Concept of Decentraland
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Decentraland is a virtual world that uses blockchain technology to create a shared economy. Users can buy, sell and exchange goods and services using LAND, the global land currency. Anyone can build a website or app on the Decentraland platform and earn free money from advertising revenue and user fees. This project is still in development, but it can be another way that is the knowledge of the truth
History of Decentraland
In 2017, Argentine blockchain experts Ari Meilich and Esteban Ordano launched Decentraland, in which they developed the game’s smart contract. It started as a proof of concept, which is an experiment or pilot project, in which it will assign to its users the rights of digital real estate and blockchain.
They created a platform as a two-dimensional (2-D) project that gradually evolved into a 3-D world. Initially, the digital basket was sold for about $20 and the MANA token sold for two cents.
The first map of the game, Genesis City, includes 90,601 lands. In 2017, Decentraland raised over $26 million in its initial coin offering (ICO).
In April 2021, during the rise in NFT popularity, Decentraland packages sold from $6,000 to over $100,000. Due to the small pool of MANA, this amount is flexible and has increased after events such as Facebook rebranding and Meta, betting companies and the growth of Metaverse, for example.
The biggest spike occurred shortly after the rebranding when Tokens.com bought “the largest metaverse acquisition in history”, peaking at $5.90 in late November. In November 2022, Decentraland will have a market value of $2.5 billion.
Use Cases of MANA
There are many important cases for all members of the Decentraland community with MANA. Some of them include:
Trading: MANA is useful in Decentraland for trading LAND and other digital assets. All users who want to buy anything using MANA must first buy MANA. The crypto community can also use MANA as a store of value or use the “HODL” symbol in anticipation of a possible price increase. Governance: The ecosystem uses MANA as a means of governance. Owning the MANA token allows users to participate in decision-making and vote in the environment and economy of Decentraland. Advertising: LAND owners who receive high traffic from users can enjoy the benefits of advertising, as well as all transactions made with MANA tokens.
Digital Collection: Decentraland ecosystem promotes direct adoption of NFT through creation, sale and purchase. NFT and other assets traded on the Decentraland market require MANA as trading currency.
Decentraland Features
No metaverse is complete without a collection of features that allow players to organize, create and participate. Decentraland is no different and has three important aspects that separate it from every other 3D video game in the Metaverse game. Let me talk to them one by one briefly.
Price
When you start in Decentraland, you can customize your avatar as you wish. But if you want your avatar to stand out from the crowd, you can go to Decentraland Grass. Here, you will be able to find many unique clothes, accessories and names for your avatar. MANA is the only symbol accepted here.
Different things are classified based on their rarity. Rare items tend to be expensive, while legendary and legendary items can be expensive. This is also where you can buy land and equipment if you want to build your own in Decentraland. As in the real world, the price of LAND will vary depending on its location. Land near landmarks and densely populated areas will cost more than remote land.
Builder
Builder is where you can unleash your creativity. It’s a team-based builder that comes loaded with a variety of assets that you can use to create custom environments on your land. You can take existing and artificial materials and create something entirely from your imagination.
You can choose the size of your floor, add as many items as you want, place them at any angle, and see how they will look from different angles. And when you’re ready, you can publish your location and view it on Decentraland.
Decentralized and DAO
As we discussed earlier, Decentraland is not controlled by any single agency or authority. It is DAO which stands for Autonomous Organization. It is a community with people who hold the tokens of MANA, LAND and ESTATE and lock it in the DAO. These people can actively participate in voting on new features for the platform. The DAO runs on the Argon software solution, which allows interaction with the Ethereum smart contract. Citizens can also elect five members to the Security Advisory Council, which oversees Decentraland security, responds to complaints, and reviews government plans. They have the final say on the proposal and can reject or delay depending on how they affect Decentraland.
Benefits of using Decentraland
Platforms like Decentraland are revolutionizing VR experiences, making them more unified, creative and multi-dimensional. Instead of just playing games in VR, users can play games, meet other users in the game world, move to other VR spaces like events, connect with people they meet, and express themselves through customized avatars, while any part of the personal structure. , from hats and sweaters, to share the value. In other words, it replicates the dynamics of the real world in VR. Another advantage of Decentraland is that it is not operated by a single person, company or company, but is distributed among everyone who participates in the platform and provides hand in the digital economy and vote. Regular meetings and voting for important decisions.
For example, a poll is currently being conducted to vote on “Should hand-held devices, including firearms, be allowed?” to which many responded with “Question all weapons on hand-held devices”.
That’s why many companies want to create their own version of Metaverse – including Meta Platforms and Microsoft – but Decentraland holds the first advantage.
