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An Ethereum-based program called Decentraland aims to motivate a global user network to manage a cooperative virtual world. Users of Decentraland can explore, interact, and play games in this virtual world while buying and selling digital property.
The platform has developed over time to include user-interactive apps, in-world payments, and peer-to-peer communication. In Decentraland, operations are governed by two distinct types of tokens.
- A non-fungible token (NFT) called “LAND” is used to identify who owns the land parcels that serve as a representation of virtual property. Tracking LAND token-identified land plots is the purpose of the Decentraland app.
- A cryptocurrency called MANA makes it easier to buy LAND as well as digital items and services for use in Decentraland.
Players who are interested in accumulating in-game currency that can later be used to purchase real-world goods and services may find the Decentraland ecosystem to be of interest.
Decentraland to USD Chart
The software uses the Ethereum blockchain to keep track of who owns what digital real estate, and in order to interact with its ecosystem, users must possess its MANA token in an Ethereum wallet.
It should be noted that since all transactions are settled between Ethereum wallets, they are all confirmed by the Ethereum network and recorded on its blockchain.
MANA is a key component of Decentraland’s virtual ecosystem and can be used for ecosystem transactions as well as software management. For instance, having MANA gives users access to the platform’s features such as avatar customization, user interaction, and metaverse exploration.
Through a network of blockchain-based smart contacts, changes to the Decentraland software are made. Additionally, users who own MANA have the option to vote on platform improvements such as LAND auctions, policy updates, and subsidies.
The MANA tokens used to buy the parcels at auction are burned, or removed from circulation, deflationizing the MANA supply. As the platform expands with additional users, this could put pressure on the token value.
Additionally, developers are free to innovate on the Decentraland platform by creating the animation and user interface for their digital properties.
The Decentraland team has also made available a marketplace and a drag-and-drop editor that users can use to create scenes outside of the gaming environment. With the help of Decentraland’s builder tools, owners can design a special environment inside their LAND parcels.
Through its editing tool, which gives developers access to customization libraries and payment implementations, interactive scenes are designed.
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Who founded the Decentraland Foundation?
Esteban Ordano and Ariel Meilich established the Decentraland Foundation, the company responsible for the creation of the Decentraland software, in 2015.