Looking to invest in virtual real estate in Decentraland?
If you’re new to crypto this might take some time to absorb.
Most people I know keep their coins on exchanges. If this is you then you’ll have to start learning or getting used to storing tokens on your own wallet.
This Decentraland tutorial on buying your first virtual real estate land will definitely help you get started. If you’re facing any issues don’t be afraid to pop into the Decentraland Discord channels and ask questions!
Purchasing A Decentraland Land Step By Step Guide.
Create an Ethereum Wallet
Purchase MANA from Exchange
Transfer MANA from exchange to Ethereum Wallet
Open Decentraland Marketplace
Purchase the Land you want
The Steps Explained
1. Create an Ethereum Wallet
LAND is an Non Fungible Ethereum Token so it’s not kept on exchanges nor can be transferred to one. You need to store it in your own wallet.
Metamask is a popular choice so I’m going to use that throughout this guide.
Download the Metamask Chrome Browser and create a wallet. Make sure you save the passphrase/code or whatever it is and double check so you can log out and log in with no issue. This wallet will store your land so you definitely don’t want to lose the password!
2. Purchase MANA from Exchange
In order to buy LAND you need MANA which is the currency token used to buy things on Decentraland. Just like any other token, you can buy this off an exchange. Pretty much all the top exchanges have Decentraland so you should have no problem buying MANA to buy Land.
Buy the amount of MANA required to buy the land you want.
3. Transfer MANA from Exchange to Ethereum Wallet
Once you’ve bought MANA, it’s time to transfer that MANA to your Metamask wallet so you can use it to buy Land.
Simply find your wallet address and send your MANA to it.
Warning: It’s highly advised to do a test send first. Send 100 MANA to your Metamask wallet and make sure you receive it before sending the rest. better to be safe than sorry!
4. Now, you can buy your land!
Simply open up Decentraland Marketplace, find the land you want and click ‘buy’. Once you submit the contract just wait a bit until the contract gets mined, (usually 1-10 minutes), and you should now have your very first land!
Important Note: You need some Ethereum in your Metamask wallet as well. Ethereum is the currency used when you pay a fee when buying or selling a land. Even when transferring coins out of Metmask. Basically you’re using the Ethereum network and every time you submit a contract to it you need to pay a fee.
Just load up the wallet with $10 worth of Ethereum which should be plenty. Contracts cost between $0.05 to $1.00 per transaction based on how congested the networks is and what sort of contract you’re submitting.
You can click ‘My Land’ to see the land you own. You need to be logged into Metamask to see this.
You can also make sure you have the land by going to your Metamask wallet and adding the Land Contract and seeing how many ‘LAND’ tokens you have. If you bought 1 land then you should have 1 ‘Land Token’ here.
That’s it! If you are having any issues visit the Decentraland Discord and ask your question there under the ‘marketplace support’ channel.