no stranger to tech fans, investors, and crypto enthusiasts. The demand for virtual land in the 3D digital world is increasing. While there are many similarities between metaverse land and real-world real estate market, buying and selling land in metaverse is a lot simpler.
This article will give you a step-by-step guide to buy NFT metaverse land on Binance, follow the steps to start your investment journey!
What is virtual NFT metaverse land?
Virtual NFT metaverse land is a digital space that investors can acquire in a metaverse project. Owners can use the land for a variety of purposes or only for speculation.
Typically, a metaverse project will be divided into several smaller areas and sold in one or more land offerings. This metaverse land purchase can be made in fiat currency, but usually in cryptocurrencies.
After purchasing the metaverse land, owners and visitors are provided with a 3D virtual experience. In essence, the land is a NFT, a digital asset so proving authenticity and ownership is relatively simple.
Owners can sell their land through the metaverse project’s own ecosystem or on another market to another individual who wants to buy.
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The use cases of virtual NFT metaverse land
As mentioned above, investors can buy land for speculation or for use. In fact, the project that investors choose to buy land will decide what they can do on their metaverse land. The owner can use the land as space to organize events, conferences or rent out advertising place, as long as the land has enough traffic to access. Some companies have used virtual land to open customer services. Investors who buy land from the NFT game will be more likely to receive the accompanying benefits.
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Guide to buy NFT metaverse land
Step 1: Select the metaverse platform
Investors need to choose a metaverse platform before buying land. The purpose of the purchase will impact on the chosen project.
The Sandbox and Decentraland are options considered by many investors.
Step 2: Set up a wallet
To access cryptocurrencies, investors have to create wallets. Binance Chain Wallet is often chosen by many investors because it supports a variety of blockchains. After setting up the wallet, the investor will receive seed phrase. These phrases should always be kept in a safe place. It is the only way to restore the wallet in case of a problem.
Step 3: Connect your wallet to the marketplace
For example, investors want to buy metaverse land from The Sandbox project on Ethereum. Land plots are available on the map of this project for investors to order. However, among these plots, there are those that can be traded directly without going through The Sandbox market. Meanwhile, some other lots are stored on external exchanges (e.g. OpenSea). Before bidding for the purchase price, the investor needs to perform the following steps:
- Connect your wallet: Press [Sign In] at the top right corner of The Sandbox map. The wallet is eligible for setting to the blockchain exactly as the project.
- Tap [Metamask]
- After the Metamask pop-up window appears, tap [Next] to make the connection request.
- Press [Connect] to continue connecting.
- Enter the Email address and create a nickname, and then press [Continue] to complete the account setup. The provision of passwords is only required for investors who want to use SandBox editors.
- On the signature request interface, press [Sign] to complete the account.
- Once the wallet connection is successful, the balance of the account and profile picture will appear at the top right of the website.
Step 4: Buy SAND or ETH on Binance
Investors need sand or ETH in their wallet to buy or bid on land. In fact, trading in ETH will have many advantages because The SandBox only accepts ETH. Investors can use their Binance accounts to buy these tokens. Click on [Continue].
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After having purchased cryptocurrencies, investors need to transfer them to their cryptocurrency wallets. Then copy the public address from the cryptocurrency wallet as the withdrawal address and perform the withdrawal operation from Binance.
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Step 5: Choose the metaverse land
Investors can search for available properties to bid on or watch live in The SandBox through filters. If most of the plots in this market have been purchased, they can only find metaverse land on OpenSea. However, through the purchase of the SandBox map, the land can still be bid. Because OpenSea links are embedded in the user interface, this map is the best way to verify whether the investor has purchased a legal batch of NFT or not.
Click [Bid] to offer a price or buy at a fixed price in ETH for the desired plot.
Enter the desired bid and tap [Place Bid] on the new window that appears before confirming the transaction with the wallet. If the seller rejects the offered price or the sale ends, the amount of crypto will be returned to the buyer’s wallet.
If you agree and press the fixed price, the buyer will be taken to OpenSea to complete the transaction. Investors can also make an offer on OpenSea if they don’t want to do this on SandBox.
How to sell NFT metaverse land
Similar to buying, investors can sell the land owned through the marketplace of the Metaverse project or on the secondary market.
Currently, investors can only use third-party marketplaces to sell land in The SandBox. However, developers are implementing plans to sell land directly in this exchange for a 5% transaction fee paid with SAND.
If you want to send land to OpenSea, the seller needs to access the profile and press the [Sell] button on the NFT to set a fixed price or timed auction.
How to rent NFT metaverse land
In some projects, The SandBox allows owners to lease land to third parties. As of now, there is no formal system that has done this. Therefore, if the owner decides to lease the land to the investor, there will have to be separate agreements between them. This process carries a lot of risks, especially for investors who rent land. Even if leased, NFT ownership is not converted. It will be safer if investors rents land from reputable owners or wait for a system specializing in land leasing to launch.
Although this is a new form of investment in the cryptocurrency market, investors still have to absolutely comply with the rules as well as the method of buying NFT metaverve land. It is necessary to make sure to use the official link of the project or thoroughly in the selection of the third market. A thorough study of the platforms under investment and the examination of its operating principles is essential. In fact, land is not the only investment option, so when there is a specific purpose, renting land is not a bad choice.
According to the pace of development of the cryptocurrency market, the digital real estate ecosystem is also becoming more vibrant than ever because of its convenience. However, the price of NFT metaverse land can be even more expensive than a real estate in the real world. Therefore, a wise investor will always weigh the risks and follow safe methods when participating in this vibrant but volatile market.
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