Decentraland proves to be one of the fastest-growing virtual worlds based on cryptocurrency. Its UX is mainly used in Minecraft and Second Life, some of the most known multiplayer games. All in all, you can distinguish Decentraland from its predecessor virtual worlds as all the LAND in the game can be sold, bought, and developed by the users of the game.
Even better, the ownership of these properties is documented on the Ethereum blockchain. This makes the LAND easily transferrable while preventing unfortunate occurrences of fraud. Once you own LAND on Decentraland, you control the content published on it. The content differs, ranging from static 3D scenes, interactive games, art galleries, casinos, among other creatives.
Today, Decentraland is one of the most established role-playing multiplayers Ethereum-based Metaverse. You might not visit or move physically, but at least you can sell and buy LAND on Decentraland. That means you are likely to make reasonable sums of money as well. With that said, let’s look further into how you can make money playing Decentraland.
How to Make Money Playing Decentraland?
Non-Fungible Tokens are revolutionizing the online gaming industry without a doubt. Currently, we have a couple of live and fun NFT based games like Decentraland that you can play and probably even make some money while at it. Over the last couple of years, blockchain ecosystems have been rife with debates and discussions about network upgrades, hard forks, scalability, among other enterprise adoption.
In the midst of all this, the online gaming industry emerges as the most robust proofs that Ethereum and Blockchain can revolutionize the already existing industry. Part of this online gaming revolution is the non-fungible tokens that some people might know as ERC-721 tokens. NFTs don’t have an equal value to their counterparts.
In the real world, collectibles such as action figurines are the common types of non-fungible assets. The problem that comes in when we transfer this to the digital realm is that such collectibles could be simply copied then sent to someone else. This may, in turn, diminish the value and rarity of the collectibles.
Things are a bit different when you represent the collectibles as tokens on Ethereum blockchain. That eliminates the possibility of double-spending ensures security and visibility of your collectibles. As we have mentioned earlier, Decentraland blockchain-based games have adopted the ERC-721 token that hosts transactions and active users.
The best part is that all the tokens on Decentraland are built with similar standards, and that is why we are witnessing the development of liquid markets where people can trade their assets on the digital gaming ecosystem. If you commit time, you may be able to earn some good money off it. Decentraland has a great community of artists, developers, 3D animators on Decentraland that create new and better ways in which people can interact and socialize.
The Decentraland LAND
The size of LAND on Decentraland is 1616 meters, mainly represented by Non-Fungible Tokens. These NFTs represent unique digital items like virtual real estate. The best part is that the NFTs cannot be interchanged. You can purchase the LAND with MANA which is the official Decentraland crypto.
MANA can also be traded not only on Coinbase but also other crypto trading apps. By the time of writing, the price of MANA is $1.39, and one LAND parcel is 6,900 MANA which approximately equals to $5,800. You can acquire the LAND through the in-game marketplace or OpenSea which acts as a third-party marketplace.
How Can You Monetize your LAND?
Community is always paramount when it comes to Decentraland as well as other real-world estates. What do I mean? Your LAND’s value on Decentraland is determined by the location on the Metaverse and the development plans for it.
The good thing is that the possibilities are endless, and this excitement is what fuels the purchase of LAND and MANA. There are different ways you can attract people to your virtual land; you need to have an irresistible incentive. It could be an exciting game, digital art, exciting content, new people that users can engage, or money users can win at games.
All in all, some of the most popular developments on Decentraland that can give you some good money include:
- Casinos for players to win MANA
- Gaming sites like whac-a-mole
- Art galleries. Owners can sell their NFTs. It could be digital collectibles or crypto kitties.
- Music venues. Users can attend concerts held by musicians and DJs.
- Branded sponsored content where visitors can get features games to play within Decentraland.
More brands from the real world are likely to enter this Metaverse in an effort to find better way to connect and engage with their customers or advertise. That means digital real estates on the Metaverse are likely to continue appreciating. Evidently, LAND sold for $500 back in 2019 today is worth $7,860 or more currently.
Should I Invest in Decentraland?
Real estate outside the virtual world is always more about the location, and the same thing applies to Decentraland. For instance, parcels of Land closer to the Genesis Plaza, which is the point where users get entry to the game, tend to be more valuable than others. That extends to other districts like Dragon City, Vegas City, and Crypto Valley.
Also, you can consider buying adjacent parcels to create estates. This will allow you to build more extensive developments. Also, when you have larger properties, you can rent out and enable the users to generate a reliable cash flow while earning from the tenants.
More household brand names already are making their way into Decentraland, and investors are not being left behind. This means Decentraland will soon become one of the most significant investment opportunities. For instance, Atari recently collaborates with Decentraland, where they plan to develop a large real estate to enable players to play most of the iconic games.
This will include Break-out, Pong, Centipede, Missile Command, and Asteroids, among others. Digital land is becoming a viable asset. However, digital real estate can be a bit complicated and requires you to do your research right.