Buying land in Decentraland brings many in-game possibilities for users, investors, and players.
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Decentraland is a virtual land metaverse where users can perform various activities such as playing Play to Earn games, owning virtual land, creating a fantasy world, and earning money in multiple ways.
Check out [How to Make Money from Decentraland] to know more about Decentraland.
It is easy to buy land Decentraland avails, but you need to know more about Decentraland land. So, we have brought a piece to answer the queries associated with buying land in Decentraland. Let’s begin.
What is Decentraland Land?
Landownership is a crucial activity in Decentraland, allowing users to engage in the digital real estate (RL) business and create their fantasy world. Decentraland land or land in Decentraland symbolizes a virtual land that serves NFT property in the metaverse.
The platform contains 90,601 individual plots of virtual land, including 43689 private land parcels. Each piece of virtual land represents an NFT asset known as LAND. Visitors can trade a LAND as an NFT transaction. Once you buy land Decentraland offers, you can create a virtual city on your own.
Based on the Ethereum Blockchain, each land token contains the records of its coordinates, owner, and references to the content description file. Plots of land host different experiences, games, and interactions in Decentraland.
The Decentraland metaverse is divided into three land categories.
Parcel: It is a 1X1 land that remains in a single plot. Each parcel of land is 16 meters X 16 meters or 52 feet X 52 feet.
Estate: It is an association of two or more directly adjacent parcels of land. If you own two or more parcels of land, it can be an Estate. You can manage multiple plots using Decentraland’s LAND Estates feature.
District: When land groups club in a bigger space, they can become districts. This lets users with a common interest create a community. You can use a voting system called Agora to control the developments in your districts.
You can find several districts, including Crypto Valley, Dragon City, Aetherian City, Vegas City, Fashion Street, and District X. There are 33886 district land, 9438 streets, and 3588 plazas.
What are the Factors to Contribute the Land Value?
Higher land value can help users earn more profits and receive an excellent in-game experience in Decentraland. So, let’s look at the following factors that determine the value of Decentraland land. Knowing these factors helps you buy land Decentraland includes.
Lands tend to be more valuable in a popular area. For example, if a crowd of people passes by the land or land collects some good traffic, the land value is more likely to increase.
Like in the real world, the land property has a higher value if attached to the road as more players can access the place.
As the estate is bigger than a single plot of land in size, it has more advantages. For example, you can create more experiences and different interactions in the larger piece of land.
Thus, the bigger the land is, the more expensive it will be.
The total parcel of land in the system, 90,601, is currently capped off at the moment. So users have been trading these limited lands among the folks.
The number of users will go up if the popularity of the game increases. So, when they finish covering up the land with buildings or other purposes, the land will be in more demand. Thus, the land value will also increase.
When the population is uncontrollable, the ultimate option will be to add more lands to the platform. This is only possible through (Decentraland Authority Organization) DAO.
The popularity of Decentraland also affects shaping the value of the land. For example, when more users visit the platform to buy land Decentraland has, the bid on land can be higher than expected.
How does the Process of Buying Land Work?
Land ownership is tracked through Ethereum Blockchain in Decentraland that has three layers created using Ethereum smart contracts. First, the platform has a ledger tracking ownership of land purchases, which is maintained in the consensus layer.
Second, the content layer maintains the distribution of parcels and renders content, including audio, visuals, or voice chat. Finally, the real-time layer facilitates peer-to-peer connections or social interaction in the platform.
Decentraland has two things that regulate land ownership.
MANA is the governance token in Decentraland and serves as in-game currency. It helps users trade land and in-game NFT assets.
All transactions in Decentraland are completed using MANA.
Decentraland marketplace includes a network where users can list their in-game NFTs for profit. Users trade their virtual assets in the marketplace. The in-game marketplace is a one-stop-shop for LAND, Estates, avatars, and other NFT items that users need to build a fiction world.
Those who need a gaming or metaverse experience can purchase the virtual assets available in the marketplace. Besides, users who craft or create NFTs can list their assets, including wearables, playable items, lands, and names, in many categories. Then, they can sell these NFT items and make a profit.
Why Buy Land in Decentraland?
Users need land for many purposes, such as Real Estate Business and in-game experience. In addition, users can build their fantasy world into a Decentraland metaverse and monetize it.
You can buy land Decentraland provides, for the following benefits.
Earn Return of Investment
Investing in virtual real estate can help you make a profit like in the real world. You can own land, hold for some time and sell to other users.
Rent the Land
If you want land ownership but still need income from the land, you can rent your land or give your lands to others on lease. The plot and building can be a good source of your earnings while renting them. The tenants will pay you till they use your property.
Build Fantasy World
If you have a more extensive land size, such as an Estate or District, you can populate your fantasy city. You can build virtual malls or shops, apartments, art galleries, zoos, clubs, or whatever structure you want in the land.
You can rule your city while earning profits.
How to Buy Land in Decentraland?
You can buy Decentraland lands on the Decentraland official marketplace or OpenSea. Follow these steps below to purchase the land in the Decentraland marketplace.
Step 1: Sign Up
You need to visit the official website of Decentraland and sign up if you are a newcomer to the platform. After signing up, click the first section, MARKETPLACE, on the homepage. Then, scroll down to find “Parcels and Estates” and hit “VIEW ALL.”
Step 2. Select “Land”
Now, you are open to a map of the whole area inside the platform. You can find the lands on sale in electric blue. When you place the cursor over the land, the name, owner, and the price will appear. So, you can select the land-based on your preference and budget.
Then, you need to click on the preferred land to know more about the land. There you will be showing bids and locations.
You can find two options, “BUY” and “BID.”
Step 3. Connect Crypto Wallet
When you click over BUY, you will see an option to connect your wallet. So, before moving further, it is necessary to connect your crypto wallet. You will have options for crypto wallets such as Metamask and Trust Wallets that allow MANA coins to exchange.
Step 4. Confirm Land
After connecting the wallet, you will return to the marketplace where you have selected land for purchase. Next, you need to confirm the land and release your payment through MANA.
Buying lands in Decentraland is easy and purposeful. After the ownership of land, you can create your fantasy world with different structures or rent or lease the land for income. Besides, you can also do virtual real estate business for ROI.
Decentraland Land Related FAQs
Is it worth buying land in Decentraland?
Land ownership is a crucial act in Decentraland, with multiple possibilities for experience and profit. You can build your fantasy world with preferred structures and monetize it.
Is there any risk while buying land in Decentraland?
It is easy to buy land in Decentraland, including monetary risk. However, the land value can change in the long term, so buyers need to observe the platform’s condition over time to invest in the land.
What if the preferred land is unavailable for sale?
If the land you select is unavailable, you can still bid for it. So, if the owner is convinced of the bid price, the land will be handed over to the highest bid.
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