If you’re familiar with the crypto world, chances are you’ve heard of the metaverse. The metaverse is a major digital project backed by crypto ecosystems that contain many opportunities for digital investors to participate. Crypto holders can invest in everything from digital art to digital real estate in the metaverse. Here’s a quick rundown on what the metaverse is and what options you have for investment.
What is the metaverse?
Inspired by video games like The Sims and Second Life, the metaverse concept aims to integrate our real lives and our digital experiences. When the metaverse is complete, it will be a series of digital universes, all interconnected and synchronous. Users of the metaverse can create their own digital avatars and participate in developing, selling, and exchanging digital assets. Anyone with an internet connection can join in the metaverse, and different levels of extended reality are available. For example, people with virtual reality headsets can immerse themselves in the metaverse and participate in digital experiences. Users with only smartphones can still join in the experiences in a less immersive way.
Metaverse projects aim to generate dynamic and self-sustaining economies based on users’ creativity and experiences. This is why the metaverse is backed by crypto and blockchain technologies. Cryptocurrencies offer ease of exchange through their decentralized nature, and blockchain technology allows for the creation and exchange of NFTs. Non-fungible tokens are encrypted contracts of ownership held on a blockchain that can represent digital or real-world assets. In the metaverse, every digital asset created, including metaverse land, exists as an NFT and can be owned by a user in the space.
Tech giants like Google and Facebook are already launching their own metaverse platforms and attempting to shape the future of the space.
Owning Metaverse Real Estate
Though it may seem silly to purchase digital land that you can’t physically visit, there are many benefits to investing in this growing digital industry. Metaverse land is similar to real property in that it is in limited supply and can be wholly owned by a single buyer. Metaverse real estate is secured by an NFT, making it easy to quickly sell and trade on the market, just like crypto tokens. Owners of metaverse land can use the digital space to socialize with friends online, create digital assets for exchange or sale, host digital experiences for fees, rent out their land, and more.
How to Purchase Metaverse Land
The first step in investing in the metaverse is selecting your platform and opening a digital wallet. Popular platforms include Decentraland and The Sandbox, two of the more popular metaverse projects out there today. Once you’ve selected your platform, open a digital wallet compatible with the platform and fund it with crypto. You can then connect your wallet to the platform’s marketplace and begin bidding on available land from other users or play games where land is a payment feature to earn your property. If the land owner accepts your offer, crypto will be taken from your wallet, and the NFT for the property will be held in the same wallet.
The metaverse is a growing digital environment that can provide many lucrative opportunities for investors in the future. Investing in digital property may initially seem confusing, but the benefits of owning metaverse land can be highly beneficial for crypto investors. Take part in the growing digital landscape and claim your piece of the metaverse today.