Yesterday, Decentraland unveiled a new feature to its community, the Marketplace bids. This new feature allows gamers to bid on LAND even if it's not for sale in order to make it easier for new players to acquire LAND and participate in the market.
Why Add The Bidding Feature?
As of yesterday, all users may bid on LAND in Genesis city whether or not it's for sale. Decentraland saw a need for the bidding system after their second public LAND auction because it would allow players attempt to purchase any LAND parcel and not just auctionioned LAND.
Furthermore, the bidding system should also enable new players to purchase LAND and start engaging with the market. The bidding feature will also allow current LAND owners to purchase adjacent parcels and expand their existing estates in Decentraland.
There's a 1% transaction fee for every accepted bid. The 1% of MANA will not go to Decentraland nor the seller, and will instead be burnt and taken out of the circulation. More importantly, all bidding transactions will occur on-chain, meaning that the players won't have to rely on 3rd-party services to complete their actions.
How Can You Bid On LAND?
Firstly, you have to navigate through the Decentraland Market, log into your account and connect your wallet. Then, you must select either Marketplace or Atlas to view all available parcels or estates.
If you're bidding for the first time, Decentraland will need to authorize the bidding smart contract. To do this, go to “Settings” and check the “Assets using MANA (bid)” option, for which you'll have to pay a small gas fee.
And that's it; you may now bid on any LAND listed in the Atlas or Marketplace. Select the LAND you want to purchase and enter the amount of MANA you wish to offer. You also have the option to set the expiry date on each of your offers (the maximum is 6 months).
Managing Your Bids
You may view and manage your bids by selecting the "Bids" option in the “MY LAND” navigation bar. There, you may see the expiry date for each bid, the amount of MANA you placed on each bid, and so on. You also have the option to update your bids and change the mentioned options.
Sellers will also see the offers in the "Bids" option. If you would like to accept the offer, simply click “Accept” and “Confirm”.