Decentralized Autonomous Organization (DAO) software is at the core, and governance is in the hands of the community. To sum up, Decentraland is a decentralized game and a 3D virtual reality platform where players own lands and create limitlessly. Officially it was launched a year later and became available only in February 2020, gradually turning from a 2D experiment into a full-fledged 3D world. The platform was co-founded by two blockchain experts, Ari Meilich and Esteban Ordano, in 2015. Finally, on the real-time layer, participants interact with each other. The land content layer displays the content of the Decentraland virtual world. On the consensus layer, the ownership of LAND is tracked and managed. The Decentraland protocol is built on three levels using Ethereum smart contracts. However, for new players who want to join the universe and seize NFTs, the entry barrier will be high. The original goal was to form a decentralized virtual reality, but in practice, Decentraland has turned into a massive NFT market.Ī special role in Decentraland is assigned to NFTs, such as collectibles, virtual equipment and real estate (LAND). All control over the rules is given to the players, and token holders vote on in-game and organizational policies.
All transactions are conducted, regulated and registered via the Ethereum blockchain.ĭecentraland combines an online gaming space and blockchain technology. Holders use the marketplace to transact or transfer in-game items. Moreover, on the marketplace, participants can manage or exchange LAND tokens (priced in MANA). Owners store tokens in crypto wallets and buy necessities with MANA tokens on the Decentraland Marketplace.
Players choose what to do with their land. Like MANA, LAND is part of the protocol and confers voting rights, but LAND does not need to be fixed in the DAO. It is used to track ownership of land parcels aka digital real estate. MANA can be exchanged for fiat currency and other digital assets.Īs for LAND, it’s a non-fungible token (NFT) based on Ethereum (ETH). The owner of tokens converts them to wrapped MANA, or wMANA, and then commits them to the DAO. MANA can be purchased on a cryptocurrency exchange or by selling collectibles on Decentraland Marketplace. MANA gives its holders the right to vote in Decentraland DAO. With MANA, users can purchase plots of LAND, as well as pay for in-game items and services. It’s an ERC-20 standard token that powers the Decentraland platform. MANA is the official currency of Decentraland. They also allow users to interact with the platform. Two types of tokens called MANA and LAND govern operations in Decentraland. The 3D world resonates with many participants as Decentraland has many applications, both entertainment for gamers and business for investors. In addition, users have access to interactive applications, in-world payments and peer-to-peer communication. Due to the DAO, the community influences the development vector of the project. Within the Decentraland metaverse, participants can explore the virtual world, purchase plots of land that can be monetized, create works of art, own non-fungible tokens (NFTs), and take part in a decentralized autonomous organization of the platform Decentraland DAO. The digital platform is completely owned by its users. Progress in the game depends only on players themselves, their efforts and their imagination. In short: users buy virtual plots of land as NFTs with MANA tokens on the Decentraland platform. MANA tokens can also be used to pay for a range of avatars, wearables, names, and more on the Decentraland marketplace.ĭecentraland (MANA) is a decentralized virtual world platform with software based on the Ethereum blockchain, where users create, test and monetize content. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. Since then, users have created a wide range of experiences on their parcels of LAND, including interactive games, sprawling 3D scenes and a variety of other interactive experiences.ĭecentraland uses two tokens: MANA and LAND.
The virtual world launched its closed beta in 2019 and opened to the public in February 2020. In this virtual world, users purchase plots of land that they can later navigate, build upon and monetize.ĭecentraland was launched following a $24 million initial coin offering ( ICO) that was conducted in 2017. Decentraland (MANA) defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetize content and applications.
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