Image Source: Decentraland
The digital game Decentraland is a three-dimensional simulation of reality. This open-world metaverse, a 3-D user-owned Ethereum-based virtual reality platform, combines virtual reality, augmented reality, and the internet. It enables users to take part in a communal digital experience where they can play games, trade collectibles, buy and sell wearables for avatars, network, and engage in other online activities.
Decentraland is software that aims to provide a global network of users with incentives to run a cooperative virtual environment.
A developing metaverse movement that has produced a plethora of meta-related coins includes Decentraland. Through its decentralized independent structure, users can manage a completely immersive virtual reality world they develop (DAO). With Decentraland, users can directly vote on the game and the organization's regulations, setting it apart from other virtual reality games in that it gives players some power over their surroundings.
KEY FACTS
Decentraland is a user-owned, Ethereum-based virtual reality environment platform and 3-D digital simulation of reality.
Users of Decentraland manage this virtual environment through a decentralized autonomous organization (DAO).
The three basic tokens of Decentraland—LAND, Estate, and MANA—can be used by users to build their settings, markets, and apps.
Decentraland has an estimated market value of $2.5 billion in November 2022.
The Function of Decentraland
Using Decentraland's three native tokens, LAND, Estate, and MANA, users build their custom settings, markets, and apps. Each token is distinct thanks to ERC-721 tokens like LAND and Estate. They are referred to as non-fungible tokens since they are non-interchangeable and for this reason, are not tokens (NFTs). This means that instead of serving as a kind of currency, they are utilized to design wearables, land parcels, and avatars.
The fungible ERC-20 token used by Decentrand as their digital currency is called MANA. In that it enables users to digitally build what they want and explore the virtual area at will, it can assist users in creating decentralized games, apps, and other services and let them monetize their efforts.
The Decentraland map allows users to participate in planned community events, such as concerts, movie screenings, and casino nights. You can also purchase or sell real estate and digital art. Land parcels grouped have various qualities. The squares in Decentraland include:
Vegas City, District X, Fashion Street, Dragon City, and those with different themes.
How to Start Decentraland?
Create an account to access Decentraland. They need a competent Ethereum cryptocurrency wallet that can store money safely to do this. One that comes highly recommended is MetaMask, which may be found in a browser's extensions library. A digital account may be compared to a bank account number and the wallet to a debit card.
Users must also create a passport before receiving an avatar that they can name.
A beginner's tutorial, options for investigating what is provided, and guidance on how to talk with other users are all provided by the Decentraland system.
What is the Decentraland History?
Decentraland was launched in 2017 by Argentine blockchain experts Ari Meilich and Esteban Ordano, who also developed the game's smart contracts. It started as a proof of concept, which is an experiment or pilot project, in which it would give its users ownership of a piece of blockchain-based virtual property. They created the platform as a two-dimensional (2-D) project that gradually evolved into a three-dimensional (3-D) environment.
Initially, MANA tokens were priced at 2 cents, while digital land lots went for around $20. Genesis City, the initial map in the game, had 90,601 separate plots of land. In its initial coin offering, Decentraland raised more than $26 million in 2017. (ICO).
When NFTs experienced a boom in popularity in April 2021, Decentraland properties sold for prices ranging from $6,000 to more than $100,000.
The currency has increased in value after events like Facebook's rebranding as Meta, which was a wink to the firm's wager on the success of the metaverse. This is because of the relatively small pool of MANA. The biggest increase happened soon after the rebrand, peaking at $5.90 in late November when Tokens.com made the "largest metaverse land acquisition in history."
Decentraland had a market value of $2.5 billion in November 2022.
What is a smart contract?
A smart contract is a self-executing contract since the conditions of the agreement between the buyer and seller are directly encoded into the contract's lines of code. The contract's code and agreements are dispersed throughout a decentralized blockchain network. The code controls how transactions are carried out, and they are both traceable and irreversible. Without the need for a centralized authority, a legal system, or an external enforcement mechanism, smart contracts enable trusted transactions and agreements to be made between dispersed, anonymous parties. Although blockchain technology is now primarily thought of as the basis for bitcoin, it has developed well beyond supporting the digital currency.
What exactly is digital currency or money?
Any form of payment that can only be made online is referred to as digital money, sometimes known as a digital currency. A coin or a dollar note are examples of physical currency. Digital currency is not. Accounting and transfer are done through online technologies. One of the more well-known forms is the digital currency known as Bitcoin. Fiat currencies like dollars or euros can also be represented by digital currency. Digital currency is utilized for transactions through devices like smartphones, credit cards, and online cryptocurrency exchanges. In some cases, it can be converted using an ATM into real money.
Decentraland (MANA): What Is It?
Esteban Ordano and Ariel Meilich formed Decentraland (MANA) in 2017, at the same time as the introduction of the official Decentraland website. Decentraland, a virtual reality environment where users can purchase LAND, a non-fungible token that represents a portion of the virtual map, is hosted on the Ethereum network.
In Decentraland, operations are governed by two distinct sorts of tokens.
Which are:
LAND – A non-fungible token (NFT) that is used to specify who owns the land parcels that are utilized to represent the virtual properties.
MANA – A digital currency that makes it easier to buy real estate and other virtual items and services for usage in Decentraland.
Decentraland users receive compensation for managing a virtual reality that the entire community utilizes. While MANA is the system's native currency and can be used by members of the community to purchase LAND on the market, LAND represents ownership over a specific area of the Decentraland virtual world. Users of the Decentraland program can interact with other users and take advantage of features like in-world payments, gaming, and viewing virtual content to have a unique experience.
Decentraland is the first virtual platform of its kind where users have total control over the ecosystem thanks to its decentralized governance structure, which places the authority in the hands of users and MANA holders.
How to Buy MANA on EasyCoins?
- Go to MANA/USDT Trading page on EasyCoins
- Enter amount and Click on Buy MANA
Non-fungible Tokens (NFTs): What Are They?
NFTs are blockchain-based cryptographic assets that can be distinguished from one another by their distinctive identifying codes and metadata. Like cryptocurrencies, they cannot be purchased or swapped for equal amounts. This contrasts with fungible tokens, like cryptocurrencies, which are interchangeable and can therefore be used as a medium for business transactions.
The Conclusion
Users can take part in a group virtual reality experience with the help of the user-owned, Ethereum-based metaverse called Decentraland. It is a 3-D online game. Through Decentraland, they may interact, play games, trade collectibles, and buy and sell wearables and virtual properties.
It was introduced in 2017 and had an anticipated market value of $2.5 billion by November 2022.
