Decentraland is a devolved virtual world where people can purchase, sell, and build real estate using non-fungible tokens (NFTs). Users on the platform can purchase, sell, and build digital real estate and other non-fungible tokens via participation in games and other activities available in this virtual world. According to the founders of Decentraland, they consider themselves a social experience that allows members to interact with others. In fact, they maintain that the platform belongs to the community members on it. It is powered by Ethereum blockchain technology.
Decentraland was founded by Decentraland Foundation, which was started in 2015 by Ariel Meilich and Esteban Ordano. The public was granted access to the virtual world in 2020, and it is now considered one of the leading metaverses among the crypto universe.
How Decentraland works
Are you curious to know how Decentraland works? If you are, you will be pleased to know that one does not require much to be a guest user in this virtual universe. A new entrant can easily go to their web browser, visit the platform’s website, choose an avatar, give it a name, confirm they meet the legal age, agree to the terms and conditions of use, and dive right in. You must visit the website using a computer since currently, the platform does not support usage via mobile devices. Users also need to have a crypto wallet that they will use to store any cryptocurrencies and the other digital assets that they might acquire. The cryptocurrency is important for anyone who wants to experience the platform’s benefits. Those who do not have them can only walk on the platform and customize their avatar but cannot engage in offers.
What possibilities and customizations are available on Decentraland?
There are a lot of possibilities and customizations that those who access the platform and have a cryptocurrency wallet can enjoy. For starters, they can develop 3D avatars and environments and showcase them with the possibility of monetizing them. The possibilities on the platform are limitless, and users can roam around in the virtual world and visit wherever they wish. There is even a map that one can use to teleport themselves to locations that may interest them. All these activities are possible from the comfort of your home, office, or location globally.
There is also the possibility of attending virtual clubs, competing in racing games, attending NFT art concerts, and virtually catching up with friends on the platform. The avatar that you choose and customize when signing up is important. This is because it comes in handy whenever other people want to track you on the platform. Moreover, you can use them to keep track of your virtual friends. As a user, you have many ways to customize your avatar to ensure it stands out from the rest. Some ways to customize your avatar include choosing and adding facial features, such as facial hair and smiles, skin tone, and giving the avatar a unique name.
What is LAND?
Land in the Decentraland is a term used to refer to the non-fungible token (NFT) that is available for purchase on the platform’s marketplace. Once you acquire LAND, you own it. One becomes the sole owner of the asset in digital real estate. On this platform, LAND cannot be exchanged for another one because it is an NFT with a special token stored in the crypto wallet.
In this virtual world, LAND acts as the digital real estate, and it possesses the x and y coordinates. One can purchase the smallest unit of LAND called a parcel, which measures 16 m by 16 m or 25 ft. by 25 ft. You get the opportunity to purchase parcels that are close to each other so that you can have an estate. The value of estates or parcels can change in a similar way that actual real estate do. This means that those parcels close to roads or big cities are more expensive than those in less developed regions.
What is MANA?
MANA refers to the cryptocurrency that can be used to buy or sell virtual goods and services on Decentraland. To purchase real estate in Decentraland, you will need your Ethereum wallet and have MANA in it. Once you acquire LAND, Decentraland will destroy the MANA you used to acquire it. At first, LAND on Decentraland was purchased for 1000 MANA, although a secondary market has since emerged where people can buy or sell it. In the secondary market, the price of LAND varies, and it is determined based on a variety of factors, such as location, size, and many other factors as is the case in the actual world real estate. The price of LAND on Decentraland has hiked. Currently, the cheapest parcel goes for 11750 MANA, and there are some in strategic locations that can cost up to millions of MANA. The most expensive plot on Decentraland was listed for 2 million MANA, which was equivalent to $175,578 as of March 2018.
Where can you buy MANA?
If you want to purchase MANA, you can readily acquire it using Bitcoin or Ethereum. OKEx and Binance have reported the largest exchange volume in the trading. People who want to purchase mana but do not have Bitcoin or Ethereum can start by learning how to acquire the digital currencies before venturing into Decentraland.
Where can you store MANA?
Since MANA is an ERC20 Token, storing it should not be a tough task for you. You will have to store it in one of the numerous e-wallets available. For instance, you can choose hardware wallets, such as Ledger Nano S and Trezor, that will ensure your funds are offline and safe from potential malware. Alternatively, you can go for MyEtherWallet. If you hope not to use your money on hardware wallets, you should choose the latter.
If you want to understand the technical architecture being utilized in the Decentraland platform, here is a highlight. The protocol on the platform comprises of three layers as listed below:
- Consensus layer: This layer comprises Ethereum’s smart contract technology used to monitor the LAND ownership and content on the platform.
- Land content layer: In this layer, a devolved distribution channel is utilized in rendering content in the Decentraland world.
- Real-time layer: This layer is meant to ensure that platform users can engage with each other by forming peer-to-peer connections.
At inception, the system was based on a proof-of-concept model, and it ensured that LAND ownership on Decentraland virtual metaverse was monitored and tracked. This mode, however, has since changed. Now people can mine wearables that are non-fungible assets on the platform, and they can be bought or sold in the NFT marketplace. Decentraland is built on Ethereum, which is a proof-of-work blockchain technology. Presently, it is being converted into a proof-of-stake platform. As of 2021, users on Decentraland can use the platform’s two-layer solution to transact and make payments using their MANA tokens. This is made possible by the Ethereum blockchain to polygon compatibility while the proof-of-stake network validation secures the tokens.
Since its debut, Decentraland has expanded its reach and is currently available to the public, which has seen it soar in popularity. As interest in NFTs and virtual lands continue to rise, Decentraland has become a market leader. This market domination has seen the value of MANA appreciate at an unprecedented rate. As the value of MANA increases, those who have invested in Decentraland will see their ROI increase, making it a worthy investment. Although many people view Decentraland as a gaming platform, it is clear that it offers more. The platform allows users to leap the benefits of devolution since it allows them to set up virtual shops, acquire virtual real estate, and earn from them. If you are new to the metaverses, get started with Decentraland. The platform is user-friendly and provides an experience that is as thrilling as one can expect from a metaverse. As new technologies emerge and more people embrace metaverses, we can expect that Decentraland will continue to get updates. This can only guarantee users a better experience in the future. The new features include groups and a DAO-based guild, which is an in-world score screen board.
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