Are you eager to know about what Decentraland Metaverse is? Or, for that matter, do you want to own a virtual plot shortly? If the answer to these questions is Yes! Then, you are at the right place.
This blog is your ultimate guide to better understanding the Ethereum-based Metaverse. Stay with us to know everything about Decentraland Metaverse and efficiently gain an edge in the sector. Develop your understanding of the virtual world of Metaverse technology through our lenses and start a voyage in the pool of opportunities waiting for you on the other end. This article will offer in-depth knowledge about Decentraland Metaverse in the simplest way possible. Let’s start.
What is DECENTRALAND Metaverse?
What if I tell you that Decentraland is nothing but a virtual real estate platform where you can buy or sell virtual plots called LANDs? You’d find that hard to believe, right?
But, it’s very much real.
Decentraland is an Ethereum-based 3 Dimensional virtual platform, basically, a Metaverse where you can buy or sell lands/plots. Then, as per your requirement, you use the land to create your settings and apps or a marketplace. It thrives as the first-ever fully decentralized virtual space that allows people to immerse themselves in a unique experience of technology prowess.
As the name suggests, DECENTRALAND comprises two words, decentral and land. This means the platform is fully decentralized and is a perfect option for anyone with good knowledge of crypto and augmented reality willing to venture across the virtual world of Metaverse. The project was launched for public access in January 2020. It was led by Ari Meilich and Esteban Ordano.
It is an exclusive platform that allows users to create, trade, and monetize their digital content and virtual real estate properties. You can own anything and everything on Decentraland, starting from an art gallery to hangout spots, from conference centers to lavish homes. These virtual properties can be acquired as Non-Fungible Tokens using the MANA cryptocurrency. The basic tokens you can use in Decentraland are MANA, Estate, and LAND. Each of these tokens has a distinguished purpose in the Decentraland ecosystem.
A major portion of the Decentraland cluster is owned and managed by the Decentraland DAO. DAO or Decentralized Autonomous Organization uses an off-chain voting setup for the community. This gives the token holders a fair chance to cast their vote and get involved in governance decisions and proposals. The DAO owns the most crucial smart contracts that constitute Decentraland. This includes the LAND Contract, wearables, the Estates contract, MANA Metaverse tokens, and marketplace. The DAO makes the platform a suitable place for community growth and development.
The users require to own MANA tokens in their Ethereum wallet to make use of and interact with the ecosystem of the application. The software of this application uses the Ethereum blockchain technology to keep track of the ownership of the digital LAND on this platform.
Let’s move further to understanding what is MANA and how to buy LAND in the Decentraland ecosystem.
Learn about MANA, LAND, and Other Features
In Decentraland, the virtual space where a user interacts and creates is called LAND. As per the team, LAND is a finite and easily transferable 3D space representing an NFT collectible that can be owned and traded. The owners can use their virtual space for designing exclusive scenes, apps, and games. Each LAND token is an ERC-721 asset that fuels Decentraland’s core ecosystem.
On the other hand, MANA is the in-game official cryptocurrency of the platform. It is an ERC-20 token that helps users to purchase LAND and make payments for in-built purchases. The currency is used to purchase estate properties, Avatars, wearables, and exclusive names within the virtual cluster. When you buy or sell a piece of land on the platform, MANA is burnt or, let’s say, exchanged for land parcels.
There are a total of 2.19 billion MANA tokens. The Decentraland block can be mined to add new tokens to the network. As it works on Ethereum, the portal uses the Proof of Work consensus algorithm. Those willing to invest in MANA Tokens can do so through trusted exchanges like Coinbase.
You can access the virtual world of Decentraland metaverse blockchain via a virtual character known as an Avatar, with whom you’re capable of exploring the growing Metaverse network of digital places and destinations. Every person needs to create an avatar to explore Decentraland. These avatars can be created by giving a personal touch, such as preferred body structure, shoes, clothes, accessories, etc. To engage in Metaverse activities, you must have digital tokens and be able to exchange with other Metaverse regulars. You have it all!
The tokens of the Decentraland Metaverse are good for accessing a lot of opportunities. They are programmed to provide and aid worth and transferability exactly like real-world assets. If we talk about it in simple terms, Decentraland Metaverse is similar to virtual reality video games, just that it is more real because it has digital assets.
In the Decentraland Metaverse ecosystem, there are 90,600+ equivalent-sized individual plots of virtual land. You’ll find each in the form of an NFT land. It is considered that an NFT was purchased using MANA tokens when a property is sold.
Therefore, we can say that a land transaction in the Decentraland Metaverse is an NFT transaction in the virtual world.
After an individual or the player has purchased a parcel of land, they can use it to build or create an entire virtual city of their own. When you own the LAND tokens, you formally own that piece of land. Not only that, you can even bid on the items. It’s not specifically for items on sale. Even if the products are not for sale, you can still bid on them and roll them out for the public at a particular price.
Growth of Decentraland Metaverse
Everything you think is available in the real world- you can find that in the Decentraland Metaverse. Digital shops, malls, theaters, skyscrapers, rapid transportation, and everything you can see in the real world are already there.
With each passing day, with the advancements in technology, people are inclining more towards the Metaverse. That is why a huge number of global companies are showing interest and investing in this digital real estate. The largest bank in the US, JP Morgan, even created a lounge in Decentraland by Onyx Lounge, which made the bank the first lender to enter into the virtual world of Decentraland Metaverse.
In November 2021, the Metaverse Group, an NFT-based Metaverse real estate organization, bought a plot on the Decentraland Metaverse for Rs. 18.15 crores.
The protocol has a three-layer infrastructure:
This layer tracks the ownership of LAND via an Ethereum smart contract.
Land Content Layer
It uses a decentralized module to download the virtual assets for the owners.
This layer offers P2P links between the users to interact.
Learn Metaverse Trading on Decentraland
Trading in the Metaverse takes place in the Decentraland Marketplace. It is a one-stop-shop for everything related to land, estates, avatars, and other things and commodities required to build a world. The craze for virtual assets has gained so much momentum that everyone, including mainstream investors and real estate companies, is also trying their best to get into this business.
Investors, especially, have so much faith in the virtual real estate sector and purchasing and selling digital properties in the Metaverse. It’s crazy how people are interested in owning something that isn’t real. Right?
But a few experts say that the rising interest in buying and selling and owning a piece of land in the Metaverse is because of the theory of intrinsic value that it gains from the real world. Real humans interact with each other in these virtual realities via avatars.
The Metaverse provides the facility to buy a property next to those they might wish to have a house with, for instance, their best friends who might live far away or their favorite celebrities and live there with them.
How to buy in Decentraland Metaverse?
You can find the land in these districts in Decentraland:
- Crypto Valley
- Fashion Street
- Aetherian City
- Vegas City
- District X, etc.
You can buy, sell or rent in Decentraland. Now, you must be wondering if you can play Decentraland for free.
To answer this, you can be at ease. Yes! You can play Decentraland for free. You can explore the Metaverse world by opening the website on a browser. Just like other things, it’s not entirely free. You can just explore the world of Metaverse and use a few of its features for free.
To get the maximum benefit from the platform, you require to use some of the most important features in the Decentraland, and you’d need to buy those features. You need to connect your account to your digital wallet for the same. The decision to experience Decentraland without a wallet would mean facing loss and missing out on so many rewards and benefits. Linking your Decentraland wallet will allow you to explore and make complete use of the platform. You can buy and accommodate your land with digital 3 Dimensional content and monetize the same for maximum benefit.
The only services that are available for free in the world of Meta are:
- You can explore the Decentraland and identify the things you like
- You can create your customized Avatar as per your liking
- You can interact with other users in the world of Metaverse
Would you buy a piece of land in the Metaverse? If I were at your place and in a position to invest in this property, I’d do that in the blink of an eye. The reason is that the world of Meta is going to be the future. The industry is going to see a rise in its sales.
You can purchase, sell or lease out land on an enterprise level, peer to peer at any time, on the official global market of Decentraland. Indulging in metaverse training or joining a Metaverse course can help you hone your skills in the field.
Thus, investing in Decentraland can be a good option for those who want to experience a new form of trading. The virtual world will enrich you with many potential opportunities for growth. Moreover, the platform will help you enjoy and fetch some juicy returns for your wallets!