Are you considering purchasing land? You’re covered, so don’t worry. The detailed instructions for purchasing land on Decentraland are provided below.
Following Facebook’s recent rebranding as Meta, thousands of investors, businesspeople, and organizations have flocked to the metaverse to buy real estate. The most well-known metaverse brands, Decentraland and Sandbox, have seen an explosion in land prices.
If you’re curious about the Ethereum-based metaverse, keep reading to find out everything you should know before deciding to buy a home in Decentraland.
How to Buy Land in Decentraland?
Anyone can buy, rent or sell land on Decentraland, either via OpenSea – or by using the official Marketplace of Decentraland (NFT marketplace). So here are the steps for buying land on Decentraland:
You must first register on the Decentraland Marketplace. For those of you who already have a digital wallet, signing up is made simple. Downloading the Chrome browser extension for the Metamask wallet is advised if you don’t already have a digital wallet.
Ledger and Coinbase are two additional wallets that can be used.
Once signed in, select the “Land” tab to be directed to the land parcels that are for sale. Make sure that you select the “on-sale” tab in the top right corner. The available land will be represented by a light blue color.
Select a Parcel of Land
The next step is to look through the available land and choose the parcel you want. You can view the surrounding areas and their proximity to well-known locations before purchasing land in Decentraland directly from the market.
Following the selection of your virtual land, click on it to read more about it in depth. The land’s MANA price, availability, and owner’s name are all displayed here. In order to complete the purchase, tap “Buy.”
Connect Your Wallet to the Decentraland Marketplace
The land will be sent to your wallet as an NFT once the purchase is successful and finished, so make sure it is connected to your account before you proceed with the transaction.
You can download wallets like MetaMask and Trust Wallet if you don’t already have one. Keep in mind that you must have enough MANA or Ethereum (ETH) in your preferred wallet to complete the transaction.
Furthermore, you’ll need a few extra tokens to cover the gas cost.
Confirm Your Virtual Land
You can verify your Land on your wallet once the purchase is complete. If you are using Trust Wallet, you can verify this under the “Collectibles” and “NFTs” tabs in the MetaMask wallet.
Each piece of land on Decentraland is a 16 by 16-meter rectangle known as an NFT. Decentraland has a cap on the number of plots of land at 90,000, which contributes to the feeling of scarcity.
This video can also teach you how to buy land in Decentraland:
How to Choose Your Virtual Land?
Land purchases made online are identical to those made offline. Obviously, excluding the paperwork. Location, location, and location should be your general guidelines.
The best areas of Decentraland are typically near the Plazas, especially the Genesis Plaza. The cost of plots near the Plazas can be high, but this is not the only aspect that matters. When purchasing your land, it’s also crucial to take into account other aspects, such as how close you are to a road or a neighborhood.
You can find the key attributes of a land parcel under “Highlights” when you click on it on the map.
A Decentraland parcel measures 16 by 16 meters. Consider purchasing a plot of land made up of several parcels if you intend to develop your property. Your search may be hampered by the fact that the majority of the larger plots are already taken.
Advice: By creating an avatar and scouting out the area of your desired plot of land, you can investigate the land on Decentraland just like in the real world. You might find this useful in making your purchase decision.
How Much Does Land Cost on Decentraland?
Land costs in Decentraland have soared in 2021. At the time this article was written, the smallest and least expensive plots were going for 4.7 Ethereum or 4,864 MANA. This comes out to about $13,630 for a plot measuring 16 times 16.
For well-known metaverse platforms like Sandbox and Decentraland, the cost of virtual real estate has increased significantly over the last 12 months. A Decentraland digital plot of land in 2019 cost less than $500. In the upcoming years, it is anticipated that land prices in Decentraland will increase even more.
How to Store MANA?
One of two methods can be used to store MANA tokens. Hardware wallets are the first, and they are very helpful if you intend to keep MANA for a long time. These wallets are extremely secure and impossible to hack because they are offline.
There are two hardware wallets on the market that support MANA: the Ledger Nano S and the Ledger Nano X.
The Nano S is made with only the features needed to keep cryptocurrency secure and is intended for beginners. With a larger screen and Bluetooth connectivity, among other things, the Nano X is more technologically advanced.
The second option for storing MANA tokens is to use software wallets, which are a good option for temporary storage.
What is Decentraland?
Users can buy and sell virtual land on the online marketplace known as Decentraland. There are many different products available, including digital skyscrapers, quick transit, movie theaters, and hotels.
Decentraland, as its name implies, is coined from the terms “decentral” and “land.” This suggests that the platform is completely decentralized, which makes it a great option for anyone interested in exploring virtual worlds in the metaverse.
Opportunities are also available to those who are not yet familiar with augmented reality and cryptography.
Decentraland experienced a rise in popularity when Facebook changed its corporate name to Meta. After Facebook’s decision, “metaverse” became a common term for the notion of virtual worlds.
Is Decentraland (MANA) a Good Investment?
Decentraland was created primarily as a game. Another use case is the development of virtual businesses. Users are able to buy and sell items in the game using MANA because it is primarily used as in-game currency.
The popularity of “alternative life” games is encouraging, but it’s difficult to predict if this trend will extend to 3D and blockchain. But if Decentraland is as widely adopted as its proponents hope, we might be watching the creation of a completely new ecosystem of businesses and experiences.
On the other hand, a lot of people think that the metaverse will be more practical in the future. Video calls and concerts, for instance, might happen in a metaverse. Decentraland hopes to expand the use of its technologies and incorporate the project into daily life, making it a valuable investment.
However, there are extremes of bullishness and bearishness in the cryptocurrency market; there may be booms and eventual busts. Therefore, it is advised to proceed cautiously when buying a LAND parcel in Decentraland.
Final Thoughts: Buy Land in Decentraland
The development of digital real estate is still young. You can count on an increasing number of tools that will soon be available to the public to make purchasing digital real estate simpler.
Any investment in Decentraland or other platforms for the metaverse has the potential to be profitable for the time being. The process of purchasing a home in Decentraland is also not too complicated.
The metaverse is still expanding quickly, so if you plan to diversify your digital holdings in any way, now is the time to think about purchasing a plot or more from Decentraland.