Metaverse Real Estate Agent
Although only a small portion of the metaverse’s potential has been realized thus far, it has been a groundbreaking revelation to the world that one can become a Metaverse Real Estate Agent.
As the metaverse develops, its users will begin to form identities within it, which is the first thing we’d need to understand. They’ll need places to go in the metaverse, just as these avatars need clothes to wear. In this situation, digital real estate is relevant.
What is the Metaverse?
Technically speaking, a metaverse is a collective virtual community space produced by the fusion of digital reality and physically enhanced reality. For the sake of simplicity, consider a metaverse as the evolution of the internet, which began as a collection of unique message boards and standalone websites.
These places eventually evolved into locations in a shared virtual environment, much like how a metaverse will do. A vendor- or device-specific metaverse does not exist. Because of digital currencies and non-fungible tokens (NFTs), rather it is a stand-alone virtual economy.
We now introduce you to the metaverse’s real estate agents! Despite the fact that virtual land is still a relatively new idea, some early adopters have staked their claims in this budding industry. These representatives put a lot of effort into becoming knowledgeable about the metaverse, which puts them in a good position to benefit from the rising demand for virtual properties.
Why Invest in Virtual Land or Real Estate?
Any investor in real estate will tell you that their main motivating factor is the return on investment. They anticipate a return on their investment whether they are funding a neighborhood-based project aimed at generating jobs.
There are numerous opportunities for investors in digital real estate, depending on your plans for the land. Those who have experience trading cryptocurrencies are in a better position because virtual land is bought and sold using cryptocurrencies.
Investors can buy a real estate property in the metaverse and construct whatever they like there, whether it’s a performance space for hosting musical events or a co-working area for hosting conferences.
Read Also: How To Make Money With Web3 in 2023
Steps To Becoming a Real Estate Agent in the Metaverse
Find a trustworthy company offering digital real estate services first. There are a plethora of options, so consider taking your time and shop around. Transactions involving real estate on the four main metaverse launchpads reached $501 million in 2021, according to MetaMetrics Solutions.
Next, open an account with the service provider of your choice. After that, you’ll need to finish a beginner guide on how to navigate their platform.
The only thing left to do is begin listing properties after that. You can list as many or as few items as you’d like, and since everything can be done virtually, you don’t need to worry about things like marketing or showing the property.
Metaverse Real Estate Agent Qualities
People can interact with one another and explore virtual worlds in the rapidly expanding metaverse. The need for virtual property grows along with the metaverse’s popularity. Realtors operating in the Metaverse will need to be well-versed in the Blockchain Technology that powers virtual reality.
Additionally, they should also be familiar with the various platforms that make up the Metaverse, such as High Fidelity, Sansar, Decentraland, and more. Other qualities a real estate agent in the Metaverse should possess include:
- Real estate agents must know how to network in the Metaverse community.
- Realtors should use cryptocurrencies. Agents must be conversant with digital currencies because Metaverse transactions are impossible without them.
- They should be tech-savvy. A skilled Metaverse real estate agent uses VR headsets and 3D scanners. They should exhibit houses in immersive VR so clients can feel the room before making an offer.
- A good agent will have extensive knowledge of the Metaverse market and know how to navigate the complex legal landscape.
- Flexibility- A competent agent should adapt swiftly to the shifting Metaverse. They should be flexible and risk-takers.
How To Buy Land in the Metaverse
Step 1: Get a Virtual Digital Wallet
Real-world money cannot be used to purchase a digital property. Cryptocurrency is required. In order to buy virtual land with the appropriate coins, you must first set up your digital wallet.
MANA is the name of the currency in Decentraland. The unit of exchange on Sandbox, where Snoop’s Snoopverse is built, is called SAND. For Decentraland, you’ll need MANA, and for Sandbox, you’ll need SAND. There is no currency conversion available.
The seed phrase you receive when you open your wallet, regardless of the currency you select, must be recorded. Think of this information as your “virtual bank account.” You should try to memorize it and keep it close at hand. Once lost, seed phrases are extremely challenging to find.
Step 2: Choose a Buying Platform
When it comes to purchasing land, you have a few options once your digital wallet is set up. You have the option of purchasing real estate directly on a metaverse platform like Decentraland or the Sandbox or through a third-party platform like OpenSea.
It might be best to compare options on a third-party platform for new investors. You can look around for virtual land parcels on NonFungible.com and OpenSea without constantly switching between platforms.
Different platforms provide buyers with a range of prices and amenities for virtual properties. When evaluating land to purchase, logging in and out of numerous platforms can be time-consuming.
Buyers can evaluate asking prices in their local real-world currency equivalents on a third-party platform, which can help them better understand how much money is actually being spent on a given investment. Given that each crypto coin has an independent value from all other digital coins, this is particularly significant.
The benefit of buying land directly within metaverse platforms like Decentraland or Sandbox is that you get a good idea of the amenities nearby and who your neighbors are. Once you’ve developed some experience as a digital real estate investor, this is probably the more advantageous course to follow.
Step 3: Make an Offer & Close on Your Virtual Real Estate
The closing procedure may be the most difficult part of buying a property in reality. With regard to digital real estate, that isn’t the case at the moment. All you have to do to buy a parcel is click on it once you’ve found the one you’re interested in.
Regular land will appear in grey on Sandbox available, while premium land will appear in yellow. All you have to do to close on your property is click the blue “buy” button after selecting the piece of land you want to buy.
You can choose to view both lands that is being auctioned off and land that you can “buy now” on OpenSea. You should choose “virtual worlds” under “categories” to browse digital land that is accessible on various platforms, including Sandbox and Decentraland.
You will have to negotiate on your own since you won’t have a real estate agent representing you. You won’t, however, be required to pay any fees and commissions as a result of this. Only “gas,” the transaction fee you pay when buying land on a metaverse platform, will be required of you.
You’re prepared to buy as long as your wallet is funded, a parcel has been chosen, and a price has been agreed upon. The transaction creates an NFT title to the property that is solely yours and is recorded in your wallet.
Even though it may be thrilling, it’s important to remember that the metaverse is still relatively unexplored. Digital real estate investing is a very new and evolving type of investing.
A couple of months ago, a digital property cost only a few hundred dollars to purchase. You will require a few thousand dollars to get going in 2023.
It’s important to note that there is no price tolerance or way to predict the level of demand for such an innovative asset, but that doesn’t mean you should be discouraged from investing in digital real estate. Be careful how much money you put toward this new endeavor.