Decentraland

What is Decentraland?

Decentraland is a digital world that mimics reality in a three-dimensional format. It is a combination of virtual reality, augmented reality, blockchain technology and the internet. It is built on the Ethereum blockchain and allows users to be part of a shared digital experience in which they can play games, exchange collectibles, buy and sell digital real estate or wearables for avatars, socialize, and interact with each other. The platform was first launched in 2016 as a basic 2D experiment and has since developed into a large 3D world.

Decentraland's developers, Estaban Ordano and Ari Meilich, have created a virtual space containing digital real estate parcels, items, and other customizable assets. These assets are purchasable using MANA, Decentraland's ERC-20 token. Decentralanders can buy MANA on several exchanges for either cryptocurrency or fiat currency. ERC-721 non-fungible tokens represent Decentraland's unique assets, including LAND property and other collectible items.

Users can run a fully immersive virtual reality world they create, which they oversee through its decentralized autonomous organization (DAO). Decentraland differs from other virtual reality games in that it allows users to have some control over their environment; through the Decentraland DAO. There, users can vote directly on the game and the organization’s policies.

Decentraland is a virtual world and community based on blockchain technology. Users develop and own plots of land, artwork, and of course, NFT. Members also participate in the platform’s Decentralized Autonomous Organization (DAO). As a DAO, Decentraland gives its community the power to participate in the project’s governance. Decentraland’s native cryptocurrency, MANA, and all in-game assets are on the Ethereum blockchain.

Decentraland is part of a growing trend called "metaverse," which is a virtual world that humans can interact with just as easily as in the real world. Being part of the metaverse is more than just playing games and chatting with avatars. It includes buying assets, travelling, event hosting, and intertwining with different industries. The metaverse is dynamically changing and all-encompassing, all-engulfing, and transforming everything in its path. Let’s continue with this Decentraland review.

How does the Decentraland NFT metaverse work?

Decentraland, as a virtual reality platform that allows users to engage with the software using the Ethereum blockchain, is based or powered on smart contracts. The platform uses a token called MANA. Users can also enter Decentraland as guests without needing a wallet.

To understand what is Decentraland crypto metaverse and how it works, we need to know that this metaverse is made up of three main layers: the consensus layer, the content layer, and the real-time layer. Let’s see what they are all about.

The consensus layer keeps a ledger of the land parcels that are owned and assigns each parcel a unique coordinate in the virtual world, an owner, and a reference file that describes the contents within the parcel. The content layer is responsible for what happens in each parcel and contains various files that are required to render them. These files include static audio and visuals, script files which define the behavior and placement of the referenced content, and interaction definitions for peer-to-peer interactions such as gesturing, messaging, and voice chat.

The real-time layer allows for social interaction within Decentraland (MANA) via user avatars and voice chat, as well as messaging. Users can use Decentraland’s map and join in on scheduled community events, which can include concerts, movie screenings, and casino nights. Users can also buy or sell digital art and land, with different clusters of land parcels having different characteristics.

Now, it’s time to get deeper into this amazing metaverse economy.

Decentraland coin structure

Decentraland's virtual economy is based on three types of tokens: MANA, WEAR, and LAND. The three of them combined, are used to create unique environments, marketplaces, and applications. MANA acts as the currency of the platform, allowing users to purchase or rent virtual parcels of land known as LAND tokens. MANA, the Decentraland token, is an ERC-20 fungible token that serves as the metaverse digital currency. It can be used to create decentralized games, apps, and other services, and to monetize their creations.

The most famous NFT on Decentraland, are definitely the LAND. These tokens are unique, built with the ERC-721 standard, and they serve as the foundation upon which users can build their own applications and experiences. Of course, they don’t act as currencies but are used to create avatars, wearables, and unique parcels of land. Users can claim ownership of virtual lands through a blockchain-based ledger of encoded parcels, and each piece of LAND is marked by a distinct set of cartesian coordinates.

Finally, we find another type of NFT within the vibrant metaverse of Decentraland. WEARs, as the word that defines them anticipates, are the NFTs that our avatar can wear in the metaverse Decentraland. From t-shirts, overalls, hats, trousers and shoes to the most delirious objects that our representative in the virtual world can use. It is not uncommon to see characters with wings or dressed as Santa Claus. But the important thing is to find the WEAR that will give your avatar the stamp you want to give it.

Decentraland Mana tokenomics

Nowadays, the total supply of MANA tokens is 2.19 billion, which has been reduced from the initial supply of 2.8 billion through token burns during LAND auctions. Initially, the token was designed to have a gradually decreasing inflation rate, but this feature is currently disabled and the circulating supply is set to decrease further through burn mechanisms applied to network operations such as transactions in the Decentraland marketplace.

Currently, about 70% of the total supply of MANA tokens is already in circulation. The market capitalization of MANA is determined by multiplying the number of tokens in circulation by the current market price of the token.

Mana Decentraland price

Decentraland crypto price, as we have said in this article, always depends on demand. The minting price of Decentraland LANDs was the price at which new LAND tokens were created and sold in a Decentraland auction. The minting price was determined by supply and demand.

The current minting price can be found on Decentrland's official website or through a cryptocurrency market data website. But, if we talk about the initial LAND minting price in Decentraland was set at approximately 2 ETH per LAND during the ICO in 2017. That day, ETH fluctuated between $690 and $651. Knowing the prices that Decentraland LAND have achieved, the ones that bought that day have made an enormous business.

Decentraland crypto Land

The most important NFT on Decentraland are, without a doubt, the LANDs. Each parcel of virtual land, known as LAND, is a fixed size of 16 meters by 16 meters. To help manage your virtual real estate more efficiently, Decentraland also features LAND Estates, which allows you to merge adjacent LAND parcels. Each piece of LAND in Decentraland's metaverse is identified by unique coordinates.

Another aspect of Decentraland is the concept of Districts, which are groups of LAND with a common theme. These can range from a district dedicated to crypto enthusiasts, complete with services and apps related to cryptocurrency.

To further empower users, Decentraland's voting app, Agora, allows you to vote on district issues. Your vote weight is determined by the number of LAND NFTs you own in a particular district. It's worth noting that one piece of LAND is equivalent to 2,000 votes. Agora was created to give users greater control over the events within their districts and provide feedback to the platform.

How to buy land in Decentraland?

To buy LAND in Decentraland, and own a part of the greatest blockchain metaverse, you definitely need to check Decentraland’s marketplace, or simply view the map and try to contact the owner to buy Decentraland LAND.

Decentraland marketplace

If you are wondering how to invest in Decentraland, this is the place. The Marketplace is where Decentraland’s economy lives. Is known as the central hub for trading and managing all your Decentraland assets on the blockchain. Of course, here you can buy or even sell Decentraland WEARs. You can access the Marketplace by visiting market.decentraland.org.

The Marketplace offers a range of functionality, such as:

• Selling parcels and Estates of LAND, wearables, and unique names, with the ability to set your own price in MANA and expiration date for the offer.
• Buying parcels and Estates, wearables, and unique names that are for sale.
• Transferring your Decentraland assets to another user.
• Exploring the virtual world through a map to see who owns what, existing wearables, or claimed avatar names.
• Naming your parcels and Estates and giving them a public description.
• Granting permissions to other users, allowing them to deploy on your LAND.
• Managing the creation or dissolution of derivatives.

Decentraland marketplace sales history records are incredible and lots of NFT designers make a living with them. Designing WEAR NFTs is not hard enough if you have the right background, so take a try and you may become an NFT designer.

Decentraland metaverse goal

The purpose of Decentraland is to offer a platform that is open-source, enabling users to craft whatever they desire within the digital realm. Through Decentraland games, people can have fun in a safe way. The land within this virtual world is represented, as you may guess, in the form of NFTs. Once you possess a piece of LAND, the possibilities are endless. You can establish virtual shops, online casinos, social media platforms, or other virtual spaces. Additionally, you can design LAND-based services for professional advancement, education, and tourism.

The idea behind the blockchain world's most important metaverse is to replicate as closely as possible the environment in which we live our real lives. Decentraland has a vibrant community that never sleeps. Here you will find events on a daily basis. Strolling through this virtual world, you'll find users searching for POAPs, while others play games or appreciate digital artwork.