Jackson MitchellDecentraland is a 3D virtual world creation tool, where players can use three native tokens: LAND, ESTATE, and MANA to build their own digital universes. Users can communicate, play games, trade collectibles, buy and sell digital real estate, and socialize on this Ethereum based, user owned platform that integrates virtual reality, augmented reality, and the Internet.
The decentralized autonomous organization (DAO), which gives users the ability to vote on rules and game updates, distinguishes Decentraland from other virtual reality games by being a part of a growing trend of Metaverse related currencies. Users must register for an account and have a valid Ethereum cryptocurrency wallet in order to use Decentraland.
In a Nutshell
- The platform, which runs on Ethereum, enables users to build their own virtual reality 3D world using three native tokens: LAND, Estate, and MANA.
- Decentraland is a shared digital environment where users may engage, play games, trade collectibles, buy and sell digital real estate, and socialize. It mixes virtual reality, augmented reality, and the Internet.
- The decentralized autonomous organization (DAO), which gives users the ability to vote on rules and game updates, distinguishes Decentraland from other virtual reality games by being a part of a growing trend of Metaverse related currencies.
- Users must register for an account and have a valid Ethereum cryptocurrency wallet in order to use Decentraland.
How Does Decentraland Work?
Users create their own environments, markets and applications using Decentraland’s three native tokens: LAND, Estate and MANA. ERC 721 tokens, such as LAND and Estate, make each token unique. Because of this factor, they are not interchangeable and are called non fungible tokens (NFT). This means that they do not act as currencies, but are used to create unique avatars, wearables and parcels.
Decentraland is an example of how the blockchain revolution can transform the gaming industry.
Brian Armstrong, CEO of Coinbase
MANA is an ERC 20 fungible token that serves as Decentrand’s digital currency. It can help users create games, apps and other decentralized services and allows them to monetize their creations by allowing them to digitally build whatever they want and explore the virtual space at will.
Users can use the Decentraland map and participate in scheduled community events, which can include concerts, movie screenings and casino nights. Other options include buying or selling digital art and land. Clusters of plots have different features. Decentraland’s squares include Vegas City; District X, a red light district; Fashion Street; Dragon City; and those based on other themes.
How to join Decentraland and get Started
Users access Decentraland by opening an account. To do this, they must have a suitable Ethereum cryptocurrency wallet, which stores funds securely. One of the recommended ones is MetaMask, accessible through the browser extensions catalog.
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One way to think of a digital account is as a bank account number and the wallet as a debit card.Users must also create a passport, at which point they are assigned an avatar, which they can name.The system offers a tutorial for beginners, options to explore what is offered and instructions on how to chat with other users.
What is the History of Decentraland?
In 2017, Argentine blockchain professionals Ari Meilich and Esteban Ordano launched Decentraland, for which they created the game’s smart contracts. It started as a proof of concept, which is an experiment or pilot project, in which it would assign ownership of a digital real estate parcel to its users on the blockchain. They developed the platform as a two dimensional (2D) project that gradually transcended into a three dimensional world. At first, digital land parcels sold for about $20, and MANA tokens sold for 2 cents. The game’s first map, Genesis City, included 90,601 land parcels. In 2017, platform raised more than $26 million in its initial coin offering (ICO).
In April 2021, during a surge in NFT popularity, Decentraland packages sold for between $6,000 and over $100,000.Because of MANA’s relatively small stock, the coin is volatile, and has risen following events such as Facebook’s rebranding to Meta, a nod to the company’s bet on the success of the metaverse, for example. The highest peak came shortly after the rebranding, when Tokens.com bought the “largest metaverse land acquisition in history,” peaking at $5.90 in late November.
What is a Smart Contract?
A smart contract is a self executing contract with the terms of the agreement between buyer and seller directly written in lines of code. The code and the agreements contained in the contract exist on a distributed, decentralized blockchain network. The code controls execution, and transactions are traceable and irreversible. Smart contracts allow for trusted transactions and agreements between disparate, anonymous parties without the need for a central authority, legal system or external enforcement mechanism. Although blockchain technology is primarily considered the foundation of bitcoin, it has evolved far beyond virtual currency.
What is Digital Money or Digital Currency?
Digital money (or digital currency) refers to any means of payment that exists purely electronically. Digital money is not physically tangible, like a dollar bill or a coin. It is accounted for and transferred through online systems. A well known form of digital money is the cryptocurrency Bitcoin. Digital money can also represent fiat currencies, such as dollars or euros. Digital money is exchanged using technologies such as smartphones, credit cards and online cryptocurrency exchanges. In some cases, it can be converted into physical money through the use of an ATM.
What are Non Expendable Tokens?
NFTs are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged for equivalence. This differs from fungible tokens, such as cryptocurrencies, which are identical to each other and can therefore serve as a medium for trade transactions.
Wrap Up
Decentraland is an innovative platform that provides users with a totally immersive virtual reality experience where they may connect, trade, and design their own world. It is obvious that the platform is driving the metaverse movement and the future of digital currency given its rising popularity and market valuation.
FAQs
Utilizing three native tokens—LAND, Estate, and MANA—Decentraland is a 3D virtual reality platform that enables users to design their own virtual environment. It creates a shared digital environment where users may engage, play games, trade collectibles, buy and sell digital real estate, and socialize by fusing virtual reality, augmented reality, and the Internet. The decentralized autonomous organization (DAO), which enables users to vote on rules and game updates, empowers users to control their surroundings.
Users must first register for an account and have a valid Ethereum cryptocurrency wallet in order to access Decentraland. MetaMask is one of the suggested wallets, and it can be found in the catalog of browser extensions. In order to receive an avatar that they can name, users must first obtain a passport. A beginner’s tutorial, options to investigate what is provided, and guidance on how to speak with other users are all provided by the platform system.
Three native tokens are used in Decentraland: LAND, Estate, and MANA. Since LAND and Estate are ERC 721 tokens, they are uniquely distinct and cannot be used interchangeably. They let users to control their virtual world and are used to make avatars, wearables, and special packaging. Meanwhile, Decentraland’s digital currency is MANA, an ERC 20 fungible token. It enables users to monetise their works and may be used to construct games, apps, and other decentralized services.
In a self executing contract known as a “smart contract,” the conditions of the deal between the buyer and seller are directly expressed in lines of code. Smart contracts are utilized in Decentraland to control who owns what land and parcels. By doing this, customers are guaranteed complete control over their virtual property and freedom to use it anyway they see right. A central authority, a legal system, or an outside enforcement mechanism are not required for transactions and trust agreements between dissimilar, anonymous participants when using smart contracts.
Argentine blockchain experts Ari Meilich and Esteban Ordano introduced in 2017 as a proof of concept. It began as a two dimensional project and evolved into a three dimensional universe. In its initial coin offering (ICO), the platform raised more than $26 million in 2017. Its anticipated market value as of November 2022 was $2.5 billion. Platform popularity has grown significantly, especially in 2021, when NFT popularity peaked.
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- CoinDesk – Decentraland for Beginners: How to Get Started in Decentraland
- Decentraland – Welcome to Decentraland
- Kraken – What Is Decentraland? (MANA): The Beginner’s Guide
- CoinMarketCap – Top Metaverse Tokens by Market Capitalization
- Platform – Decentraland DAO
- Platform Documentation – FAQ
- Ethereum – ERC-721 Non-Fungible Token Standard
- Platform Events – World Events
- NFT Plazas – Decentraland Blockchain Districts
- Platform Documentation – Get a Wallet for Beginners
- Decentraland – Decentraland White Paper
- CoinMarketCap – Decentraland: Decentraland to USD Chart
- Analytics Insight – Decentralized Cryptocurrencies with Massive Profit Potential—Stakenomics, Ethereum, and Decentraland
- CoinDesk – $26 Million: Blockchain VR Project Decentraland Raises New Funding in ICO
- NBC News – Welcome to Decentraland, Where NFTs Meet a Virtual World
- CoinDesk – Decentraland’s MANA Jumps 80% as Facebook Rebrand Fuels Metaverse Bets
- Business Wire – Tokens.com’s Subsidiary Closes the Largest Metaverse Land Acquisition in History
- Messari – Decentraland
