Decentraland invites crypto communities to participate in the second LAND auction
Decentraland’s first LAND auction concluded in January 2018, with a total of over 161 million MANA spent, which equaled roughly 30 million dollars at the time. Now, our community has voted in favor of holding a second LAND auction in Q4, 2018. There are still over 9,300 unclaimed parcels of LAND, and an auction is the best way for us to provide a fair and equal opportunity to everyone to obtain new parcels of unowned LAND.
Why is a second auction important for the Decentraland community?
“How do I buy unowned plots of LAND?” is the most frequent question that we receive across every one of Decentraland’s social media channels. These LAND parcels were always part of the initial intended supply for the world. However, they simply didn’t sell during the first auction – and now people have non-buyer remorse.
Also, there are many opportunities that a second LAND auction makes possible, including, but not limited to:
- Purchasing several adjacent parcels of LAND at once, to create a new Estate. Buying multiple parcels at once can be difficult in the current public market.
- Expanding your current LAND or Estate holdings to include adjacent, unowned space.
- Find affordable LAND where you can build, share, and monetize your 3D content and experiences!
First LAND Auction: Facts & Figures
In December of 2017, we held our first LAND auction. Over 3,000 people participated, with over 160 million MANA spent and “burned” in exchange for LAND. This amounted to approximately 30 million USD by the end of the auction.
Over the course of the first LAND auction, we saw:
- 34,356 LAND parcels sold
- An average price of 3,651 MANA per LAND parcel
- 9,331 LAND parcels left unclaimed, and available for a second auction
Over the last thirty days, we’ve seen an average price of 19,103.673 MANA per LAND parcel and more than 10,000,000 MANA transacted on the public Marketplace, so the second LAND auction will be an excellent opportunity to find and invest in new LAND.
For a complete set of statistics please check this page: https://nonfungible.com/pages/decentraland/market/history
How will the second LAND auction work?
We are going to employ a Dutch auction, in which the starting price of all remaining unowned LAND parcels is equal. The price starts at the highest value possible and is reduced over time. There is no bidding, you simply order, or purchase, the LAND parcel(s) you want, at the price you are comfortable with.
This allows participants to purchase estates comprising multiple parcels of LAND in a single transaction, while paying the same price for each individual parcel.
Dutch auctions are different from traditional auctions, where the asking price is gradually increased, with one or more bidders offering the asking price (or more) until a time limit is reached, or no one bids higher. We feel that a Dutch auction will provide the best user experience, removing the frustration and anxiety that is inherent to the English style auction we employed in our original auction.
How will users participate?
All users will need to participate in the LAND auction is a Desktop Browser, a MetaMask, Mist, Ledger or Trezor wallet, and sufficient MANA to bid on and purchase unowned LAND.
We are collaborating with several other projects that will allow the use of their own ERC20 tokens in the LAND auction. If they hold any of these tokens, they will be able to exchange them for MANA, which can then be burned in exchange for LAND.
What happens to the MANA used in the auction?
All MANA used in the auction will be taken out of circulation via “burning,” which just means deleting the token or sending it to an empty, irretrievable address.
What happens to other tokens used in the auction?
95% of all other crypto tokens used to buy LAND during the second auction will be converted to MANA. This converted MANA will then be burned, and the remaining 5% will be either burned or sent to the zero address, effectively removing those tokens out of circulation.
A Brief History of Decentraland
Decentraland is a blockchain based virtual world, where users will be able to create, experience, and monetize 3D content and applications.
Our mission is to create a platform for digital content and games that is truly owned and governed by its inhabitants. This virtual world will be entirely decentralized and free from the control of any single corporate entity.
Since the first auction, we have been focused on building the infrastructure for platform and a comprehensive set of developer tools.
Since early 2018, we have been focusing on blockchain gaming, non fungible tokens (NFTs) and crypto-collectibles. We see unique, verifiably scarce digital content as a focal point of Decentraland. NFTs with established ownership have revolutionized the way people view games, entertainment, and art — we want to make sure that Decentraland provides users with an open-ended and social platform where they can create, share, and interact with NFTs and NFT-enabled experiences.
We have not been compensated for this press release. This article should not be taken as, and is not intended to provide, investment advice. Users are ultimately responsible for the investment decisions he/she/it makes based on this information. It is your responsibility to review, analyze and verify any content/information before relying on them. Trading is a highly risky activity. Do consult your financial adviser before making any decision. Please conduct your thorough research before investing in any cryptocurrency and read our full disclaimer.
Join our Telegram Group To Stay Up To Date With Crypto News