Decentraland is a virtual world platform based on blockchain technology, where players can buy, sell and build virtual lands. MANA is the native cryptocurrency inside Decentraland, which is specialized for land trading. In this article, we will introduce how to use MANA to buy virtual land in Decentraland, and provide Taiwan users with easy-to-follow steps to help you successfully complete land transactions and explore the infinite possibilities of the virtual world.
Understanding Decentraland's Land with MANA
Decentraland is a decentralized virtual world where all land and resources exist in the form of NFTs (non-identical tokens). Each piece of land is a unique NFT, and its owner is free to buy, sell or develop it. In Decentraland's virtual world, land is divided into zones, and the land within each zone can be used for a variety of purposes, such as building games, exhibitions, stores, and more.
MANA is the native cryptocurrency of Decentraland platform, and users need to use MANA for all transactions within the platform, including purchasing land, props, items or participating in events. Therefore, understanding how to use MANA to conduct transactions is the first step to enter the Decentraland virtual world.
How to buy MANA?
If you want to buy land in Decentraland, you need to own a MANA first, and it's very easy to buy a MANA, so here are some of the common ways to buy one:
Cryptocurrency Exchanges: Many major cryptocurrency exchanges currently support MANA trading, such as Binance, Coinbase, FTX, and so on. You can buy MANA through these platforms using fiat currencies (e.g. NT, USD) and then transfer it to your own crypto wallet.
Decentralized Exchanges (DEX): If you are used to decentralized platforms, you can also buy MANA on DEXs such as Uniswap. the advantage of this method is that you can trade directly through your own wallet and avoid the restrictions of centralized exchanges.
Once you have purchased MANA, transfer it to your wallet and you are ready to trade land.
Setting up a wallet and connecting to Decentraland
To trade land in Decentraland, you need a digital wallet that supports NFTs. The most commonly used wallets are MetaMask and Fortmatic, which not only support MANA transactions, but also store your land NFTs.
MetaMask Setup: First download and install the MetaMask plugin, create a wallet account and associate it with your cryptocurrency exchange account.
Connecting to Decentraland: After setting up your wallet, go to Decentraland's official website, click the "Connect Wallet" button in the upper right corner, select your wallet type and follow the instructions. Once done, your wallet will be connected to the Decentraland platform.
Select and browse land
Land in Decentraland is racked and traded by users, each piece of land is an individual NFT with a unique identification and number. In Decentraland, you can browse and select land by map.
Decentraland Maps: Once in Decentraland, you can use the built-in maps to find land you are interested in. The map will show you all available land, along with its price and location.
Selection of land: The price of land depends on its location, size, proximity to popular areas and other factors. When choosing land, you can filter it according to your needs. For example, you can choose to buy land for commercial use, or a lot suitable for building an amusement park.
How to make a land purchase
Once you've selected your land, the next step is to make the purchase, Decentraland's land purchases are paid for through MANA, so you'll need to make sure you have enough MANA in your wallet to complete the transaction.
Check land information: Before making a purchase, carefully check the details of the land, including the owner, price, and size of the land.
Confirm Transaction: If everything is correct, you can click the "Buy" button. At this point, a transaction confirmation window will pop up in your wallet. After confirming the amount, you need to approve the transaction.
Completing the Payment: After confirming the payment, the MANA will be transferred to the seller's account and the land's NFTs will be transferred to your wallet. This process usually takes a few minutes and may be slightly delayed depending on how congested the blockchain is.
Understanding Land Ownership and NFT
Upon completion of the purchase, ownership of the land will be transferred to your digital wallet.Decentraland land is NFT, which means that each piece of land is unique and has a permanent record of ownership. You can view your land at any time and develop, trade or rent it out.
Land in the form of NFT: The NFT of each piece of land contains detailed ownership information that is permanently stored on the blockchain. You can view or sell these lands on secondary markets such as Opensea.
Developing land: Once you own land, you can choose to build buildings on it, set up games or stores, etc., and utilize the land to generate revenue.
Transactions and Sale of Land
In Decentraland, land can not only be held as a personal asset, but can also be traded on the market. You can sell your land to other users and earn MANA. the process of selling land is also very simple, the main steps are as follows:
Setting the selling price: In Decentraland you can set the price at which you wish to sell your land. Prices are usually in MANA.
Confirmation of sale conditions: Once set up, the land is listed on Decentraland's marketplace for other users to view and buy.
Waiting for the buyer: When a useful user is willing to buy the land at your price, the transaction will be completed automatically. You will receive MANA as payment and the ownership of the land will be transferred to the buyer.
Notes and Risk Management
In addition to learning how to buy land, there are certain risks that you should be aware of when conducting land transactions:
Market Fluctuations: MANA and land prices fluctuate with market demand, so you need to be aware of market movements to avoid losing money due to market fluctuations.
Fraud Risk: Since blockchain transactions are irrevocable, it is very important to make sure that the land you are purchasing comes from a reliable source. It is always a good idea to confirm the authenticity of land through official channels before purchasing it.
Stay Safe: Protect your private keys and wallet passwords from any unauthorized third parties that may be operating with your funds.
Conclusion
Decentraland's virtual land market offers players a wealth of room for creativity, and MANA, the primary currency for transactions, provides a convenient way for all users to trade. Whether you're looking to buy land for development or sell it for profit, learning how to use MANA and mastering its operations is the key to success in this virtual world.
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