The metaverse is getting a lot of attention lately and, in the opinion of many, rightfully so. But for the metaverse-curious -- those just starting to dip their toes into the concept of virtual real estate -- figuring out how to get started can be intimidating. Don't worry; it's really a lot easier than it looks.
Choosing the right virtual real estate comes down to many of the same factors as choosing the right real-world real estate: Location, usage, and long-term potential are very important considerations when choosing a platform and a parcel. But another is deciding what vehicle to use to buy your metaverse real estate. Here are a few ways to do it.
Image source: Getty Images.
1. Use your platform's direct marketplace
Every metaverse platform with real estate for sale has a marketplace where you can go to buy it. They vary in format from platform to platform, but each generally includes information like the parcel's unique coordinates on the metaverse's map, the asking prices of available properties, and an idea of where that property is located in relation to business districts, popular sites, roads, virtual mass transit, and the like. Any improvements on the lot will also be included in the description.
Using the platform's marketplace will give you a lot of information about the property's location and potential uses based on what's around it, but you generally won't have access to prior sales histories or the sales history of other properties nearby.
2. Take advantage of a third-party marketplace
There are a couple of large third-party marketplaces where you can buy metaverse real estate. Arguably, the most popular are OpenSea and Non-Fungible.com. Both allow you to see historical property sales and properties currently for sale. Both also have more than one metaverse platform listed at any given time, so you could buy from multiple platforms or use the data these sites provide to narrow your decision.
The main advantage of using a third-party marketplace is all that previously mentioned data. When you can see the entire transaction history for a property, as well as those of its neighbors, it can help you decide whether the property is worth what the seller is asking. Remember, though, that no two plots of virtual real estate are the same, so the prices will always, necessarily, be somewhat different.
3. Buy with the help of an emerging trend: the metaverse real estate agent
Metaverse real estate agents aren't the easiest people to come by, but they do exist, and they help investors find the right metaverse parcels for their projects every day. There is no licensing requirement for metaverse agents at this time, but they tend to be current or former real-world real estate agents who happen to have a significant interest in the metaverse. You can find them on LinkedIn, for example, and other platforms where you'd normally vet professionals.
A metaverse real estate agent can help you find a buyer or renter for your project, too, which makes them doubly valuable to investors in the metaverse space. Although there is no current governance concerning who can sell real estate in the metaverse or under what laws they can do it, it's a good idea to choose someone in your own state or even your own city. That way, you can meet with them in person and get to know them better before going into business.
You can buy metaverse real estate any way you please
Like so many things in the metaverse, buying real estate there is a personal journey, and you can make it any way you want. If you're the kind of person who wants to do a lot of research and make a decision based on what you find, there's plenty of information out there for you to consider. The metaverse doesn't have a long history like real-world real estate, though some platforms, like Decentraland, have been around a while and have a lot of transactions on the books.
On the other hand, if you don't trust yourself, or you want to do something much bigger than one person can reasonably research, finding a metaverse real estate agent can really put your goals within reach. Either way, keep in mind that buying metaverse real estate is just like buying real-world real estate, and you need to keep the big picture and longer timelines in mind.
The virtual world is your oyster right now, but it still pays to choose your real estate carefully.
