Decentraland is a decentralized virtual environment in which you can create, sell, and trade digital real estate, artistry, and NFTs. You may achieve all of this in the digital world by playing games and participating in various activities.
Furthermore, Decentraland describes itself as a social experience in which you engage with other members of the community. The platform is on the Ethereum blockchain and community owns it.
Entering the Decentraland
The Decentraland Foundation, which produced Decentraland, was founded by Ariel Meilich and Esteban Ordano in 2015. In January 2020, the digital universe was made available to the general public. Ever since it has developed into one of the crypto universe’s most pursued metaverses.
You do not require a lot to engage in Decentraland; as a guest user, anyone can just tour the universe by accessing its webpage in a browser. Then make an avatar, name it, prove your legal age, agree to the terms and conditions, and you’re ready to start!
Unfortunately, the program does not currently accommodate mobile devices. You should also have a cryptocurrency wallet to enjoy all of Decentraland’s benefits. This will allow you to properly secure your coins and other digital assets. You will only be able to stroll around and create your avatar without a wallet, and you will be unable to participate in activities.
The subscribers through the Decentraland DAO administer it, a decentralized autonomous organization. LAND and MANA are the metaverse’s native tokens.
MANA of Decentraland
MANA is the cryptocurrency of Decentraland, and it has a limited quantity. One can purchase or exchange it on cryptocurrency marketplaces like Binance and Huobi Global, or “stacked” on DEXs like Uniswap and Sushiswap because it’s an ERC-20 token (fungible token). It can pay for LAND, avatars, cosmetics, collectibles, games, and so on in the metaverse.
In the meantime, you can secure your MANA in a WMANA contract, resulting in a wrapped MANA. This MANA will be “frozen,” which means you won’t be able to use it or move it.
Exploring the METAVERSE
The metaverse explains Land as a non-fungible, transferable, limited virtual asset held in an Ethereum smart contract. 90,601 LAND pieces measuring 16 16 meters comprise Decentraland. Each portion is an NFT, and its location and coordinates in the virtual environment identify it. It also has data about the person who owns it. Similarly, an Estate consists of two or more contiguous parcels.
In addition, the color of each parcel differs. For example, light grey lines indicate highways that are not available for purchase. Likewise, green spaces are Decentraland community-owned plazas, whereas grey lands are those that are owned but not for sale. Light blue-colored lands, on the other hand, are available for purchase. Lands near the Genesis Plaza (the central plaza) or other prominent neighborhoods are pricier.
You can purchase parcels directly from Decentraland’s marketplace or from NFT markets like Opensea. These have a high price tag. For example, in June, 259 plots auctioned for a total of $913,228. This is Decentraland’s most costly land for sale.
Decentraland vs. other Metaverse
Decentraland differs from other metaverses in that a single entity does not govern. Rather, the metaverse users who own MANA and LAND control Decentraland DAO. This means that players have complete control over everything from property to resources to governance.
Token holders have the ability to create and vote on metaverse reform initiatives. They can also vote on legislative revisions, token pricing, and land sales, among other things.
It’s vital to keep in mind that Decentraland isn’t just a video game. Rather, it’s a testament to decentralization’s myriad potential. There may not be a better way to enjoy the rewards of decentralization than by purchasing virtual real estate and setting up shop in the metaverse.
Decentraland, as among the most renowned metaverses currently offered, appears to have a promising future ahead of it. Because of its ease of use, Decentraland is also an ideal base for individuals new to the metaverse. It might even be a lucrative investment in the long run.
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