Decentraland (Mana): Ultimate Guide to Buying Best Virtual Real Estate
In Brief
Decentraland is a decentralized land-owning platform built on Ethereum blockchain
Mana token lets you buy land and other assets in Decentraland
If you’re interested in buying virtual real estate, Decentraland is one of the hottest platforms out there. In this guide, we’ll show you how to get started with buying land on Decentraland, and what you need to know before making your first purchase.
Decentraland is a virtual world built on the Ethereum blockchain. It’s one of the first examples of a decentralized application, or dApp. That means that it runs on a peer-to-peer network, rather than on a central server.
Decentraland is made up of virtual land parcels, called “Lands.” Lands can be bought and sold just like any other piece of virtual real estate. When you own Land, you can do whatever you want with it. Build a store, a gallery, a casino, or anything else you can imagine.
What is Decentraland (MANA)?
A metaverse is a real place, and Decentraland is one of the best ways to explore it. You can do anything you want with the land you buy on Decentraland – from building games to running businesses. This is a unique opportunity in an untested market, and you can be one of the first to get involved.
Decentraland is a bit like Second Life, but instead of being controlled by a single company, it’s powered by the Ethereum blockchain. That means that it’s decentralized, and anybody can create anything they want on Decentraland.
Why buy virtual real estate in Decentraland?
There are a few reasons why you might want to buy virtual real estate in Decentraland. First, it’s a great investment opportunity. The demand for virtual real estate is increasing, and the price of land in Decentraland is expected to rise.
Second, you can use your land to build anything you want. If you’re a developer, you can create games or other applications. Or, you can use your land to run a business. Decentraland is the perfect place to experiment with new ideas and businesses.
Third, Decentraland is a great way to meet new people and make friends. The community is friendly and welcoming, and there’s always something new to explore.
How to buy virtual real estate in Decentraland
Now that you know why you should buy virtual real estate in Decentraland, let’s talk about how to do it.
The first step is to buy some Ethereum. You’ll need Ethereum to buy land in Decentraland. We recommend using Coinbase to buy Ethereum. Once you have some Ethereum, you’ll need to create a wallet. We recommend using MetaMask. MetaMask is a browser extension that lets you store Ethereum in a secure wallet.
After you have a wallet, you’re ready to buy land in Decentraland. The best way to do this is through the Decentraland Marketplace. On the marketplace, you can browse through all of the available land parcels.
When you find a parcel of land that you like, click on it and then click the “Buy” button. You’ll be prompted to pay with Ethereum. Once you confirm the transaction, the land will be yours!
Now that you own land in Decentraland, you can do anything you want with it. Build a store, a gallery, or anything else you can imagine. You can also sell your land at any time.
Three native tokens of Decentraland
Decentraland’s native tokens are ESTATE, an ERC-721 token representing merging pieces of digital land; LAND, an ERC-721 nonfungible token representing parcels of digital land; and MANA, an ERC media. The platform utilizes Proof to show the Rover 3D viewport on every website that is placed on their ledger. A user needs an Ethereum address and Web3-enabled browser to access their account.
Unlike many other virtual worlds, Decentraland is not a company but rather a protocol built on the Ethereum blockchain. The protocol establishes the rules for how land is bought, sold, and used in the metaverse. These rules are enforced by smart contracts, which are immutable and cannot be changed by any single entity.
The Decentraland Foundation is a nonprofit organization that stewards the long-term development of the project. The Foundation provides funding for core development, community initiatives, and marketing efforts.
The Decentraland platform is open source and contributions are welcome from anyone in the community.
The Decentraland community is governed by the DAO, which is composed of all LAND owners. The DAO decides how to allocate the Community Chest, a shared fund that collects proceeds from the sale of LAND and MANA. The DAO also votes on proposals to change the Decentraland protocol.
The Decentraland team is composed of experienced developers and entrepreneurs from a wide range of backgrounds. The team is distributed around the world and is backed by leading venture capitalists.
Decentraland was founded in 2015 by Ariel Meilich and Esteban Ordano. When it initially launched in 2017, digital land was being sold for $20 per parcel while mana tokens were selling at $0.02 each.
Technology architecture of Decentraland
Ethereum smart contracts are utilized to create many Decentraland components. These include land ownership, content hosting, and marketplaces. The use of smart contracts allows for trustless transactions and reduces the possibility of fraud.
The Decentraland platform is built on top of the Ethereum blockchain. This provides a decentralized infrastructure that is secure and scalable. Decentraland uses IPFS to store content files. IPFS is a decentralized file storage system that is resistant to censorship.
The Decentraland client is a Web3-enabled browser that allows users to interact with the Decentraland metaverse. The client provides a 3D view of the world and lets users buy, sell, and build on the land.
The Decentraland SDK is a platform for developers to create applications for the Decentraland metaverse. The SDK provides tools for asset creation, scene management, and networking.
The Decentraland protocol establishes the rules for how land is bought, sold, and used in the metaverse. These rules are enforced by smart contracts, which are immutable and cannot be changed by any single entity.
How to store MANA?
There are two ways to store MANA tokens: hardware wallets and online wallets. Hardware wallets are useful for those that want to keep their tokens long-term because they’re offline and, as a result, much more difficult to hack. The Ledger Nano S and the Ledger Nano X support MANA storage and can be purchased online.
Online wallets are convenient for those that want to use their tokens for daily transactions. The MetaMask and Trust Wallet browsers support MANA storage and can be downloaded from their respective websites.
How do I buy property on Decentraland?
- Sign up
- Select a parcel of LAND
- Create or import your wallet
- Connect your wallet
The game’s world is divided into three zones: LAND, non-fungible digital assets that you purchase in the game. You may do anything you want with a piece of LAND once you’ve got it. Games, applications, gambling providers, and even dynamic 3D settings are all possible.
MANA is an ERC-20 token that is used to buy LAND and other assets in the game. You can purchase MANA on a variety of cryptocurrency exchanges, such as Binance, Coinbase, and Kraken.
Once you have some MANA, you’ll need to find a parcel of LAND that you want to purchase. The easiest way to do this is by using the Decentraland Atlas, which is an online map of all the available LAND in the game.
To purchase a piece of LAND, simply click on it and select the “Buy” option. You’ll then be prompted to confirm the transaction on your MetaMask or Trust Wallet browser.
Sign up
If you haven’t already, go to the Decentraland Marketplace and sign in or create an account first. Then, at “Parcels and Estates” choose “View All,” then “Venture Packages.”
Select a parcel of LAND
The next step is to go through the available sites and select your favorite one. Purchasing property in Decentraland directly from the marketplace allows you to view the adjacent areas and proximity to world-famous locations. Auctions for LAND parcels start at just under 1,000 MANA.
Create or import your wallet
The next step is to set up a cryptocurrency wallet. We recommend using MetaMask, which can be easily installed as a browser extension. Once you have it, make sure you’re logged in and go back to the Decentraland Marketplace.
Connect your wallet
Once you have MetaMask installed, open the app and connect your wallet. You should see your account’s public address and a balance of MANA in the top-right corner of the screen.
Conclusion
Decentraland is a virtual world that runs on the Ethereum blockchain. The world is made up of digital land, which can be bought, sold, or used to build decentralized applications. Decentraland is governed by the DAO, which is composed of all LAND owners.
The DAO decides how to allocate the Community Chest, a shared fund that collects proceeds from the sale of LAND and MANA. The DAO also votes on proposals to change the Decentraland protocol.
Interested in learning more? Here are some additional guides to check out:
Disclaimer
In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.
About The Author
Damir is the team leader, product manager, and editor at Metaverse Post, covering topics such as AI/ML, AGI, LLMs, Metaverse, and Web3-related fields. His articles attract a massive audience of over a million users every month. He appears to be an expert with 10 years of experience in SEO and digital marketing. Damir has been mentioned in Mashable, Wired, Cointelegraph, The New Yorker, Inside.com, Entrepreneur, BeInCrypto, and other publications. He travels between the UAE, Turkey, Russia, and the CIS as a digital nomad. Damir earned a bachelor's degree in physics, which he believes has given him the critical thinking skills needed to be successful in the ever-changing landscape of the internet.
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Damir is the team leader, product manager, and editor at Metaverse Post, covering topics such as AI/ML, AGI, LLMs, Metaverse, and Web3-related fields. His articles attract a massive audience of over a million users every month. He appears to be an expert with 10 years of experience in SEO and digital marketing. Damir has been mentioned in Mashable, Wired, Cointelegraph, The New Yorker, Inside.com, Entrepreneur, BeInCrypto, and other publications. He travels between the UAE, Turkey, Russia, and the CIS as a digital nomad. Damir earned a bachelor's degree in physics, which he believes has given him the critical thinking skills needed to be successful in the ever-changing landscape of the internet.
