Launch date: 20.02.2020
Tokens and network: Ethereum, LAND, MANA
What is it about: Decentraland is a decentralized virtual platform where users can create, travel, and monetize experiences, content, and applications.
Associated brands and celebrities: Samsung, Australia Open 2022, Digital Currency Group, JJ Lin, and others.
What is Decentraland?
Decentraland brings forward a decentralized virtual reality (VR) platform that’s built on top and powered by the Ethereum blockchain. Within it, users are able to create, experience, and monetize experiences, applications, and content.
In essence, it’s a virtual reality where the 3D land is permanently owned by the community, which provides members with absolute control over their creations. You can log in, create an avatar, and start exploring, buying land, and building all sorts of builds ranging from playgrounds to virtual cinemas and galleries.
Those who own land can control the content published to their portion of the land and these contents can range from interactive systems such as games to static 3D scenes such as paintings, for instance.
One thing that makes Decentraland different compared to other popular blockchain-based games is the fact that it’s not controlled by a centralized organization. Instead, there’s a Decentralized Autonomous Organization (DAO) that governs the policies created to determine how the Decentraland world would behave.
The Decentraland DAO was created to turn the game into the first truly and fully decentralized virtual world and it has been a part of the original vision of the game’s developers.
The DAO owns the most important smart contracts, as well as the assets that make up Decentraland – the LAND Contract, the wearables, the content servers, the Estates Contract, and the marketplace.
This DAO also owns a lot of the game’s native MANA tokens, which allows it to be autonomous while also enabling it to subsidize different operations and initiatives.
Those who participate in the DAO (read all LAND and MANA holders) can schedule votes to decide on different issues such as:
- Addition and replacement of content servers
- Upgrading LAND to add more features
- Specifics and dates of LAND auctions
- Primary sale fees
- Addition of new wearables and so forth
Decentraland Tokenomics: LAND and MANA
The game itself is comprised of many parts, and its intricacies are numerous. However, understanding its tokenomics is critical to being able to play it. The two primary tokens in Decentraland are LAND and MANA.
LAND Token Explained
- Name: LAND
- Blockchain: Ethereum
- Token Standard: ERC-721
- Token Type: Non-Fungible Token (NFT)
- Total Supply: 90,601 LAND
- Contract: 0xf87e31492faf9a91b02ee0deaad50d51d56d5d4d
The land within the Decentraland metaverse is represented by non-fungible LAND tokens. In essence, these are non-fungible tokens (NFTs) that track the land ownership on Ethereum’s blockchain.
LAND tokens are built on top of the ERC721 protocol standard which makes it a digital asset that can be traded with other users – just like any other NFT.
One of the main differences between LAND and other NFTs like the Bored Ape Yacht Club collection, for example, is that players are able to use LAND within Decentraland to construct 3D spaces and applications like in the example below:
Land parcels are 16m x 16m. The height is restricted based on these limitations as well. Moreover, LAND is a digitally scarce token, and it corresponds to the fixed total amount of MANA tokens.
How to Buy LAND?
There are a couple of ways users can buy virtual properties (LAND) in the Decentraland metaverse. The first one of them is to participate in timely auctions that are announced by the team every now and then and sell unclaimed LAND.
The more popular one is to go to Decentraland’s Marketplace and buy it there. Once you get to the marketplace, you will get prompted to connect a web wallet and we recommend that you use the most popular one – MetaMask (unless you have another one that you’re used to.) If you don’t have the wallet installed, visit the official website, install the Google Chrome extension and follow the instructions carefully.
Once you have your wallet connected to the Marketplace, you can click on “Land” in the top left corner, and you will see the following map:
The little squares are the LAND units, and you can click on each one of them to check their details and place a bid (in case it’s owned by someone, like most of them already are). To buy it, you have to place a winning bid:
MANA Token Explained
- Name: MANA
- Blockchain: Ethereum
- Token Standard: ERC-20
- Token Type: Utility Token
- Total Supply: 2,644,403,342 MANA
- Circulating Supply: 1,327,372,145 MANA
- Contract: 0x0f5d2fb29fb7d3cfee444a200298f468908cc942
The other token that’s essential to Decentraland’s in-game economy is MANA. Unlike LAND, MANA is a fungible ERC20 cryptocurrency that can be burned or spent in exchange for LAND parcels. It can also be spent in the Decentraland Marketplace to buy various things that the game has to offer.
How to Buy MANA?
Unlike LAND, MANA is traded freely on many leading crypto exchanges such as Binance. You can create an account at each one of them and buy some of it on the open market. If you want to use them in the game, though, you need to transfer them to the wallet you are using.
How to Play Decentraland?
Once you get to the official website of the game, you will see a big red button in the middle that you should click to get started. Then, you will be prompted to either play using your wallet or continue as a guest:
For this guide, we will connect a MetaMask wallet and sign the necessary permissions. Once the game loads, you will be able to create your very own avatar. This will be the character that you play the game with, so make it pretty:
There’s a bunch of traits that you can choose from, such as the body, head, top, bottom, shoes, accessories, and add different collectibles. Additionally, you can also buy items using the Marketplace but more on that below.
Once you have your avatar ready to roll, hit the “done” button in the bottom left. Now you would have to name it, agree to the terms and conditions and you’re ready to roll.
You get dropped at Genesis Plaza alongside all the new players that have just started their journey:
Notice that there’s a tutorial box towards the bottom of your screen – we highly recommend that you keep that up until you are used to playing the game, as it will give you the basics.
Once you’re at Genesis Plaza, start controlling your avatar using the traditional “W, A, S, D” keys – just as in most MMO games.
All around Genesis Plaza, you will find a few pillars, each one of which is filled with different activities that you can do:
Alternatively, you can also jump through the middle in the giant hole-looking whirlwind thing and explore other avenues:
Another cool thing is that when you press M, you toggle the map. There, you can search for different locations and “jump in” right to them without having to walk there.
On the bottom right, you will find your current location. On the top, there is a navigation menu that allows you to explore different options. For example, if you hit the “explore” button you will get redirected to a page where you can find various places, events, and so forth.
Remember that earlier in the guide we mentioned that Sotheby’s opened a gallery in Decentraland? Well, let’s check it out.
Once you click on Explore on top of the page, you will also find the “Places” button, and as soon as you hit it, some of the popular locations in Decentraland will pop up. We selected Sotheby’s gallery and jumped right to it. Here’s where we ended up:
And the cool thing is that Sotheby’s has actually displayed some art pieces to check out. For instance, this is one of Banksy’s pieces:
You can also just click on the painting itself, and it will send you to the official Sotheby’s page containing the full art details.
Ari Meilich: Project Lead.
Esteban Ordano: Head of Engineering
Xiaolai Li: Founder of INBlockchain
Jake Bruchmann: Founder of Coin Found
Luisa Cuende: Aragon Project Manager
Diego Doval: CTO’s Ning
Giotto De Filippi: Crypto Economist
Since it was a small project, Decentraland has been a unique project when it comes to virtual reality platforms on blockchain. With the explosion of the Metaverse movement, it is increasingly asserting its position and potential on global exchanges and creating many opportunities for investors to capture and earn huge profits.
The article is for informational purposes only, not calling for investment. Cryptory.net will not be responsible for any of your investment decisions.
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