Decentraland Blockchain Virtual City Investors See 500% Gains From Selling LAND To Buyers (That Don’t Exist)
Individuals Are Making a Fortune Buying Non-Existent Properties
For many people, it is difficult to comprehend cryptocurrencies. It is therefore quite an uphill task for many to understand the concept which revolves around a virtual city which one can only access through a virtual currency toll.
However, those who can understand the concept are making profits of over 500% of their investments by purchasing and selling digital property in a location known as Decentraland. Decentraland is a digital city, based on blockchain, where one will be in a position of visiting for a number of reasons which include retail, entertainment, business, as well as playing games.
A resident of the United Kingdom who sought for anonymity described how he started to invest in the project early this year after trying his hand on other virtual assets other than Bitcoins.
All About Decentraland
The project involves buying and selling pieces of land, or LAND, in the city of Genesis, which is the first one in Decentraland. Ali Bohlaiqah, who is a chemical sourcing specialist in Saudi Arabia, started taking part in the initiative late last year, just before it was launched. After investing about $60,000 in the project, he has seen his fortunes growing in leaps and bounds and currently owns approximately 450 LANDs, which is worth approximately $350,000.
According to Ali, this represents approximately 75 percent of his reserves. Apart from the value of the property, Ali is also leasing eighty pieces of his 450 LANDs to people who want to test the waters prior to buying into the idea. At the moment, Ali charges rent to those who have property on these pieces of land. This is part of a marketing campaign to inform the public about Decentraland. However, within the next twelve months, the rent free arrangements will come to a culmination.
The UK investor was not as bold as Ali, even though his profits are more impressive. This is because he began by buying a single piece of LAND and after developing confidence in the project, he continued to purchase more pieces of LAND. Even though he started with initial investments of just about two to three thousand dollars, he is now worth tens of thousands of dollars.
Like the Saudi investor, the UK investor is intending to earn revenue of his assets. He has T.rex ride on his LAND, and is currently intending to charge five MANA. MANA here is the virtual currency of Decentraland. A single MANA goes for approximately seven cents, with its market cap being $80 million, according to CoinMarketCap.
The Virtual City
The digital city is the invention developers from Argentina called Esteban Ordano, Yemel Jardi, Manuel Araoz, and Ariel Meilich, who thought of the project some time in 2015. According to Jardi, it is not a question of if, but why the project must be built. Jardi, who also serves as a member of the board in Decentraland, believes that VR will soon become the mainstream and thus users will claim for a globe which is protected from the agenda of central organization.
Decentraland is totally different from other digital cities like Second Life since it is largely a centralized platform owned by its users, and not a particular entity. This basically means that it is not at the risk of the organization that owns and operates the platform.
Each part of the LAND is approximately 100 square meters, with the cheapest piece of land being sold at $400 currently. This is according to Sam Clare, who was recently interviewed by the BBC about the venture. Sam asserted that he bought his LAND at $900 but will be selling it for ten million MANA.
At the moment, the most expensive part of the land is going for approximately one billion MANA, which is valued at $80 million. The value of the land is dependent on its proximity to the center of the land. Seven months ago, the property was being sold for just over $500 before going for sale two months later for a profit of about $340%.
Ordano, one of the founders of the project claims that the economy of Decentraland is presently worth $20 million, with the prospects that it will grow to about $1 billion.
At the moment, the platform is on alpha mode. This ensures that the only people who have access to it are developers and LAND users. According to the UK investor, in case one wants to know more about it, they have to buy a plot of LAND. Presently, he spends about four hours weekly on his own content in the project, though he anticipates that the work load will rise once the project goes live.