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Jun 06, 22  |  ibrahim imran

How to Become a Realtor in the Metaverse: A Complete Overview

Are you wondering how to become a realtor in the Metaverse? Well, you’re not alone. In this article, we discuss why virtual real estate may become a strong ROI portal for many investors. Other than this, you will learn the steps on how to become a realtor in the Metaverse! 

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Digital real estate is for sale on platforms like Decentraland and OpenSea. Both are online marketplaces where people may purchase and sell digital assets like music, art, fashion items, and now real estate.

The concept of valuing assets in the digital environment is still relatively new to most of us. You might be asking what purpose non-tangible real estate could provide.

The first thing we must realize is that as the metaverse develops, its users will begin to form identities inside it (similar to what we see with avatars in video games). These avatars will require places to travel in the metaverse, just as they would require clothing. This is where digital real estate enters the picture.

What Are the Benefits of Investing in Virtual Land or Real Estate?

Any real estate investor will tell you that their primary motivation is to make a profit. They want a return on their investment, whether it's in a community-based initiative to create jobs in a poor neighborhood or creating a 50-story-tall skyscraper in NYC for commercial purposes.

Digital Asset ROI

There are a variety of chances for digital real estate investors depending on what you plan to do with your land. Because virtual land is purchased and sold in cryptocurrency, those with experience in crypto trading have an advantage.

Investors can buy a block of metaverse land and develop whatever they want, whether it's a performance facility for hosting music concerts or a co-working space for hosting business meetings.

Despite its intangibility, metaverse property has the potential to be profitable. In June of this year, a plot of property in Decentraland, one of the most popular sites for buying digital real estate, sold for more than $900,000. The transaction was carried out in (MANA), an Ethereum sidechain coin.

Another major metaverse digital real estate deal this year was Tokens.com's $2.8 million purchase of virtual land in an impending fashion district. Fashion is a particularly intriguing market to pursue in the metaverse, given the origins of NFTs and VR in the gaming world, when users began to purchase clothing items for their avatars.

You can begin investing in virtual worlds in a variety of ways. Decentraland is undoubtedly the most popular among real estate investors. As of this week, the minimum price for land in Decentraland is 3.087 Ether, which is comparable to $13,675.

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How to Become a Realtor in the Metaverse: A Step-by-Step Guide

Let's get started with the steps to becoming a Metaverse realtor now that we've discussed why investing in virtual real estate might be a good option.

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Get a Digital Wallet

You'll need cryptocurrencies to get started. The first step is to create a digital wallet, which will allow you to acquire virtual land using the appropriate currency. (This is similar to how you might swap dollars for REAL in Brazil or YEN in China.)

To buy land on Decentraland, you'll need MANA, and to buy land on Sandbox, you'll need SAND. The two currencies are not convertible.

When you open your wallet, whichever currency you choose, make a note of the seed phrase you're given. Consider this information to be your "virtual bank account." You should keep it close at hand and memorize it if possible. This is because if your seed phrase is lost, recovering it is near to impossible.

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Select a Purchasing Platform

When it comes to "how to become a realtor in the metaverse", you can't go about it without having a purchasing/selling platform. You will have a few alternatives once you've set up your digital wallet. You have the option of buying property directly on a metaverse platform like Decentraland or the Sandbox, or through a third-party platform like OpenSea.

It may be beneficial for first-time investors to browse around on a third-party site. You can shop for virtual land parcels on both OpenSea and NonFungible.com without having to jump from one platform to the next.

Buyers can review asking prices in their local real-world currency equivalent on a third-party site, making it easier to comprehend how much is actually being spent on a given investment. This is especially significant because each cryptocoin has its own value that is unaffected by the value of others.

The benefit of buying land directly on metaverse platforms like Decentraland or Sandbox is that you can get a good feel of what amenities are nearby and who your neighbors are. Once you've gained some experience as a digital real estate investor, this is generally the better option.

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Make an Offer and Complete Your Virtual Real Estate Transaction

Once you have covered the two steps on how to become a realtor in the metaverse above, guess what; you've become a realtor and now all you have to do is close your very first deal. 

In reality, the closing procedure may be the most difficult aspect of buying a home. That isn't the case with digital real estate, at least not for the time being. Once you've discovered a parcel you want to buy, all you have to do is click on it and complete the transaction.

Regular land will be gray and premium land will be yellow when Sandbox is available. Once you've found the land you wish to buy, all you have to do is click the blue "buy" button to complete the transaction.

On OpenSea, you can look at land that you can "purchase now" as well as land that is up for auction. To view digital land that is available on numerous platforms such as Sandbox and Decentraland, click to "category" and select "virtual worlds."

Check for the blue checkmark signaling a "verified collection" or "verified sale" whenever purchasing an NFT on a third-party marketplace like OpenSea.

Although appraisals do not exist in the metaverse, there are still ways to bargain on pricing. You can submit an offer to Decentraland, which the owner can accept or reject. Users can submit bids on an auction list on OpenSea. The market, not an appraiser, determines the value of the property.

You won't have the benefit of a real estate agent negotiating on your behalf, so you'll have to do it yourself. However, you will not be charged any commission fees as a result of this. All you'll have to pay is "gas," which is the transaction charge for buying land on a metaverse platform.

The End 

Now that you are aware of how to become a realtor in the Metaverse, it's crucial to remember that, as fascinating as the metaverse may seem, it's still uncharted ground. Digital real estate investing is a relatively new and quickly evolving type of investment.

In 2021, a piece of digital real estate might be yours for a few hundred dollars. However, in 2022, you'll need a few thousand dollars.

There isn't enough data on digital real estate transactions to predict how the virtual land market will function. It is highly speculative to invest in it, and the market is currently volatile.

That's not to say you shouldn't invest in digital real estate; it's just worth noting that there's no such thing as price tolerance or defining demand levels for such a novel product. Keep in mind how much money you're going to put into this new venture.

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