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Monday, September 26, 2022

How Much Does the Metaverse Land Cost?

How much does the Metaverse land cost? It’s no secret that the real estate market is skyrocketing in many countries. There is no question that homes and land purchases are more expensive now than they have ever been before, which leads us to another question.

Investors in real estate are paying millions for existing homes and plots of land where they can build more. Interestingly, some people who are priced out of the actual real estate market are turning to a different option for investment.

Many Metaverse-curious individuals are also starting to dip their toes in virtual real estate. Some early investors have reported making as much as 500% return on their investment.

So how much does the Metaverse land cost?

On average, the cheapest metaverse land costs roughly $11,000. As of this writing, in a popular platform like Decentraland, you can buy small chunks of land for just under $12,000, for example.

How much does the Metaverse land cost changes according to the popularity of the platform where you are looking. As popularity grows in the coming months, so too will the price.

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Real estate prices in Decentraland and Sandbox

Sandbox recorded over 65,000 transactions in Virtual land in 2021, totaling $350 million. This is where Yorio’s real estate development spent a record $4.2 million. Later, Yorio sold 100 pieces of virtual land at $300,000 each.

In comparison, Decentraland saw real estate transactions worth over 110 million. It is important to remember that these are transactions for real estate in a virtual world, not the real world.

In both virtual worlds, the average plot of land was $15,000 just six months ago. However, between November 2021 and January 2022, the price of Metaverse land transactions averaged $18,000.

So how much does the Metaverse land cost? The true answer is challenging to pinpoint. Experts estimate that Decentraland has over 90,000 pieces of land available – currently running from Ethereum Blockchain.

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Other platforms that offer Metaverse land for sale

Upland

Upland allows you to make a copy of the real world. Because it works the same as Google Maps, you can zoom in on the streets of the Metaverse. Once you log into the platform, you can explore popular cities like LA, New York, Chicago, and San Francisco.

Crytovoxels

This is a digital world where you buy a piece of land for less than 1.46 ETH. The property here is a little cheaper, so you only spend $5,000 in the Metaverse.

Somnium Space

Somnium Metaverse space is a platform that allows you to buy virtual land. You zoom in to understand what Singapore properties look like and choose one to your liking.

Metaverse properties

This platform looks like Metaverse Decentraland but allows you to buy multiple properties at some of the lowest prices. You can see the virtual land on sale and decide for yourself it is a worthwhile investment.

Observations

In Dec 2021, an investor paid $450,000 to be Snoop Dog’s neighbor in the Metaverse. In November 2021, a plot of land was sold in the Sandbox for $4.3 million. Going by the latest statistics, those in digital real estate will see significant returns on investments in the long term.

How much does the Metaverse land cost is not the only question? Here are a few tips to ensure you get a good deal in Metaverse land.

Use Metaverse real estate agent

While Metaverse real estate agents are not easy to come by, they will help you find suitable investments. So far, there’s no licensing for Metaverse agents, but you can find them in other real estate agents like LinkedIn.

If you’re unsure where to start, you may want to choose someone who understands real estate. The best practice is to meet them in person before you venture into the business dealing with virtual reality.

Take advantage of third-party marketplaces.

Some popular marketplaces to buy virtual real estate include Non-Fungible and OpenSea. These two platforms allow you to see historical property prices and pieces of land currently on sale. This information will help you understand whether the parcel of land has value. But there’s a caveat to this – no two real estate plots are the same.

This is true in both the real world and the virtual world too. How much does the Metaverse land cost will be different based on several factors.

Use your platform’s marketplace

Most Metaverse platforms have a marketplace where you can buy real estate. Each shows information like the coordinates on the Metaverse map and the asking prices. However, you won’t access the sales history. This makes it more challenging to know the actual value or the potential for your investment to grow.

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What is the future of real estate prices in the Metaverse?

Most investors can attest that it’s much cheaper to buy real estate in Metaverse – it takes one click. The only downside is that there’s no third party to prove whether the land is legitimate. So how much does the Metaverse land cost, and will the prices continue to rise?

The actual cost depends on the developments linked to Sandbox. Keep in mind that the prices of properties are based on the location of property buyers in the real world. So every time you buy a property in the Metaverse, the site will affect the actual price.

Some of the most popular sites where virtual land can be bought are Sandbox, Rarible, or OpenSea. However, most buyers are going to the secondary market. Although Metaverse doesn’t have a lot of real estate history, a platform like Decentraland has recorded a lot of information on its books.

If you have the bigger picture in mind, you should follow the same strategy to buy Metaverse real estate, just like in real life. It pays to choose your investment carefully. So how much does the Metaverse land cost? As much as you are willing to invest.

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