How to Buy Decentraland: A Step-by-Step Guide
Decentraland land parcels need to be purchased with MANA, but MANA isn’t something you can just go and get at your local bank. There are a few ways to buy MANA that are safe, secure and won’t take much more than a few minutes. For something as new as the NFT and metaverse space, it’s important to be safe with all your transactions.
What is Decentraland (MANA) and Where is it Available?
How does Decentraland work and what is it? Decentraland is a virtual world, or metaverse powered by the Ethereum blockchain, where users can purchase digital land. In order to transact in the game, players need to have MANA, Decentraland’s native token. Decentraland MANA will allow you to not only purchase virtual real estate, but also wearables and other collectibles.
MANA is available on a trusted cryptocurrency exchange such as Kraken and the Coinbase app.
Why Buy MANA?
In order to buy or sell digital land and become true virtual land owners on Decentraland, you need to buy Decentraland MANA. Once you have this native token, you open opportunities to buy land, sell it, trade it, or build on it. It can even lead to passive income if you provide gambling services and games on your plot.
You can very possibly make a profit when you buy virtual land when the demand soars. The best way to monitor if NFTs are a good purchase and the future performance potential is to keep an eye on helpful stats.
Keep in mind that any investment could involve significant risks and doing independent research into how Decentraland works is more important than just taking random investment advice. Take your own advice and consider your own circumstances.
How to Buy MANA Tokens
You can buy Decentraland MANA tokens by following the steps below.
• Step #1: Choose a Safe and Secure Crypto Exchange Platform
• Step #2: Create an Account
The next step is to create your account on the exchange. For Kraken, all you need to do is head over to their site, sign up with your email, enter a username, and set a strong password.
For Coinbase, you would need to download the app, have a valid ID, and a proof of address. The platform will take time to verify your identification – super secure, right? Binance also requires a legal government ID.
• Step #3: Keep Your Funds Safe with Two-Factor Authentication
Make sure to enable two-factor authentication to keep your funds extra secure. If you are not able to do that during the sign-in process, you can do it later after your account has been set up. For Kraken, just navigate to your profile, find “Security”, select 2FA settings, and then choose “Activate Now”.
For a Coinbase account, it offers two-factor or multi-factor authentications you can set up via your account settings.
• Step #4: Wait for Verification
After you have submitted your ID, you will need to wait for verification. It may take up to a few minutes and sometimes the platform will require additional supporting documents, so we suggest keeping some on-hand just in case such as your driver’s license.
• Step #5: Buy Decentraland
Now we move on to how to buy Decentraland. You have approval now, and you can start buying MANA via the exchange you chose. You have to fund your account with MANA. In order to do that, you have to use real money (traditional fiat currencies) or with other cryptocurrencies.
There are various methods to fund a Kraken account, and one of them is to deposit cash. To find out what’s supported on your exchange, click the payment method box to pick a payment method such as a wire transfer, credit or debit card.
Once your account is funded, you can start buying MANA. You would need to select Decentraland from a list of options, enter the Decentraland amount you want to buy and confirm.
• Step #6: Store MANA
Initially, your MANA will be stored in the Decentraland’s own cryptocurrency wallet, and it’s considered a software wallet. Software wallets are good for short-term storage, but we suggest using a hardware wallet for storage as it’s more secure. However, you may not be able to buy digital assets with every hard wallet. Each wallet has a private key, something you need to keep safe because it’s what’s needed to keep the content secure.
Examples of offline wallets that support MANA are Ledger, TrustWallet, and MyEtherWallet (MEW). Hardware wallets that support ERC-20 tokens, like MetaMask, will support MANA.
• How much does it cost to buy Decentraland?
Decentraland costs about 4000 MANA, which is the equivalent of about $15,000. The price will fluctuate according to the market and demand, but NFTs (the land parcels) in Decentraland are among the most expensive in virtual reality games. It offers many features such as a real-time layer that handles P2P communication and interaction.
• Is Decentraland a good investment?
Yes, Decentraland is a good investment. As of now, it is a shared virtual world that has proof of concept and proof of work, something a lot of the others do not have. Decentraland is also forming partnerships with large companies that will help MANA hold its value.
If you’re wondering how to buy Decentraland, it’s easier than you think. All you need to purchase MANA is trusted cryptocurrency exchanges. Deposit methods you can choose include connecting your bank account or card to initiate payments.
Transactions on Decentraland are controlled by Ethereum smart contracts for speed and security. Once you deposit funds and get an Ethereum wallet, you can get started.