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Can you make Money using Decentraland in 2022?

Decentraland

Decentraland is one of the most well-crafted multiplayer role-playing metaverses constructed on the Ethereum Blockchain. It is a virtual world full of endless possibilities and opportunities. Decentraland is built with the Play-to-earn model, which allows the users a plethora of avenues to earn within the game in the form of the Decentraland token MANA, which can later be converted to fiat currency.

Today in this article, we will traverse the various ways one can make money on Decentraland and invest in the game to incur the maximum profit.

What is Decentraland?

Imagine a world where you could travel, socialize and create an alternate reality with thousands of other real-time users within the same digital universe. Such a world is a reality, owing to the innovative creation of the metaverse, which refers to an amalgamation of augmented reality, virtual reality, and the internet.

Decentraland is a booming product of such metaverse trends- it is a software that runs on the Ethereum platform where the users can sell, trade, and buy digital real estate (non-fungible unique digital assets) while playing and interacting with the other users in the virtual world. 

Anyone can purchase, sell or lease land peer-to-peer on the official Decentraland Global Market or through Open sea. Founded in 2015 by Esteban Ordno and Ari Meilich and launched in 2017. Decentraland runs on the Ethereum ERC-20 token known as MANA that lets the user buy plots of LAND, monetize them and create avatars, in-world goods, and art that are NFT-based items unique to each user.

Land in Decentraland

The crypto asset LAND is the game’s real estate lots that are among the Non-fungible tokens(NFT) used to own land parcels. The users can buy land lots in the game by using MANA and creatively construct whatever they can afford on them.

The game’s economy develops in the same way as the real world, with the increase in land valuation directly proportional to the purchase rate. A user can have their games, stores, and art built on their in-game land, just like the real-world ownership of real estate.

MANA in Decentraland

MANA is the cryptocurrency that helps purchase LAND, as well as virtual services and goods within the Decentraland. For example, one can buy wearables, collectibles, and land lots with the help of MANA. Uniswap Exchange aids in converting MANA from other currencies. 

Architecture 

Decentraland has various component layers built using Ethereum smart contracts.

  1. Consensus layer: It tracks LAND ownership and content through a smart contract.
  2. The Content layer: we find that this layer uses a decentralized distribution system to create content in the virtual world.
  3. The Real-time layer: It provides peer-to-peer interaction and connection with each other.

A distinct set of cartesian coordinates marks in each piece of land, where the particular land has a user claimed ownership through a blockchain-based ledger of encoded parcels. The content can range anywhere from a three-dimensional scene or an interactive game.

Marketplace and Builder

Decentraland outside the gaming environment has a marketplace and a drag-and-drop editor that can be used to build items and scenes in the game.

The marketplace aids the users to exchange and manage LAND tokens costing MANA. In addition, users can use the marketplace to transfer parcels and in-game items such as art: wearables, and unique names.

The Decentraland’s builder tool helps create and curate a unique experience within the LAND parcels. The developers can access customization libraries to design interactive scenes with the editing tool.

How to Make Money in Decentraland?

Just like real estate, the virtual world of land ownership and trade is finding a strong foothold in the metaverse realm. There are numerous ways online to make money once they join Decentraland; with numerous investment opportunities, the metaverse economy shall see handsome cash in no time.

There are two avenues of investment in Decentraland – Land, and Estate, where the MANA serves as the mode of exchange in Decentraland.

Land

Each parcel of land stands by the ratio of 16m by 16m in size on Decentraland; these land parcels in the metaverse are stored in the form of non-fungible tokens (NFTs). An NFT is unique and irreproducible. Hence, just like in the real world, ownership of the land is unique and finite, making it more valuable.

How to Buy Land in Decentraland?

Create a Crypto Wallet – Metamask

A crypto wallet is essentially needed for buying, selling, and storing cryptocurrencies. One of the most trusted and flexible crypto wallets happens to be MetaMask.

Steps: 

  1. Go to Metamask and get their official Chrome plugin
  2. Click on “Add to Chrome” and after that click on “Add Extension“
  3. Metamask is now installed in your Chrome browser
  4. Click on the MetaMask Logo Icon to create an account
  5. in the top right corner of your browser.
  6. Click on “Try it now” 
  7. Hit “Continue” 
  8. Create a password and click on “Create“
  9. Click on next and accept the terms and conditions.
  10. Then, create a password for your MetaMask account and press on “Create“
  11. You will be sent a secret backup phrase of 12 words. Store the phrase safely and securely. Click on “Reveal Secret Words” it will be used for recovery if you ever forget your main account password.
  12. Once you have verified your secret phrase. Click on “confirm” 
  13. Now you have created your account successfully and it can be used to connect with your Decentraland 
Get a Decentraland Account and Passport

Decentraland passports resemble real-life passports that are used to identify your character and are used to verify your identity when logging into Decentraland.

Decentraland passports, like real-life passports, are used to identify one’s character and are used to verify one’s identity when logging into Decentraland.

To create a Decentraland account :

  1. Go to Decentraland’s official website and press on “Start Exploring.”
  2. Click on the Play Button and choose the MetaMask option to connect your MetaMask wallet with Decentraland.
  3. Press the sign button in the MetaMask Wallet extension.
  4. You will reach the character avatar customization page.
  5. Click on done after you have created and named your avatar.
  6. Click on Next and then Accept the Terms and Conditions.
  7. You will initially get in-game tutorials before you can start exploring the game.

You will need to put some money into your MetaMask account. This can be done by directly buying CryptoCurrency from your MetaMask account or using a CryptoCurrency Wallet such as Coinbase.

Now the next step is to buy land in Decentraland.

Buy Land in Decentraland

Once you have your MetaMask and Decentraland account set up and you have finished your basic tutorial, you can proceed towards buying land in Decentraland.

  1. From the bottom right corner of the screen, you can click on the option called “Builder.”
  2. Choose the “LAND” option from the left, and the game will display all the owned lands. Since you don’t own any land at this point, the game will prompt you to buy land.
  3. Click on the “Buy Land” option.
  4. Next, you will be taken to the Official Marketplace of Decentraland; here, you may have to reconnect to Decentraland again to see your profile in the marketplace.
  5. Once you are connected, you can browse through the lands in Decentraland. You can find listings of land that you can buy at a specific price.
  6. After you have selected the land, you need to bid for it depending on what price the owner of the land wants to sell it for.
  7. This is the procedure by which you can buy your own land on Decentraland.

How to earn from LAND?

Building Casinos

Decentraland through the Decentral Games uses crypto- the safest and fastest way of the transaction to be used in the casinos built on the LAND. It allows the players to use the BTC or Ethererum they exchange for MANA to build their casinos that offer a huge range of games and exciting experiences.

To start a casino, one needs Decentral Games Tokens supplied to the casinos on Decentraland. To earn Decentral Games tokens, one needs to :

  1. Mine – Players have to mine DG when playing games using MANA. One can play at a group table and use the NFT wearables to earn extra points.
  2. Referrals – if one is an affiliate, Decentraland allows them to get DG tokens by referring new gamers.
  3. Governance offer – the company, gives regular DG bonuses if one locks their MANA tokens in the Decentral Games governance contract.

In Decentraland casinos, one can play popular casino games using MANA in place of fiat currency. Games such as Blackjack, Slots, Roulette, Poker, etc., can be played.

Art Galleries

Owners can trade and exhibit their Non-Fungible Token Artwork, such as Cryptopunks and Cryptokitties. One of the oldest auction houses, Sotheby’s, opened a replica of its London art gallery. One can earn MANA by displaying their NFT art or by purchasing and selling art to other users. These also allow players to showcase their own Non-fungible Token artwork, including Cryptokitties and Cryptopunks, which can be bought and sold using MANA.

Clubs 

There are a plethora of events in clubs that the users can attend; such events and clubs can be constructed on your LAND, and one can earn through the entry fee and other itineraries within the club in the form of MANA. Players can pay MANA and enjoy access to DJs and concerts.

Gaming Applications

Decentraland has been providing SDKs for coders to render games and increase the game’s land value. One of the popular games in the virtual world is Whac-a-mole.

Estate 

The community-driven ecosystem of Decentraland is very similar to the real world. A land’s value in the world is determined by its location and the development done on it by the owner. Estates can be built by merging land parcels or by buying them adjacent to each other; after all, it’s all about creating environments like casinos, art galleries, and games where people can interact.

Investing in Decentral Games Tokens

Decentraland has garnered colossal traction from investors of late due to its lucrative offering, which is creating big price movements. Decentraland is one of the best performing tokens with more than 5,300% returns.

The generator of the decentralized metaverse, Decentraland, has created cooperation with the play-to-earn metaverse poker DAO Decentral Games.

3 reasons why the investors should consider investing in Decentral game tokens are:

Playing in Decentraland’s casinos enables the gamers to earn DG tokens. 

You can earn DG tokens by:

  1. Gameplay Mining: one can mine DG by playing using MANA while earning extra points by playing in group tables.
  2. Referral Rewards: As an affiliate, one can get DG tokens by referring new players.
  3. Governance Bonus: if one locks in their DG tokens in the company’s governance contract, they will also earn additional tokens.

How to sell Decentraland Properties?

To Sell an Estate or a Parcel:

  1. Find Access My Assets and navigate to the asset’s details page.
  2. Press Sell on the details page.
  3. You need to set a price and expiry date for your listing and then put it up for sale.
  4. Verify the payment in your Ethereum client and wait for the system verification.

How to earn Massive Profits with Decentraland?

With the ever-increasing number of gamers joining the Decentraland ecosystem to play and invest in its properties, the virtual world’s value continues to increase. Furthermore, the innovative addition of casinos and art galleries that transact with crypto predicts more future expansions. Experts predict that this progress will further secure and boost the platform’s returns.

Conclusion

Metaverse-themed cryptocurrencies such as Decentraland are taking off at the apex. It stems from the interest in what the future of the metaverse holds currently. There’s no doubt that Decentraland provides long-term investors with many reasons to invest. In this article, we learn if we can make money using the Decentraland platform in 2021 with a plethora of information on investment in Decentral Games tokens, step by step guide on selling Decentraland properties, and traversing the world of an innovative metaverse world of Decentraland.

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