Decentraland is a virtual world that’s built on top of blockchain technology. It’s like Second Life, but better in every way: there are no fees when you just want to stroll around, but when you do decide to invest and own a parcel, then you have to know the basics of how to own land in Decentraland.
And in this article, we will explore everything you need to know to understand how to own land here and create passive earnings while having fun. We’ll teach you how to own land in this virtual world by purchasing it with cryptocurrency or trading on the platform.
What is Decentraland?
Decentraland is a scalable and fast blockchain-based virtual world. It uses Ethereum smart contracts to facilitate the creation and ownership of parcels in the metaverse.
It’s a virtual reality platform powered by the Ethereum blockchain that uses ERC721 tokens to represent parcels of land, with each district having multiple neighborhoods. As it stands today, there are currently 39 districts in Decentraland.
The Currency in Decentraland
The native currency of Decentraland is MANA, which has a circulating supply of 1,844,086,405 MANA coins (as of May 2022). Decentraland has about 600M active monthly to date, making it one of the most popular VR platforms in existence at present.
You can also earn the MANA currency by helping build the environment through tasks like building landmarks and making art pieces.
Landowners can build districts with their own rules because they have complete control over these areas; districts may be public or private depending on who owns them.
You can also use neighborhoods within your district as subdivisions for different types of content such as residential neighborhoods, commercial centers, industrial zones, etc.; each neighborhood has its own rules set by its owners too. This means anyone can create their own country within Decentraland!
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Can you buy actual land in Decentraland?
Land in Decentraland is not something you can own physically. You can’t own land here by physically building on it or buying up real-world real estate in the designated areas; instead, you buy individual virtual parcels from other users or bid for them at auction when they become available.
These virtual lands exist on the blockchain as individual ERC-721 tokens that have their value tied to LAND and their location tied to a coordinate on the map. The only way to acquire land is by buying it from someone who already owns it, or by acquiring it at auction when it becomes available through the Decentraland Marketplace.
When you own a piece of land in Decentraland, what you’re really owning is an ERC-721 token stored on the blockchain. You can think of this like owning stocks in a company—the value of your stock is tied to the company’s performance, which makes sense given that the same thing happens with land ownership in Decentraland.
This means that when you buy or sell land—or any other asset for that matter—it will affect its price as well as its location within the world itself. If someone buys some LAND from you and decides to build something on it, they can choose where they want that building to be located relative to other buildings nearby (as long as there isn’t already housing there). This gives them complete freedom over how their property looks and functions within this world we call Decentraland!
How do I buy and own land?
Like any decentralized operation, the first thing you’ll need is a digital wallet that supports Ethereum-based tokens (ERC-20). While it’s possible to use your own Ethereum address for this, I recommend using an online service like MetaMask.
You can’t just go shopping for land willy-nilly—you have to bid on plots that are posted online by other users looking to get rid of them (or sell them). To find out what’s available, look at the map in Decentraland Marketplace and click on any parcel with an “Auction” sign next to it; these listings will give details about location and price as well as some basic design suggestions from previous owners who’ve already built there before.
If there aren’t any auctions listed right now, just wait. Those signs could show up again later after someone has bought a piece of land that gets unsold amid bidding wars between multiple people offering high prices. No signs mean sellers are getting ready soon enough to sell so keep checking back regularly.
For a step-by-step guide on how to buy land, here’s what you need to do:
- Step 1: Create a MetaMask account (if you don’t already have one) and fund it with some ETH. You’ll need to buy land with Ethereum.
- Step 2: Go to the Decentraland Marketplace and click “Buy LAND” on the top right of the page.
- Step 3: Choose a parcel of land that you like, then click “Buy” next to it!
- Step 4: After you’ve bought your LAND, click “Show Details” and copy the address of your new piece of property into MetaMask’s Send Ether & Tokens tab. Then click Send.
You Now Own Land In Decentraland!
That’s it! Congrats, you now own real estate in Decentraland! Now wait for the value of your land to increase and then trade it around for a massive profit. If you get lucky and your neighbor is a famous celebrity like Snoop Dogg, then chances are your land’s prices will skyrocket! You can now sell the land and convert your ETH to cash, and enjoy your gains!