by Cindy Huynh
Decentraland, a virtual reality platform powered by the Ethereum blockchain has recently partnered with Binance, one of the world’s top cryptocurrency exchanges. According to Decentraland’s announcement published on December 3, 2018, BNB tokens are now officially accepted in the upcoming LAND auction event.
Binance Integrates Trust Wallet with Decentraland
The Binance and Decentraland partnership enable users to participate in the auction via their Binance Trust Wallet dApp browser. Binance’s wallet integration with Decentraland makes it simple for anyone holding BNB to spend on LAND during the auction process.
To participate in the auction process and purchase LAND using BNB, users need to install the Trust Wallet on their Android or iOS device and enter market.decentraland.org via the dApp browser. The user then needs to click on the Auction page and sign in. After this process, the user can begin browsing for LAND.
At the bottom of the user’s LAND car, there is a token menu. While MANA is selected by default, users can now purchase parcels using BNB instead. MANA can also be used to purchase unowned LAND via the auction. Any LAND purchased is stored in the Trust Wallet Account. Both Decentraland and Binance do not require and take fees for accepting BNB in exchange for unowned LAND in the auction.
— Binance (@binance) November 24, 2017
While the process may sound a bit confusing, Decentraland has clear instructions on their blog. Furthermore, they also offer video tutorials to show any cryptocurrency enthusiast how to purchase LAND on both mobile and desktop. Decentraland’s goal is to make the virtual reality platform as accessible as they can.
Binance Hosts Two Competitions for the Online Community
To kick off the partnership, Binance is hosting two competitions to reward the most active members from the Decentraland and Binance community. From December 4, 2018, to December 11, 2018, there will be a MANA trading competition. The total prize pool will be worth 1,875,000 MANA and a Binance-branded LAND parcel.
Participants are assessed and ranked according to their total net volume of MANA traded via their Binance Accounts across MANA/BTC and MANA/ETH. Binance will divide the large total prize pool and distribute it to the top 100 traders on Binance exchange. The winner will receive a proportional amount to their trading volume, which includes their purchasing and selling volume during the dates listed above. The user with the highest trading volumes wins the Binance-branded LAND parcel.
Furthermore, all Binance users who trade at least 30,000 MANA via MANA/BTC or MANA/ETH can enter a lucky draw. Overall there will be ten lucky winners. They are randomly selected and will be given 7,500 MANA each.