With crypto enthusiasts and companies buying virtual real estate, the big question is: “Is this going to be the next big thing?”
Now that companies are diving into the Metaverse, land in the metaverse has the potential to be just as valuable as real-world land.
Decentraland is the first and most well-known virtual land ownership platform for gamers, creators, and aspiring entrepreneurs. Every piece of virtual land purchased is an NFT, which cannot be reproduced.
If you want to buy land in Decentraland, here’s the guide:
What is Decentraland?
Decentraland is an Ethereum-based, user-owned virtual world in which you can play, explore, and interact with games and activities. You can also buy plots of land to build your own environments, marketplaces, and apps.
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Users can host live music concerts, conferences, exhibitions, etc. in this virtual world. They can also monetize their content and applications on this platform.
Virtual Land in Decentraland
The finite, traversable, 3D virtual space within Decentraland is known as LAND. LAND is a non-fungible token (NFT) maintained in an Ethereum smart contract as a way to determine ownership.
Decentraland is comprised of 90,601 virtual land pieces (parcels). Each plot of land is 16 metres by 16 metres (52 feet by 52 feet) in size. Parcels of land are defined using cartesian coordinates (x, y).
Members of the community can purchase these parcels using MANA, Decentraland’s cryptocurrency token. Users permanently own the parcels and have full control over the environments and applications that they build.
If a user owns multiple land parcels that are directly adjacent to each other, he/she can also combine them into a larger property to host bigger events.
How to Buy Virtual Land in Decentraland?
If you want to buy parcels of virtual land in Decentraland, first you need to buy MANA, Decentraland’s native cryptocurrency, from crypto exchanges. You can use fiat or other cryptocurrencies to buy MANA from cryptocurrency exchanges like Kraken, Binance, etc.
If you want to buy land parcels directly with ETH, you can use the NFT marketplace, OpenSea. Here are the steps to buy parcels using MANA tokens:
Step 1: Go to Decentraland’s Marketplace
Head to https://market.decentraland.org/ (Decentraland’s marketplace), and scroll down to ‘Parcels And Estates’ section. Here, you can see the land parcels on the map that are for sale.
Step 2: Choose Your Parcel
When you go into ‘Parcels And Estates’ section, you will be presented with a map that shows all of the parcels that exist in Decentraland. When you toggle the “On Sale” option, the parcels that are now on sale are highlighted in a bright blue colour.
If you prefer not to use the map view, you can browse a list of available parcels via a more traditional user interface.
Step 3: Explore the Parcel
If you’re interested in a certain plot or estate, click the “Jump In” button to see how it looks inside the game. Your avatar will be “teleported” onto the parcel, where you can freely explore the parcel and its environment.
4. Purchase the Parcel
Log in with your cryptocurrency wallet. Decentraland supports popular Ethereum wallets like MetaMask, WalletConnect, Fortmatic, Coinbase Wallet, etc.
If you believe you can bargain on the listed price, choose the “Bid” option to submit your bid. The seller will accept or reject your bid. If you want to buy the parcel at the listed price, click “buy” and pay using crypto tokens.
Conclusion:
Decentraland is a prominent metaverse project that uses blockchain technology to provide participants with actual ownership. Although the notion of digital real estate is still in its early stages, it might be an intriguing choice for risky investors or crypto fanatics.
Also Read: Top 5 Decentraland Metaverse Projects 2022
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