What is LAND? Why would I buy one?

For those who still ignore it, here’s a little reminder: “LAND”, represents a 10m x 10m piece of the digital universe on the Ethereum Blockchain. LAND is the main component of Decentraland’s metaverse. If you’ve seen Ready Player One, you can consider that every location in the film is an experience, on these LAND in Decentraland.

Once you have acquired non-fungible LAND tokens, you are the only one to decide what is built on that LAND in the metaverse.

A video-game? An RPG? A racing game?

E-commerce in Virtual Reality?

A space for social experiences in the virtual world?

In a nutshell, you can build whatever you want and provide the service you wish to anyone visiting your plot. You decide the rules on your LAND, you actually own it!

How will this LAND auction work?

For this second auction, Decentraland chose the Dutch Auction system. The principle is simple:

Every parcel is proposed at the same maximum starting price: 200,000 MANA (about $12,000 with MANA @ $0.06)

Price will gradually go down to 1,000 MANA at a pre-determined rate until the LAND is bought.

The challenge will be to take the risk of waiting for the price of the desired parcel to fall. But, take care not to wait too much because there will be hundreds of anxious buyers…

Prices will evolve as follows:

Day 0 — At the start of the first day, the price will start at 200,000 MANA Day 1 — Throughout the first day, the price will reduce to 100,000 MANA. Day 2 — Throughout the second day, the price will reduce to 50,000 MANA. Day 3–8 — From the third day through the eighth day, the price will drop 5,000 MANA per day. Day 9–15 — From the ninth day through the end of the auction, the price will drop 3,000 MANA per day until a final price of 1,000 MANA is reached.

How to take part in the auction?

Here is a list of the prerequisites for taking part in the auction and having a chance to acquire some LAND:

Have the MetaMask plugin installed and account setup

Have enough MANA on this account for the LAND and price you would like to buy

Be connected to the auction URL on December 10th!

You can also refer to this tutorial to learn how to acquire MANA and transfer it to your MetaMask account.

Key figures about this second auction

9,300 LAND for sale in the auction

15 DAYS of auction

Up to 1.86 BILLION MANA ($124,620,000) could be spent and burned during the auction if all the LAND were bought at the maximum price of 200,000 MANA. [reminder: all the MANA spent during the auction will be “burned” and will disappear from the global circulation]

We have calculated an estimate of MANA that could likely be burned during the auction. We have based our estimation on:

LAND market history of these two last months

The data from the first auction

Public data shared by the Decentraland team on their website and social media

We estimate that around 250 to 300 million MANA could likely be burned during this auction.

As a reminder, the circulating supply (excluding Decentraland’s wallet) is composed of 1.27 billion MANA, on a total MANA Supply of 2.64 billion. So, between 1/4 and 1/3 of all the circulating MANA could be burned during the second LAND auction.