Introduction
Decentraland powered by the Ethereum blockchain is a virtual reality platform that enables users to create, enjoy, and sell content and apps. In Decentraland, users can interact with others in a virtual world using avatars and can purchase virtual real estate using the platform’s native cryptocurrency, called MANA. A $24 million initial coin offering (ICO) that was held in 2017 led to the creation of Decentraland. The closed beta for the virtual world began in 2019 and it became accessible to the general public in February 2020. Since then, users have developed a wide range of interactive activities on their LAND parcels, including games, expansive 3D scenes, and other interactive experiences.
Project Overview
Decentraland stands as a digitized universe, meticulously constructed upon the sturdy foundations of the Ethereum blockchain. At its very essence, it takes the form of an expansive, decentralized, open-world platform, an arena where the denizens of the digital realm are bestowed with the extraordinary ability to craft, explore, and partake in interactions amid vivid digital landscapes. Within this sprawling metaverse, the limits of imagination dissolve, and the fabric of ownership finds itself meticulously inscribed upon the immutable ledger of the blockchain.
The virtual expanse that Decentraland unfurls is partitioned into distinctive segments christened as LAND, virtual plots endowed with unique characteristics. These LAND parcels are tangible manifestations of non-fungible tokens (NFTs), each representing a slice of this intricate digital real estate. Their allure lies not only in the promise of ownership but also in the guarantee of the content’s sanctity, all safeguarded by the unyielding embrace of the Ethereum blockchain. Thus, an aura of genuine decentralization envelops the ecosystem, evoking a sense of trust and transparency.
The heartbeat of Decentraland resonates with the rhythms of MANA, the indigenous cryptocurrency meticulously crafted to propel this virtual universe. MANA serves as the lifeblood, enabling users to seamlessly acquire, trade, and evolve their LAND parcels. Furthermore, it unveils the gateway to the acquisition of digital assets, wearables, and immersive experiences within the digital realm. In a testament to the expansiveness of its utility, MANA holders are entrusted with a pivotal role in the governance of Decentraland, actively participating in the shaping of the platform’s destiny through democratic decision-making processes.
The enchantment of Decentraland rests firmly in the hands of its diverse and creative community of users. It’s not merely a virtual realm but a boundless canvas where architects, game developers, entrepreneurs, and visionaries of all stripes converge to bring their dreams to life. Within this digital cosmos, the stage is set for the birth of 3D masterpieces, interactive odysseys, and thriving businesses, a testament to the platform’s commitment to empowerment and limitless creation.
Tokenomics
$MANA Market Stats:
Market Cap: $632,013,814
Supply Cap: 2,193,179,327 MANA
Circulating Supply: 1,893,095,371 MANA
All-time High: $5.90 -94.93% (November 25, 2021)
All-time Low: $0.007883 +3693.74% (October 13, 2017)
Decentraland’s native token, MANA, plays a crucial role within the Decentraland ecosystem. MANA is an ERC-20 token on the Ethereum blockchain. Here are some key aspects of its tokenomics:
- Utility Token: MANA is primarily a utility token designed to be used within the Decentraland virtual world. It enables users to buy, sell, and trade digital assets within the platform.
- LAND Ownership: MANA is used to buy and own LAND parcels, which are pieces of virtual real estate in Decentraland. These parcels can be used for various purposes, such as building, gaming, or social interaction.
- Content Creation: MANA is used to create and publish content within Decentraland, such as custom avatars, wearables, scenes, and interactive experiences. This incentivizes creators to contribute to the virtual world.
- In-World Transactions: MANA facilitates in-world transactions for various goods and services. Users can purchase virtual items, pay for entry to events, or interact with the decentralized applications (dApps) built on the platform using MANA.
- Governing Mechanism: MANA holders have a role in the governance of Decentraland. They can participate in decision-making processes related to the platform’s development and policies by staking their MANA and voting on proposals.
- Scarce Supply: The total supply of MANA is limited to 2.19 billion tokens. This scarcity can create scarcity-driven value in the long term, especially as the Decentraland platform grows in popularity.
- Staking and Earning: MANA holders can stake their tokens in the Decentraland ecosystem to earn rewards, which can include additional MANA or other in-world assets.
- Interoperability: MANA is built on the Ethereum blockchain, which means it can be easily traded on various cryptocurrency exchanges and integrated into Ethereum-based DeFi platforms.
- Burn Mechanism: Decentraland has implemented a burn mechanism, which involves taking a portion of the MANA used for LAND purchases and destroying it. This helps reduce the overall supply, potentially increasing the value of existing MANA tokens.
- Decentraland’s native token, MANA, plays a crucial role within the Decentraland ecosystem. MANA is an ERC-20 token on the Ethereum blockchain. Here are some key aspects of its tokenomics:
- Utility Token: MANA is primarily a utility token designed to be used within the Decentraland virtual world. It enables users to buy, sell, and trade digital assets within the platform.
- LAND Ownership: MANA is used to buy and own LAND parcels, which are pieces of virtual real estate in Decentraland. These parcels can be used for various purposes, such as building, gaming, or social interaction.
- Content Creation: MANA is used to create and publish content within Decentraland, such as custom avatars, wearables, scenes, and interactive experiences. This incentivizes creators to contribute to the virtual world.
- In-World Transactions: MANA facilitates in-world transactions for various goods and services. Users can purchase virtual items, pay for entry to events, or interact with the decentralized applications (dApps) built on the platform using MANA.
- Governing Mechanism: MANA holders have a role in the governance of Decentraland. They can participate in decision-making processes related to the platform’s development and policies by staking their MANA and voting on proposals.
- Scarce Supply: The total supply of MANA is limited to 2.19 billion tokens. This scarcity can create scarcity-driven value in the long term, especially as the Decentraland platform grows in popularity.
- Staking and Earning: MANA holders can stake their tokens in the Decentraland ecosystem to earn rewards, which can include additional MANA or other in-world assets.
- Interoperability: MANA is built on the Ethereum blockchain, which means it can be easily traded on various cryptocurrency exchanges and integrated into Ethereum-based DeFi platforms.
- Burn Mechanism: Decentraland has implemented a burn mechanism, which involves taking a portion of the MANA used for LAND purchases and destroying it. This helps reduce the overall supply, potentially increasing the value of existing MANA tokens.
- Decentraland’s native token, MANA, plays a crucial role within the Decentraland ecosystem. MANA is an ERC-20 token on the Ethereum blockchain. Here are some key aspects of its tokenomics:
- Utility Token: MANA is primarily a utility token designed to be used within the Decentraland virtual world. It enables users to buy, sell, and trade digital assets within the platform.
- LAND Ownership: MANA is used to buy and own LAND parcels, which are pieces of virtual real estate in Decentraland. These parcels can be used for various purposes, such as building, gaming, or social interaction.
- Content Creation: MANA is used to create and publish content within Decentraland, such as custom avatars, wearables, scenes, and interactive experiences. This incentivizes creators to contribute to the virtual world.
- In-World Transactions: MANA facilitates in-world transactions for various goods and services. Users can purchase virtual items, pay for entry to events, or interact with the decentralized applications (dApps) built on the platform using MANA.
- Governing Mechanism: MANA holders have a role in the governance of Decentraland. They can participate in decision-making processes related to the platform’s development and policies by staking their MANA and voting on proposals.
- Scarce Supply: The total supply of MANA is limited to 2.19 billion tokens. This scarcity can create scarcity-driven value in the long term, especially as the Decentraland platform grows in popularity.
- Staking and Earning: MANA holders can stake their tokens in the Decentraland ecosystem to earn rewards, which can include additional MANA or other in-world assets.
- Interoperability: MANA is built on the Ethereum blockchain, which means it can be easily traded on various cryptocurrency exchanges and integrated into Ethereum-based DeFi platforms.
- Burn Mechanism: Decentraland has implemented a burn mechanism, which involves taking a portion of the MANA used for LAND purchases and destroying it. This helps reduce the overall supply, potentially increasing the value of existing MANA tokens.
How To Buy A Land On Decentraland
Firstly you’ll need to sign up to the decentraland marketplace with your Ethereum wallet on Metamask, coinbase, and ledger are supported.
Once signed in, click on the “Land” tab to be directed to the land parcels for sale. Be sure to select the “on-sale” tab on the top right corner, the lands for sale will appear in light blue.
The next step is to browse the available land parcels and choose your top choice. By purchasing land in Decentraland directly from the marketplace, you can examine the adjacent locations and how close they are to notable locations.
Click on the virtual property you have selected to discover more about it. This page contains information on the cost, availability, and owner of the land in MANA.
Tap “Buy” to make a purchase. The currency used on Decentraland is either the native Token MANA or Ethereum. You can buy MANA or Ethereum on Binance. Make sure you have enough MANA or Ethereum in your wallet to complete the purchase.
Your Land NFT will show up in your wallet shortly after you finalized your purchase. You can view your land by connecting your Metamask wallet to the OpenSea platform. It is advised that you move and keep your NFT in a safe location, ideally a hardware wallet.
Once you possess a piece of LAND, you can do whatever you want with it ranging from games, applications, gambling services and even dynamic 3D scenes are possible. The supply of the lands is finite allowing the law of supply and demand to operate like in the real world. Owners can rent out their virtual lands to tenants who may use them to host events or develop them into malls, offices, entertainment hubs, and more.
Best Locations To Buy A Land On Mana
On Decentraland, the Plazas—particularly the Genesis Plaza—generally offer the nicest locations. The cost of plots near the Plazas can be rather high in price, but this is not the only aspect that matters. When purchasing your land, you need also take into account other aspects, such as how close you are to a road or a neighborhood. You’ll avoid areas at the heart of districts without roads and that are far from plazas.
Building On Decentraland
To build on Decentraland, one must use either the Builder Tool or the Decentraland SDK. The Builder Tool is the more popular choice due to its beginner-friendly interface and lack of technical expertise requirement. The Decentraland Builder Editor is a basic visual editor that runs on the browser without the need for downloads and utilizes the Decentraland SDK.
To begin building, users must sign in to https://builder.decentraland.org/. The size and shape of the scene selected to deploy on the LAND must match the size of each parcel (16x16m) on that LAND. Users can edit the size of an existing scene by clicking on the pencil icon next to the scene’s name. Once construction begins, adding texture to the scene is crucial. Decentraland is compatible with a variety of textures found in the media asset packs, and users can select a texture from the menu and click it to replace the current floor tiles.
Users can personalize their Decentraland landscape using the drag-and-drop functionality to experiment with different objects on their LAND. The move tool has three features that enable the precise positioning of any object. To undo any recent changes, users can use the delete tool. The Duplicate tool allows users to duplicate items, but items from one LAND cannot overlap with those of a neighboring LAND.
Before publishing the scene, users must ensure that all constraints and limits are fixed; otherwise, the scene won’t be published. Users can download the scene as a zip file by selecting the Download Scene option and later upload it back from the main builder page. To publish the scene, users must add a name and optional description by selecting Edit and then pressing Publish. If the user does not own any land, they can still post it on the Scene Pool for landowners to access.
Trending Buildings In Decentraland
- METAZONE- the first app store in decentraland that offers many arcade games and other METAs. It is free-2-play and play-2-earn and allows community members to create digital content.
- CHATEAUX SATOSHI- a casino with art décor created by Decentral games in the Vegas city district where players can explore non-custodial slots, blackjack, and roulette, payable in cryptocurrencies
- BATTLE RACERS- an arcade game that players can build, race and battle cars on arcade-sized tracks. It is possible to customize the cars through different parts and weapons, creating a high replay value. You can tokenize created cars on the blockchain to record wins and earn exclusive bonuses.
- BOBA BUILDING- it is a place where players can hang out and socialize
- ETHERMOLAND- features art, casino games, and a gallery, among other things. Visitors can enjoy free-to-play opportunities, although they will not earn anything from it.
It is important to note that buying land in Decentraland is not the same as buying real estate in the physical world. The ownership and value of virtual land is not guaranteed and can fluctuate based on various factors, such as the popularity of the platform and the demand for virtual real estate. As with any investment, it is important to do your own research and carefully consider the risks before making a purchase.
Sources:
https://en.wikipedia.org/wiki/Decentraland
https://decentraland.org/
https://www.kraken.com/learn/what-is-decentraland-mana
https://www.investopedia.com/what-is-decentraland-6827259
