Decentraland is the most established multiplayer, role-playing metaverse and is based on the Ethereum Blockchain. Though you can never visit the land yourself, you can still buy and sell it on Decentraland. And often, people make a fortune out of it.
Decentraland became famous and made the headlines when people began making more than 500% banking profits from selling and buying digital land on the platform. It was back in 2018, and this decentralized virtual world has been gradually gaining popularity ever since.
What is Decentraland?
Today’s rapidly growing virtual world is crypto-based, where people buy and sell land. It was built back in 2016 by a bunch of developers in Argentina. Its Ux is based on one of the most renowned games in the world, Minecraft.
The name suggests and brings out the essence of this concept: Total decentralization. What differentiates Decentraland from other virtual worlds is that the spaces, called land in the game, can be bought and sold online. Ownership of the virtual land is proved by paperwork on the Ethereum blockchain.
Only Landowners can decide what content others can see about their land. It is identified by a set of cartesian coordinates (x & y). Their content can be interactive systems such as art galleries, games, and casinos and also static 3D scenes. They even have 3D communities that work to make all these fields better and more modernized.
The land is a space that can be bought or sold in Decentraland’s virtual world. The land’s size is 16*16 meters in size and is showcased by an NFT. NFTs (Non-Fungible Tokens) are units of data in the blockchain that refer to digital items that are unique and not interchangeable.
LAND can be bought or sold with the help of Decentraland’s official cryptocurrency: MANA. The cryptocurrency can be traded on Coinbase and other such cryptocurrency trading applications. As for this year, March LAND was worth 6,900 MANA. Which is almost $5,800. Parcels of LAND can be gained through the marketplace on third-party sites like OpenSea.
The total number of parcels available in Decentraland is numbered at 90,000. Developers own the common spaces, roads, and plazas that cannot be bought or sold by users. Like the real-world, owning land here is spacious and finite, which means real estate in this multiverse is extremely valuable.
The hype regarding the possibilities of what could be created in the metaverse is what fuels MANA (digital currency available in Decentraland) for purchasing and selling land. To catch the attention of users, they must have something to offer as an incentive. Maybe some reward or maybe some intriguing content. Money can be the best for it.
As more brands get involved in the metaverse, it’s very obvious that there is great potential for digital real estate. It will continue to increase in value as time passes by. For instance, a land sold in Decentraland worth $500 back in 2019, is now worth $7,860.