Binance Coin (BNB) Now Accepted in Decentraland’s LAND Auctions via Trust Wallet
Thanks to a new collaboration, you can now use Binance Coin in Decentraland’s auctions for virtual world spaces. Binance’s Trust Wallet now supports Decentraland auctions, and Binance is planning to host Decentraland contests in the future.
The move signals Binance’s support for blockchain-driven gaming innovation. Starting on December 10, BNB users will be able to participate in Decentraland’s upcoming auctions for virtual land parcels.
Decentraland is an online game where users buy and sell virtual land parcels called LAND. Unlike a traditional online game, however, Decentraland is designed to help users build and share 3D content. Users can gain ownership of their digital space, measured through virtual land parcels called LAND.
In future Decentraland auctions, you will be able to use Trust Wallet to make bids for LAND. Trust Wallet is Binance’s official crypto wallet app. Calling Trust Wallet “just” a wallet app seems unfair: the wallet has a full-featured built-in decentralized app browser. Thanks to this dApp browser, users can participate in LAND auctions.
The December 10 auction involves 9,300 unclaimed LAND parcels.
Binance is Hosting Two Decentraland Contests in December
The partnership doesn’t stop there: Binance has also signaled plans to host several Decentraland-related events in the future, including a trading competition for Decentraland’s MANA token. That competition is scheduled for December 4 to 11, during which 1.875 million MANA tokens will be given away to top Binance traders. The biggest winner will also take home a Binance-branded virtual LAND parcel.
The second Binance Decentraland event will start on December 10, 2018. The contest will reward users that spend the most on LAND during the LAND auction, which is also scheduled to start on December 10, 2018. You will need to participate in the auction using Trust Wallet to qualify for the contest. The top 4 participants who spend the most money on LAND during the auction will earn 100,000 MANA (1st place), 50,000 MANA (2nd place), 20,000 MANA (3rd place), and 15,000 MANA (4th place).
You don’t have to be a whale to win: Binance will also randomly select 50 Trust Wallet participants who purchased LAND during the auction. These participants will receive 10,000 MANA each.
Binance has a longstanding partnership with Decentraland. Last year, Binance was one of the first major exchanges to list MANA, the ERC20 token created by Decentraland.
This partnership is a win for both sides: Decentraland gets a huge marketing opportunity with more exposure for its community, while Binance gets to expand the uses for its Binance Coin (BNB). Binance has a userbase of 10 million and is consistently the top exchange by trading volume.
There Are Now Over 100+ Uses for Binance Coin (BNB)
Binance has been trying to expand the use cases for its BNB token. Originally, the token was used exclusively to get a discount on Binance trades. Today, however, as reported by Binance in their blog post announcing the partnership, the coin has over 100 different use cases:
“Binance has brought multiple use cases for Binance Coin, which currently can be used in more than 100 ways beyond scoring 25% discounts on Binance trading fees. Right now, our Binancians can spend their BNB beyond the trading world — on real-world purchases such as tours, restaurant meals, flights, and even whole planes.”
Binance also regularly burns BNB tokens, increasing the value of all remaining BNB tokens in the ecosystem.
Binance Coin hasn’t responded positively to today’s partnership announcement. BNB is down 5.61% over the last 24 hours, currently sitting at $5 USD. BNB peaked at a price of $23 back in January before dropping throughout the year to the level it sits at today.
How To Join The LAND Auction Using BNB
Here’s the step by step process you can use to participate in the December 10 LAND auction using Binance Coin (BNB):
Step 1) Install Trust Wallet for iOS or Android
Step 2) Load BNB or MANA into your Trust Wallet; these are the two acceptable currencies for the LAND auction
Step 3) Use the built-in Trust Wallet dApp browser to visit market.decentraland.org
Step 4) Tap Auctions, then browse for LAND and choose the parcel or parcels you wish to buy
Step 5) Check out, select MANA or BNB from your cart, and complete the LAND purchase
Binance will burn 5% of the BNB you use with each LAND purchase, removing the tokens from circulation and increasing the value of remaining BNB tokens in existence. The remaining 95% of the tokens used to purchase LAND will be exchanged for MANA, which is also subsequently burned.
You can read the full blog post announcing the partnership between Binance and Decentraland here.