On November 23, one of Asia’s most popular singers, JJ Lin, announced on Twitter that he had bought three virtual plots of land in Decentraland.
Almost immediately, promotions appeared on Sina’s website claiming that plots next to Lin were for sale.
“Buy land around JJ Lin at a low price!” Someone responded in a comment to Lin’s tweet
In addition, it was speculated that land in Honnverse would cost about $ 10,000 for the land, an increase of 1,000 times
How I bought land in Decentraland
Decentraland is a decentralized virtual world platform based on blockchain technology where players can create their own buying plots, build houses on them and program their own games within their areas.
According to Footprint Analytics, Decentraland has had an average of about 90 new users a day since November, and the previous highest number of new users was March 14 at 210.
In October, Decentraland’s token, MANA, jumped 350% – one of the biggest increases in crypto this year – after Facebook announced it would rebrand into Meta.
I was curious to see what all the fuss was about.
Can Decentraland really be the new frontier of the internet? How does one actually own part of this gold rush?
I set out to find out.
To sign up, you choose to play as a “Guest” or “User”, depending on whether you want to save your avatar and account for later or as a one-time experience.
NOTE: To play as a user, you must connect your wallet. However, Decentraland will never ask you to enter an initial term, which is a tactic currently used by some fraudulent fraud websites.
Once you log in (either as a guest or a user), you need to create an avatar and then descend to Genesis Plaza, which is the point to enter this world.
After descending to the Trade Center, players see MANA prices live, as well as BTC and ETH.
You can teleport from the Mall to the Marketplace or other parts of the map. You can trade land, NFTs and avatar names on the Marketplace.
Plot prices range from around 5,000-6,000 MANA for one, isolated plot on the outskirts of the world to hundreds of thousands of MANA. The highest price ever paid for a lot was 618,000 MANA, or approximately $ 2.4 million on December 20, 2021.
For reference, a small plot takes a few seconds to walk the avatar – so it’s pretty small.
Load-bearing NFTs for figures are classified according to scarcity. There are seven classes, based on their offer.
- Default: 100,000
- Unusual: 10,000
- Rare: 5000
- Epics: 1,000
- Legendary: 100
- Mythical: 10
- Unique: 1 piece
The cheapest wearable NFT is a two-part cucumber called Hater Blockers, which sells for 0.69 ETH, or about $ 2,800 at the time of writing. The most expensive is the Alpha Wolf Headgear, which sells for 2,500 ETH or $ 10,000.
Getting a name
“Twitter”, “Facebook” and “MarkZuckerberg” are already registered and are available for sale at a very high price. “Twitter” is already on sale for one million MANA, held by Gangster. If Twitter officially wants to use that name, it will cost $ 3.24 million.
The lowest price for the name is 50 MANA for Web3Portal. The highest price is a Quadrillionaire of 9,999,999 MANA, or approximately $ 32.4 million.
How I found a property next door to JJ Lina.
To search for a specific plot of land, users go to the Land section on the Builder page.
Using information posted from JJ Lin’s Twitter – i.e. data on plot number – I found three plots he bought.
I decided to look at the prices in the area.
Here, the lots cost about 25,000 MANA, approximately 81,000 USD.
I left (or, my avatar did) accepting the fact that I couldn’t afford real-world land or a metaverse.
Still, I decided to investigate JJ Lin’s plot.
There JJ displays his impressive NFT collection and some of Mario’s paintings. His neighbor even displayed three NFT walls. Clearly, I wasn’t created to be JJ Lin’s neighbor.
Then I continued to wander Decetraland.
Most individual players buy land, build a structure on it, decorate their homes with their NFT collections, or buy wearable ornaments to create their own digital avatar in the metaverse.
Other than playing games to earn MANA, there aren’t many ways to spend time in Decentraland.
Corporate players can buy land and build their own corporate, institutional or group offices as a symbol of their participation in the metaverse. Others who want to invest develop companies such as game halls and bars and hold regular events that invite individual players to earn something MANA.
Some thoughts on buying land in Metaverse
If you look at the major land ownership platforms in the metaverse, e.g., Decentraland, Sandbox, etc., the game looks like a very basic online RPG.
So what drives a madhouse?
In the current climate, the metaverse cannot be separated from speculation. Although current use cases do not amount to much, the possibility of what the metaverse might be in the future has led to extreme values.
For someone who predicts that the metaverse will be no more than another online game, land is extremely expensive. But if the metaverse actually becomes the internet of the future, with billions of users, prices are now only a fraction of what they could become.
Despite the high cost of buying land, names or wearables – there is a big advantage: anyone can sign up and explore Decentraland for free, giving their own predictions.
This report was brought to you by Footprint Analytics.
What is Footprint
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