In October 2021, Facebook (now Meta) announced its heavy involvement in the upcoming metaverse. Since then, a literal metaverse craze has swept the blockchain ecosphere. As expected, blockchains related to NFT gaming and virtual worlds rallied and outperformed most established coins like Bitcoin and Ethereum.

And while we covered those in a separate article, we only lightly touched upon another digital asset that is an integral part of these virtual worlds. We are, of course, talking about virtual land.

In this article, we will help you understand the opportunity that digital land offers and how to buy virtual land. However, before we go deeper into the technicalities, we take a look at what makes virtual land so valuable and how to evaluate its price. Finally, we will conclude with a list of the top metaverses where you can buy virtual land and become a proud landowner in the upcoming metaverse revolution.

What Is Virtual Land?

To help you understand what virtual land is, let’s first open a short parenthesis on metaverses and how they function. A metaverse is a virtual world where users can freely roam, explore, communicate, play games, and participate in various social events. Within this world, users dispose of various digital assets, such as clothing, vehicles, or real estate.

On the blockchain, all of these assets are recorded as NFTs, and can be seamlessly transferred from one user to another. The world itself is usually divided up into parcels of virtual land that are equally recorded as NFTs. So, to build a home in the metaverse, you will need to own a piece of virtual land, just like in the real world.

Why Is Virtual Land Valuable?

With that in mind, virtual land in blockchain metaverses is much more useful than just for building a home. Through various mechanics proper to each world, they can add incredible monetary value to your metaverse presence. For example, on virtual land, you can:

  • Develop a business – if you are a creator in the metaverse, owning land is vital to deploying your own gaming experiences. On land, you can create games, events, stores, and even casinos, that can all be monetized. For instance, you can make your own NFT clothing store that users can visit and shop at, developing a full-fledged virtual business.
  • Gather rare resources – some crucial resources to enhance your metaverse experience can only be gathered through land ownership. Users are able to stake coins or their land or mine their plots to acquire them. Sometimes these resources are vital to creating scarce and valuable NFTs, while in other cases they are just unique cosmetics for your avatar.
  • Use it as advertising space – on virtual land, you can advertise your real-life business. Equally, you can promote metaverse events, such as the release of a new game, NFT collection, etc. Moreover, you can rent out this advertising space to other companies that want to gain more exposure in the metaverse.
  • Rent it out for passive income – even if you don’t plan on creating virtual world experiences, you can still generate some cash from your land. You can rent to other creators or businesses and charge rent for the service.

This is just a small selection of the things you can do on your virtual land. Various metaverses are adding more use cases to their land all the time, so make sure you keep updated on the best way to make profits with your virtual land.

How To Assess the Value of NFT Land for Sale?

When you start browsing the secondary market for pieces of virtual land, you will notice that not all land has an equal price. This is because, just like in the real world, the value of digital land depends on various factors, including:

  • Location – the first factor that will have a major impact on your virtual land plot is its situation in the metaverse. Land closer to spawning hubs or important landmarks will always be more expensive. The reason behind this is that these epicenters will generate more traffic. This increases the exposure of whatever business is on these plots and therefore, its potential income.
  • Size – size in the metaverse matters, as it will reduce the limits of what can be created on them. Larger pieces of land will be able to host more complete gaming experiences and welcome more visitors simultaneously. They also increase the number of resources that users can gather, bringing in more potential passive income.
  • Scarcity – In all the current metaverses, land is a finite resource. Only a limited number of plots have been made available by the blockchain platforms. As the popularity of metaverses grows, and demand for land increases, the value will proportionally increase due to this scarcity.
  • The popularity of the metaverse – finally, the popularity of each metaverse will play a crucial role in the value of its land. If millions visit it daily, land tokens will gain in demand and increase in value. Conversely, a virtual world could be overwhelmed by the competition and could become a ghost town once users abandon it. In this case, the value of the land is certainly going to plummet.

As such, the value of virtual land will follow the law of supply and demand, and all the factors that influence it.

What Is the Best Place To Buy Virtual Land?

Now that you know what makes virtual land so valuable, let’s have a look at how to buy virtual land and the best places to do it. There are already a few established metaverses out there, and developers are working on dozens of new ones. So it can be challenging to know where to look when looking for the best place to buy virtual land. Consequently, we selected three of the most promising metaverses to teach you how to buy NFT land.

Axie Infinity

Axie Infinity is not a metaverse in the proper sense of the term. It’s a blockchain game where users can collect NFT monsters called Axies. They can take part in PVP battles or complete quests with their team of creatures, receiving crypto rewards for their efforts. However, due to its sheer popularity, Axie Infinity receives an honorary place in our list on how to buy virtual land.

The game draws its popularity from its highly lucrative reward system. After investing in their first team of monsters, players can start accumulating two popular cryptocurrencies – AXS and SLP. In some countries, playing Axies can generate more income than a regular job.

An upcoming update in Axie Infinity will introduce the concept of land ownership. The developer team will release an interactive map of the Lunacia world, where the player-owned Axies can coexist in real-time.

The NFT plots of land will have various use cases such as:

  • Gathering resources to upgrade existing Axies and breed new, more powerful ones.
  • Real-time quests that provide increased rewards for landowners.
  • Deploy user-created monetizable games such as PVP tournaments and PVE quests.

The map itself will be divided into 90.601 parcels of land, emphasizing the scarcity of this resource. Even though developers haven’t quite fleshed out the land gameplay yet, players have already bought over 17.000 plots.

Considering their value, the usual factors come into play (scarcity, location). However, each land parcel falls under a particular category – Savannah, Forest, Arctic, and Mystic. Each category allows players to gather different resources that have different values in the game.

As such, the value of each parcel will also depend on the type of resource they allow you to gather.

How To Buy Virtual Land in Axie Infinity

The process of buying land in Axie Infinity is quite straightforward. Since the game resides on the Ethereum blockchain, you will need some ETH to pay for the land and the gas fees. Here’s how to buy virtual land for the game:

  • Create a Ronin wallet if you wish to use the primary marketplace. You will need this to directly login onto the Axie Infinity website.
  • Top up your ETH wallet.
  • Visit the land marketplace and browse the available listings. Alternatively, browse OpenSea for available plots of land in Axies Infinity. In the latter case, you can use any Ethereum-capable wallet.
  • Purchase your land by clicking on “Buy Now”. The digital NFT assets will be directly transferred to your wallet.
Clicking on the map will allow you to assess the plot’s location in Lunacia

Unfortunately, there’s not much you can do with your Axies land at the moment. So make sure you follow their Twitter account for upcoming updates.

Decentraland

Decentraland is a full-fledged 3D metaverse created on top of Ethereum. It uses the MANA cryptocurrency, an ERC-20 token, for all the transactions within its virtual world.

Decentraland is divided into 90.601 plots of NFT LAND tokens. Each land parcel has a size of 16×16 in-game meters and can be regrouped into larger plots called estates. So, while single pieces of land can accommodate modest real estate and small games, estates are useful for deploying complete gaming experiences.

LAND tokens in Decentraland have multiple use cases:

  • Build houses with the Decentraland scene builder.
  • Create 3D experiences such as gatherings, social events, concerts, movie theaters, etc.
  • Build businesses such as virtual NFT shops, NFT galleries, casinos, etc.

For a more complete overview of Decentraland and the technology behind it make sure you take a look at our dedicated article to the platform.

How To Buy NFT Land in Decentraland

While most NFTs on Decentraland reside on Polygon, this is not the case for the LAND tokens. The team doesn’t plan to migrate them from Ethereum onto a layer 2 solution, as they don’t require frequent microtransactions. Consequently, when looking at how to buy NFT land in Decentraland, you will need MANA tokens for the LAND purchase, a well as ETH for the gas fees. Here’s how to buy virtual land on this metaverse:

  • Top up your ETH-compatible wallet with MANA and ETH.
  • Visit the Decentraland marketplace and connect your wallet to the platform.
  • Browse for available LAND plots and choose the one you wish to purchase.
  • You can either buy the land directly for the listed price or bid a fair offer to the owner.

The video below will provide you with a visual walkthrough of the process.

Once you have completed your transaction, your LAND token will appear in your wallet. Soon thereafter, you will be able to start deploying content on it and build your first virtual house in Decentraland.

The Sandbox

The Sandbox is one of the most promising metaverse gaming platforms currently available. Dozens of internet personalities, celebrities, and acclaimed companies have already joined its virtual world. Snoop Dog, The Smurfs, Shaun the Sheep, The Walking Dead, all are working on upcoming content for the Sandbox.

This voxel-based 3D world allows individuals and game creators to populate their world with unique user-created assets and gaming experiences. To achieve this, it uses the native token of the platform SAND and runs on Ethereum. And just like with Decentraland, only landowners can deploy monetizable games in The Sandbox. There are 166.464 LAND tokens available, each one measuring 96×96 meters squares of in-game measurements.

NFT land in The Sandbox has multiple use cases, including:

  • Deploying gaming experiences.
  • Staking SAND for passive income.
  • Generating Gems and Catalysts, two rare resources for creating unique and valuable NFTs.
  • Rent LAND to other game creators.

The game itself is undergoing a testing phase and the developers recently unlocked only a small portion of it to show its potential. You can consult our article dedicated to The Sandbox for more general information about this metaverse.

How To Buy Metaverse Land in the Sandbox

To buy land in The Sandbox you will just need to have sufficient ETH to cover the purchase and the gas fees.

  • Sign the transaction with your wallet and you will receive the NFT within a few minutes.

As soon as the region where your LAND tokens are situated is unlocked by the dev team, you will be able to start creating content on it. However, you can already stake SAND on it to gain resources for creating unique NFTs.

Conclusion

While NFT land remains quite expensive, it provides an incredible investment opportunity. Regardless of whether you are a game designer, NFT creator, or a simple investor, owning land could become a considerable source of passive income as the metaverse grows. Additionally, the added scarcity and demand will increase the value of this land, giving you a chance to make profits by selling it at a higher price in the future.

That said, it still remains a risky investment nonetheless. Land value is tightly connected to the popularity of the metaverses themselves, so make sure you do sufficient research and follow their development closely.

Hopefully, our article gave you some good pointers on how to buy virtual land, and what metaverses provide the most upside potential in this niche.