Today, Metaverse has become popular with the investors and crypto users who play games and do work in Metaverse. So, the demand of virtual land is increasing among the users. Hence, people purchase and sell land in Metaverse. The owner of the land uses the land for socializing, work, and advertising and also for gaming purpose. The crypto users can buy a land directly from the landowners by using NFT marketplace. For purchasing, the person should have a digital wallet and also crypto currencies. The payments are through crypto currency and sometimes, they accept fiat money also. In this blog, you will read the method to buy, sell and rent land in Metaverse.
Method to Buy Land in Metaverse:
1. Select Metaverse Platform:
Before the user purchase a metaverse property, they have to choose a metaverse platform. You must know the reasons for buying the land, as it will affect your project. The options are The Sandbox on Ethereum and Decentraland etc.
2. Set up Wallet:
The crypto user must create a wallet, as it will allow you to access the cryptocurrencies which you have. For this, you can use a mobile or browser-based wallet like MetaMask or Binance Chain Wallet as they support multiple blockchains. If you set up your wallet, you’ll get a string of words known as seed phrase. You should keep it in a safe place, as it will help you to recover your wallet in case, you lose access.
3: Connect your Wallet to Sandbox Marketplace:
Before you bid, you should connect your wallet. In The Sandbox map, you should tap on [Sign In] button which is in the top right side of the screen. Then, check your wallet is set to the correct blockchain like Ethereum. After this, tap on [MetaMask]. You will view a MetaMask which ask you to connect and then tap on [Next] button. At this point, tap on the [Connect] button to connect your wallet. Here, The Sandbox will ask you to add an email address and then create a nickname. After this, tap on [Continue] button to finish setting up your account. If you want to use SandBox editor, then you should provide a password. Next, you should tap on [Sign] button which is on the MetaMask signature request in order to complete your account. When, you are connected then you will view your account balance and profile picture on the top right of the screen.
4. Buy SAND or ETH on Binance and transfer it to your wallet:
If you want to purchase a land, then you should have SAND or Ether (ETH) in your wallet. You should buy ETH, as generally The Sandbox land sales uses ETH. The user can purchase SAND or ETH through credit or debit card with the Binance account. After purchasing crypto, you should transfer it to your crypto wallet. You should copy the public address from your crypto wallet and just use it, as your withdrawal address.
5. Choose Plot of Land:
Generally, The Sandbox land has been purchased, so you can find land on OpenSea. The user can bid on these sales with The Sandbox map. And with this map, you can check that you purchase a legitimate NFT plot. When you find the land for purchasing, then you should tap on [Bid] button to buy it for a fixed price or tap on ETH amount. Then, you will view a pop-up, just enter the bid amount and tap on [Place Bid] before you confirm the transaction. In case, the seller rejects your bid or the sale ends, then the crypto will come back to your wallet. But if you tap on fixed price, then it will take you to OpenSea to finish the transaction. After this, connect your wallet to purchase the land.
Method to Sell Land in Metaverse:
You can sell your NFT Land through metaverse project’s marketplace or through secondary marketplace. Landowners can sell land directly through The Sandbox with 5% transaction fee in SAND. But, in case you want to sell your land on OpenSea, then go to profile and tap on [Sell] button in your NFT.
Method to Rent Land in Metaverse:
Landowners can rent their land to third parties, in SandBox. In case, you want to rent the land to someone, then it will be a risky process. If you are giving land on rent, then you should not transfer the ownership of your NFT to the person who is taking the land on rent.
With this process, you can buy, sell, and rent land in Metaverse. For more information on Metaverse, read our other articles.