Decentraland is a blockchain-based virtual reality platform based on Unity where users can purchase plots of LAND that can then be developed into all manner of VR spaces. You can create a game, a virtual art gallery, educational simulations, and more – anything you can dream up!
What is LAND?
LAND tokens are non-fungible ERC-721 tokens that each entitle you to a 10x10m plot on the Genesis City map. Currently, there are 47,502 blocks of LAND in the virtual reality Genesis City – some are central plazas, some are privately owned, some are combined plots called estates, and some are yet to be sold (more on this below).
Decentraland has their own ERC-20 cryptocurrency called MANA. MANA can be used to buy plots of LAND and participate in the Decentraland ecosystem. For more detailed info, check out the Decentraland site, where you can read their whitepaper, view the Genesis City map, and purchase land from other users on the marketplace.
Second LAND Auction
While currently the lowest price for a plot of LAND is 7,999 MANA (at the time of writing equivalent to around $620 USD), Decentraland are giving users the chance to snap up some cheap land again with their second LAND Auction! This auction will take place in the second week of December and will take the format of a Dutch auction, where all parcels start at the same reserve price which gradually decreases until a buyer is found. The reserve price begins at 200,000 MANA, and reduces in a non-linear fashion until it reaches a minimum price of 1,000 MANA (the first day it will reduce by 100,000, the second 50,000, etc). The countdown is on – to find out when the auction begins, visit the Decentraland Marketplace.
Stay tuned to tokengamer.io for further updates on Decentraland and other blockchain-based virtual reality platforms!