Parcel sales in Substrata are currently done with a Dutch (reverse) auction. A Dutch auction starts from a high price, with the price decreasing over time.
The auction stops as soon as someone buys the parcel. If no one buys the parcel before it reaches the low/reserve price, then the auction stops without a sale.
The reason for using a reverse auction is that it avoids the problem of people faking bids, e.g. promising to pay, and then not paying.
We accept credit card payments of normal (‘fiat’) money, via PayPal. This option is perfect for people without cryptocurrency or who don't want to use cryptocurrency.
Prices on substrata.info are shown in Euros (EUR / €), but you can pay with your local currency (e.g. USD). PayPal will convert the payment amount from EUR to your local currency and show it on the PayPal payment page.
We also accept cryptocurrencies via Coinbase. We accept all cryptocurrencies that Coinbase accepts, which includes Bitcoin, Ethereum and others.
Pricing of BTC and ETH shown on substrata.info is based on the current EUR-BTC and EUR-ETH exchange rate, as retrieved from Coinbase every 30 seconds.
The actual amount of BTC and ETH required to purchase a parcel might differ slightly from the amount shown on substrata.info, due to rounding the amount displayed and exchange-rate fluctuations.
Did you just win a parcel auction? Congratulations! Please restart your Substrata client, so that ownership changes of your Parcel are picked up.
To view your parcel, click the 'Show parcels' toolbar button in the Substrata client, then double-click on your parcel. The parcel should show you as the owner in the object editor. If the owner still says 'MrAdmin', then the ownership change has not gone through yet.
Please note that Substrata parcels are not NFTs, e.g. ownership of them is not recorded on a blockchain, rather it is stored on our server. (We are considering storing parcel ownership on a blockchain, but currently feel that the benefits do not outweigh the drawbacks. This is a matter of ongoing investigation however.) However there will be a number of ways of reselling your parcel.
Parcel owners will be able to directly assign parcel ownership to another Substrata user.
We plan to allow parcels to be auctioned using the same auction system as currently used.