[{"category":{"name":"BitScreener Exclusive","exported_url":"bitscreener-exclusive"},"id":"e8ef5ed0-3f85-4be1-9ecc-0e8c002ac8f5","updated_at":"2022-06-16T11:57:00+00:00","account":{"firstName":"Mason","lastName":"Thompson"},"description":"Recently, the metaverse has been becoming a trendy topic in the crypto field, bringing explosive growth to numerous projects offering metaverse products. Decentraland, a 3D virtual world platform, is one of the leading names that was ahead of the Metaverse trend. Let’s take a deep dive into Decentraland (MANA)!","sapo":"Recently, the metaverse has been becoming a trendy topic in the crypto field, bringing explosive growth to numerous projects offering metaverse products. Decentraland, a 3D virtual world platform, is one of the leading names that was ahead of the Metaverse trend. Let’s take a deep dive into Decentraland (MANA)!","title":"Decentraland (MANA): Building A Virtual World","content":"

Introduction to Decentraland

Decentraland is a virtual reality platform powered by the Ethereum blockchain, allowing users to create, experience, and monetize content and applications.

Decentraland is a project providing an infrastructure with a view to supporting a metaverse which can be described as a distributed virtual world. It comprises three key features including a decentralized ledger, a content protocol, and a peer-to-peer interaction network.

Within Decentraland virtual world, users are able to purchase digital real estate while exploring and playing games. Moreover, the network has advanced to produce interactive apps, peer-to-peer communication, and in-world payments.

Two major tokens operating on Decentraland include:

LAND: This is an NFT (non-fungible token) utilized to determine the ownership of land parcels indicating digital assets.
MANA: It is a governance token facilitating the purchases of LAND, and Decentraland virtual products and services.

History of Decentraland

Decentraland was co-founded by Ariel Meilich and Esteban Ordano in 2015. Since its inception, Decentraland has gone through a tough process to be able to capture such a huge position as it is now. This process can be displayed with the following stages:

1. Stone Age (6/2015)

Officially released in early 2015, Decentraland is a virtual reality platform creating opportunities to earn money even beyond imagination. In June 2015, Decentraland took its first steps by producing an algorithm to accept Bitcoin (BTC).

2. Bronze Age (3/2017)

In March 2017, Decentraland turned into a new chapter thanks to the sketched 3D space, under the connection and support of Blockchain technology.

3. Iron Age (Q4 2017)

In December 2017, the first public LAND auction, known as “Terraform Event,” was held, allowing users to exchange LAND parcels for MANA in the very first part of the game, Genesis City.

During the Iron Age, developers would build numerous apps on Decentraland and distribute them to other users for earning money. In addition, peer-to-peer communication was also implemented, allowing for highly interactive content, and a fast crypto-payment transaction system.

4. Silicon Age (2018)

In 2018, Decetraland made a major turning point in its development journey. 3D virtual world, together with Virtual Reality (VR) glasses, made communication extremely simple and convenient. Users can join casinos, attend seminars, go shopping, start a business, and more within the complete virtual world.

In March 2018, the Decentraland Marketplace was released allowing users to buy and sell LAND parcels in Genesis City.

5. Expansion

In April 2021, amid the explosion of NFTs, the price of MANA rocketed to as high as $5.79, following Facebook's rebranding to Meta.

From late 2021 and early 2022, Decentraland caught the blue eyes of numerous popular brands to appear and bought ‘properties’ on the platform, including Samsung, Adidas, Atari, PricewaterhouseCoopers, and Miller Lite.

In March 2022, Decentraland hosted Metaverse Fashion Week with the appearance of leading fashion brands, including Dolce & Gabbana, Tommy Hilfiger, Elie Saab, Nicholas Kirkwood, Perry Ellis, Imitation of Christ, and Estée Lauder.

In May 2022, amid the market downtrend, MANA, along with other coins in the Metaverse sector, such as The Sandbox (SAND), Axie Infinity (AXS), and ApeCoin (APE) has significantly outshined the rest of the crypto market.

About Decentraland (MANA)

Decentraland (MANA) is the native token of Decentraland, and serves the two major purposes:

1) As an in-game currency: MANA is an ERC-20 token that can be burnt to obtain non-fungible ERC-721 LAND tokens. Moreover, MANA can be utilized to pay for a variety of avatars and more on Decentraland.

2) Governance: MANA grants its holders voting rights in the Decentraland DAO.

To participate in the DAO’s governance, users need to transform their MANA into wrapped MANA (wMANA) and lock it in DAO. Each wMANA is equivalent to one vote in governance proposals.
Additionally, participants are able to acquire MANA by purchasing collectible items on the Decentraland Marketplace.

How Decentraland works

The Decentraland protocol consists of three layers:

Consensus layer: Tracking land ownership and its content.
Land content layer: Downloading assets using a decentralized distribution system.
Real-time layer: Connecting users’ world viewers

Besides, the Decentraland platform works under two main mechanisms as follows:

A Virtual World owned by users

Decentraland users are able to create and exchange images, and digital assets. This strikes an impression on participants as being changed into a character.

Decentraland desires to create a network enabling content creators to obtain their contributions’ full value. In addition to item and parcel trading, users’ personal space can be populated with games, and artwork and they are able to customize their avatars with unique wearables.

In-game collectibles are produced utilizing NFTs on the Decentraland Marketplace and any users can create and purchase these digital assets.

Economic activities

Within Decentraland, participants are able to trade NFT artworks as well as make money by trading land.

Like real estate, the approach to valuing Decentraland relies on the location factor, and people are struggling to find a way to place a price on their land.

Decentraland can be employed for a wide range of purposes including advertising and content collection.

However, new players can find it difficult to get started with NFTs. Ethereum gas fees are fairly twofold as compared with the cost of some cosmetics, making ownership exorbitant for several gamers.

Features of Decentraland (MANA)

Decentraland platform also possesses outstanding following features that make it unique.

Decentraland virtual reality network is built for content creators, businesses, and individuals looking for a new business opportunity or source of entertainment.

Decentraland creates a DAO to hand over control to its users with its network permanently owned by the community, meaning that participants have full control over their creations. Any single agent cannot modify the rules of the software, contents of land, or the economics of the currency.

MANA holders can propose and vote on policy updates created to determine how the Decentraland world behaves. In addition, participants currently monetize their LAND through leasing, advertising, and paid experiences.

Especially, users can earn money by creating and selling items on the Decentraland marketplace for MANA tokens.

Who is behind Decentraland?

Decentraland was co-founded by Ariel Meilich and Esteban Ordano.

Ariel Meilich served as the project lead at Decentraland between 2017 and 2020.
Esteban Ordano, who has a long and varied history in the cryptocurrency space, is the former tech lead of Decentraland.

Decentraland is now directed by the recently established Decentraland Foundation. Furthermore, A DAO was then launched to turn the management of the project over to its users.

Is MANA a good investment?

Billing itself as the first fully-decentralized virtual world, Decentraland has become a household name in crypto metaverse land.

Decentraland is considered a ‘fertile land’ that offers multiple potentials and interesting user experiences. This is what has attracted an increasing number of users to this platform, promising to enhance the demand for the native token MANA as well as upscale this token’s price in the forthcoming future.

Explore all the trending topics and hottest news in the crypto market with our Blogchain.

Meanwhile, practice trading, play virtual money, and earn real tokens with CryptoSim - Virtual Trading Game.

","tags":[],"image":{"fileName":"decentraland-mana-deep-dive.jpg"}}]

Decentraland (MANA): Building A Virtual World

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