On November 23, one of Asia’s most popular singers, JJ Lin, announced on Twitter that he had purchased three virtual pitches on Decentraland.

Almost immediately, promotions purporting to sell plots next to Lin appeared on Sina’s website.

“Buy land around JJ Lin at a low price!” Someone responded in a comment on Lin’s tweet.

Additionally, the parcel of land at Honnverse was assumed to be around $ 10,000 for a parcel of land, increasing by 1000 times

How I bought land on Decentraland

Decentraland is a decentralized virtual world platform based on blockchain technology where players can create their shopping grounds, build houses there, and program their own games in their zones.

Footprint analysis: new users
Footprint analysis: new users

According to Footprint Analytics, Decentraland has averaged around 90 new users per day since November, with the highest number of new users recorded on 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 itself as Meta.

Footprint Analysis: MANA Trading Volume and Price
Footprint Analysis: MANA Trading Volume and Price

I was curious to see what it was about.

Could Decentraland really be the Internet’s new frontier? How to own a share of this gold rush?

I began to find out.

To log in, you choose to play as “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 need to connect your wallet. However, Decentraland will never ask you to enter your seed phrase, which is a tactic some scam fake websites are currently using.

After logging in (as a guest or user) you need to create an avatar and then descend into Genesis Plaza, which is a tutorial entry point for this world.

Decentralized connection interface
Decentralized connection interface

After descending to the Trade Center, players see live prices from MANA, as well as BTC and ETH.

From the mall, you can teleport to the market or other parts of the map. In the Marketplace, you can swap land names, NFTs, and avatars.

Buy land

Lot prices range from around 5,000-6,000 MANA for a single isolated lot on the outskirts of the world to hundreds of thousands of MANAs. The highest price ever paid for a lot was 618,000 MANA, or approximately $ 2.4 million as of 12/20/2021.

For reference, a single small batch takes a few seconds of walking for the avatar to pass through it, so it’s quite small.

Decentraland plot LAND on the sales price interface

Buy NFTs

Portable NFTs for numbers are listed by rarity. There are seven grades, depending on their offer.

  • Common: 100,000
  • Uncommon: 10,000
  • Rare: 5,000
  • Eprique: 1,000
  • Legendary: 100
  • Mythic: 10
  • Unique: 1 unique piece
Decentraland Wearable NFT: Hater Blockers and Alpha Wolf Headgear Price Interface
Decentraland Wearable NFT: Hater Blockers and Alpha Wolf Headgear Price Interface

The cheapest portable NFT is a two-part cucumber named Hater Blockers, which costs 0.69 ETH, or around $ 2,800 at the time of writing. The most expensive helmet is the Alpha Wolf helmet, which costs 2,500 ETH, or $ 10,000.

Get a name

“Twitter”, “Facebook” and “MarkZuckerberg” have already been registered and are available for sale at a very high price. “Twitter” is already on sale at 1 Million MANA, owned by Gangster. If Twitter officially wants to use the name, it will cost $ 3.24 million.

The lowest price for a name is 50 MANA for Web3Portal. The highest price is Quadrillionaire at MANA 9,999,999, or roughly US $ 32.4 million.

Decentraland Wearable NFT: Web3 and Quadrillionaire Portal
Decentraland Wearable NFT: Web3 and Quadrillionaire Portal

How I found real estate in JJ Lin’s neighborhood.

To search for a particular parcel of land, users go to the Land section of the Manufacturer page.

Using the information JJ Lin posted on Twitter i.e. the plot number information, I found the three plots he had purchased.

I decided to take a look at the prices in the area.

There you go, the prizes cost about 25,000 MANA, or about US $ 81,000.

I left (or, my avatar did) accepting the fact that I couldn’t afford land in the real world or the metaverse.

Nevertheless, I still decided to explore JJ Lin’s plot.

Land shown on JJ Lin's home page in Decentraland
The plot shown on JJ Lin’s homepage in Decentraland
Land details page for JJ Lin at (20, -127) in Decentraland
Land details page for JJ Lin at (20, -127) in Decentraland

There, JJ displays his impressive NFT collection and some photos of Mario. His neighbor even posted three TVN walls. Clearly, I am not meant to be JJ Lin’s neighbor.

Domaine de JJ Lin in Decentraland at (29, -5)
Domaine de JJ Lin in Decentraland at (29, -5)
Domaine de JJ Lin in Decentraland at (20, -127) and (21, -127)
Domaine de JJ Lin in Decentraland at (20, -127) and (21, -127)

I then started walking around Decetraland.

Most individual players buy land, build a structure on it, decorate their homes with their NFT collections, or purchase wearable decorations to create their own digital avatar in the metaverse.

Other than playing a few games to earn MANA, there aren’t many ways to pass the time in Decentraland.

Corporate actors can buy land and build their own corporate, institutional or group offices as a symbol of their participation in the metaverse. Others who wish to invest develop businesses like arcades and bars, and regularly organize events where they invite individual players to earn MANA.

Some thoughts on buying land in the Metaverse

If you look at the major platforms with land ownership in the metaverse, for example Decentraland, Sandbox, etc., the gameplay looks like a very basic online RPG.

So what is driving the craze?

In the current climate, the metaverse cannot be separated from speculation. While current use cases don’t add up to much, the possibility of what the Metaverse might be like in the future has taken their assets to extreme heights.

For someone who predicts the Metaverse will be no more than another online game, the land is hugely expensive. But, if the metaverse truly becomes the Internet of the future, with billions of users, prices are only a fraction of what they could become.

Despite the high cost of buying land, names, or clothing, there is a huge plus: anyone can log in and explore Decentraland for free, making their own predictions.

This report was brought to you by Footprint Analytics.

What is the imprint

Footprint Analytics is an all-in-one analytics platform for visualizing blockchain data and discovering insights. It cleans and integrates on-chain data so that users of all experience levels can quickly start researching tokens, projects, and protocols. With over a thousand dashboard templates and a drag-and-drop interface, anyone can create their own custom charts in minutes. Discover blockchain data and invest smarter with Footprint.

Posted in: Analysis, Metaverse
Quadency

CryptoSlate Newsletter

Presenting a summary of the most important daily stories in the world of Crypto, DeFi, NFT and more.

Get a edge in the crypto-asset market

Access more crypto and background information in each article as a paying member of CryptoSlate Edge.

Chain analysis

Price snapshots

More context

Register now for $ 19 / month Discover all the benefits


Source link

About The Author

Related Posts