Buy Decentraland in Canada
Decentraland made simple
Everything you need to know about Decentraland and how to start investing in it.
-$0.03 (-3.34%) past 24 hours
- Market Cap
- Circulating Supply
- 24h low - high range
- 0.7820939 - 0.8240344
Decentraland Mana 101
Decentraland is a videogame that wants to be at the centre of the metaverse— an evolving term for a set of virtual worlds connected by a single persistent online identity. The game is a virtual online world that looks a little like Second Life or VR Chat. But the difference between those games and Decentraland is that Decentraland is not created by a single company (any more) and that, unlike Second Life, the creators aren’t the gatekeepers behind a huge economy of Linden Dollars. Instead, Decentraland is powered by cryptocurrencies, and they’re the ticket to owning irreversible property rights in its online world. Decentraland’s online world is split up into 90,601 parcels of land, on which you can build whatever you like.
Why Wealthsimple Crypto?
Wealthsimple Crypto lets you buy and sell cryptocurrencies all in one easy-to-use app. And as Canada’s first regulated crypto platform, you can trust that your coins are in good hands. How simple is it?
- Sign up in minutes right from your phone or laptop
- Start trading crypto with as little as $1
- No account minimums
- No clunky dashboards — just one super simple app
- Best of all: you don’t need to be an expert in crypto or blockchain to get started
What can you do with Decentraland?
You can use MANA tokens to buy items in Decentraland, such as plots of virtual land. Land is denominated in NFT LAND tokens, and a single parcel can sell for tens of thousands of dollars. (Collections of LAND tokens are called Districts; these, like the sprawling Aetheria district, which is composed of 8,008 LAND tokens, aren’t for sale). You can also buy in-game items to jazz up your avatar, similar to how you might spend V-Bucks to buy character skins for your Fortnite character.
Is Decentraland a smart investment?
Crypto carries risks — but generally speaking, our advice (regardless of whether you’re investing in Decentraland or stocks) is: never invest what you can’t afford to lose. The smartest way to grow your money long term is with a diversified, low-cost portfolio that tracks the market.
How we keep your Decentraland safe
As Canada’s first regulated crypto trading platform, we’re required to meet certain requirements — like using only qualified custodians (like Gemini Trust Company LLC and Coinbase Custody) for cold storage.
FYI: Wealthsimple Crypto is not an exchange itself. Instead, we work with multiple exchanges to give you the best Decentraland prices.
And to make sure your coins are extra protected, we’ve partnered with Coincover for an extra layer of security.
If you’re holding crypto outside of Wealthsimple, that’s no problem. You can safely transfer your Decentraland to your Wealthsimple account in just a few taps.
Other cryptos to explore
- 1 inch (1INCH)
- Celo (CELO)
More info about Decentraland
Want to take a deeper dive? Check out these articles about Decentraland and the world of crypto.
What is Cryptocurrency?
Cryptocurrencies are a type of digital asset that run on blockchain technology. Here’s everything you need to know.
Top Cryptocurrencies and Crypto Exchanges
Here’s how to buy and sell cryptocurrencies on crypto exchanges and other trading platforms.
What is Blockchain? The Ultimate Guide
A quick primer on the building blocks needed to understand the basics of blockchain
Ready to get started?
Download the Wealthsimple Trade app, create your account, and start trading Decentraland with just $1. It’s that simple.
Decentraland is an online game you can play in your web browser. It’s pretty similar to a game like Second Life, which also lets you roam around in a sandbox world and do whatever you want. The difference is that Decentraland is run on cryptocurrencies. It has two: the first, MANA, is a fungible Ethereum token that you can use to buy in-game items, like upgrades for your avatar, or parcels of land. These plots of land are denominated in the game’s second cryptocurrency, an NFT called LAND.
Right now, there are 2.2 billion MANA tokens in circulation. Originally, the total supply of MANA was scheduled to be 2.8 billion. However, lots of MANA has been burned through LAND auctions, and 2.5% of MANA is burned for each transaction. There are 90,601 LAND tokens, including 43,689 private LAND parcels.
Technically, since MANA is an ERC-20 Ethereum token, you can spend it in any protocol that accepts it. It’s supported by Ethereum-based decentralized exchanges and a variety of decentralized finance protocols.
However, MANA is primarily designed to be used in Decentraland, where you can use it to buy parcels of land and other in-game items. You can also use it within Decentraland’s decentralized autonomous organisation to vote on how game development should progress.
Yep! When you open a Wealthsimple Crypto account, you can get started with anywhere from $1 to $1,500 instantly.
Generally speaking, the CRA treats cryptocurrencies as a commodity. Here’s what they say:
Any income from transactions involving cryptocurrency is generally treated as business income or as a capital gain, depending on the circumstances. Similarly, if earnings qualify as business income or as a capital gain then any losses are treated as business losses or capital losses.
Always keep solid records of any Decentraland transactions. If you use Wealthsimple Crypto to buy or sell cryptocurrencies, we’ll generate some of those tax documents for you.
Decentraland’s current market cap is 1,724,612,722.
The current price for Decentraland in Canadian dollars is $0.78.
Buying Decentraland with Wealthsimple is, well, simple. The first thing you need to do is open and fund a Crypto account in the Wealthsimple Trade app. You can connect your bank account and add up to $1,500 instantly.
From there, follow these steps: 1. Tap the magnifying glass icon in the top right corner of your screen 2. Type in Decentraland 3. Tap Buy 4. Enter the dollar value of cryptocurrency you'd like to buy and tap Continue 5. Review the order details and tap Confirm order
You can choose between two different order types when buying Decentraland. A market order lets you buy or sell crypto immediately at the best available price at the time. A limit order lets you buy or sell crypto at a specific price or better.
You can withdraw funds from the cash balance in your Crypto account and move those funds to your bank account. Withdrawals typically take around 2 - 3 business days.
A crypto wallet — often called a “hot wallet” — is a location for holding crypto “on-chain” (i.e. linked to the blockchain versus off-chain cold storage.) Many users use wallet applications to help them manage their blockchain addresses, since each chain uses its own addresses.