How to Buy Decentraland - Comparewise

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How to Buy Decentraland

If you’re looking for how to buy Decentraland, then you are on the right page. There are many fun things to do in Decentraland, like playing games, building your dream home, or even just hanging out with friends. However, you need the platform’s native cryptocurrency called MANA to get started.

The only guide you’ll ever need to learn how to buy Decentraland. Discover the pros, cons, fees, apps, & more for buying this cryptocurrency.

You can buy Decentraland using cryptocurrency exchanges that have MANA listed on their platforms. Binance, Bitbuy, Coinsmart, and Coinbase are the most popular exchanges. Creating an account, adding a payment method, searching for Decentraland MANA on their listing, and initiating the transaction. Once completed, you can store your MANA in a wallet like Trezor Model One or Coinbase wallet.

Decentraland is a virtual reality platform that allows users to create their own 3D worlds and interact with others in real-time. The platform allows you to build anything from simple rooms to entire cities.

It’s one of the most popular virtual real estate platforms, with big companies like Samsung, Adidas, and Atari owning a piece of the action. With so much adoption and potential, adding Decentraland to your portfolio should be high up there on your list.

This guide will show you step-by-step how to buy Decentraland. We’ll also look at the pros and cons, what wallets you can use, and where to buy them.

Let’s get started.

Decentraland (Mana) -Comparewise

What are The Pros and Cons of Buying Decentraland?

Let’s go over the pros and cons of buying Decentraland to help you decide.

The Pros of Decentraland

Decentraland offers a unique gamified virtual experience

The biggest pro of buying Decentraland is that you get to live in a virtual world. You can visit other people’s creations or play games with others. It’s a very social experience as you can chat with other players while exploring their creations. What’s more? There are no limitations when it comes to creativity. You can design anything you want, such as houses, hotels, theme parks, and even entire islands.

It’s easy to learn and gives you complete control over your assets

Another pro of buying Decentraland is its ease of use. Anyone who has ever used Second Life knows how difficult it can be to navigate the platform. In comparison, Decentraland is exceptionally user-friendly. This means that anyone can easily understand the basics without any prior knowledge of blockchain technology.

Strong market momentum

Decentraland has seen massive growth since trading at 0.03CAD in 2020 and 0.08CAD in 2021. The platform’s MANA token is currently at 1.08CAD, making over 100x despite the bearish crypto market. Plus, traders also leverage its volatility to make profits off shorting it.

Decentraland’s strong market momentum is backed by an influx of large IT businesses to the platform. Companies like Microsoft and Samsung have joined the fray, opening doors for new opportunities.

Lucrative sales of virtual land

One of the main reasons Decentraland is growing rapidly is the sale of virtual land. These virtual land pieces form the basis of the platform, and they’re sold for hundreds of thousands of dollars.

For example, Republic Realm, a subsidiary of the online investing platform Republic, paid $913,228.28 for 259 plots of virtual land in Decentraland, making it the world’s largest virtual land purchase. This deal is Decentraland’s biggest LAND purchase to date, draining 1,295,000 tokens from the MANA supply.

Another fascinating aspect of the platform is that more MANA will leave circulation as people buy new LAND. This creates scarcity in the market and may even push the price of LAND in the near future.

Potential for growth

With the amount of interest in Decentraland and the increasing number of users, we expect this trend to continue. As time goes on, the demand for LAND will only increase.

The platform already allows developers and software engineers to create amazing 3D experiences and ranks third in terms of NFT market valuation. Many traders feel MANA is trading below its true worth. Consequently, the MANA token is an excellent choice for value investors seeking to profit from the gap between intrinsic value and market value.

History of profitable returns

It’s remarkable how Decentraland went from 0.08CAD in January 2021 to an all-time high of CA$6.40 by November of that same year. This is a 4,000% return in less than a year, according to CoinDesk.

This alone offers a window of opportunity for day and cryptocurrency traders to take advantage of. Decentraland may just turn out to be the most profitable asset you’ll own in your lifetime by taking advantage of the coin’s volatility and potential for growth.

How To Buy Decentraland Coin - Comparewise

Cons of Decentraland

Decentraland Is Still a Young Project

One argument against Decentraland is that it’s still very much in its infancy. The platform launched in February 2020, just before the pandemic kicked in fully. Like the rest of the market, it stayed at a low price as many crypto investors were more interested in withdrawing their funds than investing in new projects.

When the digital asset boom came in 2021, Decentraland followed the rest of the market to recover, reaching its all-time highs in that year. This shows that Decentraland alone doesn’t have enough hype to move the market independently. It still relies on the general market sentiments to grow.

Many people still don’t understand the NFT concept

Another hindrance to Decentraland’s success is that not everyone understands what NFTs are or how they work. While the technology behind them is easy to grasp, explaining the concept to someone who has never heard about it is incredibly challenging.

People are still amazed by how someone will pay millions of dollars on digital art that they can right-click and save. As such, it’s a bit challenging to convince some to invest in a cryptocurrency that prospers on the idea of creating virtual environments for others to experience.

How Much Does It Cost to Buy Decentraland?

Decentraland currently hovers around CA$1.32 on CoinMarketCap. This owes mainly to the bearish sentiments in the stock markets and the recent crash of Terra USD.

However, different cryptocurrency analysts and experts still believe Decentraland is an investment worth considering as it could lead to considerable returns in the short and long term. Some analysts believe the price of MANA will go above $2 by the end of 2023. Other sources predict this non-tangible asset could be worth over $3 by the end of 2022.

But before investing, make sure you speak with a financial advisor first. They will help you determine if Decentraland is really worth the risk.

Also, note that the price of Decentraland may vary across decentralized exchanges. This is affected by transaction fees, liquidity, and other factors. If you’re looking to buy Decentraland, you should check out the fees associated with each exchange.

What Is Decentraland-Comparewise

How to Buy Decentraland on an App

Exchange Apps are the easiest way to purchase Decentraland. You can use any app that supports that has Decentraland listed on its platform. The process is usually the same across exchanges with just slight changes in the process, flow, and fees.

If you’re looking for how to buy Decentraland on an app, you usually have to go through four stages:

  • Registering on the app
  • Verifying your identity
  • Adding a payment method/funding your account
  • Completing the transaction.

We’ll go over each stage in detail below:

Step 1 – Registering on the App

The first step when buying Decentraland from an app is registering on the app. Most apps require users to register using simple details like their name, email address, phone number, etc.

The registration process varies depending on which app you choose. For example, exchanges like Bitbuy and Binance require more information than most other platforms.

After that, you’ll get an email notification confirming your registration. Make sure you click the link provided to verify your email address.

Step 2 – Verifying Your Identity

Once you’ve registered, you need to verify your identity. To do so, you’ll need to upload documents proving your identity. These include a photo ID, passport, driver’s license, etc.

You’ll also need to provide additional documentation if the app requires it. This includes proof of residence, proof of citizenship, etc.

Some exchanges might ask you to submit additional documents after verifying your identity. For example, Coinbase asks for proof of residency when verifying identities.

Where-To-Buy-Decentraland-Comparewise

Step 3 – Adding a Payment Method / Funding Your Account

Next up, you’ll need to add a funding source or a payment method. This means adding funds to your wallet.

Most exchanges allow you to fund your account via credit card, debit card, bank transfer, PayPal, etc. However, some only support specific methods of funding.

Most exchanges charge a small fee when transferring money. For example, Bitbuy charges a flat rate of 0.50% per transaction. While others charge a percentage based on the amount transferred.

When choosing a funding method, consider whether you want to pay in fiat currency or cryptocurrencies.

Step 4 – Completing the Transaction

Finally, once you’ve added funding, you can complete the transaction. All you need to do is search for Decentraland MANA and select it as the asset you want to buy.

That’s all there is to it! Once you’ve completed these steps, you’ll be able to trade Decentraland on the app. Alternatively, you can send it to a wallet like Trezor Model One or Coinbase wallet to store safely.

So, how do you buy Decentraland on different apps? Here’s a list of popular exchanges where you can buy Decentraland and how to do so.

Bitbuy

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1. How to Buy Decentraland with Bitbuy

Bitbuy is a Toronto-based cryptocurrency exchange currently available to only Canadian residents. The platform is fully registered to operate in the region under the guidelines of FINTRAC (Financial Transactions and Reports Analysis Centre of Canada).

To use Bitbuy, you’ll need to sign up on their website, Bitbuy.ca, and provide them with basic personal details. These include your full name, date of birth, gender, email address, phone number, etc.

Bitbuy App Interface-Comparewise

The next phase of your registration with the platform involves identity verification. You’d be required to upload some legal documents like an identity card to prove yourself to be eligible for using the platform.

Now that you have a verified account with Bitbuy, you’d need to transfer funds to your account. Bitbuy offers bank wire transfer and Interac e-Transfer options for this process. With funds in your account, you can buy Decentraland by trading MANA for your fiat funds.

Why Choose Bitbuy

Bitbuy.ca provides you with the stats about Decentraland, such as its current price in CAD and charts, allowing you to explore and compare the price of Decentraland (MANA) with other popular cryptocurrencies.

Coinberry

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2. How to Buy Decentraland with Coinberry

FINTRAC-registered online marketplace Coinberry lets Canadians buy and sell digital currency. In addition, they adhere to the Personal Information Protection and Electronic Documents Act (PIPEDA), demonstrating their reliability.

Like every other exchange platform, you have to first sign up; you can do this through the Coinberry app, available on Playstore and Apple App Store.

Coinberry Mobile App - Comparewise

Next, you’ll need to verify your account by sharing basic information about yourself with the platform. The verification process is usually swift, and the entire registration phase takes less than 10minutes.

Once you get that all settled, you can buy Decentraland MANA tokens on the app and trade your assets on the platform. You’ll need to fund your account on the app using either Interac e-Transfer or other methods available.

Why Choose Coinberry?

Coinberry offers a straightforward interface that’s easy to understand and navigate. They also sell MANA at the best rates, allowing you to purchase your assets and make a profit.

Furthermore, transactions are fast and almost instant; you can get started with as little as $50. Deposits can be made via bank wire transfer or an Interac e-Transfer.

Newton

  • Get a $25 bonus when you sign up
  • Canada's low-cost crypto trading platform
  • Instant account verification & e-transfer deposit
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Get a $25 bonus when you sign up and trade $100 - Claim this offer

3. How to Buy Decentraland with Newton

Newton is a Canadian-based cryptocurrency exchange with some of the lowest transaction costs. In fact, they claim, Canadians are welcome to fund their accounts and trade any cryptocurrency at no cost. Here’s how you can buy Decentraland using Newton.

The first step is to get the Newton app from your phone’s app store. iOS and Android users can get it from their own app stores. Once you have the app downloaded on your phone, you can proceed to create an account. The account creation process doesn’t exceed five minutes and follows the same pattern we explained before.

Once you’ve passed the registration phase, you’d have to connect your bank account to the Newton platform to fund your account. You can also utilize Interac e-Transfers to add or withdraw funds seamlessly.

Newton-Crypto-Interface - Comparewise

After funding your account, you can start buying and selling MANA on the Newton app for as little as 10 CAD. You can keep your MANA on Newton or move it to your wallet after purchasing it.

Why Choose Newton

With their average prices between 0.5–0.7% above, Newton’s overall price is lower than a leading competitor by a third, as most brokers charge approximately 2.25% in spread + fees.

The platform uses machine learning to detect and prevent account hacking attempts, a widespread form of fraud in the cryptocurrency space. Furthermore, most transactions on the newton app are free, and they cover up to the first $5 in-network fees.

4. How to Buy Decentraland with VirgoCX

You can sign up to use VirgoCX via their website or mobile app. The process simply involves providing some basic information about yourself and verifying your identity quickly.

Next, connect your bank account to your VirgoCX account and fund your account with CAD; VirgoCX allows you to instantly do this through Interac e-Transfer. There’s also an option for a bank transfer if you want to fund with larger amounts.

With money in your account, you can now buy Decentraland instantly using their intuitive app and competitive pricing.

Virgocx Crypto App - Comparewise

Why Choose VirgoCX

VirgoCX is a popular platform trusted by Canadians because they are registered under FINTRAC and comply with PIPEDA. This platform is committed to providing Canadians with safe and affordable cryptocurrency exchange services. Furthermore, they don’t charge you for depositing crypto or fiat currencies.

5. How to Buy Decentraland with Binance

To buy Decentraland (MANA), you’ll need to open a Binance account and verify your identification. You can sign up via the Binance App or via the website using your email or mobile number.

Once you’ve done that, choose how you want to purchase your MANA tokens. Simply click on the “Buy Crypto” link at the top left of the website navigation; this will show the available deposit options in Canada.

You can purchase Decentraland (MANA) using Visa and MasterCard or through a bank deposit. This process must be completed within 1 minute to confirm your order at the current price. After 1-minute elapses, your order will be recalculated based on the current market price of the token.

Why Choose Binance

Trading crypto with Binance is quick and reliable. They operate a world-class matching engine that supports up to 1,400,000 orders per second. Buy Decentraland on this platform isn’t complicated at all.

Coinbase
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6. How to Buy Decentraland with Coinbase

Coinbase is one of the most well-known cryptocurrency exchanges, and they also provide wallet services. This online portal enables Canadians to buy, sell, and invest in cryptocurrencies such as Decentraland. Here’s how to buy Decentraland using Coinbase:

You first need to download the Coinbase app from Google Play Store or iOS App Store.

After downloading the app, create a new account if you don’t already have one. This includes submitting information like your name, email address, password, country, and mobile number.

Next, you’d have to link your debit/credit cards to your Coinbase account. For this, you’ll need to visit the “Accounts” section of the app. From here, select “Add payment method”.

Coinbase1 - Comparewise

Select “Credit / Debit Cards”, enter your credit card info, and click “Continue”.

Once you’re done, you can search for Decentraland MANA on the coin listing page. Select it, and then choose the amount of MANA you want to purchase. Proceed to the checkout page to complete the transaction.

Why Choose Coinbase

Coinbase has been around since 2012 and is one of the oldest cryptocurrency exchanges. They offer a wide range of services, including buying, selling, storing, and trading cryptocurrencies. Plus, you can count on them to keep your data safe.

How to Buy Decentraland with a Credit Card

A credit card allows Canadians to purchase from many online platforms, with plans to pay later. You can use this payment method on a crypto exchange platform to purchase Decentraland.

The first thing you’ll need to do is choose an online exchange and open an account with them. After registering with the exchange and verifying your account, you can then select the MANA you want to purchase. After which, you are to pay for them using your credit card.

When thinking about how to buy Decentraland with a credit card, you should always keep the credit card’s nature in mind. A credit card allows you to make cashless purchases with plans that you’ll be paying back in the future.

As such, using a credit card to invest in Decentraland is a risky affair. That’s because your investments might drop in value, leaving you to pay back a high-interest loan on your own.

Paypal Crypto - Comparewise

How to Buy Decentraland with PayPal

If you are looking for a fast way to buy Decentraland, you should consider using PayPal. However, many exchanges do not support PayPal as a means of payment, and PayPal itself only allows you to purchase Bitcoin directly through their app.

To buy Decentraland with PayPal, you need to make sure that the exchange supports this mode of payment. Coinbase is one exchange you can use. Alternatively, you can purchase bitcoin using your PayPal account and exchange it for Decentraland on any exchanges listed above.

Where to Store Your Decentraland

Once you’ve purchased your Decentraland, the next option is to find a good wallet to store it. Several wallets are available out there, but we recommend keeping your funds offline and away from hackers.

The safest place to store your Decentraland would be hardware wallets. These devices come with special software that makes it easy to access your private keys and transfer your coins. You can also get a software wallet to keep your Decentraland if you plan to spend it often.

Here are some excellent wallets you can save your Decentraland.

1. KeepKey

KeepKey is a hardware wallet that stores your private key and provides two-factor authentication. It’s a fantastic choice to save your Decentraland because it comes with its own app, which lets you manage your funds efficiently.

Another significant aspect of the Keepkey is that it comes with its own exchange, allowing you to buy Decentraland directly from the wallet. Its sleek design with aluminum casing provides a premium feel.

2. Ledger Nano S

Ledger Nano S is another hardware wallet that stores your Decentraland securely. It’s a small device that looks like a USB stick and works with Android and iOS operating systems. You can manage your funds on the go by connecting your device to the wallet with an OTG cable.

It has a smooth interface and a built-in OLED screen that displays all transaction details, including your balance. The Ledger Nano S is a great wallet to have because it gives you complete control over your private keys. If you’re planning on keeping your Decentraland for a long time, this is the best wallet to go for.

3. Trust Wallet

Binance is one of Decentraland’s sponsors, so you can use their wallet to store and complete transactions with your MANA tokens. The Binance Trust wallet is compatible with most browsers and mobile platforms. It offers 2FA security features and is very user-friendly.

Another fascinating aspect of the wallet is that it allows users to participate in LAND auctions directly from within the wallet. This makes it easier to sell or bid on LAND when you’re on the move.

4. Coinbase Wallet

This is another recommended soft wallet to trade Decentraland on the go. Coinbase Wallet is a simple app that makes it easy to send, receive, and store cryptocurrencies. It also allows you to swap other currencies like ETH for MANA, making it easy to convert between them. It’s a secure way to store your Decentraland as well.

Final Thoughts on How to Buy Decentraland

Decentraland is a blockchain-based virtual reality platform where users can create and share 3D content. The goal of Decentraland is to provide a decentralized VR environment where anyone can freely build and interact with others in a shared space.

Decentraland has seen a great deal of success, with partnerships from big names like Binance and Samsung. Many celebrities and companies have also used the platform to host virtual events and shows, such as the Virtual Music Festival.

The platform has loads of potential, and owning its native currency MANA is one way to get in on all the action. Thanks for checking out how to buy Decentraland.

You might also like…

  1. How to Buy Litecoin
  2. How to Buy Solana
  3. How to Buy Ethereum

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FAQs about How to Buy Decentraland

How much does it cost to buy land on Decentraland?

The most affordable land one can buy on Decentraland is around 4,000 MANA or CA$5,284. The good part about buying LAND is that you own it for life unless you decide to sell it to someone else.

Why is LAND on Decentraland so expensive?

Decentraland works like in the real world, where land is scarce, making it valuable to own a plot in the metaverse. The developers own prominent places like plazas, parks, and beaches which regular users can’t purchase.

How does Decentraland generate income?

The MANA tokens that Decentraland issues and holds are a source of revenue for the company. During its ICO, the system raised $26 million in the form of MANA from interested parties. As one of the world’s most popular metaverse platforms, Decentraland has generated income since it started in 2015.

Is the Decentraland coin a viable investment?

There will be a $2.90 mark in November 2022 per Capital’s forecast for Decentraland coin price. According to the website, the coin is expected to be worth $2.40 soon and $14.93 in five years.

Will I be able to purchase things other than LAND with MANA?

Yes! As an alternative to exchanging MANA for LAND, members will be able to exchange MANA with their fellow Decentraland residents in exchange for a variety of goods and services.

Some players on Decentraland have fancy wearables. How do I get them?

An extensive collection of wearables and apparel can be found in the Avatar editor at no charge. The Decentraland Marketplace sells exclusive wearables, but you can also earn them by participating in various events.

How large is a tile of LAND?

Land parcels are approximately 52 feet wide by 52 feet long. Based on these restrictions, height is limited.

What is an Estate in Decentraland?

An estate, like LAND, is a digital asset that cannot be exchanged for any other digital item. An estate consists of two or more parcels of land directly next to each other. A road, plaza, or any other piece of property cannot separate these two parcels. You can better manage your more considerable LAND holdings by connecting parcels into Estates. Estate can be extremely helpful for more significant scenes that span multiple parcels.

How can I buy LAND or Estates in Decentraland?

The Decentraland Marketplace allows you to search through all the currently available LANDs or Estates of LAND. As part of our community land distribution process, we held our first auction, dubbed the Terraform Event, on December 15th, 2017. Participants received LAND tokens after the auction ended in January 2018.

What does it mean to 'own' a virtual LAND, and how does it work?

Each LAND token in Decentraland is non-fungible, meaning it cannot be replicated. The Ethereum blockchain tracks ownership of LAND tokens. It’s like owning a cryptocurrency asset like CryptoKitties or CryptoPunks. Still, you’ll be able to use your LAND in Decentraland to construct three-dimensional areas and applications. Like all other digital assets, LAND is built on our ERC721 standard and can be traded between users.

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