How to buy land in Metaverse? (2022)

How to buy Virtual Land?
Illustration by Anna Antipina from Ouch!

In this guide, we will discuss the step-by-step procedure to buy virtual land. As with other guides, we focus on making this guide easy for common people to buy virtual land.

Virtual land is bought and sold in the form of Non-Fungible Tokens (NFTs). With NFTs, landholders will have complete ownership of their land as each NFTs keeps a record of who owns a unique piece of land. This land cannot be replicated as well.

Where to buy Virtual land?

Virtual land can be acquired through the marketplaces like Decentraland, Sandbox, Cryptovoxels, Somnium Space etc. Land parcels are also available on third-party marketplaces like OpenSea. 

Metaverse Land Prices

Land parcels have different prizes in various marketplaces. The price of the land depends majorly on the location of these land parcels. So, land parcels closer to major landmarks are more valuable than others.

Analysis of the land parcels in major marketplaces for November 1, 2021, is provided below.

The average prices of land in virtual worlds have grown significantly since the Meta announcement by Facebook.

Growth in the land price at Decentraland after Meta announcement is provided below. ( Source: nonfungible.com)

Decentraland land price growth

Growth in Land price at Sominium after Meta announcement is provided below.

Sominium land price growth

Growth in Land price at Sandbox after Meta announcement is provided below.

Sandbox land price growth

What factors to take in to consideration before buying Virtual Land ?

It is important to consider the following three things while buying a virtual land

  • Total number of land plots you intend to purchase
  • Size of the plot you are considering for purchase
  • Location of the plot.

How to buy virtual land in Metaverse?

In this article, we will take you through a step-by-step process to buy virtual land in Decentraland.

In Decentraland LAND can be purchased with MANA, the official cryptocurrency of Decentraland. MANA can be bought and traded on Coinbase and other cryptocurrency trading apps.

As of November 2021, one MANA was worth $2.75. You can see the latest price of MANA here.

Buying Virtual land in Decentraland involves the following steps

  • Step 1: Set up a digital wallet
  • Step 2: Purchase a small amount of Etherium and/or MANA
  • Step 3: Creating an account in Decentraland 
  • Step 4: Buying Virtual Land

Step 1: Set up a digital wallet

The first step is to set up a digital wallet to store the cryptocurrency that will be used to buy land in Decentraland.  Some of the major digital wallets are Meta Mask, Coinbase, Rainbow, etc. 

Since Meta Mask is one of the most famous wallets, we will mention the step-by-step procedure to create a Meta Mask wallet here.

Visit Metamask.com 

Click on Download.

install metamask for buying virtual land

Depending upon the browser you use, you can install the corresponding plugin. Since I use Brave, I clicked on “Install MetaMask for Brave”

Click on “Add to Brave”

Metamask for Brave for buying virtual land in Decentraland Metaverse

Click on “Add MetaMask”.

Metamask for buying virtual land in Decentraland Metaverse

After adding MetaMask Extension, you’ll return to your browser page. MetaMask will appear on your browser. You may click on it to open MetaMask.

After this, create an account with MetaMask.

Click on the MetaMask logo icon in the top right corner of your browser.Read and accept the terms.

Create a strong password and click Create.

Virtual land in Decentraland Metaverse by using Metamask

You will see a 12 words seed phrase. Remember to secure this phrase. This phase will be used for recovery if you ever forget your account password.

After you have safely stored the phrase, you will be asked to rewrite them in the correct order.

Once you’ve verified your secret phrase, Click on “Confirm”.

Now your MetaMask account is active and fully integrated within your browser.

Step 2: Purchase a small amount of Etherium or Mana

Your digital wallet should have a sufficient amount of Etherium and/or MANA to pay for your purchase.

All purchases via Decentraland Marketplace incur a gas fee, so make sure your account has some Etherium to go on with buying a parcel.  So, you’ll need to purchase some Ethereum (ETH) to cover the costs of buying your land. 

MetaMask wallets allow you to purchase crypto right inside your wallet. You should also have MANA on your wallet to purchase the land.

Step 3: Creating an account on Decentraland

Follow the below steps to create an account on Decentraland

Visit Decentraland Marketplace

Click on “Get Started”.

Buying land in Decentraland

Click on “Play using your Wallet”. Then Click on connect with the wallet.

Buying land in Decentraland Metaverse

Choose the MetaMask option to connect your MetaMask wallet with Decentaland.

Buying land in Decentraland Metaverse using Metamask

Next Click on the sign button in the MetaMask Wallet extension.

Now you will come across the character avatar customization page.

Once you have created your avatar and give a name to your Avatar, click on Done.

Click Next and Accept the Terms and Conditions.

Initially, you will be guided by the game to go through the tutorials before you can fully explore the game.

Buying MANA in exchange of Etherium

To buy land in Decentraland you need MANA. If you don’t have enough MANA with you now, you can buy MANA in exchange of Etherium. Follow the below steps to buy MANA

Open your user Settings page.

Check the box next to Assets using MANA.

Buy MANA in exchange of Etherium

Click on “Buy Mana”.

Set an amount of MANA you’d like to receive and click Submit.

Confirm this transaction on Metamask and wait for the network to verify it.

Step 4: Buying Virtual Land in Decentraland

Follow the below steps to buy land in Decentraland.

Go to Decentraland Land Marketplace 

It has a map view where you can see all the land parcels near a particular location. You can easily find out the land that is available for sale there.

Buy land parcels in Decentraland market place.

You’ll find lots of listings and essentially, all the square blocks in the picture above are lands. They all come with a price and you can buy them.

Click on a land parcel you want to buy. Now you can view it’s status, its coordinates, and its owner’s public address (if it has an owner). 

Buy or bid decentraland Land

On its details page Click on the “Buy Land” option. Sometimes land might not be listed for sale. In that case, you can click on “Bid” and offer to buy it at a specific price.  

To buy it you have to reconnect Decentraland using your Metamask account and you’ll see your profile there in the marketplace.

What happens after buying virtual land?

Just like in the real world, after buying land, you can choose to hold it, develop it, or sell it.

If you choose to develop, you can construct any of the popular developments within Virtual Land below:

  • Digital Art galleries, where owners can showcase and sell their digital NFT art
  • Digital Casinos, where players can play with MANA
  • Feature sponsorship of brands which are active within Decentraland
  • Music venues for DJs and musicians to play music and hold concerts
  • Game sites

References