Decentraland Explained

A virtual reality world

This platform is an Ethereum-based blockchain project that allows users to purchase virtual land and explore different and exciting places created by other users. To put it simply, Decentraland is a world where you can make an avatar, buy land, build on it, take part in online events and interact with other users.

Decentraland is similar to sandbox games, where users can explore, build, chat, interact, trade, etc. Additionally, users can also create content which they can monetise. The most significant difference from similar projects is that Decentraland is decentralised and powered by the Ethereum blockchain. Each user can buy parcels of land and choose what they do with their land using the MANA token.

MANA token

MANA is the currency of Decentraland. The native ERC-20 token powered by the Ethereum blockchain has a limited supply of 2.6 billion. Users use MANA to pay for virtual plots of land in Decentraland and in-world goods or services such as live concerts, workshops, games and much more. Users can also use MANA in the Decentraland market, where users can buy different skins for their avatars.

Land in Decentraland

Land in the Decentraland project is basically an NFT (non-fungible tokens), a type of certificate of ownership. NFTs mean that no piece of land is the same and is not replaceable by other pieces of land. The landowner is tracked on the Ethereum blockchain, ensuring that the user’s assets are safe and identifiable. Additionally, every transaction that happens in Decentraland gets validated through Ethereum smart contracts.

On parcels of land, owners can build whatever they want. It is even possible to combine a few parcels to create estates that could house more structures, buildings and traffic. These different parcels of land make up whole virtual neighbourhoods and towns that allow users to participate in social gatherings, meetings, and other events. It is also important to note that there is a limited number of land parcels in Decentraland in correspondence to the fixed amount of MANA. Land scarcity allows the parcels of land to remain stable and hold their value over time.

User-controlled

Decentraland is unique because it does not require software to be downloaded to explore the virtual world. All users need to do is visit the Decentraland website. Users can interact with a limited part of the world without MANA tokens, but participating in different types of events, buying items, and building requires disposable MANA. Another thing that this token allows users to do is be a part of the management of the project. Owners of MANA can vote on policy updates, land auctions and new developments.

In theory, projects such as Decentraland could become the future of the real estate market, art and culture. At the moment, there already are a few places in the virtual world with such expensive land that is comparable to the pricy land of major cities worldwide. On top of that, advertisement companies have the opportunity to place ads on land within Decentraland that have the most traffic, thus creating a sort of Time Square feel to the world.

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