Home Learn What is Decentraland? (MANA)

What is Decentraland? (MANA)

306

Decentraland is a 3D virtual world based Ethereum platform. Users can purchase plots of land on as NFTs using the MANA cryptocurrency.

Decentraland Explained

Decentraland MANA is a 3D virtual reality decentralized Land platform powered by the Ethereum blockchain.

Initial releaseFebruary 20, 2020
Circulating Supply1.5 Billion MANA
Total Supply2.19 Billion MANA
BlockchainEthereum
TypeVirtual World, NFT
Official Websitedecentraland.org

Simply put, Decentraland is a 3D virtual world that enables users to interact with others on the platform

Think of it this way, you have your computer, laptop or any means of accessing the web, you logged into a platform and be anything you want to be or build.

Decentraland takes the concept of a virtual community to the Blockchain through the concept of NFT’s through it’s currency called MANA.

What is MANA?

MANA is the native currency in Decentraland.

Take Decentraland as a colony of it’s own where you have diverse institutions, factories and land.

For you to buy and trade in that colony, you need a medium of exchange – MANA.

Therefore, MANA is an ERC-20 token that is powered by the Ethereum blockchain.

What is Land?

Land is a virtual canvas or space that you buy or rent on the Decentraland ecosystem.

Before you can be part of Decentraland, you need to get yourself a space (rented or purchased) – just like my country

So, the LAND in Decentraland is a decentralized plot of land, sold to Virtual reality enthusiast.

Possibilities on Decentraland (MANA)

There is a whole lot of possibilities with Decentraland.

You can have your own space online just like offline and interact with diverse other land owners to build estates or a colony of your own through non-fundigble tokens (NFT).

The beauty of LAND on Decentraland is, you have permanent ownership of your transaction on the Blockchain which is also verifiable.

There are a lot of activities that can be performed on MANA marketplace which includes the following:

You can sell a piece of LAND or an estate. You can also buy an estate and set your own prices for resale.

Just like in real-world scenarios, on MANA Decentraland, you can transfer your properties to any user, give your estate a name and manage your properties.

You can also grant permission to users, friends or relatives to deploy on your LAND.

How much does Decentraland cost?

$0.00923681 as of October 2017 was the all-time low for Decentraland Mana coin.

The price of Mana keeps changing just like every other token.

What is the purpose of Decentraland?

Decentraland is an Ethereum-based user-owned virtual world where you can play, explore, and interact with games and activities.

You can also buy plots of land to create your own environments, marketplaces, and applications.

Three smart contracts define the properties of MANA, LAND, and Estate: the MANAtoken contract, the LANDregistry contract, and the EstateRegistry contract.

All virtual space in Decentraland is made up of individual LAND parcels that you can buy with MANA in Decentraland’s Marketplace.

At the Marketplace, you can also purchase wearables for your avatar, such as clothing, shoes, and accessories.

Each transaction is recorded on the Ethereum blockchain, which effectively serves as a registry for all digital property acquired in Decentraland.

Is Decentraland a metaverse?

Decentraland is a well-known virtual world in the metaverse, connecting brands, people, businesses, and organizations in Web3.

The entire Decentraland Foundation operates decentralized and autonomously, governed by the community via the MANA token and owned by the community via land NFTs.

Decentraland has been one of the most active virtual worlds in the metaverse since its inception.

The virtual world has seen a significant increase in NFT trading volume for its virtual land, and brands such as Dolce & Gabbana, Coca-Cola, and Christie’s have used the platform to engage with their communities.

Who is the owner of Decentraland?

The Decentraland metaverse is owned by the Decentraland Foundation. It is made up of community members who have a vested interest in the organization.

The Decentraland Foundation is a DAO, or decentralized autonomous organization.

Through the MANA token, anyone can participate in the Decentraland Foundation and its decision-making processes.

That means that every MANA token owner has a say in the governance and business decisions that shape the future of Decentraland’s virtual world.

What can you do with Decentraland LAND?

Users can decorate their own land parcels in the virtual world of Decentraland.

Users can create homes, virtual galleries, and event venues using a variety of simple interfaces.

Users have the ability to create assets for others. Fashion designers, for example, can create wearables, while game designers can create games. These can then be sold as NFTs.

Following that, users can put the NFT wearables on their avatars, while landowners can deploy the game on their property.

Users can, however, use the platform to create games and other interactive and complex structures.

Decentraland already has a football game world cup tournament, as well as various Coca-Cola and other company-sponsored events, and the Fashion District from Boson Protocol organized the first Metaverse Fashion Week with the help of D&G.

How does Decentraland make money?

Decentraland’s business model is thus based on increasing demand for the MANA token.

The greater the value of one token, the more incentive there is for developers to contribute to the platform (since they are compensated in MANA).

Work that is being done, such as the addition of voice chats, is voted on by the DAO.

Decentraland’s business model is thus based on increasing demand for the MANA token.

The greater the value of one token, the more incentive there is for developers to contribute to the platform (since they are compensated in MANA).

Work that is being done, such as the addition of voice chats, is voted on by the DAO.

What is Decentraland Metaverse?

The Decentraland Metaverse platform is essentially a virtual reality platform built on the Ethereum blockchain.

Decentraland metaverse, created by Esteban Ordano and Ariel Meilich, aids in the creation and exploration of various types of content and applications.

Surprisingly, Decentraland also allows you to monetize the metaverse experiences you create.

Most importantly, the primary focus of Decentralization is on providing incentives to a global user network to ensure shared virtual experience operations.

Users can purchase virtual parcels of land and create new experiences in the shared virtual world.

Users could then view and inspect their virtual parcels of land, as well as monetize them.

What is Decentraland Marketplace?

The Marketplace is the primary location for trading and managing all of your Decentraland on-chain assets.

Visit market.decentraland.org to access the Marketplace.

You can do the following on the Decentraland Marketplace:

  • Sell LAND parcels and estates, as well as wearables and unique names.
  • Set your own MANA price and a deadline for the offer.
  • Purchase for sale parcels and estates, wearables, and unique names.
  • Transfer your assets from Decentraland to another user.
  • Explore the world using a map to find out who owns what, existing wearables, and claimed avatar names.

What is Decentraland game?

One of the most common ways for users to earn money from the Decentraland game is to operate as a virtual merchant within its platform or economy.

Many users sell their creations on the Decentraland Marketplace for other users to own and use.

Is Decentraland free to play?

You’ll need MANA, Decentraland’s in-game cryptocurrency.

MANA can be used to purchase in-game items such as wearables, collectibles, and land lots. Aside from MANA, you may want to start with some LAND NFTs.

Decentraland Utility and Projects

Decentraland (MANA) saw a spike in utility when Facebook decided to unveil it’s Metaverse project and name change to META.

As such, MANA has also seen a lot of participation and purchases.

With these in mind, there is a great chance that MANA could be one of the top Metaverse projects in the coming years.

However, like everything on the Blockchain, steady innovation is the key to sustainable growth.