Have you heard of Decentraland? It’s a virtual reality platform that you can use to create and interact with 3D worlds. You can buy land, build things on it, and even sell the items you create.
If you’re ready to start making money in this community, then this article is made exclusively for you.
Making money in Decentraland is a lot like making money in real life: it’s not easy, and it takes time. But if you’re willing to put in the work, you can make some serious cash—and maybe even get rich.
Let’s get started!
How do you get started in Decentraland?
First of all, Decentraland (MANA) is a decentralized, blockchain-based virtual world created by Argentinians Ari Meilich and Esteban Ordano using an Ethereum network of decentralized marketplaces.
You buy land in Decentraland by using the MANA cryptocurrency. When you buy land, it doesn’t really belong to you – instead, it’s leased for a period of time, and then returned to a pool where anyone can lease it again.
Possibilities for earning money through Decentraland include creating a game for other users to play (like Second Life), hosting an online art exhibition and charging admission fees, and renting out land to others through smart contracts.
In addition to monetary incentives for this metaverse’s users, there are also rewarding experiences such as winning awards from NFT competitions hosted by Decentraland or selling artwork to other players.
NFTs or Non-Fungible Tokens are digital items that are guaranteed to be unique and owned by only one person or entity. They can take the form of art, virtual real estates like LAND, in-game collectibles, or even the rights to a copyright.
NFTs and the blockchain technology that powers them are becoming increasingly popular as people realize their potential applications.
If someone wants that piece of land and is willing to pay more MANA than you did, they’ll be able to take it over from you at the end of your lease. This is why land value fluctuates so much!
You can also trade assets in Decentraland by using the MANA cryptocurrency as well.
This means that if someone wants an asset (like an armor piece or a sword) and they’re willing to pay more than what you paid originally, they’ll be able to take ownership over it from you.
Players can purchase plots of land on which they can build and customize whatever they want, creating games, art exhibitions, concerts—whatever comes to mind.
Now that we’ve got the essential terms covered, let’s get down to learning how to make money off this exciting metaverse!
Buying and Selling Land
The Economy of Decentraland is based on two in-game currencies: MANA and LAND.
MANA is used for general transactions within the world of Decentraland, such as buying avatar clothing or purchasing a cup of coffee at Starbucks (yes there’s a Starbucks in Decentraland). If you want to mine for MANA yourself, read our complete guide HERE.
LAND is an ERC-721 token (aka NFTS) representing ownership of plots of land within the digital real estate that players can use for building games, experiences, etc. Some types of land come with special privileges (like being able to be sold later) but all pieces have some value because they allow their owners access to the game’s metaverse.
As mentioned in the previous section, land is sold and bought through a marketplace called OpenSea. The steps for selling LAND are as follows:
- Select “Sell” at the top of the screen (or on the left-hand side if you’re on mobile), then click “LAND.”
- Select “Create Listing.” This will show you what your LAND looks like, and give you some options regarding price. You can set a fixed or floating price, or an auction ending time. If your land has been claimed from the ILO auction, it may take up to a week for it to be available for sale on OpenSea.
- Once your LAND is available for sale and you’ve created a listing, it’s important to market your land so other people know that it’s there. Social media is where primary marketing happens in Decentraland—that means Twitter and Reddit are particularly useful platforms here.
Tips and Tricks in Making The Most Money in Decentraland
The one important thing you need to know about Decentraland is that it’s not just a game—it’s a community! And because of this, there are lots of ways for you to make money in Decentraland.
To begin making money in Decentraland, you’ll need to buy some MANA tokens and set up an account on the Decentraland Marketplace. From there, you can either sell your own creations or buy others’ content to build out your land or even decorate it.
There are many ways to earn money as a creator in Decentraland, but here are some of our favorite tips for getting started:
1. Get a Land
One way to make money in Decentraland is by buying land and then selling it for more money later on. There are two main ways to do this: through auctions or private sales. To make an auction, simply go to the Marketplace tab at the bottom of your screen and click “Create Auction.” You’ll need to set up a listing with details about what kind of land you’re selling (size, location) and how much it costs before anyone can bid on it—and then wait for bids!
If you’d rather just sell one piece at a time, go to Buy > Sell Land Now in the Marketplace tab. This option is great if you have just one piece of property or want to sell several pieces over time without having an auction taking place during that process.
2. Be an active community member in Decentraland Marketplace.
In the Decentraland Marketplace–or “Nexus,” as it’s known to many players–you’ll find a large range of digital items, including clothing and accessories for your avatar. There are also MANA tokens you can purchase with real money.
These can then be used to buy land in Decentraland, or traded on one of several global cryptocurrency exchanges. Users who want to sell their digital items in the marketplace will pay a small fee using the MANA token.
If you’re looking for a way to make money in Decentraland without having to go through an exchange, this could be an option.
3. Create a store in Decentraland.
The best way to make money in Decentraland is by creating a store or some kind of business on your land. You can then sell products or services to other users, who will pay you in MANA tokens—the official currency of Decentraland—to access your land or use your service or product.
Decentraland has grown by leaps and bounds since it first became available to the public over a year ago.
Back then, there were only a handful of users and fewer projects to participate in. Now there are over 30 games and several districts that have cropped up, along with virtual casinos, nightclubs, art galleries and more. As the platform continues to grow in popularity, new and inventive ways to earn MANA will be developed every day.
There are plenty of ways for you to get started right away—from partaking in community events and contributing your ideas (especially if they’re good ones), to creating digital art or building your own real-estate empire (or both!).
The possibilities are endless! Learn more about the exciting money-making opportunities you have in Decentraland in their official website HERE.