The Guide to Buying Decentraland Parcels (LAND)
What is Decentraland?
Decentraland has been taking the Crypto world by storm since their inception. Since their mind boggling 10 second ICO, Decentraland has been making steady progress towards their goal of creating a completely decentralized virtual reality metaverse where no one person is in charge.
What does this ICO stuff mean?
People who participated in the ICO(initial coin offering) purchased MANA for 2.4 cents. The price then hit the open market and hovered around 1 cent until around December when it went as high as 29 cents! It is currently sitting around 10 cents.
Thats just the beginning. Decentraland had an auction that started on December 15th. People purchased land for as cheap as 1000 MANA and as much as 600,000 MANA. To put this in context, if you were lucky enough to purchase MANA through the ICO, that means you spent around $24 on a cheap parcel of land or as much as $14,400 on the most expensive parcel. Since this auction, Decentraland released their Marketplace where people can buy or sell their land on an open exchange. You can track every resale of land at Nonfungible.com!
Decentraland vs. Second Life/Minecraft
Unlike Second Life, Minecraft and others, no one person runs Decentraland. Land in Decentraland’s Genesis City is owned by the people. Because the land is owned by the people, no Decentraland staff can tell any of the land owners what to do, build or create on their land. Each parcel of land is 10M x 10M or 33 ft x 33 ft in size.
During Decentraland’s land auction, buyers spent a total of 124,452,050 MANA(convert MANA to USD here) on virtual reality parcels of land. Since then, Decentraland has created a completely Decentralized platform for buying and selling this virtual reality land. You can track each purchase of land at nonfungible.com.
For Those of You With an Already Basic Understanding of Cryptocurrencies
If you already do have some experience with cryptos, then you can use the quick-start guide below. Each one of these steps are broken down below in a more detailed list and accompanying video. *NOTE: All exchange links included in this guide are referral links to the respective exchanges.*
- Register for Coinbase.
- Download the Metamask extension for Google Chrome.
- Buy Ethereum through your Metamask.
- Go to the Decentraland Marketplace and select “SIGN IN” in the top right corner, then select “CONNECT.”
- Go to settings and authorize the Marketplace contract to operate both MANA and LAND on your behalf.
- Go to your account page and select “buy more” then convert “ETH” for the desired amount of “MANA” (currency required to purchase “LAND”).
- Search through the “MARKETPLACE” or “ATLAS” and purchase the land of your choosing!
Step-by-Step Guide to Buying Decentraland Parcels for Beginners:
If you are someone who does not have experience with sending/receiving cryptocurrencies, the rest of this guide will provide an in-depth walk-through of the necessary steps to utilizing the Decentraland LAND Marketplace. From buying your first bit of ETH to downloading and using the MetaMask Ethereum wallet plug-in— please ask questions in the comments below if you have any. Here we go!
Step 1: Click “Sign Up” in the top right hand corner.
Step 2: Sign up for a Coinbase account.
After you’ve reviewed the terms:
- Fill in your personal details and choose a unique password.
- Check “I am not a robot.”
- Click “Create Account.”
You will be directed to this page:
Step 3: Verify your email
You should have received an email asking you to verify your email.
Check in your junk folder if it does not arrive immediately.
Step 4:Add a phone number
Step 5: Enter your verification code
You will receive a text message very quickly with a code
Step 6: Verify your identity
Next, you’ll need to verify that you are who you say you are.
You should then be redirected to your account dashboard!
Step 7: Upload Identification
Scroll down and click where it says “verify your identity”
Upload your ID
Step 8: Connect your debit card, bank account, or credit card to purchase or sell the digital currency of your choice with local currency (fiat).
Now it’s time to set up your Metamask.
Setting Up Your MetaMask
MetaMask is an Ethereum wallet extension for Chrome. It connects you to applications (dApps) on the Ethereum Blockchain securely and easily! You can store your Ethereum and Ethereum based tokens on here, including LANDs and other ERC-721 non-fungibles!
Here’s a link to MetaMask’s Support Center in case you get lost or have questions along the way.
Step 1: Download MetaMask extension for Google Chrome and add the plugin.
Step 2: Click “Add Extension” to add to your Chrome
Step 3: Read and accept the privacy notice.
Step 4: Click ‘accept’
You must scroll down to the bottom of the contract in order to activate the accept button.
Step 5: Create your password. Make sure it is a very safe and secure choice.
Step 6: Write down your ‘seed phrase’ and keep it somewhere safe!
Great Job! You’re half-way there to getting yourself some LAND
Buy Ethereum through MetaMask and Coinbase
The next step to getting yourself some Decentraland land is to buy yourself some Ethereum. The reason you should buy Ethereum is because it is compatible with MetaMask and you will pay lower transaction costs.
Step 1: Log onto your Metamask:
You should see this home screen.
Step 2: Make sure you are connected to the “Ethereum Main Net”
Step 3: Select “Buy”
Step 4: Choose Coinbase
Next you’ll be prompted to choose where to buy Ethereum from. Make sure to choose “Coinbase”
Step 5: Click “continue to coinbase”
Step 6: Enter the amount of Ethereum you would like to purchase and your email address associated with your coinbase account then hit continue!
Step 7: Enter your Coinbase password
Step 8: Next you’ll receive a text message verification code
Step 9: Select your payment method
Step 10: Confirm your purchase and click the green “buy” button
NOTE: DEPENDING ON THE TRANSACTION TIME, THIS STEP COULD TAKE AS LONG A 6 DAYS!!
Great job you’re all done!
FINALLY! Let’s buy some MANA and Decentraland Parcels!
Step 1: Go to the Decentraland Marketplace and click the red “Get Started” button.
Step 2: Click “Sign in” in the top right corner.
Step 3: Make sure your MetaMask is signed in properly by clicking the MetaMask Icon on your browser.
Step 4: Make sure you see your account page which will look something like this:
Step 5: Once you’ve signed into your MetaMask, click “Connect”
Once you’re connected to your MetaMask, you’ll be brought to this page:
Step 6: Authorize the Marketplace contract to operate BOTH MANA and Land by checking both boxes and clicking “submit” on your MetaMask
You’ll be prompted to “submit” twice. One time for each box you need to check.
What you’re agreeing to here is allowing the Decentraland Marketplace to execute land purchases and sells. Your land is safe, don’t worry. The marketplace will not sell your land or spend your mana without your permission.
For the next step, Click “my land”
Step 7: Time to buy some Mana.
Go to your account page by clicking colored emblem in the top right corner of your screen.
Next, Click “BUY MORE”
Finally, choose the amount of Mana you would like to purchase.
Step 7: Now you can finally buy land!
Step 8: Buy some land!
So you’ve found the parcel that appeals to you! Congratulations! If you have enough MANA in your account, you can buy that land!
Scroll over the blue land of your choosing (blue means for sale) and click. You’ll see this screen once you click on the land of your choosing.
Step 9: Click Buy
You’ll see this screen once you try to buy the selected parcel:
Unfortunately, I don’t have enough MANA for this amazing parcel of land, but it can be yours for a measly 600,000 MANA.
YOU’RE ALL DONE! CONGRATULATIONS, YOU ARE A DECENTRALAND EXPERT!
Below are links to resources related to the Decentraland project:
- Decentraland’s Virtual Land Marketplace
- NonFungible.com —Historical pricing for Decentraland’s Virtual Land Marketplace and other Non-fungible (ERC721) projects like CryptoKitties.
- NonFungible.com Discord Server — Come ask questions, learn or hangout with other NFT project community members!
- NonFungible.com on InvestFeed — come out and support us on InvestFeed as we share new updates on the platform, they’re like the Twitter for crypto projects!