Ellen Britt for CNT #NFT
OK, so you have taken the plunge and purchased a lot in the metaverse? Now what? Buy and hold, or do something else entirely?
One of the easiest and most common ways to profit from your virtual real estate purchase is to simply hold on to it, and anticipate that prices will rise and you will be able to sell later for a profit. After all, no matter which metaverse you choose to play in, from The Sandbox to Decentraland to up-and-coming Mint City Places, there is only some much real estate to go around in each one.
A LOT More
And yes, buying and holding is ok, but there is a lot (no pun intended!) more that you can do with your piece of virtual real estate to develop it into something even more valuable. Here are some ways you can do just that:
One – Do It Yourself Development
Unlike the real world, where you need certifications and construction and engineering experience to get your structure in place, the metaverse is DIY friendly. But, you will have to spend time learning the platform as well as learning to use its builder tools. These tools will be quite specific to the metaverse platform on which you’ve made your real estate purchase.
It’s probably a better option to start small and learn the ropes if you are going the DIY route, so you won’t get discouraged. But if you have the patience to learn, you can build exactly what you want all by yourself.
Two – Hire A Metaverse Architect
Of course, you can save considerable time by hiring a metaverse architect to draw up plans for you. These types of plans are completely optional in the metaverse, as there are no regulations, building codes, or inspections. The expense is likely not going to be worthwhile if you are just putting up a sign like a billboard or a very small structure.
But if you are out to make an impact, hiring an architect or a graphic designer can make your structure stand out and potentially increase its value.
Three – Buy A Pre-Existing Structure
You don’t have to buy an empty lot, as you can always purchase a lot with a structure already on it, known as an estate. Sometimes, you’ll want to make changes and remodel, but that’s half the fun.
This option is great to save time but just be warned that estates are usually more expensive than empty lots. But if you see an estate that has other things going for it, such as a prime location, the purchase might very well be worthwhile.
So don’t leave your lot empty. Develop it and get the chance to make income from such things as virtual billboards, renting retail or office space, or even a house. And don’t forget ticket sales for events. There are a multitude of creative ways to cash in on the virtual real estate boom!
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