How to buy virtual land
In this article discover one of crypto’s biggest trends and learn how to buy virtual land, real estate, and other NFTs, utilising the power of OpenSea and MetaMask
Currently the vast majority of virtual land and similar digital assets are built on the Ethereum blockchain using Non Fungible Tokens (NFTs). By utilising this technology, owners of NFTs are guaranteed complete control, true ownership, as well as a safe method of trading with others. Just like any cryptocurrency, NFTs and the assets they represent are kept and stored inside a ‘wallet’, the most common of which is MetaMask, a browser based Ethereum wallet.
If you are new to the blockchain space it can all be a little daunting at first, however it is rather straight forward once you get the hang of the basics. Perhaps the most important aspect of a crytpto wallet is the importance of the ‘Seed’, a random string of words that allow you to restore your wallet and the contents, should you forget your password, lose your laptop or suffer a hard drive failure. In the world of crypto your seed phrase is your one and only lifeline
Buying direct vs a Marketplace
Many of the NFTs projects allow consumers to buy assets directly from there website. This is a perfectly acceptable way to purchase digital assets in 99% of cases, as long as the founder has not already sold out and of course you are confident that the project is genuine and can be trusted
Personally we recommend using a Peer 2 Peer marketplace, nowadays there are quite a few available. Our choice is OpenSea, by far the biggest NFT marketplace. OpenSea has the highest amount of trading volume as well as probably the biggest choice of projects, with all major NFTs listed on the platform.
Using a trusted marketplace allows you to first gauge the amount of interest the project has, ensure the project is genuine and enables you to more easily ensure you are paying the fair market price for the NFT
Buying your first NFT
Once you have done all your research and are ready to purchase the asset, there are just a few prerequisites that must be in place first. Thanks to marketplaces such as OpenSea the process is actually much smoother than it may seem
First you need to create a compatible wallet, as mentioned above we high recommend MetaMask, once you have completed this task, and noted down your ‘Seed phrase’, at least twice. You need to add the required funds to the wallet, nine times out of ten this will be Ethereum (ETH) or another Ethereum based cryptocurrency, such as (MANA) in the case of Decentraland. This step involves converting ‘traditional money’ into crypto by using a service such as Coinbase. You then send the crypto to your Metamask wallet. You can also convert fiat into crypto directly through Metamask but should compare fees first and decide for yourself which is best
Now you have the required funds, the rest is really simple. Just login in to the Marketplace (OpenSea) using your MetaMask wallet, no need to create an account. When you have found a particular NFT you want to purchase, you simply click buy or make an offer and the rest of the process is fully automated, OpenSea will deposit the funds into the sellers wallet and the NFT directly into yours. You will now be able to manage your asset directly from inside the wallet or marketplace
Selling None Fungible Tokens
Selling an NFT is basically just the same as buying one but reversed. Login into the marketplace using your wallet that contains the asset, navigate to the asset, decide on whether you want to list it for a fixed price or put the item up for auction and then set a desired price. If another user comes along and purchases the asset. The process will once again be fully automated. The NFT will be transferred to the new owners wallet and the funds into yours. You can then keep the crypto inside your wallet ready to use when needed or you can use a service such as Coinbase to convert and withdraw the crypto back into fiat
Now that you know how to buy virtual land and NFTs, remember to always exercise caution. There are plenty of unscrupulous people out there trying to mislead others. For this reason we advise you never complete any transactions directly with another party and to only ever use reputable marketplaces to make trades. Remember if something sounds to good to be true it usually is
As always, this information is not intended as investment advice and you should always carry out your own research
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