Blockchain technology is seeing increasing uses and allowing for the development of additional DApps (decentralized applications). Decentraland, one of the earliest crypto video games, has received a lot of media interest and has generated countless headlines. With parcels of digital land selling for as much as $913,500, it’s no surprise that the game and its highly speculative investors have gotten a lot of attention.
Decentraland is entirely based on the Ethereum blockchain, with smart contracts based on the blockchain being used to make changes. Following the purchase of land parcels, Decentraland provides users with a drag-and-drop editor that allows them to create unique 3D items atop their plot of land. Decentraland provides a variety of experiences for the user, including a unique avatar created by the user, several wearable NFTs, and numerous games to play.
Features Of Decentraland
There are 90,601 unique plots of virtual land on the Decentraland network making for a robust social life and engagement. Each is in the form of an NFT known as LAND. Thus, a LAND trade is an NFT transaction. Once a plot of land is purchased, it can be used to create an entirely virtual city by the user.
Multiple plots of land can be managed by Decentraland’s LAND Estates feature. Land groups sharing a similar theme can be clubbed as districts. This allows different users, with a common interest, to form a community. A voting system known as Agora allows users to gain more control of the developments in their districts.
What you can do in Decentraland (Decentraland Lifestyle)
Someone just paid $450,000 to be Snoop Dogg’s neighbor in the metaverse. Here’s how you can live by a celebrity, too https://t.co/HAt0zRFC4I
— FORTUNE (@FortuneMagazine) February 2, 2022
We do not refer to Decentraland as the Vegas of the metaverse for nothing. In Decentraland, there is this feel of lifestyle, showbiz and entertainment.
Recently, someone paid $450,000 just to be Snoop Dogg’s neighbour. Snoop Dogg is one of the celebrity rappers pushing hard in the metaverse and NFT space. He’s currently building Snoopverse in relation to that
Find out what Decentraland has in store for the year in the 2022 Manifesto. Tl;dr: desktop client, social and voice chat improvements, linked #NFTs as wearables, tokenized emotes, smart wearables, mobile app prototype and, oh yes, a #VR client! https://t.co/XmcWMKRwJA pic.twitter.com/ZLYR200bq3
— Decentraland (@decentraland) February 1, 2022
A major attraction in Decentraland is creating a game or business in which the creator will receive MANA when users participate. This monetization process can be cashed out for fiat currencies. This allows users to potentially create a full-time income from the game.
Fashion Shows in Decentraland have also been made possible. This week, global fashion week including New York, Milan and Paris will be live on Decentraland.
New York, Paris, Milan, Decentraland; Global Fashion Goes Virtual with the World’s Biggest Metaverse Fashion Week to Date #fashion #MetaverseNFT #Decentraland #digitalfashion pic.twitter.com/Esli6mdTpU
— BBY (@BBYNEWSS) February 28, 2022
The metaverse is completely free for users to hop into, however, additional features and applications often need MANA, an ERC-20 token (blockchain-based assets that can be sent and received) for purchasing and participation in the Decentraland economy.
Users of Decentraland can create an avatar, explore, participate in numerous free games, socialize/talk with other users, and have the option to participate in the economy using MANA. Using MANA tokens, users can purchase parcels of land, gamble and play games using cryptocurrency, purchase items (NFTs), and even create a business.
MANA token and LAND token
The major crypto assets of Decentraland are LAND and MANA, which both run on the Ethereum network. LAND is the decentralized protocol that manages Decentraland’s parcel registry (similar to “plots of land” in the real world). Each LAND token represents a distinct parcel and is non-fungible. Because parcels are virtual real estate, they have their coordinates in Decentraland, and full ownership is assigned to the single holder of the LAND token (or “parcel of LAND ” for short). LAND Estates can be formed by combining two or more LAND lots that are located contiguous to one another. The owner of a piece of LAND is in charge of the content on that piece of LAND and can change it.MANA is Decentraland’s in-world currency and a fungible ERC-20 token. MANA’s supply is set and unmineable, hence MANA has only been available in secondary markets since the Decentraland ICO, with the following exchanges having the most liquidity, according to CoinMarketCap.
The Decentraland Marketplace is the company’s internal ecosystem for transferring LAND and Estate parcels, as well as wearables and one-of-a-kind names. The Marketplace supports listings and peer-to-peer (P2P) transactions between users who set their prices and negotiate. An Atlas view, which looks like a surveyor’s map and shows which LAND parcels and Estates are for sale, as well as other LAND and its registered owner, if any, is available. You can buy any LAND you see outright or place a bid on it. A more standard Marketplace view is available, which displays various offerings, including non-LAND assets such as wearables and unique names.
Should I Buy Land In Decentraland?
Purchasing a plot of land in Decentraland should be approached with caution. The metaverse is evolving gradually and quickly, yet it is still in its early stages. In the markets, there will be extremes of bullishness and bearishness. In the short term, there may be booms and eventual busts.
Where Should MANA Be Stored?
Because MANA is an ERC20 coin, you have a variety of wallet alternatives to select from. A hardware wallet, such as the Trezor or Ledger Nano S, is recommended. These keep your money safe by keeping it off the internet and making it less vulnerable to harmful malware.
Decentraland is an extremely promising project. Combining blockchain’s power with VR and a 3D-transversal world would be far more interesting than anything Facebook can come up with to keep its social network together. Team Decentraland has undoubtedly delivered and now may relax in the backseat as the DAO and liquid democracy take up the ecosystem’s custodianship. Much more will happen now that the Decentraland Metaverse is up and running, just as much has happened in the three years since the ICO, as districts take shape, dApps for the application layer are created, and the social dynamics of the virtual world take shape.