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What Is Decentraland? Features, Tokenomics

The guest account is good for those of you who aren’t that invested yet and want to simply check things out. Decentraland is very user-friendly, so you’ll likely find that it is rather easy to catch on to things and then you can make the decision to create an account using your web3 wallet.. This could lead to the emergence of entirely new use cases and virtual industries, like professional development, or even virtual tourism. In existence since 2015, Decentraland was one of the very first metaverse projects, long before any sort of metaverse hype was on the horizon. Furthermore, its longevity goes hand in hand with its high degree of decentralization. Decentraland is one of the few metaverses that is truly user-owned and actually leaves content creation entirely to its users.

  1. Unlike other platforms, Decentraland is entirely owned by its users through a decentralized autonomous organization.
  2. You can even merge LANDS that are next to each other to create estates.
  3. You’re also going to need some cryptocurrency to start with in order to participate in trades and different activities which are offered in Decentraland, but that’s optional.
  4. Here you’ll make new friends, experience community creations, attend diverse events, and unleash your creativity in a dynamic virtual world built by Decentraland citizens like you.
  5. It has a market value, so it can be purchased and held for speculation.

Meanwhile, the platform’s operations and future are proposed, voted on, and decided by the community in governance forums. Decentraland’s token, MANA, is used for transactions in the virtual landscape. It has a market value, so it can be purchased and held for speculation. Decentraland, the non-profit organization, shows signs of continuous development on its blockchain and the improvements on its platform. Whether it is a good investment depends on your outlook and what your research indicates for you and your strategy.

What Can You Do In Decentraland?

If a user were to collect multiple parcels of land adjacent to one another, they can be merged to create the third token, called Estates. Decentraland is a 3D, user-owned virtual world built on the Ethereum blockchain that allows users how to buy alchemy pay to buy digital real estate and meet up in the metaverse. You can think of Decentraland as a large space made up of individual parcels of virtual LAND. You are able to buy LAND and build assets on top of them, similar to real land.

Every transaction you have with your MANA is recorded on the Ethereum blockchain. So it acts as a registry for all the LAND you have acquired and for all the transactions you’ve made with MANA. Using your MANA, you can also buy the right to be in the DAO and vote for policies as well as future developments in Decentraland. By becoming a part of this organization, you can take partial control of policies and determine how the world of Decentraland behaves.

History of Decentraland

With Ethereum as the foundational layer of the project, Decentraland’s native coin, MANA, is set on the ERC-20 token standard, a benchmark for all Ethereum-based, fungible tokens. As one of the most widely used protocols, this allows for easy exchange with tokens from other decentralized finance, or DeFi, projects. To get to Decentraland, navigate the website and click «Jump In.» You can log in as a guest or by connecting your Ethereum-compatible wallet. By connecting your wallet, you can access the full Decentraland experience—as a guest, you’re limited to viewing and interacting with non-monetized events or items. To access Decentraland, you simply go to the Decentraland website and create an account, or you can roam around with your personal avatar using only a guest account. To take advantage of everything Decentraland offers, however, you’ll want to create a proper account, for that you will need a web3 wallet.

The blockchain includes two non-fungible (ERC-721) tokens, LAND and Estate. Land is a 52-foot x 52-foot (16 meter x 16 meter) plot of digital real estate (scaled to the digital environment), and an Estate is two or more adjacent plots. For similarities, you can buy and monetize virtual real estate in either world (known as LAND in both), connect crypto wallets as well as utilize avatars and digital items.

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In 2017, Argentine blockchain professionals Ari Meilich and Esteban Ordano launched the beta Decentraland, for which they created the game’s smart contracts. It began as a proof of concept, which is an experiment or pilot project, in which it would assign ownership of a digital real estate plot to its users on the blockchain. They developed the platform as a two-dimensional (2-D) project that slowly transcended to a 3-D world.At first, parcels of digital land sold for about $20, and MANA tokens sold for $0.02. The environment’s first map, Genesis City, included 90,000 land parcels.

It has since grown into a full-on metaverse with an in-world economy that can be used for applications, content curation, advertising, socialization and digital collectibles. Users can create unique environments, marketplaces, and applications by spending Decentraland’s native token, MANA. MANA is an ERC-20 fungible token that serves as Decentrand’s digital beginner’s guide to buying and selling cryptocurrency currency. It is spent (burned) when it is used to purchase anything in Decentraland. MANA is also spent to create centralized games, apps, and other services. The blockchain allows creators to monetize their creations in that it allows them to digitally construct whatever they can think of and charge other users to look at, use, or interact with it.

Customize Decentraland Avatar

Once all set up, users go through an optional tutorial which gets them oriented with controls and the environment. After completing this tutorial, or leaving it at any time, users get dropped into Decentraland’s starting location, Genesis Plaza. As a fully decentralized metaverse, Decentraland is owned and governed by its users. Join how do you get bitcoins for free the Decentraland DAO to submit and vote on proposals that affect how the world operates or secure funding for your ideas by applying for grants. LAND in Decentraland is spaces of land stored as an ERC-721 NFT on the Ethereum blockchain, measuring 16m x 16m, or 52ft x 52ft, meaning that each lot is unique and can’t be replicated.

Creators and users can schedule and host community events, including concerts, movie screenings, casino nights, avatar dances, or anything else they can think of. Decentraland’s squares include Vegas City, District X (the red-light district), Fashion Street, Dragon City, and other themed areas. Unlike other platforms, Decentraland is entirely owned by its users through a decentralized autonomous organization. The Decentraland DAO is a decision-making body made up of Decentraland token holders. They are one-of-a-kind NFTs that can provide proof of ownership of virtual real estate.

With so much opportunity to create, play, and earn an income in this virtual world, there’s no doubt in my mind that Decentraland will continue to be a leader amongst the numerous metaverse worlds. Decentraland aims to make everything decentralized and give power to the people. The entire space, including the scenes you create, the land you buy, and the transactions you make, all contribute to the Decentraland economy. Without connecting your wallet to your account, you won’t get full access and your avatar will only be available on the device you logged on with. You also won’t be able to create a name for yourself, or participate in events, or receive rewards. Metaverses like Decentraland are an iteration of the internet as we know it today.

In Decentraland, you can play games, exchange collectibles, buy and sell digital real estate or wearables, socialize, and interact. In practice, Decentraland functions as a marketplace and a virtual community center. While users buy and sell digital real estate, they’re also exploring that same world as it is being built.

Upon Decentraland’s debut, LAND sold for about $20 with MANA tokens at $0.02. As of June 2023, the floor price for a plot of LAND is approximately $1,880, and MANA tokens are priced at about $0.4. Decentraland has no one entity that controls the platform or its future. Decentraland’s code is open source, so anyone can make improvements or build on top of it, and anyone can host the platform, so it can never be shut down. Once you have an account set up, you’re free to explore and begin interacting with anything in the land your account allows you to. So if you haven’t already, check out Decentraland and start getting acquainted with living in a virtual universe.

Users must create an account to enter Decentraland, and may sign up as a guest or by connecting an existing crypto wallet. As a guest, users can explore Decentraland and buy items from its marketplace using fiat money, but won’t be able to interact with cryptocurrencies or NFTs while playing. By connecting a crypto wallet, users get the full ability to buy items with cryptocurrency, as well as use MANA and LAND.

You can buy a plot of virtual land and create anything you want on it. If you have virtual or augmented reality goggles, you can wear them while in Decentraland or load the program on the screen of one of your devices and play it like a game. In Decentraland you can socialize with other users, explore the space, as well as play games and create your own games which can then be monetized. Additionally, you are able to participate in events, buy and sell LAND, create “a scene”, plus trade and earn in-game assets which can be traded on various marketplaces for real currency.

Decentraland even has its own DAO or Decentralized Autonomous Organization. The DAO owns most of the contracts and assets that lay the foundation of this metaverse. Since Decentraland is a virtual universe, you can do the things that you would do in real life, plus more. Furthermore, you will need to access Decentraland using a desktop computer since Decentraland is not yet accessible through mobile devices.

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