What Is Decentraland?
The Metaverse has dominated the crypto world in the recent past. The digital industry is in for a shift, as even Facebook has rebranded itself to Meta. It is vital to look at one of the oldest and most popular metaverses, Decentraland, to understand what the future might hold for us. Decentraland has all the popular elements of a metaverse, from engaging digital communities to virtual real estate.
The Decentraland metaverse
Decentraland is a combination of blockchain technology and gaming technology. Users of Decentraland have complete control and ownership of the game. All in-game items like accessories, clothing and other in-game collectibles are NFTs. Virtual real estate is also a Decentraland NFT. All this means that you own everything you collect in Decentraland.
Decentraland users also have a say in the future of the game. Decentraland DAO allows users to vote on issues outside the game and in-game. The DAO enables users to influence system upgrades, the allocation of the Decentraland treasury, and other new features.
The virtual real estate in Decentraland is called LAND. LAND allows users to create unique experiences for others who can interact with it. Users have options to interact with their land, such as creating exciting games, simple activities, and also artwork.
Decentraland metaverse features
Decetraland DAO controls the features of Decentraland. This platform aims to give complete control of the game to its players. Decentraland DAO enables users to influence change in the game and all supporting platforms. Users of Decentraland can vote on issues such as moderation of content, DAO policies, the type of wearables allowed, and other issues.
Create and build new experiences
The development tools of Decentraland allow users to create experiences that they can truly own. Players can create whatever they wish to use these tools for, such as mazes, space adventures, and entire towns and cities. Users can also earn crypto for their efforts as they can monetize all the experiences that they create.
Users can buy all in-game items from Decentraland in its marketplace. The marketplace allows users to set prices when selling land, clothing, and other in-game items. The Decentraland community thrives through this marketplace. Players can buy in-game items in the marketplace to showcase their creativity by designing LAND, and characters, or even trade and sell items to earn rewards.
What is MANA?
MANA is the native token of Decentraland. MANA is used for all transactions, from gaining access to monetized LANDS to buying wearables. MANA is also used as a governance token. MANA gives users voting rights on decisions for its policies and the game.
MANA tokens are burned every time they are used to purchase LAND, this acts as a deflationary measure for the token. This action may raise the token’s value as new users play Decentraland.
What is LAND?
LAND and MANA are the two main tokens of Decentraland. LAND represents the virtual property in Decentraland. LAND represents the ownership of plots and parcels of virtual real estate. Users can create games and other incredible experiences by owning LAND. LAND also gives voting powers to users in the DAO.
LAND is divided into districts and parcels in the Decentraland virtual world. Individual users own parcels of LAND, while districts are collections of parcels with a similar function or theme. Players who own multiple parcels of LAND adjacent to each other can convert them into a single unit known as an estate.
How to play Decentraland?
Users find it easy to play Decentraland. Users can either download the application or join the game as a guest from their web browser. Users must link their crypto wallet or create a new account to experience the full game. Decentraland suggests using Metamask to store all NFTs.
Users can start playing immediately after creating an account. Users can start by exploring the LAND created by others. Users can also showcase their creativity by buying their LAND. Users can buy accessories and new clothing for their in-game character by acquiring MANA.
These in-game items and accessories are also NFTs, which can be stored in wallets and traded on the Decentraland marketplace.
How to buy LAND in Decentraland?
It is easy to buy LAND in the Decentraland virtual world. Users can enter the marketplace once they have an active account with a linked wallet. A map of available Decentraland property is displayed in the marketplace. Users can choose the location to purchase, get the offer price, and buy it using this map.
Users can use either Ethereum or MANA to buy LAND in the marketplace. This process may take a few minutes for the transaction to complete once a user confirms their purchase. Once the transaction is complete, LAND will be visible in the linked wallet of users.
Users can also purchase LAND from the OpenSea marketplace, but the marketplace in Decentraland makes it easier to browse and choose plots visually.
What is Decentraland DAO?
There is no centralized authority controlling Decentraland, the players own this game. Players can participate in the governance of the platform as long as they own either MANA or LAND. This forms the basic structure of the Decentraland DAO.
The DAO allows users to vote on things they want to see in the game. There are many decisions that users can vote on, such as marketplace and LAND fees, as well as system upgrades for LAND.
A Security Advisory Board supports the Decentraland DAO. This advisory board responds to all bug reports on the platform and is also responsible for the security of smart contracts. This board consists of five members, who are appointed by the Decentraland community through voting.
Is Decentraland a good investment?
Decentraland was launched in 2017 and is a strong player in the metaverse space. Decentraland is one of the oldest platforms for creating a mesmerizing and decentralized virtual world. However, there are other competitors in this space.
One of the biggest competitors to Decentraland is Sandbox. Sandbox is a new platform that offers better graphics to players. Although it is a newer platform, Sandbox is highly centralized and is yet to transition to a DAO.
At the time of writing, MANA is ranked #42 by market capitalization, trading at almost $0.6 per token, and has a market cap of $1.13 billion. Currently, there are a total of 1.85 billion MANA tokens in circulation.
Decentraland should be on every investor’s radar who is looking for assets with future growth. For investors interested in the metaverse space, Decentraland presents a great investment opportunity for them. While Decentraland might not be the newest platform, its complete decentralization feature is highly sought-after.
Since its inception, Decentraland has stuck to its vision of a user-driven and user-owned virtual world. Decentraland’s passionate community drives the creation of immersive experiences and in-game items. Decentraland has created one of the best metaverse experiences since its release and will continue to be one of the best as long as its users remain engaged.
You can now buy Decentraland ( MANA) on ZebPay. Visit ZebPay blogs to stay upto date on crypto news.