Imagine, if you will, a land of endless possibility. A world where all the limitations of the real world are stripped away, and your imagination is free to roam. This is Decentraland. If you’re interested in learning more about what is Decentraland? I recommend reading our full guide, what is Decentraland (MANA) and how Does Decentraland Work?
In the last few years, virtual reality has gone from a fad to a fully-fledged industry. In addition to being an impressive technological achievement as well as providing a way for people to escape and experience something new in their daily lives, virtual reality also opens up new avenues of business opportunities. The advent of VR technology has brought about lots of talk about VR ubiquity in the years ahead and there are contrasting visions for how it will unfold.
We all know that virtual reality has the potential to be a major industry – one that will break new ground and change the way we engage with our world. But what exactly is Decentraland, and how Does Decentraland Work? It’s a blockchain-powered, VR world, where users can buy plots of land and make their own experiences. It might sound intense, but there are many ways you can participate in this global phenomenon.
What Is Decentraland (MANA)?
The decentralized platform, Decentraland, focuses on virtual reality experiences created and monetized by users. It is not as simple as that though, since it has complex technology and drivers that function as blockchain-powered services while also relying on content and applications.
This world is entirely unique to the internet–it’s a decentralized world that gives power back to users. The platform uses blockchain technology, which vets transactions and other transactions, including purchasing land in the virtual world. The project is considered revolutionary because it allows people all around the world to buy land in a new digital space that makes it easy for anyone to trade using digital assets such as their digital currency.
The goal of Decentraland is to provide an open-source and self-developable platform for users to build whatever they want within this decentralized virtual space, such as online stores, casinos, or social media platforms.
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How Does Decentraland Work?
Unlike traditional social media, on Decentraland, you’ll own your digital content. That means that if you create a virtual person on the platform, you can sell it or give it away to another user. The project is attempting to revolutionize the way decentralized VR and digital markets can be operated by allowing for an ownership structure, where individual users of the ecosystem are awarded MANA tokens through daily content creation.
Augmented reality allows users to buy, trade, and rent plots of the ground using blockchain technology. Assets are stored as NFTs on the Ethereum blockchain.
As a decentralized virtual reality platform, Decentraland lets its users create their own VR worlds and monetize content, as well as earn Decentraland tokens by hosting other users in their VR world.
Decentraland is a blockchain-based platform where users can create content with complete autonomy and without any third party acting as the gatekeeper. This platform has strong cryptography that cannot be changed or censored by others in a peer-to-peer network.
These are some things you can do with Decentraland: It’s a place to date, buy or sell goods, and use crypto to enter a VR world where you can vote on how the world is built.
With Decentraland, online spaces that were once limited to those with money and access can now be enjoyed by everyone. This truly transforms the marketplace of ideas and the internet in general through new ways like sharing VR spaces and even interacting with friends long distance in a whole new way.
Decentraland uses Ethereum smart contracts to create a content platform.
The consensus layer tracks each land parcel and its owner, who in turn can be associated with a set of parameters. Each land parcel has a unique coordinate, an owner, and a reference to a file that contains information about the overall content.
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Marketplace and Builder
We can also see a decentralized marketplace and a drag-and-drop editor that comes with it. This marketplace is also great for anyone who wants to create their own scenes.
The marketplace enables players to exchange LAND tokens, which would be priced in other forms of currency. Players can use the marketplace to negotiate transactions or transfer parcels and unique in-game items such as wearable items.
All transactions are settled between Ethereum wallets, and they are verified by the Ethereum network and logged on its blockchain.
The owner of a LAND parcel can customize the environment by accessing a library of interactive scenes and payment implementations within Decentraland.
Who Are the Founders of Decentraland?
Esteban Ordano and Ariel Meilich co-founded Decentraland, but both have since stepped down from their major titles but still help manage the project.
Ariel Meilich previously held the role of project lead at Decentraland, between 2017 and 2020. He is a serial entrepreneur with many startups including an online translation agency, as well as a CRM platform.
Esteban is Decentraland’s former tech lead and has a long history in the cryptocurrency space from working as a software engineer at BitPay, Inc., and building his own company Smart Contract Solutions.
Decentraland co-founder, Esteban Tabares is credited with building an established blockchain company, Zeppelin Solutions
While Ariel and Estaban are no longer leading the project, work on Decentraland is still being done by the recently established Decentraland Foundation.
How Are New MANA Tokens Created?
As Decentraland is built on Ethereum, it uses the Ether (Ethereum) proof-of-work consensus mechanism. The blocks on the blockchain are mined by one or a few nodes. Transactions on this blockchain cost “gas”, which is paid to someone who mines one of these blocks and helps verify the transaction.
The DAO allows a decentralized, democratized voting process. This allows all token holders, including MANA and LAND holders, to participate in governance and create proposals for the platform. With this, members can vote on changes to the intrinsic members and smart contracts for the platform.
The Things That Makes Decentraland unique
Where “content creators” are creative individuals that may be looking to create personalized content, monetize their own projects, or use Decentraland as a tool for entertainment. Those interested in using this platform as a business should also have an understanding of blockchain technology and cryptocurrency, which is an emerging field.
The Decentraland world-space is divided into 90,601 individual parcels of LAND that are each represented by an ERC-721 Non-fungible token. Each LAND is 16×16 meters and coordinates a specific point in the Metaverse.
Though LAND holders are free to develop their plot into whatever they choose, the Metaverse is divided into districts and each of the districts has different sizes and themes. These districts were generated with individual crowdsales for MANA tokens and parcels of LAND cannot be traded in these districts.
The cyberpunk-themed Aetheria is now the largest district in the world, making up a total of 8,008 LAND.
With a decentralized autonomous organization, token holders are in control of how the Decentraland world behaves by having the ability to propose and vote on policy updates, the specifics of upcoming LAND auctions, and what kind of content is allowed.
This is another way that Decentraland users can create revenue. Those who buy LAND lease them out, those who purchase advertisements on their LAND, and those who generate income with products on the marketplace. There are many ways to monetize your LAND in excess for MANA tokens, as well as advertising.
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5 Essential Use Cases of Decentraland
From the very beginning, developers at Decentraland have intended for it to offer a variety of potential uses in blockchain-based communities. They outline five main use cases:
Applications: You can use Decentraland’s own scripting language to create interactive apps and 3D scenes, providing richer interactions.
Content Curation: Environments in decentralized virtual worlds grow by attracting organic humans
Advertising: Players are causing a boom in advertising, and new models have emerged to help brands sell appropriately targeted spaces.
Digital Collectibles: In the world of Decentraland, NFT items are collected, created, and traded in a Marketplace owned by users.
Social: Through social media and offline groups, communities can experience an interactive way of socializing with their friends.
In most games, you have the possibility of earning a lot of money. With speculation, some in-demand Lands will sell for large sums of money.
Decentraland is a pretty unique virtual-reality platform when it comes to blockchain technology. It’s totally free to explore, so you can easily make up your own mind by logging in to the world. Its development team has taken it from a small project to what it is now over five years, making it reasonably mature compared to other crypto projects. We all know that virtual reality has the potential to be a major industry – one that will break new ground and change the way we engage with our world. But what exactly is Decentraland? It’s a blockchain-powered, VR world, where users can buy plots of land and make their own experiences. It might sound intense, but there are many ways you can participate in this global phenomenon. So why not check out Decentraland today and see for yourself.