As we get deeper and deeper into the future of cryptocurrency, virtual world platforms continue to evolve and become more integral pieces of the blossoming Metaverse. Here we take a look at one of those virtual worlds—Decentraland—and explore what it’s all about.
What Is Decentraland?
Decentraland is a virtual world that runs off the Ethereum blockchain. The platform allows users to create unique profiles and avatars in order to play games and buy and sell digital real estate.
As the Metaverse has grown in size and shape, so too has Decentraland evolved to include interactive applications for users, peer-to-peer communication for participants and on-platform payments. Think of Decentraland as a vast virtual reality space that’s accessible through VR headsets, computers, and other burgeoning technology, with the ability to make “real life” decisions with “real world” impact, albeit virtually.
LAND vs. MANA
Governing the functionality of Decentraland are two tokens: LAND and MANA. LAND is an NFT that helps determine digital land ownership and real estate holdings in the virtual Decentraland world. MANA on the other hand is a cryptocurrency that is used for purchases of virtual goods and virtual services in Decentraland as well as for the purchases of LAND and other digital real estate. Blockchain smart contracts are what power the changes and updates to Decentraland, and by owning MANA, users are able to vote on land auctions, subsidies for new developments, and policy updates.
How Does Decentraland Work?
Using the Ethereum technology, Decentraland digital real estate purchases are able to be tracked and ownership can be verified. In order to participate in the virtual world, users must possess an Ethereum wallet and keep their MANA holdings there. Developers can then build on their digital land by designing however they’d like it to look.
Through voice chat, avatars, and messaging, Decentraland users are able to engage in a virtual marketplace where they can buy and sell goods pertaining to their property. They’re also able to utilize builder tools—including some drag-and-drop functions—that allow LAND owners to interact, design, and fully customize their land parcels according to their preferences.
The Future of Decentraland
Like with all cryptocurrency and its related tributaries, the future of Decentraland is expected to continue to grow as more and more adopters of the virtual world continue to emerge. With the innovations Ethereum has happening and the different layers and protocols that should be rolling out in the coming months and years, Decentraland will be a direct beneficiary to the improved technology and should provide a solid baseline for developers to continue to create, ideate, and innovate awesome creations on the LAND parcels and within the virtual marketplace.
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