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As of today, 9:00 AM Eastern Standard Time, the LAND Auction has begun! You can start browsing and purchasing available LAND right now, at market.decentraland.org/auction.

The LAND Auction will run until Sunday, December 25th, 2018.

Ever since the first LAND Auction last December, people have been eagerly anticipating the opportunity to claim some of the unsold, unowned LAND remaining in Genesis City. Even with the 34,356 parcels sold last year, there are still over 9,000 up for grabs!

We are extremely excited to kick off this next auction, and want to thank the entire Decentraland community for your continued support and enthusiasm. This is an exciting next step for the platform, and we look forwarding to building something incredible, together.

For additional details, and answers to some of the common questions we’ve received, keep reading!

Where do I access the auction?

The auction will be held right in the Decentraland Marketplace, at market.decentraland.org/auction. It’s also easy to access the auction through our partner’s mobile dApp browsers, like Status, imToken, and Trust!

How do I participate?

Simply create a wallet with MetaMask, Mist, or use a Trezor hard wallet, and ensure that you have sufficient funds in either MANA or one of our partner project’s ERC20 tokens.

You can also use a variety of mobile wallets, like Coinbase Wallet, Trust Wallet, and imToken!

We have two video tutorials showing how to log in, manage your tokens, select the parcels you want to buy, and complete your transaction! Check them out here:

Can I bid for multiple parcels at once?

Yes! In fact, the second auction is a wonderful opportunity to secure an estate, or expand your current holdings to include some of the adjacent unowned space.

Contiguous estates make it possible to host larger, more complicated scenes and experiences. You will be able to purchase up to 20 parcels per transaction.

When will I receive the parcels I buy in the auction?

Once the transaction for your purchase has been processed, you will receive your LAND immediately. The transaction must still be mined by the Ethereum network which may take several minutes, as with any normal LAND transfer on the Decentraland Marketplace.

What tokens can I use to buy LAND during the auction?

You can use MANA, or any ERC20 token from one of our participating projects:

  • MKR
  • DAI
  • BNB
  • KNC
  • ZIL
  • RCN
  • ELF
  • SNT

To select one of these available tokens, simple log into your account on the Decentraland Marketplace, navigate to the Auction page, and click the TOKEN menu from your LAND cart.

How is the price for each parcel determined?

We are using a Dutch auction, in which all available parcels are started at the same price of 200,000 MANA. This price is continuously and progressively lowered, until a final price of 1,000 MANA is reached on the last day of the auction. You can read more about how the price is set, and the rate at which it’s lowered in this blogpost.

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.

95% of all other crypto tokens used to buy LAND during the second auction will be converted to MANA. This MANA is then be burned, and the remaining 5% will be either burned or sent to the zero address (or donated to charity, depending on the token), taking those tokens out of circulation.

Neither Decentraland, nor any of our partner projects, are taking any fees on any purchase made during the auction.

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