This article will explore how to setup NFT virtual real estate and tips for making money with virtual real estate.
The metaverse is relatively new, and investing in it entails a big risk. Though with an equally enormous potential for high returns, it may be worth the risks.
However, like with many other investments and business ventures, you must do your due diligence before taking risks.
Here, we will give a comprehensive guide to metaverse real estate. Learn what it is, how it works, how to setup NFT virtual real estate etc.
What is NFT Virtual Real Estate?
NFT virtual real estate is parcels of virtual land minted on the blockchain. These parcels include the following but are not limited to Virtual Businesses/Houses/Estates. Virtual Countries/States/Cities. Decentraland Properties.
Understanding the Virtual Real Estate NFT Metaverse
Metaverse real estate is parcels of land in the virtual world. In the simplest form, they are pixels. However, they are more than just a digital image.
They are programmable spaces in the virtual reality platforms where one can socialize, play games, sell NFTs, attend meetings, go to virtual concerts, and do many other virtual activities.
With the rise and growth of the metaverse, digital real estate is also expected to grow and expand.
There has been a boom of metaverse real estate in the last quarter of 2021 after Facebook changed its name to META, which indicated a focused interest in the metaverse.
As its popularity keeps growing, the value of metaverse real estate is predicted to have a CAGR of 31.2% from 2023 down to 2028.
7 Tips to Make Money with Virtual Real Estate
Several ways are available now to make the monetary benefits from virtual real estate. some of them are outlined below, so continue reading
#1. Rent Out Property
In virtual real estate, things are similar to the real world. But moreover, the investors can purchase a property and make the infrastructure of their wish.
Furthermore, by making any real estate property, one can decide to rent it out to make money. However, this latest trend might need time for its full potential and recognition.
#2. Flipping Asset
Investors can easily purchase and sell real estate properties in the metaverse. Moreover, virtual space can be one of the best passive income sources.
Furthermore, the properties can enable one to generate the best financial benefits by flipping them. Therefore, virtual real estate provides an option for money-making.
#3. Gaming
presently, gaming is a leading activity in metaverse-like environments like Roblox and Fornite.
Either by playing a blockchain-based game or investing in metaverse activities, users can trade in-game assets in return for tokens that could have real-world value, as in the case of playing to earn games, one can play games and also earn money by just playing a game also you could make money by building games others play and enjoy in the metaverse.
#4. Infrastructure Designing
Another way to make cash in virtual real estate is by designing the properties of several plots in the metaverse, needing good design. Furthermore, there will be commercial, residential, and also professional setups required in digital properties.
And all these designs will soon be in demand. So, all the designers can earn and make money by making outstanding designs of properties.
#5. Properties Management
In virtual real estate, countless properties are available; therefore, adequate property management is necessary to maximize benefits.
Furthermore, managing other users or investors’ properties is also a way of earning and making money in digital real estate.
And we also know that adequate management skills are mandatory to yield the maximum monetary benefits from this digital world.
#6. Fashion
One of the first uses of metaverse has been fashion. High-profile fashion houses such as Louis Vuitton and Gucci are already experimenting with virtual clothing in the form of NFT collections.
Anyone can create and form a digital clothing line and use it to generate revenue in the metaverse.
Even if you are not a fashion designer, you can enjoy coming up with different creations for your avatars and also help your friends customize theirs.
#7. Becoming a Broker
Creating a connection between buyers and sellers is compulsory in the virtual real estate space.
Moreover, the demand for it is significantly increasing because most investors are keen to invest in a digital/ virtual world to make it a suitable and profitable passive income.
Therefore, brokers can make high financial benefits by connecting buyers and sellers online.
Recommended:
How to Create a Metaverse Game – Complete Guide
What Is The Metaverse and Does It Have Links to the Blockchain?
7 Easiest Ways to Buy NFTs with Credit Card
10 Best NFT Creator Apps For Artists In 2023
How to Buy Virtual Real Estate NFT
purchasing virtual real estate is done on a metaverse marketplace, either for sale by the developers or listed by users.
So how you go about buying it can depend on the marketplace’s accessibility, functionality, and land availability.
And the amount you pay for a piece of virtual land depends on its utility, rarity, and also location.
Purchasing a land NFT is a similar process as buying any other NFT. You browse through available listings and purchase the parcel at a fixed price or auction, depending on how the seller lists it.
Buyers should expect transaction fees for interacting with the blockchain, known as gas fees on the Ethereum blockchain.
You will require these things to purchase virtual real estate:
- A Crypto wallet
- Cryptocurrency
- An Account with the blockchain game or the metaverse
Most of the land NFTs are ERC-20 tokens, and most metaverses, games, and marketplaces are built and created on the Ethereum blockchain. This means that users typically require ETH to purchase land within metaverses.
How to Sell Virtual Real Estate NFT
You may be able to sell your setup NFT virtual real estate on a secondary marketplace. Still, you will likely have a better chance of finding a buyer if you use the metaverse proprietary marketplace.
Below is how to setup an NFT virtual real estate typically goes:
- View your assets in your wallet or account, and pick the one you wish to sell
- select a sale method, either fixed-price or auction.
- Fill in the NFT’s description, perks, and every other detail.
- Confirm the listing, which may also require a gas fee for interacting with the blockchain.
If any buyer is interested in your NFT virtual real estate setup, confirm its sale to finalize the transaction. Once an asset is sold, it is sent to the buyer’s wallet.
The game, metaverse, or marketplace you are using to sell the NFT takes a percentage of the sale price, which could be around 5% to 15% or even more.
Setup NFTS Virtual real estate has a unique value aspect, and the area in which your property is located plays an essential role in how much it’s worth, similar to the real estate IRL.
Waterfront properties, densely populated areas, and bigger properties are more likely to be valuable and desirable.
Virtual real estate is gaining tremendous recognition; moreover, users and investors worldwide find this option more trustworthy and easily scalable than real-world business options. And most importantly, it aids in yielding higher financial benefits.
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About Author
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My name is Precious Ejiofor, I am a professional self motivated, dependable writer and editor, with over 4 year of experience in writing for variety of business and platforms. I am able and capable to write on any kind of topic.
Specifically, I focus on producing persuasive and compelling contents that is thoughtful, prominent, and engaging.
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