Decentraland is a play-to-earn metaverse built on blockchain technology. Users can engage with other gamers in real-time while exploring the 3D virtual world. The project aims to allow people to buy digital plots and turn them into their own micro-gaming experiences. The project has grown significantly in recent months as more people have learned more about the Metaverse. A metaverse is a 3D environment made out of other 3D worlds that is immersive and interactive. When Decentraland first launched in 2017, it was a simple 2D pixilated grid. Decentraland is an Ethereum-based program that aims to encourage a worldwide network of users to govern a shared virtual environment. You could purchase a plot of land for as low as $20 at the time. Property is now being sold for millions of dollars. One piece of real estate sold for $2.4 million this year.
Simply said, Decentraland is similar to virtual reality video games, but it is more immersive and real since it owns assets. As a result, everything available in the actual world may be found there, from digital skyscrapers and rapid transportation systems to movie theatres and hotels.
Decentraland: the History
Decentraland was a forerunner in the GameFi industry. The word “GameFi” refers to the combination of gaming and cryptocurrency. Due to a combination of new titles and rising NFT values, the GameFi sector is one of the fastest-growing market. Ari Meilich and Esteban Ordano, Decentraland’s co-founders from Argentina, were ahead of the curve when they initially shared the concept in 2015. The team would have to wait another two years to bring the concept to market. In February 2020, the Decentraland mainnet became operational. The Decentraland Foundation, a non-profit devoted to growing the network’s community and In January of this year, ecosystem, has given the initiative its full made significant progress. In January of this year, Barbados inked a deal with Decentraland to construct the world’s first virtual embassy on the platform. In addition, several significant worldwide brands are already featured in the game. When these advances are combined with a constant increase of celebrities getting in on the fun, it’s simple to understand why the price of virtual homes continues to soar.
In Decentraland, operations are governed by two sorts of tokens. They are:
1. LAND: The ownership of land pieces representing digital real estate is defined by a non-fungible token (NFT).
2. MANA is the Decentraland ecosystem’s main utility coin. To execute transactions on the platform, you must have MANA. MANA is an ERC-20 token that may be bought and sold on any Ethereum-based decentralized exchange. MANA is also where users get their prizes. MANA holders may earn additional benefits by lending out their tokens using platforms such as Gemini Earn, Celcius, and Binance.
The advantages of the MANA crypto coin include the ability to construct games, apps, gambling services, and even dynamic 3D environments that can be monetized or rented out to other players. The growth of digital products and services within the Decentraland metaverse results from this.
Another advantage of the MANA currency is that it may theoretically be used in any way to promote the development of LAND parcels in the Metaverse. Furthermore, there are no technological restrictions on what may be created in Decentraland for people who wish to earn MANA through it therefore, users are free to experiment with a variety of alternative virtual buildings.
One of the MANA coin’s disadvantages is that Decentraland is still a young initiative. It only started five years ago, and it works in the emerging decentralized finance (DeFi) field. Its coin is also hampered by the blockchain network’s inherent scalability concerns. Blockchain transaction speeds have been observed to rise during periods of significant network congestion. High transaction costs are also prevalent on the blockchain network and processing delays.
MANA also lacks real-world value since, according to Cryptwerk, just a few merchants globally accept it as a form of payment. This scarcity might be a disadvantage for cryptocurrency.
How Decentraland Works
Decentraland is a platform for content producers, enterprises, and individuals looking for a new artistic medium, commercial opportunity, or amusement. LAND in Decentraland may be purchased using the MANA crypto coin, which is decentralized. Decentraland uses the Ethereum blockchain. It uses the network’s security and capabilities to deliver a unique gaming experience. The program uses the Ethereum blockchain to monitor ownership of this digital land, and users must keep their MANA token in an Ethereum wallet to interact with its ecosystem. Users may create, play, explore, and interact with games and activities throughout the digital world. Genesis City was the name of the first community in the game. It is made up of 90,601 land parcels, and each plot of land functions as an NFT that is relevant to the user. NFTs that are relevant to the user are more sophisticated than those that are relevant to the game.
In Decentraland, What is a Piece of Land?
On the system, there are 90,601 unique parcels of virtual land. Each one is in the form of a LAND NFT. Each LAND is 16 square meters in virtual size and may be discovered at a unique Metaverse point. As a result, a LAND transaction is an NFT transaction. After purchasing a parcel of land, the player may utilize it to construct a fully virtual city. Many Decentraland users make money by leasing and promoting their LAND, while others make and sell goods for MANA tokens. Decentraland’s Property Estates function allows you to manage many parcels of land. Districts are made up of land areas that share a common concept. This enables those who share a shared interest to establish a community. Agora, a voting system, allows people to have greater power over what happens in their districts.
How is Decentraland Structured?
Many layered components of Decentraland are constructed using the Ethereum smart contracts. The consensus layer uses a ledger to track land parcel ownership. Each LAND parcel contains a virtual world coordinate, an owner, and a link to a description file that describes the information within the parcel. The content layer is in charge of what happens inside each parcel and comprises the following files:
· Script files: It describes the linked content’s location and behavior.
· Interaction definition: Peer-to-peer interactions like gesturing, messaging, and voice chat are made possible.
· Content files: It references all pictures and static audio.
How to Buy Decentraland
You can purchase the Decentraland cryptocurrency on the following exchanges:
1. Kraken: is the greatest alternative for inhabitants of the United States.
2. Binance: is the best cryptocurrency exchange for Australia, Canada, Singapore, the United Kingdom, and the rest of the world. Unfortunately, MANA is not available to residents of the United States on the Binance website.
3. WazirX – For Indian citizens, this is the greatest exchange.
Builder and Marketplace
The Decentraland team has also developed a marketplace and a drag-and-drop editor for users to create settings outside of the game area. Participants can use the marketplace to manage and exchange LAND tokens valued in MANA. In addition, owners may utilize the marketplace to buy, sell, and trade parcels and other in-game products like wearables and unique names.
All transactions are resolved between Ethereum wallets, and are validated by Ethereum’s network and recorded on its blockchain. Owners may use Decentraland’s building tools to create a one-of-a-kind experience within their LAND plots. Developers may access customization libraries and payment implementations through its editing tool, which allows them to create interactive scenarios.
You Can Create Your World
You can create bespoke environments, markets, and apps with Decentraland. Earn by sharing your originality and talent with the rest of the community. Decentraland plots use animations and interactivity to provide another degree of enjoyment to their goods and attract more consumers. Decentraland offers a great deal of freedom. You may find almost everything you can make in real life here. Virtual plants, cars, and structures come in various shapes and sizes. Create something unique to attract attention and get rewards in the form of MANA, the network’s native cryptocurrency.
Purchasing a parcel of property in Decentraland should be approached with caution. The Metaverse is evolving gradually and quickly, yet it is still early. In the cryptocurrency markets, there will be extremes of bullishness and bearishness.
Your specific circumstances and risk appetite will determine whether MANA is an appropriate investment for you. Cryptocurrencies are high-risk, high-volatility securities. Before investing, you should conduct your research, assess the degree of risk you are willing to accept, and never invest money you cannot afford to lose.
Lastly, using user avatars and voice chat and messaging, the real-time layer supports social interactions inside Decentraland.