Decentraland was discovered back in 2015 and is one of the OG’s in the metaverse space. Having been in the game for many years now, the platform is one of the most established virtual worlds in the crypto space. Thus, it’s the optimal place to buy your first parcel of digital land.
How you start
There are two ways you can buy land on Decentraland. You can additionally use the NFT trading platform OpenSea or buy land directly through the Decentraland Marketplace. It’s recommended that you use both platforms to find the best deals and compare prices and positions. As the interface of the Decentraland Marketplace can be relatively confusing for first-time customers, you should take your time to become familiar with it before you make any purchases.
Subscribe to Decentraland Marketplace
First, you need to subscribe to the Decentraland Marketplace. Subscribing is made easy for those people who have a digital wallet. However, It’s recommended that you download the Chrome web browser extension for the Metamask wallet If you don’t have a digital wallet yet. Other wallets similar to Coinbase and ledger are supported as well. The moment you have logged in, choose the “ Land” tab to be directed to the land parcels that are for trade.
Choose your land
The market area allows you to view the individual parcels for trade or the entire chart of Decentraland. Use both tools to find the land you want to buy.
Hint; You can also find land for trade on OpenSea and enter the special codes in the search box in the market area.
By combing over the parcels with your mouse you can check the details on the land.
If you click on the parcel you’ll see the price and details of the bearings. It’s also the part where you can bid on or buy the land.
Buy your Land
Once you have named the piece of land that you want to buy, it’s now time to make an offer or buy it at the price that it’s presently listed.
Make sure you have enough MANA or Ethereum in your wallet to complete the purchase of the decentralized land.
Hint; Make sure to put in mind gas and sale charges when funding your wallet.
Confirm your purchase
Once you click the “ buy” button you’ll be asked to confirm your purchase. It’ll now take just a couple of minutes until the whole transaction is complete.
Transfer to Secure Wallet
After you confirm your purchase, your Land NFT should appear in your wallet within the upcoming few minutes. However, you can connect it to the OpenSea platform to view your land, If you’re using a Metamask wallet. It’s recommended that you transfer and store your NFT in a secure place if possible a hardware wallet.
How to choose your virtual land
There is no difference between buying land in the real world with the digital world. Minus the paperwork of course. The general formula that you’ll want to follow is position.
The best locales on Decentraland are generally around the Plaza, most importantly the Genesis Plaza. Plots around the Plaza can be relatively costly, but this isn’t the only important factor. Other factors, similar to how near you’re to a road or quarter district are also important to consider when buying your land.
How important does land cost on Decentraland
Decentraland land prices have soared in 2021. The lowest and cheapest plots are presently trading for 4.7 Ethereum or 4864 MANA. This is roughly close to a price of $13,360 for a 16 × 16 square meter plot.
The price of digital land has risen quickly over the last year for popular metaverse platforms similar to Sandbox and Decentraland. In 2019 a digital plot of land on Decentraland was valued at less than $500. Decentraland land prices are anticipated to rise indeed further in the coming times.
Take away
Digital real estate is still growing. You can be sure that there will be more and more tools coming to market that will make buying digital land easier in the future.
It’s important to know that it’s still early. So indeed when prices feel high, know that many people in the world don’t know what digital real estate is. Large companies and investment enterprises haven’t yet entered the market.
