Think of a world beyond your wildest dreams where anything is possible. A place where you can be whoever you want, do whatever you want, and experience things you never thought possible. Welcome to Decentraland, a virtual universe built on the Ethereum Blockchain that will transport you to a world of endless possibilities. Decentraland is a place where imagination and reality collide and where the only limit is the scope of your own imagination.
Are you ready to explore this innovative new world?
This blog is your ultimate guide to better understanding the Ethereum-based Metaverse. Stay with us to know all 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 in the simplest way possible. Let’s start.
What is Decentraland?
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 votes 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 the marketplace. The DAO makes the platform a suitable place for community growth and development.
One of the unique features of Decentraland is its community-driven development model, which encourages collaboration and participation from users and developers around the world. The platform offers a range of tools and resources for developers and content creators, including a scripting language, a marketplace for buying and selling virtual assets, and an SDK for building custom applications and experiences.
Decentraland also offers a range of features and capabilities that make it a compelling and engaging platform for users and developers alike. These include:
- User-generated content: Decentraland enables users to create and publish their own content within the virtual world, including games, experiences, and art installations.
- Decentralized ownership: Decentraland’s Blockchain-based infrastructure ensures that users truly own their digital assets and have control over how they are used and monetized.
- Interoperability: Decentraland is built on Ethereum, which means that its digital assets can be traded and used across other Ethereum-based platforms and applications.
- Monetization: Decentraland enables content creators to monetize their creations through various means, including in-world purchases, sponsorships, and advertising.
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 understand what MANA is and how to buy LAND in the Decentraland ecosystem.
The protocol has a three-layer infrastructure:
- Consensus Layer
This layer tracks the ownership of LAND via an Ethereum smart contract.
- Land Content Layer
It uses a decentralized module to download virtual assets for the owners.
- Real-time Layer
This layer offers P2P links between the users to interact.
How Decentraland Works
Decentraland is built on the Ethereum Blockchain. The land system in Decentraland is divided into individual parcels that are stored as non-fungible tokens (NFTs) on the Ethereum Blockchain. These land parcels can be bought and sold using MANA, Decentraland’s native cryptocurrency. The value of each parcel is determined by its location and its proximity to other popular locations in the virtual world.
An individual parcel of land is represented by a unique set of coordinates on a grid, with each parcel being 16 meters by 16 meters in size. Users can buy these lands using MANA and then develop their land using the Decentraland SDK.
Decentraland provides a Software Development Kit (SDK) that allows developers to create custom content for the virtual world. This SDK includes a set of tools and resources that developers can use to build their own dApps and interactive experiences.
The SDK includes a scene editor, a scripting engine, and a library of 3D assets that can be used to create unique and immersive experiences within Decentraland. Additionally, Decentraland provides a range of APIs that allow developers to integrate their dApps with other platforms and services. These dApps can range from games and social experiences to art galleries and educational resources.
Moreover, Decentraland has been actively working on improving its SDK, with recent updates focusing on usability, performance, and an open protocol. The platform also allows for Blockchain integration, allowing developers to create dApps that interact with other decentralized systems and services. This integration allows for a more seamless and interconnected experience between Decentraland and other Blockchain-based platforms.
Decentraland’s MANA token is used to facilitate transactions within the virtual world. Users can buy and sell land, as well as purchase virtual goods and services such as wearables, avatars, and other virtual assets. MANA is an ERC-20 token that serves as the primary currency in Decentraland. It can be used to purchase land, pay for goods and services within the virtual world, and even earn rewards for participating in certain activities. The MANA token is also used to govern the platform’s economy, with users being able to vote on important platform decisions using their tokens. Decentraland uses smart contracts to power its virtual economy. Smart contracts are used to govern the ownership, transfer, and use of virtual land parcels, as well as to facilitate transactions between users.
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 to design 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 official in-game 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 the 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 them with other Metaverse regulars. You have it all!
The tokens of the Decentraland 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 is similar to virtual reality video games, just that it is more real because it has digital assets.
In the Decentraland 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 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. 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 toward 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.
In November 2021, the Metaverse Group, an NFT-based Metaverse real estate organization, bought a plot on the Decentraland for Rs. 18.15 crores.
Decentraland Use Cases
Decentraland is opening up a new world of possibilities for businesses, individuals, and organizations looking to explore new use cases for virtual reality. Let’s have a look at some of the best use cases of Decentraland:
One of the most exciting use cases for Decentraland is the ability to create virtual experiences. With its powerful tools for creating and customizing virtual environments, Decentraland is an ideal platform for businesses and individuals looking to explore new ways of engaging with their audiences.
Some of the best things to do in Decentraland include exploring the many virtual worlds that have been created by the community, attending virtual events and concerts, and even shopping in virtual stores.
For businesses, Decentraland represents a new frontier for marketing and brand engagement. Companies can create virtual storefronts to showcase their products or even host virtual events and product launches to engage with their audiences in new and exciting ways.
Virtual Real Estate
Another exciting use case for Decentraland is the ability to buy and sell virtual real estate. Just like in the real world, virtual real estate is becoming an increasingly valuable asset, and Decentraland is leading the way in this new market.
Owning virtual real estate in Decentraland can open up a world of possibilities for businesses and individuals. Virtual real estate can be used to host virtual events, create custom virtual environments, or even generate revenue through advertising or sponsorships.
Decentraland also offers unique opportunities for developers and creators to monetize their creations. By owning virtual real estate in Decentraland, developers and creators can build and sell custom virtual experiences, creating a new market for digital assets and intellectual property.
Exploring the Metaverse
Finally, Decentraland offers a unique opportunity for individuals and organizations to explore the Metaverse and discover new possibilities in the world of virtual reality.
Exploring Decentraland is as easy as creating an account and downloading the platform’s dedicated client. Once inside, users can explore the many virtual worlds created by the Decentraland community, interact with other users, and even attend virtual events and concerts.
Decentraland is also a great platform for developers and creators looking to explore new opportunities in the world of virtual reality. With its powerful development tools and support for custom scripts and plugins, Decentraland makes it easy for developers to create unique virtual experiences and monetize their creations through virtual real estate ownership and intellectual property sales.
In fact, Queppelin, a leading Blockchain development company, offers Decentraland development services, allowing businesses and individuals to create custom virtual experiences and applications on the platform.
Whether you are a business looking to explore new marketing opportunities in the Metaverse, a developer looking to monetize your creations, or an individual looking to explore new possibilities in the world of virtual reality, Decentraland offers a unique and exciting platform for exploration and innovation.
The potential of Decentraland to revolutionize industries
Decentraland is an intriguing Metaverse platform with limitless potential for revolutionizing numerous industries. As more individuals and businesses become aware of its capabilities, it’s becoming clear that this platform could have an enormous impact on various sectors in the coming years.
The rise of Metaverse platforms like Decentraland is revolutionizing the real estate industry by offering a new way to buy and sell virtual land. Decentraland’s decentralized platform allows users to own virtual real estate and monetize their assets through a variety of means, from renting virtual space to hosting virtual events.
In fact, the rise of Web3 technologies like Decentraland is transforming the real estate industry by allowing for more efficient, transparent, and secure transactions. With the ability to create unique and immersive virtual experiences, Decentraland offers a new frontier for real estate developers and investors to explore.
In 2022, Tokens.com’s CEO, Andrew Kiguel, secured a $16 million fund for investing in Metaverse real estate. As part of this strategy, the company purchased land worth $2.4 million in Decentraland’s fashion district. Tokens.com intends to leverage this location for hosting fashion events and establishing retail shops.
Decentraland’s potential to revolutionize the gaming industry is well-documented. Decentraland’s NFT marketplace and gaming platform allows for the creation and sale of unique virtual assets, from rare weapons to custom avatars.
This innovation is just the beginning. The gaming industry is ripe for disruption by Blockchain technologies like Decentraland, which offer a more immersive and decentralized gaming experience. Additionally, the platform’s open-source nature enables developers to create unique games and applications that can be monetized through the platform’s token, MANA.
The potential for Decentraland to revolutionize industries extends beyond gaming and real estate. As Blockchain technology continues to mature, more sectors are beginning to explore the possibilities of decentralized platforms. The healthcare industry, for example, is one sector that could benefit from Decentraland’s decentralized architecture, enabling secure and transparent data sharing between patients and healthcare providers.
The financial sector is another area where Decentraland could disrupt the status quo. As decentralized finance (DeFi) continues to grow, there’s a need for secure and transparent platforms for managing digital assets. Decentraland’s decentralized architecture could provide a secure and transparent platform for managing digital assets, enabling users to buy, sell, and trade their assets with other users in a decentralized manner.
Decentraland and the Future of Metaverse
Decentraland is one of the fastest-growing Metaverses, and its impact is being felt across the virtual world. It is changing the way people interact, play, and do business in the virtual world.
One of the most significant advantages of Decentraland is its decentralized nature. As a Blockchain-based virtual world, Decentraland allows users to truly own their digital assets, such as virtual real estate and NFTs. This means that creators can monetize their content, businesses can establish a virtual presence, and users can engage in commerce and social activities without the interference of centralized entities.
The potential of Decentraland in the Metaverse is vast. As more people become aware of this new digital world, the demand for virtual real estate and other digital assets is expected to skyrocket. In fact, Decentraland has already seen exponential growth in the past year, with its active user base reaching 60,000 per month.
But it’s not just the demand for digital assets that makes Decentraland so promising. The platform’s open and decentralized nature also means that developers can create unique experiences that are not possible in traditional gaming and social media platforms. This opens up a whole new world of possibilities for businesses and creators to engage with their audience.
Decentraland in the Metaverse is enormous. It is creating a new economy in the virtual world, where users can buy and sell virtual goods and services using cryptocurrency. Decentraland’s approach to virtual real estate is also providing new investment opportunities in the virtual world. As more companies invest in the Metaverse, Decentraland is well-positioned to become a significant player in the virtual world.
How to Buy Land 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
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.
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!
FREQUENTLY ASKED QUESTIONS
Decentraland is a virtual world built on a Blockchain where users can own virtual land, create and trade digital assets, and engage in various social and economic activities.
Decentraland works by using Blockchain technology to create a decentralized virtual world. Users can buy, sell and develop virtual land using MANA, the native cryptocurrency of Decentraland.
Decentraland offers several benefits, including ownership and control over virtual land, the ability to create and trade unique digital assets, and the opportunity to participate in a thriving virtual economy. Additionally, the platform allows for social interaction with other users, creating a unique and immersive experience.
Users can participate in Decentraland by creating an account and acquiring virtual land using MANA. Once they own virtual land, they can develop it, build structures, and create digital assets. Additionally, users can attend virtual events, interact with other users, and participate in the platform’s economy by buying and selling goods and services.
The future of Decentraland looks promising as it continues to attract users and investors. With the rise of the Metaverse concept, the platform is well-positioned to become a leading player in the virtual world industry. As technology advances, Decentraland may see further development, creating new opportunities for users and investors alike.