How to Buy Land in Decentraland
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Decentraland is the first and among the best-established platforms for virtual land ownership for gamers, producers, and potential entrepreneurs today. Purchasing land in Decentraland is vital for investors looking to diversify their portfolio into the virtual world.
Decentraland, one of the OGs in the metaverse sector, was established back in 2015. The platform has been active for a while and is quite a well-known virtual world in the crypto industry nowadays. Thus, it is the ideal place to purchase your first piece of digital real estate.
The Ethereum-based metaverse, Decentraland, fosters a worldwide user network to manage a shared virtual environment. Decentraland’s smart contracts are developed by blockchain experts Ari Meilich and Esteban Ordano. Both founders launched Decentraland in 2020, and a decentralized autonomous organization (DAO) is responsible for overseeing the project.
Decentraland users may explore, interact with, and play online games in this virtual world while buying and selling virtual property. The platform has evolved to allow users to utilize interactive apps, in-world transactions, and peer-to-peer communication.
What is Decentraland?
As the name indicates, the words “decentral” and “land” were merged to create the term Decentraland. This suggests that the platform is decentralized, making it a perfect option for anybody who wants to explore virtual worlds in the metaverse. Those who are unfamiliar with crypto and augmented reality can also use these opportunities.
The digital game, Decentraland, is a three-dimensional simulation of reality. This open-world metaverse, a 3D user-owned Ethereum-based virtual reality platform, combines virtual reality, augmented reality, and the internet. It enables users to take part in a communal digital experience where they may play games, trade collectibles, buy and sell wearables for avatars, network, and engage in other online activities.
The popularity of Decentraland increased after Facebook switched its corporate name to Meta. The term “metaverse” used to denote the concept of virtual worlds gained popularity after Facebook’s decision.
What is MANA?
The fungible ERC-20 token used by Decentrland as their digital currency is called MANA. It enables users to digitally create what they want and explore the virtual landscape at will. It can also assist users in creating decentralized games, applications, as well as other services and let them monetize their efforts. It is the cryptocurrency of Decentraland.
MANA essentially drives the economy of Decentraland. In addition to paying for goods and services on the network, land may also be purchased with ERC-20 tokens. MANA gives its owners the ability to shape how the Decentraland protocol evolves in the future as a governance token. MANA tokens are available for purchase on cryptocurrency exchanges.
Step-by-Step Guide to Buying Land in Dectraland
On Decentraland, there are two options for purchasing land: either via the NFT trading system OpenSea or straight through the Decentraland Marketplace. To locate the greatest offers and to compare costs and locations, we advise using both sites. Before making any purchases, you should take your time getting accustomed to the Decentraland Marketplace’s layout because it may be somewhat perplexing for new users.
The places of Decentraland that you engage with include ‘Land’ - non-fungible virtual assets that you buy from other players. You are free to do whatever you want with a piece of Land once you own it. Everything is imaginable, including interactive 3D sceneries, games, apps, and gambling services. Here’s a step-by-step guide to buying Land in Decentraland:
1. Decentraland Marketplace Registration
Start by going to the Decentraland marketplace, where you’re able to register for an account or login in. Signing up is easier when using a digital wallet. Use MetaMask or Trust wallet if you haven’t got a digital wallet.
You can discover all the pieces of land that are presently for sale under the “Land” category. The land parcels that have been put up for sale can be found by selecting the “Land” option after signing in. The “on-sale” tab should be selected in the right-hand corner of the screen. Light blue will be the hue of the land that is up for sale.
2. Choose Your Parcel of Land
The next step is picking a piece of land. Examining all of the available options thoroughly is essential here. Examine adjacent areas and their proximity to well-known attractions at the Decentraland marketplace.
You may examine the individual parcels up for grabs in the marketplace or the complete Decentraland map. Select the land you wish to buy using both tools. To find out more about a virtual property, click on it. There, you can see the cost of land in MANA, if it’s available, and who the owner is.
3. Purchase your Land
Once you’ve chosen the property you wish to buy, you can either put a bid on the land or buy it for the going rate. The “buy” and “bid” buttons enable you to place an order and finish a transaction for the purchase.
With Decentraland, you can pay with either Ethereum or the local currency MANA. To complete the transaction, make sure you have enough crypto in your wallet. Don’t forget to keep an eye on transaction fees and petrol costs while filling your wallet.
4. Link your Wallet to the Decentraland Marketplace
Make sure your wallet is connected to your account before making the purchase since the land will be transferred as an NFT to your wallet after the transaction has been successfully completed. If you don’t already have one, you may download wallets like MetaMask and Trust Wallet. Keep in mind that the transaction will only be completed if you have enough MANA or ETH in your chosen wallet. You’ll also need some additional tokens to pay for the gas. After clicking “buy,” you will be requested to verify your purchase. The transaction now will take anywhere from a few seconds up to a couple of minutes to complete.
How Does Decentraland Work?
Decentraland is popular mostly because it provides a framework for collaborative virtual worlds. The platform is made up of a peer-to-peer network for user interactions, a decentralized ledger for keeping track of land ownership, and a protocol for specifying the details of each land parcel.
Using DAO, users can submit policy changes and vote on upcoming Land auctions. The protocol of Decentraland has three layers:
- A layer of consensus that keeps records of land ownership and content via smart contracts.
- A Land content layer that uses a decentralized distribution system to render content in the virtual world.
- A real-time layer that connects people and provides links for user communication.
Users may purchase virtual properties using a blockchain-based database of encoded parcels, and each piece of Land is uniquely recognized by a set of Cartesian coordinates. Content can be presented in a variety of ways, from dynamic 3D settings to interactive systems like games.
Along with advertising their products, users can rent out spaces like buildings, parks, restaurants, and casinos to other players. The 90,601 individual 16x16 land pieces that make up the Decentraland metaverse are each positioned at a unique metaverse coordinate.
With Decentraland’s three native tokens, Land, Estate, and MANA, users can create their own custom settings, markets, and apps. Each token is distinct, thanks to ERC-721 tokens like Land and Estate. They are known as “non-fungible” tokens since they are non-interchangeable (NFTs) and, for this reason, are not tokens. This implies that instead of serving as some sort of currency, they are utilized to design wearables, land parcels, and avatars.
The Decentraland map allows users to participate in planned community activities, such as concerts, film screenings, and casino nights. You may also purchase or sell real estate and digital art. Land parcels grouped together have various qualities. The squares in Decentraland include Vegas City, District X, Fashion Street, Dragon City, and those with different themes.
Choosing a Virtual Land – Factors to Consider
Purchasing virtual land is the same as purchasing actual land in Decentraland. The position of the land is the most crucial aspect of your acquisition, so keep that in mind. The Genesis Plaza, for instance, is often found in the proximity of the Plaza, which is where you’ll find Decentraland’s best accommodations. The price of plots close to the Plaza is simply one factor to take into account here.
You should also consider things like how close you are to a road or a community when buying a piece of property in Decentraland. The “Highlights” of a particular property appear when you click on a specific land parcel on the map. This informs you how many parcels separate you from a road or neighborhood. If you plan to construct on your land, you can think about buying a plot that consists of several smaller sections joined together.
The idea of buying and trading in digital real estate is still very young. While most people may not be entirely comfortable with it, you can be sure that as more solutions hit the market, purchasing digital land will get simpler and more accepted in the future.
Nonetheless, we know that it is still early for this notion to gain mainstream acceptance. Thus, even if prices appear excessive, keep in mind that most people in the world are ignorant of what the digital property market is, and hence, participation is limited.
Any purchase in Decentraland or any other platforms for the metaverse has the potential to be profitable for the time being.
Also, purchasing property in Decentraland is a rather simple process. The metaverse is rapidly developing, so if you have any interest in diversifying your digital holdings, now is the time to think about investing in Decentraland.
The editorial content of OriginStamp AG does not constitute a recommendation for investment or purchase advice. In principle, an investment can also lead to a total loss. Therefore, please seek advice before making an investment decision.