CRYPTO NEWS AGREGATOR
Mon, Nov 29, 2021 5:12 PM by Max E.

Rolling Stocks: Digital Reality for All - Decentraland Metaverse

Decentraland Metaeverse

Decentraland Metaverse is a virtual reality platform running on the Ethereum blockchain. Here, users trade digital plots, build real estate, create game and art projects, and simply have fun wandering around the territory. Decentraland is the most popular multiplayer role-playing metaverse today.

Virtual real estate in the game exists in the form of NFTs – non-fungible digital assets supported by Ethereum smart contracts. All land in Decentraland is divided into plots users can purchase and sell using Decentraland crypto – the native MANA token in the ERC-20 format.

Decentraland Metaverse Review

Development of Decentraland started back in 2015 by Argentines Ari Meilich (project manager), and Esteban Ordano (technical manager). In the same year, the entrepreneurs founded the non-profit Decentraland Foundation, which took over the development of the software for the project. The authors were inspired by the successes of games like Second Life and Minecraft – Decentraland's user experience relies heavily on them.

Decentraland was originally 2D. But by 2017, the platform had gone through two upgrades and turned into a full-fledged 3D world in which users could buy land plots with native MANA tokens.

In the same year, the developers launched the Decentralized Autonomous Organization (DAO), which transferred most of the platform's governance functions to its users. To make the project truly decentralized, Meilich and Esteban destroyed the private key that controlled the Decentraland smart contract. At least that's what they say.

In 2017, the Decentraland project conducted an initial coin offering (ICO), raising over $20 million. The Decentraland crypto tokens were distributed as follows: 40% were sold during the token sale and 20% were distributed between the community and partners, the founding team and the Decentraland Foundation.

Then the team was actively developing the project, which had been existing in beta version for two and a half years. In February 2020, the launch for a wide audience took place. Against this background, the MANA rate doubled: from $0.033 at the beginning of 2019 to $0.065 in February 2020. However, soon the Decentraland price dropped again to $0.02 – 0.04.

Until January 2021, the project did not attract too much attention, but this winter there was a real NFT boom on the crypto market, and many major industry players started talking about the platform.

Decentraland Metaverse Game

Unlike games like Second Life or World of Warcraft, where game creators own all in-game items, Decentraland NFT owners have complete control over their digital property. 

All land in Decentraland is divided into 90,000 parcels of 16 by 16 meters. Each of them can be bought with MANA, an ERC-20 token. As for Decentraland crypto, MANA tokens can be bought on major exchanges such as Binance or Coinbase.

The price of virtual land depends on its location: the closer it is to the popular areas, the more expensive it is. For example, near "developed" areas with a lot of entertainment like Genesis Plaza, Crypto Valley, or Dragon City, land is more expensive than on the outskirts.

Initially, users could buy virtual lots in two auctions: they were held in December 2017 and in December 2018. Decentraland crypto MANA tokens that were used to buy land at Decentraland are subsequently burned. At the moment, all sites have been sold out and are being sold on the secondary market: both within the platform on the Decentraland Marketplace, and on third-party sites, for example, OpenSea.

The Decentraland Marketplace sells not only land but also game content such as clothing and accessories. Each purchase is charged a 2.5% commission, which is burned. Such tokenomics should make MANA crypto a truly deflationary token and stimulate its value growth.

Landowners decide for themselves what to do with their territory – no one can influence this.  On their land, the user can build any building: for example, a store, a casino, an amusement park, an advertising platform, a gallery, a museum or a concert hall, among others. The owners of the real estate keep all the income from such activities for themselves.

Decentraland already has an entire entertainment infrastructure. Themed areas have emerged, such as Vegas City with their own casinos, where users can gamble on MANA crypto.

You can build your own building using a special constructor from the Decentraland team. It allows you to create game items from ready-made blocks without having to learn programming. Technically advanced users can take advantage of popular 3D software such as Blender and SketchUp, as well as API and SDK tools. At the same time, large companies use third-party studios such as Polygonal Mind to create complex objects like a casino or a gallery. There is already a whole community of 3D animators, artists and developers working in the Decentraland virtual space.

DAO Decentraland controls some of the core assets and smart contracts on the platform. An autonomous organization can make decisions on the widest range of issues that are relevant to the platform. Its area of responsibility includes issues such as adding additional features, distributing sales fees, moderating content, and running virtual land auctions.

However, any proposed changes must also be voted on by the community. Any Decentraland crypto holder has the right to vote. To vote, MANA tokens must be converted into wrapped MANA crypto (wMANA) – one token is equal to one vote. 

How Individuals  and Companies use Decentraland

The virtual world of Decentraland is accessible directly through the browser. To register, you just need to create an ETH wallet. If you don't have it, you can enter as a guest, but then you won't be able to buy or win anything.

After logging into the ETH wallet, the user can select an avatar, come up with a name for him and customize the appearance. After that, you can go on a trip to Decentraland!

If the user does not have his own real estate, he can only wander around the virtual world, admire the digital architecture, and inspect buildings from the inside.

There are many games in Decentraland with the opportunity to win MANA crypto: searching for caches, completing tasks, playing in a casino, and so on. You can go to a digital art gallery, virtual museum, or a concert. You can move between locations using teleports – just select the desired object on the map. It is obvious that Decentraland cannot boast of detailed graphics – it resembles the games of the early 2000s.  At the same time, Decentraland has a huge advertising potential. Companies can promote and sell their products on the site, hold presentations and events. 

Decentraland News Today

Latest Decentraland News

On June 18, 2021, Republic Realm, a New York-based virtual real estate investment firm, bought an entire digital neighborhood in Decentraland for a record $ 913,000. The company is looking to turn the site into a virtual shopping area. The area will be called Metajuku, an allusion to the Japanese quarter of Harajuku, which is known as a hangout for Tokyo .fashionmongers. Metajuku will occupy 1,486 m² and will house two brands, Dress-X and Tribute Brand, which will sell virtual clothing and accessories in the form of NFTs.

Republic Realm isn't the only major land buyer in Decentraland. Earlier in June, blockchain startup Boson bought a $704,000 virtual plot in Vegas City. The company plans to build a virtual shopping center on it, which will be connected to the real world. Users will be able to exchange purchased virtual goods for their physical originals in offline stores.

FAQ

Is Decentraland A Good Investment?

The NFT market tripled last year, peaking this spring. The headlines were filled with record deals. And, despite the fact that the excitement has subsided now, the market continues to develop. The NFT boom was reflected in the price of land in Decentraland. After all, if people continue to invest in NFT, they will need a convenient platform for storing, exchanging and displaying their assets.

The main competitor of the game is the Second Life project. It has several drawbacks, including a low number of users, a high level of complexity and a large number of bugs. The project has not been developing for a long time, so Decentraland has good chances to take a leading position in this niche.

​​Is Decentraland a metaverse?

Decentraland is a metaverse on the Ethereum blockchain. In this virtual reality, users can buy, sell and outfit plots of land. The metaverse is the hottest topic in the tech world these days. The growing interest in this phenomenon contributes to the rise in the price of the MANA token.

Can you play Decentraland for free?

Yes. Any Decentraland user is free to decide whether he wants to make access to his content paid and how he intends to dispose of the funds received. The Decentraland project is not involved in content monetization.

What is Mana crypto used for?

The cryptocurrency token MANA is used to carry out transactions in the Decentraland metaverse. The growing interest in NFT and metaverses is the key to the growth in the value of the Decentraland cryptocurrency.

How do you play Decentraland?

You don't have to play Decentraland right from the start. You can open the Metaverse website in a browser and explore this virtual reality. Then you can create an avatar, give your character a name, accept the terms of the project and you can start playing.

What do Decentraland people do?

Decentraland is a virtual reality that belongs to users who can play in it, interact with other players and explore the virtual world. The participant can purchase a land plot and create his own habitat on it, including various applications, trading platforms and all kinds of infrastructures.


The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research. This text is not a guide to action. The author's opinion may not coincide with the opinion of CoinJoy

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