Virtual real estate is a relatively new phenomenon that has many people scratching their heads. Even though the concept is not exactly intuitive, the fact is that some people are willing to spend substantial amounts of money to secure the most coveted spots in virtual worlds.

When we talk about virtual real estate, we don’t usually mean houses or apartments, like we do in real life. Instead, we’re usually referring to land in the metaverse. In many metaverse games, players can buy a plot of land that they can develop to their tastes, and even offer unique experiences to visitors. These plots of land are most often represented by non-fungible tokens (NFTs), which can be freely traded on the open market.

We’ll be going through some of the most promising metaverse projects, and show you how you can buy land in the metaverse. Generally speaking, land will be more expensive to obtain in virtual worlds that are popular among players, or at least have a lot of hype behind them. Of course, the best possible scenario is to be an early buyer in a project that’s going to grow in popularity in the future and snag up some premium virtual real estate at low prices.

Why would you want to buy land in the metaverse?

Metaverse real estate growth

While it’s difficult to accurately forecast the direction of a sector that’s still in its infancy, there’s a good chance that the market for virtual real estate is going to grow in the future. According to one forecast, the metaverse real estate market is expected to grow by $5.37 billion between 2022 and 2026. 

One of the unique advantages of real estate in the metaverse is that it can be bought and sold on an open market where anyone can participate, regardless of their location. Since a digital token transaction is all that’s required for a plot of land in the metaverse to change ownership, the process is significantly faster than real-world real estate transactions.

Depending on which virtual world you’re buying land in, you might have a lot of customization options available. This could allow you to monetize your virtual real estate through hosting exclusive events or advertising.

The virtual real estate market’s accessibility and global reach is one of its most attractive features, and makes it suitable for “flipping”. If you want to try such a strategy, however, you first have to ensure that the market for the type of virtual real estate you want to flip is sufficiently liquid.

Of course, the downside of virtual real estate investing compared to its real-world counterpart is that there’s a lot more things that can go wrong. While you can of course lose money when investing in physical real estate, it will always retain some value. Meanwhile, virtual real estate can be worth practically nothing if your virtual world of choice is not popular.

Any kind of virtual real estate is a high-risk investment, so make sure to consider your financial situation and do your own research before making any investment decision. Never invest more than you’re willing to lose.

How to buy land in the metaverse and where to find metaverse land for sale

As we’ve already mentioned, most metaverse projects offer land parcels in the form of NFTs. Buying land in the metaverse is no different from buying an NFT.

So, before you get started with buying land in the metaverse, you’ll have to set up a wallet for NFTs. Since most of the popular metaverse projects use the Ethereum blockchain, it’s best that you set up an Ethereum wallet. 

The most popular Ethereum wallet is MetaMask, and for good reason – the wallet is convenient to use, and offers practically all the features you’d want from a cryptocurrency wallet. MetaMask is available as a web browser extension or mobile app. After creating your wallet, make sure to back up your recovery phrase securely and never share it with anyone.

Your best bet is to top up your Ethereum wallet with some ETH, as it’s the most commonly used cryptocurrency when it comes to virtual land sales. However, some projects (for example Decentraland) might use other tokens to facilitate land sales.

You can find metaverse land for sale on OpenSea, which is the world’s leading NFT marketplace. After finding the land parcel that interests you, the process is straightforward. Connect your MetaMask or other wallet to OpenSea, and add the NFT to your cart. You can finalize your purchase with crypto, but OpenSea also offers a credit/debit card payment option if that’s what you prefer. 

OpenSea metaverse land

Now, let’s explore some of the most promising metaverse platforms and highlight how they leverage the concept of virtual land.

Otherside – A metaverse from the creators of BAYC

Otherside metaverse

Otherside is probably the most highly anticipated virtual world in the crypto community, as it’s closely tied to the immensely popular Bored Ape Yacht Club NFT project. While players have briefly been able to experience the Otherside through demos, this virtual world is not open to the public yet. 

Still, it’s already possible to buy land in the Otherside that you’ll be able to enjoy once it is fully released. Land in the Otherside metaverse is represented by NFTs called Otherdeeds.

There’s a total of 99,999 Otherdeeds available, and they come in different varieties. Otherdeeds can come with different environments, resources and artifacts. Some of them even have mythical creatures called Kodas.

Otherdeeds can be purchased on the OpenSea NFT marketplace. At the time of writing, the lowest price for an Otherdeed on sale is about 1.9 ETH, which translates to about $2,500.

Decentraland – A virtual world powered by the MANA token

Decentraland metaverse

Decentraland is a virtual world where players can own property, avatars and items through NFTs. Decentraland can be accessed directly through your web browser, which means that you can explore it wherever you are.

The Decentraland map is divided into 90,161 parcels, which can be bought and sold by players. If you own multiple parcels, you can combine them into an estate. If you want to buy virtual land in Decentraland, you’ll need to own MANA, which is the utility token of the Decentraland ecosystem. 

Decentraland parcels can be bought on the Decentraland marketplace. At the time of writing, the cheapest Decentraland parcel is being offered for 4,600 MANA, which is about $1,800. Notably, Decentraland has a renting feature that allows landowners to rent their virtual land.

The Sandbox – A metaverse with major partnerships

The Sandbox metaverse

The Sandbox is a virtual world that uses the “voxel” graphic style popularized by Minecraft. In The Sandbox, players can own land and items through NFTs. Notably, the project has partnered with several leading brands and celebrities such as Adidas, Snoop Dogg and Deadmau5 to offer exclusive experiences in The Sandbox virtual world. The Sandbox features a token called SAND that’s used for in-game transactions as well as staking and governance.

A brief look at The Sandbox map reveals that you could have some pretty impressive neighbors if you purchase land in The Sandbox metaverse. Companies such as Warner Music Group, TIME, Binance, Ubisoft and Faze Clan all own land in The Sandbox.

The Sandbox metaverse map

You can purchase land in The Sandbox metaverse using the OpenSea NFT marketplace. The land is bought and sold with the ETH cryptocurrency, and the price floor is right around 1 ETH ($1,300) at the time of writing. However, land in more desirable locations or famous neighbours can cost a lot more.

Voxels – A virtual world using the Ethereum blockchain

Voxels metaverse

Voxels, formerly known as CryptoVoxels, is a virtual world that utilizes the Ethereum blockchain to track ownership of assets and land.

Although the Voxels world is quite lo-fi, it’s still very interesting to explore since players can heavily customize their avatars and land. This gives the Voxels world a Wild West feel as you can never quite expect what you’ll stumble upon next. Voxels can be accessed directly from your web browser, so you can jump in anytime you please.

You can purchase land in the Voxels world with ETH through the OpenSea NFT marketplace. Land in Voxels is affordable compared to the other virtual worlds we’ve covered in this article, as the cheapest plot of land at the moment can be had for 0.39 ETH (roughly $500).

Somnium Space – A metaverse focused on virtual reality

Somnium Space metaverse

Somnium Space is a persistent virtual reality platform that uses NFTs on the Ethereum blockchain. Players in Somnium Space can create their own experiences that other players can experience in a virtual reality context. This is made possible through a software development kit that enables the customization of avatars and environments.

Somnium Space is best enjoyed with a virtual reality headset. The native utility token of Somnium Space is called CUBE, and it exists on the Ethereum blockchain as an ERC-20 standard token. CUBE facilitates in-game transactions between players in the Somnium Space metaverse.

You can purchase land in the Somnium Space metaverse on an NFT marketplace such as OpenSea. At the time of writing, the floor price for a parcel of land in Somnium Space is about 1.25 ETH ($1,660). 

The bottom line – There’s plenty of different options if you want to buy land in the metaverse

As we’ve hopefully demonstrated, users interested in buying land in the metaverse have a wealth of options available to them. To make the purchase itself, you should set up an Ethereum wallet first so that you can make payments and store your land NFTs securely. If you’re not sure where to buy metaverse land, your best bet is probably OpenSea. 

In most cases, the process of buying virtual land is no different from buying any other NFT and all the projects we featured in this article use NFTs to represent virtual land. 

If you’re interested in more virtual worlds to explore, check out our list of the best metaverse games.

Frequently asked questions about metaverse land

Since the concept of virtual real estate and metaverse land is still brand new, there’s a lot of confusion about how it actually works. Let’s answer some of the most common questions people have about metaverse land.

How to buy land in the metaverse?

In most cases, buying land in the metaverse is no different from buying an NFT. Virtual worlds such as Otherside, Decentraland and The Sandbox represent land with NFTs. To buy land in the metaverse, you’ll need to set up an Ethereum wallet and use an NFT marketplace such as OpenSea.

Is metaverse land free?

In most cases, metaverse land is not free. Each virtual world usually has a limited number of land parcels available, which are traded on NFT marketplaces. Still, it’s not impossible to get metaverse land for free. Sometimes, projects “airdrop” NFTs metaverse for free to owners of certain cryptocurrencies or NFT collections.

How much does metaverse land cost?

The price of metaverse land varies greatly between different virtual worlds. For example, virtual land in the Otherside metaverse is quite expensive, while virtual land in less popular metaverses is cheaper to obtain. In addition, there are various factors that influence the price of metaverse land, such as its location and size. For example, a piece of metaverse land that’s right next to a popular public square will likely be more expensive than a piece of land in a more remote location, very much like in the real world.

What is the cheapest land in the metaverse?

If you want to get your hands on some cheap land in the metaverse, consider exploring metaverse projects that are at a relatively early stage. You can also get cheap land by purchasing parcels that are small, or located in a remote area.