When do you think is the best time to invest in new industries? When they already established, or when they are just getting started?
The metaverse presents an incredible opportunity for investors and it’s happening now. It’s there and expanding at an incredible pace. The metaverse is a new world in the truest sense of the phrase.
No matter your budget, you can afford to start investing in the metaverse right away by using 3ora’s “buy now and pay later” service to avoid delays.
Here’s a quick list of our suggestions on how to start investing in the metaverse today.
1. Create a Crypto Wallet
If you want to start investing in the metaverse, you’ll need a crypto wallet. A crypto wallet is a secure digital wallet that can store, send, and receive various cryptocurrencies. You may need a crypto wallet for day-to-day spending, or you may require something more secure for holding large amounts of coins for investment purposes.
There are two significant differences between custodial and noncustodial wallets:
- Custodial: Most cryptocurrency users have a custodial wallet with an exchange. Here, you have no control over your private keys. The exchange has full control over them and even ownership of your cryptocurrency assets.
- Noncustodial: Noncustodial wallets, or self-hosted wallets, allow users to hold their own private keys — the cryptographic codes that grant access to their cryptocurrency — which means users never have to give up possession of their coins.
Although noncustodial wallets are the gold standard in crypto, they come with great responsibility: You are completely responsible for your own private keys.
Once you determine what kind of wallet you want to use, you install it either on your desktop or mobile device, and set up an account.
2. Research Metaverse Projects That Interest You
There’s not just one metaverse — there are several. There are multiple projects that you can get involved in right now, such as Decentraland or The Sandbox. Each has its own protocol and is home to a unique world, and you’ll want to research each one before diving in.
- Decentraland: This was the first major virtual world project to launch, and it’s made up of parcels of land on a grid pattern where users can build anything they want. The whole economy is based on the MANA token, which is built on the Ethereum blockchain.
- The Sandbox: This project is built on either the Ethereum ERC-721 or LAND tokens, which represent plots of land. Users can build their worlds with 3D elements made in a blocky style similar to that of Minecraft.
- Axie Infinity: This world is made up of pet-like creatures called Axies, which people collect and battle against one another with.
Each metaverse project has its own unique token, economy, and community. Some will boast larger audiences than others, whereas others will focus more on gaming rather than social and business use cases. The choice is yours.
3. Invest in Land and Digital Items in the Metaverse
Once you’ve identified a metaverse project you’d like to participate in, you’ll need to find a way to buy-in. Using a “buy now and pay later” service, such as what 3ora offers, lets you start investing right away while the market is just getting warmed up. The most common entry point is buying land or a digital item.
Buying Land
If you don’t already own any cryptocurrency, you’ll need to purchase some before being able to buy land. Most exchanges will let you buy Ethereum by transferring money from your own bank account.
For example, you can buy land in Decentraland using their marketplace, which runs on a blockchain-based smart contract system. People who want to set up shop in Decentraland can purchase land to build a store or some other attraction on it. The price of land parcels varies based on location and prevailing market prices, just like in the physical world.
Alternatively, if you are interested in other blockchain-based virtual worlds, such as The Sandbox, you can purchase Ethereum directly within their respective layouts. Once you’ve acquired Ethereum, you’ll be able to use it to buy both digital items and land parcels for a range of metaverse projects.
Digital Goods to Purchase in the Metaverse
If you’re investing in collectible items or non-fungible tokens, start by looking for a popular exchange such as OpenSea or Rarible. These will generally offer a wide variety of collectibles from many projects, and they’re usually the easiest option for obtaining your first items.
You can also buy NFTs directly from creators and artists on their own websites, although this requires more research on your part to find suitable collectibles. Think about it like buying art at an art fair: it’s more work for you, but you get to connect directly with the artist or creator.
The Metaverse Represents a True Investment Opportunity
The users that inhabit the metaverse will ultimately be the ones to define it. Not every idea will be good, but this is a wise investment opportunity because the ideas that take hold stand to become as valuable as the biggest social media outlets and other online platforms today.
You have a chance to get in on the ground floor, but only if you start now before the ball truly gets rolling. 3ora’s “buy now and pay later” feature can help you fund your venture on this new frontier.