Virtual reality

Your connection between real and virtual world

Decentraland – A brief introduction

Budi posrednik između stvarnog i virtualnog – podijeli članak:

Imagine living in an alternate reality through which you can teleport from place to place and socialize with thousands of other people, all within the same digital universe.

What we’ve just described is called metaverse, a term first used by Neal Stephenson in his sci-fi book Snow Crash. The metaverse is a combination of virtual reality (VR), refined reality (AR) and the Internet.

Decentraland is a virtual world that stands at the forefront of the trend of rapidly growing popularity of the metaverse.

What is Decentraland?

Decentraland is a 3D virtual world based on the Ethereum blockchain. Decentraland allows people to spend time in a simulated virtual environment. In Decentraland, users can socialize with other users and spend time doing various activities. Each user is represented by his personal avatar, which can be adapted to their wishes. After creating a new avatar, you can further move freely around the world.

Established in 2015 and launched in 2017, Decentraland is powered by Etherium and its indigenous ERC-20 crypto token called MANA. With MANA, users can buy virtual land, which they can then subsequently refine, reshape and use to earn money.

In Decentrald, land ownership is the main incentive for users to cash in on their time spent on the platform. The area itself is limited to 90,000 unique plots. Once the land is in your possession, you can build whatever you want on it, from the company to the dream house. You can create music, organize festivals, open an art gallery. In order to earn money, you can charge tickets or, for example, sell NFT art. This is precisely the main idea of Decentraland, the creation of a virtual marketplace where users can create and sell various things and which is accompanied by a unique in-game economy.

With all these types of transactions, a medium is required by which these transactions will be carried out. This is where MANA coin comes into play.

If you are interested in more, in an interview with Filip Lesakorski you can find out how to become the owner of land in Decentraland.

What is MANA coin?

MANA is an ERC-20 token based on the Etherium blockchain and is the main token of Decentraland. MANA can be used to trade possessions within the game and can also be used if an advance token – you can use it to invest various suggestions (for example, regarding a company policy change), participation in auctions, and the like.

The amount of MANA tokens is limited; once used to buy land, Decentraland will “burn” (destroy) a certain amount of MANA tokens in the value of the land purchased. Currently, about 1.82 billion of the total 2.8 billion initial MANA tokens are in circulation.

The disadvantage of MANA coins is that it has no real-world utility since only 205 merchants in the world accept MANA tokens as a type of payment. (Source: Cryptwerk)

Movements in the value of MANA coins over the past two years (source: CoinMarketCap)

How does Decentraland work?

Ownership of land and digital assets in Decentraland goes through software based on the Ethereum blockchain. Every Decentraland user must carry MANA tokens in their digital wallet so that we can use the monetary ecosystem within the platform.

When it comes to monetizing your property, there are two ways you can attract customers and customers to your property.

The first is The Builder. It is a fashion in which you can use already pre-made objects, which you then simply place on your land. This is the easiest way to build something in Decentraland because you don’t need any special programming skills.

The second way is a bit more complicated – The Decentraland SDK. If you have knowledge of programming, you have more freedom when it comes to creating. You can create almost endless creations and creations by writing code directly into the software.

NFT markets within Decentraland

Decentrald has its own marketplace where users can trade NFTs. On it you can trade various digital assets – land, various virtual clothes and accessories for avatars, unique names and various tools used to refine the land.

What makes Decentraland unique?

Decentraland provides its users with an amazing virtual world; It’s like they’re in another life. Also, Decentrald has been named the leading decentralized game based on decentralized autonomous organization (DAO) software that manages the platform and ensures that the platform remains credible.

Players can use their MANA tokens to make suggestions related to improving game policy and auction systems within the game.

Essentially, Decentraland is a 3D virtual platform where you can own lands and create almost unlimited creations, absolutely at your will, and along the way you also have the ability to monetize your creativity.