Blockchain technology powers Decentraland, a fully immersive virtual world.
This real estate metaverse lets you buy land and build various buildings upon it from houses to theatres, offices to museums, banks to shopping malls, grocery stores to sculptures, landscapes to towers, and anything at all. The platform is a real estate metaverse where players can not only build buildings but build a new community.
Tokenomics of Decentraland
The virtual world works upon two tokens – LAND and MANA. LAND are non-fungible tokens that are based on the ERC721 protocol standard and tradeable like normal NFTs. Moreover, LAND NFTs lets you buy land and build 3D buildings and art over it. Each LAND token means a 33×33 ft. of virtual land in Decentraland. To buy LAND, players can either get them from auctions or directly from the marketplace. The MANA tokens are also necessary for the game’s economy. So, use MANA to buy various items at the game’s marketplace, buy tickets to various virtual events, and can even get LAND tokens because. Furthermore, MANA tokens are fungible and therefore easily tradeable on Binance and other mainstream crypto trading platforms.
In Decentraland, the player’s avatar can be modified according to one’s desire giving a truly immersive experience. As the name suggests, it is a decentralized economy, and what makes it a very real simulation is that the players who are members have the right to vote in on policy changes, auctions of lands, and subsidies – giving a truly virtual experience of reality.
Decentraland (MANA) is a 3D virtual reality platform built on the Ethereum blockchain, offering users the ability to create, monetize, and interact with content and applications within a shared metaverse. This metaverse allows users to purchase virtual plots of land, known as LAND, where they can build, create experiences, and trade virtual assets. Decentraland aims to provide a decentralized infrastructure where creators can receive the full value of their efforts and users can explore, socialize, and engage with various activities.
The platform’s in-game currency and cryptocurrency, MANA, enables users to buy LAND, pay for goods and services, and trade virtual assets within the virtual world. MANA is an ERC-20 token and can be used in the Decentraland Marketplace, which offers a wide range of on-chain assets for trading and management.
Users create avatars to navigate the virtual world, customize their appearance, and engage in activities like socializing, gaming, attending events, and exploring different scenes created by users. Decentraland operates on a three-layered architecture, comprising the Consensus Layer for tracking LAND ownership, the Land Content Layer for asset distribution, and the Real-Time Layer for peer-to-peer interactions.
Decentraland was founded by Ari Meilich and Esteban Ordano, with an ICO held in August 2017, raising $24 million. Development began in 2015, and the closed beta launched in 2019, followed by a public release in February 2020.
New MANA tokens are created through mining using ASIC mining rigs, employing a proof-of-work consensus mechanism similar to Ethereum. The platform also utilizes off-chain voting through a DAO (Decentralized Autonomous Organization) to enable community participation in governance decisions.
The total supply of MANA tokens is 2.19 billion, and they can be purchased on various centralized and decentralized exchanges, including Coinbase. Decentraland represents a decentralized and user-owned virtual world where creators and users have greater control over their experiences and interactions.
Frequently Asked Questions (FAQ) – Decentraland (MANA)
What is Decentraland (MANA)?
Decentraland is a 3D virtual reality platform that uses blockchain technology to power a decentralized metaverse where users can create, trade, and explore.
How does Decentraland work?
Decentraland operates on the Ethereum blockchain, allowing users to purchase virtual land (LAND) and create personalized virtual experiences, games, and content within this shared digital world.
What is MANA?
MANA is the in-game cryptocurrency of Decentraland, serving as a means of buying LAND, trading virtual assets, and paying for goods and services within the platform.
Who are the founders of Decentraland?
Ari Meilich and Esteban Ordano were responsible for founding Decentraland. Ari Meilich served as the project lead from 2017 to 2020, while Esteban Ordano was previously a software engineer at BitPay and an advisor to Matic Network.
When did Decentraland launch, and how can I access it?
The project began development in June 2015, launched a closed beta version in 2019, and opened to the public in February 2020. Users can access Decentraland by creating avatars and exploring the virtual world.
How can I get MANA tokens?
MANA tokens are available for purchase on various centralized and decentralized exchanges, including Coinbase.
What is the total supply of MANA tokens?
The total supply of MANA tokens is 2.19 billion.
What makes Decentraland different from other virtual worlds?
Decentraland distinguishes itself by offering a decentralized and user-owned metaverse where creators and users have greater control over their experiences, content, and interactions.
How can I participate in Decentraland’s governance?
Decentraland employs an off-chain voting system through a DAO, allowing MANA and LAND token holders to participate in governance decisions and propose changes to the platform.
What are some activities I can do in Decentraland?
In Decentraland, you can socialize, play games, visit virtual galleries, attend events, explore user-created scenes, trade virtual assets, and much more within this immersive virtual world.
- Genre: Virtual Reality and Blockchain Metaverse
- Platform: Ethereum Blockchain
- Blockchain: Decentraland is built on the Ethereum blockchain, utilizing smart contracts and NFTs (Non-Fungible Tokens) for virtual land ownership.
- Category: Decentralized Virtual World, Social, and Creative
- NFTs: Decentraland is powered by NFTs, particularly LAND tokens, which represent virtual land parcels. These NFTs are tradable and enable users to build structures and create unique experiences on their virtual land.
- Tokens: Decentraland has two primary tokens: LAND and MANA. LAND tokens represent virtual land ownership and are NFTs. MANA tokens serve as the in-game cryptocurrency used for various transactions and purchases within the virtual world.
- Game Phase: Decentraland has been publicly accessible since February 2020. It has gone through closed beta testing and development phases before its public release.
- Game Type: Decentraland is a fully immersive virtual world that offers users the ability to create, monetize, and interact with content and applications within a shared metaverse. Users can socialize, play games, explore user-created scenes, visit virtual galleries, attend events, trade virtual assets, and more within this immersive virtual world.
Decentraland is unique in that it operates on a decentralized infrastructure, allowing creators and users to have greater control over their experiences and interactions, including voting on policy changes and subsidies, creating their avatars, and shaping the virtual world according to their desires. It combines blockchain technology with a shared virtual space to create a decentralized and user-owned metaverse.
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