The community of this platform voted for the auction to start the second week of December, in order to get virtual lands
About 9,331 virtual plots do not have owners. Decentraland, the virtual reality platform created on Ethereum, will start its second land auction by the middle of December. The company made the announcement on November 13th, through a publication in their official blog.
The Decentraland team explained that in the second auction of land plots both new and existing users can participate. It means the opportunity to acquire a plot without an owner “at a reasonable price”. This happens because plots in that virtual city have been sold for up to USD9,000.
According to an official release, it was the community who, by voting, chose the start date of the auction, which they estimate will last for two weeks.
Knowing the Process
The team clarified that this Decentraland second offer will be Dutch auction type. Initially, there will be a fixed price (high) for all land packages and, as the auction develops, the price will go down, until one of the Decentraland users decides to buy. In the worst case, it will go down to the reservation price or minimum accepted.
To participate in the auction, it will only be necessary to have sufficient funds in the token of the platform; Mana, which is managed in purses such as Mist, Trezor, Ledger or Metamask.
The Decentraland team explained that to make parcel orders there are no offers. What the participants have to do is to place an order for the parcel or the estate they want, once they reach the desired price.
Decentraland employs blockchain technology as a support for its registration, maintenance, and management. Its main attraction is that it is not centralized. “This digital real estate property was initially implemented as a pixel in an infinite 2D grid, where each pixel contained metadata that identified the owner”, explains Esteban Ordano, Decentraland’s Founder.
The first virtual land auction started on December 15th, 2017, and ended in January 2018. It sold more than 34,000 land packages or virtual plots, for an amount of more than 161 million Mana tokens. This activity is known as the “Terraform Event”. Its objective is to distribute the plots in Decentraland to get “more space” in the virtual world.
When the first auction was announced the price of the Mana token began to increase, registering an increase of 788% in just two days after the announcement. This year this has not happened so far.
Recently it was learned that the Mana token is already available in the Mexican market through the Bitso exchange house. In addition, the Decentraland team partnered with Ripio to offer virtual land mortgages through a smart contract.
After the announcement of this second auction, the price of Mana was affected by the fall of the entire cryptoactive market, closing at USD 0.103372 and USD 0.087212 on November 13th and 14th, respectively, which means a decrease of 15.63%.
Some cryptocurrencies step Quicksand. Bitcoin has lost 71% of its value, compared with the historic high of US 18,674 reached in December last year. The latest losses are due to investors being sold to enter the alternative called Bitcoin Cash. This happens just at the moment when the launch of this new software will take place.
But the use of virtual reality will be consolidated sooner or later. Existing developments will have to exist “somewhere”. This would allow the creation of stores and virtual shopping centers that buyers can visit using helmets. In the virtual offices, it would allow interacting collaboratively in cyberspace. These are the reasons why virtual lands are being so demanded.
By María Rodríguez