ELF Tokens now accepted in Decentraland LAND auction
We are excited to announce that through our recent collaboration with Decentraland, you can now use ELF tokens to participate in Decentraland’s upcoming auction for virtual real estate, called LAND. The auction begins today, Monday the 10th of December, and will last until December 23rd. You can participate here!.
Decentraland held their first LAND auction at the beginning of 2018. During that auction, users spent over 161 million MANA (Decentraland’s ERC20 token) on LAND, amounting to about $30 million USD at the time. With over 9,300 LAND parcels remaining unowned, the Decentraland community has opted to run a second auction to help distribute this virtual real estate.
We are eager to announce that our collaboration with Decentraland will make it easier for ELF token owners to buy their own virtual real estate, in turn, opening up a number of new possibilities for our community. Being one of a select number of tokens chosen to take part in this auction, we are very much looking forward to opening up new ways in which ELF token holders can spend their ELF, this being the first of many.
Decentraland is a virtual reality platform built on top of the Ethereum network, making it possible for individuals, brands, and studios to build and share interactive 3D content hosted on a decentralized platform. The platform uses blockchain technology and smart contracts to allow users to gain full ownership of their own digital space and assets, represented through a finite supply of virtual land parcels, called LAND.
What this means for you
Through this auction, you can easily purchase several adjacent parcels of LAND at once to create Estates, larger portions of contiguous LAND that can host more complex 3D content. Many LAND holders’ parcels are already adjacent to unowned LAND, which can then be purchased to add to their already growing holdings. In addition, the auction makes it possible for users to obtain this virtual real estate at more accessible prices.
How to use ELF on LAND
Here’s a simple guide on how you can use your ELF tokens to participate in the upcoming auction:
To use ELF to purchase LAND during the auction, simply start by navigating to market.decentraland.org. Click Sign in.
Following this, sign into your wallet of choice and click Connect.
Several wallet options are supported — you can use the MetaMask or Mist browser extensions, or a Trezor hardwallet. If you are logging in from your mobile device, we also support Coinbase Wallet, Trust Wallet, and imToken.
Once you’re connected to your wallet and signed in, you’ll be shown a view of the Decentraland Atlas. Click Auction.
From the auction page, you’ll be shown your LAND Cart where you can select the parcels you want to buy, and the token you want to use to purchase them. It is important to note that MANA is selected by default, but if you wish to purchase parcels using ELF, click the TOKEN menu or follow this link.
Once you are brought to the TOKEN menu, you’ll be able to choose ELF as an option for payment. With ELF selected as your token of choice, the prices of each parcel will be shown in ELF, along with the total price for all parcels added to your cart. It’s as simple as that!
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