Metaverse Land Price: Is Buying Land in Metaverse the Next Big Thing?

As an idea, Metaverse has completely changed our perception of reality. It is changing the future, and it is doing it right now as you are reading this. It won’t be an understatement to say that the Metaverse is no less than a marvel that has come to disrupt how the modern-day world works. It is the doorway to a new world order. A groundbreaking macrocosm that is futuristic in design and thought. A behemoth that is here to change the norms. 

The term “Metaverse” is used to describe a virtual world or a universe that exists on the internet. It is an ever-evolving and expanding world that can be accessed from any internet-connected device. Within the Metaverse, users can explore, create, collaborate, and interact in a variety of ways. It is a place of limitless possibilities where users can create virtual worlds, characters, and even stories through their creativity and imagination. Needless to say, it is the future of virtual reality, and the possibilities are endless.

In this blog, we will be rummaging through the ins and outs of this brand-new reality awaiting us and already on the threshold. For starters, let’s know about the metaverse land price.

Buying Land in Metaverse: A Bet on the Future

Land prices in the metaverse can be processed through cryptocurrencies such as SAND, Ethereum, and MANA. Buying property in Metaverse can be done on a Metaverse platform or through any legitimate third-party reseller. An excellent example of this would be opensea.io.

Metaverse land price will depend upon a layer of factors. For instance, during the Metaverse land rush in 2022, these so-called digital plots were selling for $92,000 (approximately) and above. The hype is so real that even the biggest companies are now considering buying property in the Metaverse. Republic Realm, a metaverse investment firm, purchased land in Decentraland for $9,13,000. Can you imagine!

Technology has become so advanced and is propelling towards the ocean of digitisation in which Metaverse is an enormous island. 

Fun fact: Did you know that you can use the Metaverse mortgage for purchasing land in the Metaverse? And you can also hire a Metaverse real estate agent for buying property in the Metaverse. This is the best time to purchase land in the Metaverse.

Here’s How You Can Buy Land in Metaverse?

• To buy property in Metaverse, you must first create a Metaverse wallet and purchase some Metaverse tokens (ETP). 
• You can buy ETP on several different cryptocurrency exchanges. 
• Once you have ETP in your wallet, you can purchase virtual land on the Metaverse blockchain. You will need to search for a land parcel available for sale and then place a bid on it. 
• The highest bidder will be awarded the land, and the ETP will be transferred from the buyer’s wallet to the seller’s wallet.

Land Price in Metaverse: How Much Does it Cost?

A few years ago, who would have thought that people would be buying land in a non-physical dimension one day? For the unversed, we are talking about the internet here! (no pun intended). 

Fast forwarding to 2022, we are splurging our wealth on a piece of land that doesn’t even physically exist. The market and the demand for that particular piece of the land determine the Metaverse land price. In the Metaverse, the price of land can range from a few cents to hundreds of dollars per square meter. Other factors for buying property in Metaverse include location, proximity to popular areas, and also the amount of virtual content developed in the area.

Over time, the land prices in the Metaverse have seen their share of ups and downs. In December 2021, to buy land in the Metaverse, you had to shell out $100 (approximately). In January, the average Metaverse property price was more than $18,000. And by August 2022, the Metaverse land prices had begun to dip again. Today, experts believe that the land in Metaverse will grow at a CAGR (Compound Annual Growth Rate) of 31% by 2028.

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Cheapest Metaverse Land: A Myth or a Possibility?

The words cheap and Metaverse don’t go hand in hand. Instead, their relationship is (most of the time) inversely proportional to each other. Regarding the Metaverse land price, even the smallest piece of land on Sandbox and Decentraland is selling for 2.4-3.7 ETH. In dollars, this would translate into $10,000-$11,000.

The smallest chunk of land you can purchase is a 1×1 block in the metaverse. This figure equates to about 16 square meters on Decentraland and 96 square meters in the sandbox. On Crypto Voxels, a virtual world built on the Ethereum blockchain, the lowest price for a Metaverse property is about 1.899 ETH which translates to $5,335.

Metaverse Land Price: Determining Factors

Buying or selling land in Metaverse will depend upon various factors. A few of these are mentioned below.  

1. Supply and Demand: Supply and demand play an essential role in the metaverse land price. If the demand for land is high and the supply is low, land prices will be high.
2. Location: Location is a key factor in determining the Metaverse property price. Land in a more desirable area, such as a popular destination, will be more expensive.
3. Scarcity: The amount of available land in a Metaverse is limited, which can drive up the price of land.
4. Desirability: The desirability of land in a Metaverse is also a factor in pricing. Land in a desirable area or with specific features that make it attractive will be more expensive.
5. Development: The level of development in a Metaverse can also impact land prices. Land that is already developed and has the infrastructure in place will command higher prices than undeveloped land.

see also – Visions Of Metaverse From Science Fiction – Real Estate

Summing Up

For a person, investing in Metaverse to purchase a piece of virtual land i.e, Metaverse property is not just a great way to step up their investing game. Still, it is also a definitive way to be a part of a futuristic trend that will give a different trajectory to our world. It could be a rewarding experience in the ultimate sense. For those still in a haze, only time will tell.

FAQ’s about Metaverse Land Price