Decentraland has announced that the unsold plots of land left over from their first auction are now up for grabs to the highest bidder, between now and Christmas. The virtual parcels of land are 10 metres by 10 metres square, and called, simply, LAND. In the past, prices for LAND have gone as high as US$120,000 each in frenzied bidding wars, the prices being driven up by eager cryptocurrency speculators hoping to make a profit.
The LAND Auction will run until Sunday, December 25th, 2018.
Ever since the first LAND Auction last December, people have been eagerly anticipating the opportunity to claim some of the unsold, unowned LAND remaining in Genesis City. Even with the 34,356 parcels sold last year, there are still over 9,000 up for grabs!
We are extremely excited to kick off this next auction, and want to thank the entire Decentraland community for your continued support and enthusiasm. This is an exciting next step for the platform, and we look forwarding to building something incredible, together.
For additional details, and answers to some of the common questions we’ve received, keep reading!
Where do I access the auction?
The auction will be held right in the Decentraland Marketplace, at market.decentraland.org/auction. It’s also easy to access the auction through our partner’s mobile dApp browsers, like Status, imToken, and Trust!
How do I participate?
Simply create a wallet with MetaMask, Mist, or use a Trezor hard wallet, and ensure that you have sufficient funds in either MANA or one of our partner project’s ERC20 tokens.
We have two video tutorials showing how to log in, manage your tokens, select the parcels you want to buy, and complete your transaction! Check them out here:
Can I bid for multiple parcels at once?
Yes! In fact, the second auction is a wonderful opportunity to secure an estate, or expand your current holdings to include some of the adjacent unowned space.
Contiguous estates make it possible to host larger, more complicated scenes and experiences. You will be able to purchase up to 20 parcels per transaction.
When will I receive the parcels I buy in the auction?
Once the transaction for your purchase has been processed, you will receive your LAND immediately. The transaction must still be mined by the Ethereum network which may take several minutes, as with any normal LAND transfer on the Decentraland Marketplace.
Virtual land will be sold in the fashion of a Dutch auction:
How is the price for each parcel determined?
We are using a Dutch auction, in which all available parcels are started at the same price of 200,000 MANA. This price is continuously and progressively lowered, until a final price of 1,000 MANA is reached on the last day of the auction. You can read more about how the price is set, and the rate at which it’s lowered in this blogpost.
Only two days into the auction, there’s still lots of LAND available to bid on, as prices are still pretty high (currently, 48,479 MANA each, which works out to US$2,613). Bids can be placed using Decentraland’s own cryptocurrency, MANA, or any of the following ERC20-compliant tokens:
- Maker (MKR)
- Dai (DAI)
- Binance Coin (BNB)
- Kyber Network (KNC)
- Zilliqa (ZIL)
- Riplo Credit Network (RCN)
- Aelf (ELF)
- Status (SNT)
(Don’t ask me to explain any of this to you; it’s all just gobblegook acronyms to me!)
As I have warned before, do all your homework before investing a single cent in any cryptocurrency and any blockchain-based virtual world. Caveat Emptor!