Your real estate deal in the virtual world is waiting. Here is everything you need to know about buying land in one of the most popular metaverse, Decentraland.
Famous writer Mark Twain once said, “buy land, they aren’t making anymore of it.” It’s 21st century and sadly, the golden words have become as obsolete as the word “wildest dream”. We are living in the times of paramount innovation where nothing is a far cry from a dream. Whatever you can imagine is either already a reality in some part of world or the technology to make it real is under-progress. What if we tell you that you can buy property- store, house, a piece of land, island, even towns and cities, in the parallel universe? Welcome to Decentraland!
Parallel universe is what we choose to call metaverse– the simulated virtual reality world inside internet. Everything you find around you in your life, it now exists in metaverse too. If not, it is reaching there at a Godspeed. What we will discuss in this article is a fraction of the metaverse world- the virtual real estate.
What is Decentraland?
Think of it like a shark real estate builder group that sells pieces of land to people. The only difference is, it contains a much larger number of plots than any physical builder group can, and it exists in virtual reality.
In the true technical terms, Decentraland is a decentralized 3D platform in metaverse that owns 90,601 parcels of land and runs on the Ethereum technology. Inside this virtual world, the users can buy and sell real estate, explore the surroundings, play games and create value by trading. The official currency of this world is a cryptocurrency called MANA which again, runs on Ethereum technology.
Each parcel in this virtual world is a 33×33 feet plot and during the initial auction, as many as 34,356 LAND parcels were bid amounting to roughly $30 million.
How does metaverse Decentraland work?
Every parcel of land or the plot is actually in the form of NFT. Therefore, the real estate deals in Decentraland are actually NFT transactions. MANA being the official cryptocurrency, everything that you buy or sell in this virtual world, is done through this metaverse token.
After each purchase, the buyers get the freedom to build an entire virtual city on their land. If you are good at animation, your skills will come in handy here.
The mechanism of Decentraland is divided into three layers and is run by Ethereum smart contracts. The first layer is called consensus layer and maintains the ledger to track and record ownership of land purchases. The second layer called content layer is responsible for distribution of the land parcels and content such as visuals, voice chats and audios. The third layer called real-time layer enables social interaction like peer-to-peer transactions for Decentraland.
Who owns land in Decentraland?
By now, you must be curious to know how far the advancement in the virtual world has reached. On Nov 15, Barbados became the first country in the world to sign an agreement with Decentraland to set up its virtual embassy in Jan 22.
You are already late to the party. Decentraland is rapidly selling out. On Nov 25, another NFT-based metaverse real estate company called Metaverse Group bought a plot in Decentraland for $2.43 million. This is so far the largest metaverse real estate acquisition.
To be precise, the group has bought 116 parcels of land in one of the most high-end location of Decentraland- the Fashion Street district. The group plans to build a retail fashion hub with the land it has bought. The Fashion Street project is currently under progress and plans to bring brands like Gucci, Ralph Lauren and Prada for the DCL users.
How to buy land in Decentraland?
Real estate deals in metaverse are skyrocketing at an unimaginable pace. Last week along recorded land sales worth around $100 million on the metaverse. This includes NFT transactions across Decentraland, Sandbox, CryptoVoxels, etc.
When asked why are million dollar worth of land being sold on metaverse, Michael Gord, CEO and Co-founder of Metaverse Groups said, “instead of advertising space, instead of paying per eyeball, if you could actually purchase the ownership of that space and you were able to buy real estate on websites that would continue to be Facebook or really dominant networks in the world, your ownership of the real estate in Facebook would be priceless.”
Now that the basics of DCL real estate have been laid out for you, it is time to know how you can actually buy LAND (NFT) in the virtual world.
Step by Step Guide to Buying LAND in Decentraland
- Step 1- Begin with setting up a cryptocurrency wallet. The most preferred crypto wallet here would be MetaMask.
- Step 2- Create you account in the wallet and verify it. Make sure to add money in your wallet.
- Step 3- From this step begins the actual main process of owning land in DCL. You now have to acquire a Decentraland account and passport to go any further. Visit the official website of Decentraland and create your account.
- Step 4- Link you MetaMask wallet with your DCL account.
- Step 5- Welcome to the character avatar customization page. Be creative, create your virtual representation in Decentraland, confirm it and move ahead.
- Step 6- Let’s proceed towards buying land in DCL. Choose the “Builder” option at the bottom right of the screen. A screen would appear with two options on left- SCENES and LAND. Choose the latter.
- Step 7- If you don’t already own any land, click on the Buy Land option that pops up on screen.
- Step 8- You will now be introduced to a huge listing of plots- the square boxes, that come with price to be bought. Depending on the price of the owner, you can start bidding on the plot that you like.
The process to buy LAND in metaverse Decentraland is not very complicated. The most essential things to remember here is, you will have to exchange Ethereum in your wallet with MANA because in Decentraland, all transactions are carried out through this token.