Did you know that it’s possible to buy, sell and collect assets existing in the virtual worlds? You can even give Cryptocurrency Gifts, that are not so traditional, and involve NFT’s or digital game assets. Yes, Decentraland actually exists and is opening up more lucrative opportunities for investors. If you are new to the NFTs world, you might be surprised to hear there is a booming market for digital asset trades in virtual worlds.
But well, investors are spending millions to buy land in new cities that exist in virtual reality. Buyers can even build anything they’d like on their Decentraland, hoping to make profits off it. Decentraland remains to be one of the first and most popular virtual world based on cryptocurrency.
With that in mind, if you want to know more about Decentraland and what it entails, read on to find out!
So, what’s Decentraland?
Essentially, Decentraland is a decentralized Ethereum-based virtual world similar to Second Life or Sims. It’s a VR platform where users can explore, play and interact with a wide range of games and activities. Also, investors can build their environments, and digital real estates then monetize them.
Users on the Decentraland virtual world can buy land parcels recorded on ledgers backed on the blockchain. The land, along with virtual properties built on it, are non-fungible tokens known as LAND. It is stored on Ethereum smart contracts, and the landowners can control all contents they’ve established on their land.
Owners on Decentraland have the liberty to choose the properties they want to build on their virtual land. It could be anything from games, applications, images, and scenes. That allows the users to visit venues, travel and explore similarly to our real world. In essence, Decentraland creates a P2P network where users can interact.
That said, let’s look at a few ways you can make money on Decentraland and the different things you can consider investing in.
How Can You Make Money on Decentraland?
If you are wondering how you can make money on Decentraland, then this section is for you.
1. Renting Out
In Decentraland, there are many parcel owners, but not all are capable of building anything on their land. Most people who have no ability to build are more likely to hire someone to do that for them. But in the meantime, you can make some cash by renting out the parcels.
2. Buying and Selling Parcels
Like in the real world, in Decentraland, the land is finite, making it more valuable. Each parcel of land is 16m by 16m in size, and this metaverse represents it in Non-Fungible Tokens. Therefore, in Decentraland, you are likely to make significant monies flipping parcels.
Basically, there will always be someone who wants to get in, and there will always be other people who want to sell and cash out. The trick here is finding parcels, negotiating and winning the buy. Parcels will eventually become very rare and more factors besides the location will affect the prices of the parcels.
3. Building Estates
Just like in any other digital world, the activities on Decentraland are also community-driven. One of the significant factors that influence the value of the land is the location and how the owner can develop it.
Developers can buy lands that are adjacent to each other and merge them into estates. That will allow the developers to create environments like art galleries, casinos, and gaming arenas where people can interact.
4. Play Casino Games and Win
Today, more online casino games are using Bitcoin as their payment method. That’s because cryptocurrency payments are not only fast but also secure. The same case goes for Decentraland; they are also embracing cryptocurrencies. To participate in online gaming, you can purchase MANA using BTC then engage in different games like Slots, Blackjack and Roulette.
What’s more, players can create avatars that they can use to navigate their gaming environments and casino floors. The animations can help users win MANA and NFT wearables during the games. Players with such wearables get more rewards when playing multi-player games.
5. Developing unique experiences then charging for entry
Coders, smart entrepreneurs and developers can build experiences and worthwhile places on Decentraland. While people can create things that the community can visit and enjoy free of charge, some competent groups will build some epic experiences then charge a small entry fee. Decentraland gives capable game developers to go wild with their imagination and create places that are worth paying to check out.
6. Selling and showcasing products
Decentraland also presents a virtual display room where developers can showcase their design skills. It could be anything from new game skins, houses or apartments. Also, developers can use this virtual world to showcase their clients what the products they are planning to come up with will look like. This virtual world is going to help developers to offer better and immersive services to their clients.
7. Investing in the Decentral Games Tokens
Decentral games operate on the Ethereum blockchain and supply the Decentraland casinos with the game. Players participating in Casinos allow the gamers to earn Decentral Games Tokens. This allows the token holders to vote on whether they can build new games and casinos on the lands.
There are a couple of ways in which you can earn the DG tokens. That includes;
- Referral rewards- if you are an affiliate, you can earn some DG tokens by referring new players.
- Gameplay mining- you can also mine decentral games tokens by playing MANA games. Also, you can earn extra points by playing in the group tables.
- Governance bonus- to make some extra DG tokens, you can lock your DG in the governance contract on a company. That will earn you some additional tokens.
As we have seen in this article, Decentraland presents people with massive opportunities to invest and trade properties. The crypto market is volatile, and as the demand for Decentraland rises, the value of the metaverse is likely to appreciate. Therefore, it will create more secure future expansions and a revenue generator for the popular content creators.