You do not have to own property to visit and enjoy Decentraland; even if you choose to invest in and build in Decentraland, you should be aware of the following information…
Each land parcel is a non-fungible token (NFT, ERC 721), implying it is unique and cannot be solidified or duplicated, just like physical land in real life.
Anyone, at any moment, could buy, distribute, or rent property, either peer-to-peer on the authoritative Decentraland Global market or via Open sea. All transactions are stored on the Ethereum platform as valid proof of ownership, so when you purchase and own that land token, you formally and undoubtedly own that piece of land.
Every Decentraland land token has a unique set of coordinates corresponding to a particular location on the Decentraland map. The value of a property is typically determined by its proximity to popular areas, such as roads and plazas.
What is the Total Amount of Land Available in Decentraland?
Decentraland seems to be a 90,601-land parcel decentralized 3D virtual actual reality framework (24 km or 10 sq mi). It became available to the public in February 2020 and is managed by the non-profit Decentraland Foundation. In Decentraland, the virtual estate is NFTs that can be purchased with the mana cryptocurrency, a sidechain of Ethereum.
- TOTAL LAND: 91,601 (42689 private land parcels, 34886 district LAND, 9438 roads, 3688 plazas)
- Every LAND Square spaces are 16m x 16m in size (previously 10m x 10m, changed in Feb 2019)
- The highest price ever paid for a single piece of land was 2,000,000 MANA.
Decentraland recreated Sotheby’s office on New Bond Street in London to display and sell NFT art. Decentraland was founded by Ari Meilich and Esteban Ordano in Argentina, and its initial coin offering (ICO) raised US$26 million in 2017. When they were first released, mana tokens cost $0.02. It charged around $20 for digital land parcels. Because of the limited supply of mana, the currency is volatile, reaching as high as $5.79 in response to events such as Facebook’s rebranding to Meta and favorable press releases.
Decentraland and Animoca Brands agreed to collaborate on two games in October 2018 and swapped US$0.5 million in tokens and shares. Parcels sold for between $6000 and $100,000 as NFTs became more popular.
Sotheby’s London-based online marketplace created a virtual replica of its New Bond Road head office as a virtual picture gallery in Decentraland to showcase visual art in June 2021. Republic Realm, a New York-based digital property developer, paid $912,228 for 259 parcels of Decentraland that will be transformed into Metajuku, a simulated shopping area patterned after Tokyo’s shopping area Harajuku.
The platform’s activity seems unclear, with the world mostly unloaded and a peak of around 1600 concurrent users. Decentraland has been characterized as buggy and lacking in moderation; users have minted NFTs of avatars with slurs in their names, and the title “Jew” was once for sale for $362,000. Even though the community voted to add “Hitler” to the banned identities list, there were insufficient votes for the decentralized autonomous organization’s (DAO) smart contract to perform.
What is the definition of Parcel?
Every patch of land in Decentraland is indeed a non-fungible token (NFT, ERC 721), which means it is one-of-a-kind and it can be cemented or reproduced in the very same way that organic land can. Let’s take a look at the least expensive land in Decentraland.
Decentraland’s cheapest land costs 3487 MANA.
How to view the Market?
Go to the Explore tab to see all of the items for sale.
- Select the Category to see only a specific type of item.
- Sort them according to various criteria, such as the most recent, the least expensive, and so on.
- Switch On sale off to see things that aren’t for sale.
- Sort the stuff by title to find something specific.
Invest in MANA Tokens
After storing your tokens, you are now ready to purchase MANA tokens. That’s a no-brainer. Once you’ve signed in to your existing account, click the “Exchange” or “Markets” link. Then look for currency pairs that pique your interest, such as ETH/MANA or BTC/MANA. You’ll see a “BUY” button below, where you can enter the amount you want to spend or the amount of MANA you wish to buy. Fill out the form to get your MANA tokens.
Items to Buy in Decentraland
To buy LAND, Estates, Wearables, or one-of-a-kind titles in Decentraland, follow these steps:
- Explore the bargains to find things you want to buy, then tap it to get more information.
- On the product details page, click Buy.
- Verify this payment in your Ethereum client and wait for the system to confirm it.
Make a Bid on an Item
Even if an item is not for sale, users can bid on it and begin offering it at a specific price. The remaining stages of the process are identical to those of product purchase.
- Select My Bids from the top navigation bar to view a list of your available and pending bids.
- You can also set the value of your bid from this screen by pressing the Update button. This screen also shows other users’ bids on the products you own.
Sell an Estate or a Parcel of Land
Follow these steps to offer one of your items:
- Navigate to the asset’s details page in My Assets.
- On the details page, click Sell.
- Set your listing’s prices and expiration date, then tap List for sale. Then, to double-check, rewrite the price you will be selling it for.
- Verify this payout in your Ethereum customer and wait for the system to confirm it.
You can change the current sale price without canceling it and re-creating it. On the property or property page displaying, simply tap the Notification price button.
Follow these steps to transfer a land parcel or Estate to another customer:
- Navigate to the details page of the property or estate you want to transfer in My Assets, then tap Transfer.
- Enter the public address of the user’s Ethereum wallet.
- Submit the form by clicking the submit button.
- Verify the transfer of funds in your Ethereum client and wait for the system to confirm it.
Is it worthwhile to Purchase LAND in Decentraland?
The future of Decentraland is dependent on people showing up and then using the platform. Many people are drawn to this cryptocurrency as a digital curiosity or hoping that it will become a real digital currency like Bitcoin. One of the most significant benefits of Decentraland is that it provides users with complete ownership access. This feature distinguishes it from other virtual reality systems.
The profits made and the digital world’s property owners retain those who use their land. This differs from other systems in that it takes a cut. Because the scheme is decentralized, there is no centralized authority to govern it. Thus, purchasing virtual land in the Decentraland Metaverse is a long-term investment.
Is there any financial risk in buying and selling land on Decentraland?
There is a monetary risk. So please exercise caution. Long-term land values may fall. It is still in its infancy and has yet to gain widespread acceptance. Even so, given the patterns, a significant drop in land prices is extremely unlikely. If there is, now is an excellent time to buy. I am very optimistic about Decentraland. It’ll be exciting to see what the future holds for you.
The Metaverse appears to be the game-changer, and any money invested in Decentraland or other Metaverses may turn out to be a good bet. Decentraland is the only digital world platform that has been capable of competing with it. If you want to invest, now might be a good time because the popularity of VR gaming is growing. MANA will be more valuable in a few years, and you could make a lot of money if you buy now. If users have any further questions about buying land in Decentraland, please leave them in the comment thread.
MANA, what exactly is it?
MANA is the ERC20 fungible cryptocurrency token used by Decentraland. MANA is Decentraland’s in-meta currency. The lands are bought and sold with MANA in mind.
Is it necessary to have a wallet to participate in Decentraland?
We recommend getting a digital wallet if you actively involve yourself in the Decentraland experience. Digital wallets act as your account, storing all of your digital goods (such as names, collectibles, and LANDs) as well as your in-world progression.
Will MANA allow me to buy items other than LAND?
Yes, users will be able to trade MANA with other customers in exchange for Decentraland-hosted products or services, in addition to combusting MANA in exchange for LAND.