in

What is Decentraland?

What is Decentraland?

What is Decentraland?

Decentraland is a digital game that simulates reality in 3D. This user-owned Ethereum-based 3D virtual reality platform, or open world metaverse, is a combination of virtual reality, augmented reality and the internet. This allows users to be part of a shared digital experience in which they play games, trade collectibles, buy and sell digital real estate or avatar wearables, and communicate and interact with each other. Decentraland is software that aims to give a global network of users incentives to manage a shared virtual world, according to cryptocurrency exchange Kraken.

Decentraland is part of a growing metaverse trend that has led to the proliferation of meta-related coins. Users can control the immersive virtual reality world they have created, in which they observe it through the DAO, a decentralized autonomous organization. Decentraland differs from other VR games in that it allows users to control their environment to some degree; through the DAO, users can directly vote on the game and organization policies.

Key Findings

  • Decentraland is a digital game that simulates reality in 3D and is a user-owned virtual reality platform based on Ethereum.
  • Decentraland users oversee this digital world through the DAO, a decentralized autonomous organization.
  • Users can create their own environments, marketplaces, and apps using Decentraland’s three native tokens: LAND, Estate, and MANA.
  • In November 2022, Decentraland’s market value was estimated at $2.5 billion.

How does Decentraland work?

Users create their own unique environments, marketplaces and applications using Decentraland’s three native tokens: LAND, Estate and MANA. ERC-721 tokens like LAND and Estate make each token unique. Because of this factor, they are not fungible and are called non-fungible tokens (NFTs). This means that they do not act as a currency, but are used to create avatars, wearables, and unique pieces of land.

MANA is a fungible ERC-20 token that serves as Decentrand’s digital currency. It can help users create decentralized games, apps and other services and allows them to monetize their creations as it allows them to digitally create what they want and explore the virtual space as they wish.

Users can use the Decentraland Card and participate in scheduled community events, which may include concerts, movie screenings, and casino nights. Other options are to buy or sell digital art and land. Land clusters have different characteristics. Places in Decentraland include Vegas City, District X, the Red Light District, Fashion Street, Dragon City, and others based on other themes.

How to join Decentraland and get started

Users enter Decentraland by opening an account. To do this, they must have a suitable Ethereum cryptocurrency wallet in which the funds are securely stored. The recommended one is MetaMask, which is available through the Browser Extensions Directory. One way to represent a digital account is with a bank account number, while a wallet is a debit card.

Users must also create a passport, after which they are assigned an avatar they can name.

The Decentraland system offers a beginner’s guide, options to explore what’s on offer, and instructions on how to chat with other users.

What is the history of Decentraland?

In 2017, Argentinean blockchain experts Ari Meilich and Esteban Ordano launched Decentraland, for which they created game smart contracts. It started as a proof of concept, which is an experiment or pilot project in which he will transfer ownership of a piece of digital real estate to his users on the blockchain. They developed the platform as a two-dimensional (2-D) project, which gradually transformed into a three-dimensional world.

At first, digital land plots were sold for about $20, and MANA tokens for 2 cents. The game’s first map, Genesis City, included 90,601 parcels of land. In 2017, Decentraland raised over $26 million in an Initial Coin Offering (ICO).

In April 2021, during the surge in NFT popularity, Decentraland packages were selling for between $6,000 and $100,000.

Due to the relatively small pool of MANA, the currency is volatile, and it has risen sharply since events such as Facebook’s rebranding to Meta, such as a nod to the company’s bet on the success of the metaverse. The highest spike came shortly after the rebrand, when Tokens.com acquired “the largest metaverse acquisition in history”, peaking at $5.90 in late November.

In November 2022, Decentraland reportedly had a market valuation of $2.5 billion.

What is a smart contract?

A smart contract is a self-executing contract in which the terms of the agreement between the buyer and the seller are directly written in lines of code. The code and agreements contained in the contract exist on a distributed decentralized blockchain network. Code controls execution and transactions are traceable and irreversible. Smart contracts enable trusted transactions and agreements between disparate anonymous parties without the need for a central authority, legal system, or external enforcement mechanism. While blockchain technology has come to be seen primarily as the basis for bitcoin, it has evolved far beyond a virtual currency.

What is digital money or digital currency?

Digital money (or digital currency) refers to any means of payment that exists in a purely electronic form. Digital money is not physically tangible like a dollar bill or coin. It is taken into account and transmitted using online systems. One of the well-known forms of digital money is Bitcoin cryptocurrency. Digital money can also be fiat currencies such as dollars or euros. Digital money is exchanged using technologies such as smartphones, credit cards, and online cryptocurrency exchanges. In some cases, they can be converted into cash using an ATM.

What are non-fungible tokens (NFTs)?

NFTs are cryptographic assets on a blockchain with unique identification codes and metadata that distinguish them from each other. Unlike cryptocurrencies, they cannot be traded or exchanged for equivalence. This is different from fungible tokens such as cryptocurrencies, which are identical to each other and therefore can serve as a vehicle for commercial transactions.

bottom line

Decentraland is a 3D digital game that is a user-owned Ethereum-based virtual world platform or metaverse that allows users to become part of a shared digital experience. With Decentraland, they can play games, trade collectibles, buy and sell digital real estate or wearables, communicate and interact.

It was launched in 2017 and by November 2022 it had an estimated market value of $2.5 billion.

Written by khirou

Leave a Reply

Your email address will not be published. Required fields are marked *

Shutterstock

US seizes scam domains of crypto scam on butchering pigs

Blockchain Development Is a Much Better Tech Career Than You Think

Blockchain Development Is a Much Better Tech Career Than You Think