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Last Updated on June 19, 2023 by Chris Panteli
Decentraland Review
Have you ever dreamed of starting your own property empire?
Perhaps you’re inspired to create and build worlds, but don’t know where to start.
The answer you’re looking for can be found in Decentraland.
Decentraland is a digital world that gives you the opportunity to build and create to your heart’s content. Plus, the in-world marketplace gives you the chance to make real money online.
In this Decentraland Review, you’ll learn everything you need to know about this digital dream.
What Is Decentraland
Decentraland is a virtual space built on blockchain technology. It is a decentralized, community-driven virtual world where users can create, explore, and interact with each other in a virtual environment.
In the Decentraland metaverse, you can be part of an in-world economy that creates and trades in all kinds of digital assets. This means you can make real-world money from Decentraland.
Overall, Decentraland gives every user complete ownership and control over their digital assets and experiences within the virtual world, creating a platform for social interaction, creativity, and economic opportunities.
A Brief History Of Decentraland
Decentraland has its roots in a project called “The White Paper,” which was published in 2015 by Argentine entrepreneurs Ari Meilich and Esteban Ordano. The White Paper outlined their vision for a decentralized virtual reality platform where users could own and build upon virtual land.
In 2017, the Decentraland project conducted an Initial Coin Offering (ICO) to raise funds for development. The Decentraland ICO was successful, raising approximately $24 million, and the project gained significant attention in the blockchain and cryptocurrency communities.
Decentraland launched its platform to the public in February 2020. This allowed users to explore and interact with the virtual world. The platform included features such as a web-based builder for constructing virtual scenes and a marketplace for buying and selling virtual assets.
In 2020, the platform introduced the Decentraland DAO, allowing token holders to participate in decision-making processes and proposals related to the platform’s development and governance.
As the project progresses, Decentraland continues to expand its features, improve user experiences, and foster the growth of its virtual economy.
How Does Decentraland Work
Decentraland is built on blockchain technology, specifically utilizing the Ethereum blockchain. Here’s a breakdown of how Decentraland works:
Digital Land
The core component of Decentraland is virtual land known as LAND. Each LAND parcel is represented by a unique Non-Fungible Token (Land NFT) on the Ethereum blockchain. Users can buy and own these virtual parcels using the platform’s native cryptocurrency, MANA.
When a user owns a LAND parcel, they have complete ownership and control over it. They can build on these digital plots, create experiences, and monetize their creations.
Building
Decentraland provides tools and a web-based builder that allow users to create 3D scenes and experiences on their LAND parcels. Users can design and construct buildings, landscapes, Decentral games, artwork, and more using Decentraland tools or external software.
For example, Vegas City is one of the largest districts in Decentraland. And it’s all created by the users.
Decentralized Virtual Universe
Users can explore Decentraland’s virtual world, moving from one LAND parcel to another. They can interact with other users, visit different experiences, attend events, and participate in various activities within the virtual world.
Social Interactions
Decentraland supports social interactions among users. Users can communicate with each other through chat, voice, or other means, fostering social connections and collaboration within the virtual world.
Decentraland Economy
Decentraland has a built-in marketplace where users can buy, sell, and trade virtual assets such as LAND, wearables, and other digital items. The platform supports the use of MANA as the primary currency for transactions within the virtual world, enabling economic activities and opportunities.
Decentralized Governance
Decentraland’s governance model is based on Decentralized Autonomous Organizations (DAOs). Token holders can participate in the decision-making process by voting on proposals related to the development, governance, and future of the Decentraland platform.
Cross-Platform
Decentraland is designed to be suitable with other blockchain-based projects and platforms. This means you can create experiences that interact with external smart contracts, allowing for cross-platform integration and collaboration.
Decentraland Tokens
Decentraland has two primary tokens within its ecosystem: MANA and LAND.
MANA
MANA is the native cryptocurrency of the Decentraland platform. Decentraland MANA is built on the Ethereum blockchain. MANA serves as the primary currency for transactions within the Decentraland virtual world.
Users can use a MANA token to purchase virtual land (LAND) parcels, buy virtual assets, pay for in-world services, participate in the platform’s economy, and engage in various activities within the virtual world.
LAND
LAND is the digital representation of virtual land in Decentraland. Each LAND parcel is a non-fungible token (NFT) on the Ethereum blockchain, providing Decentraland users with verifiable ownership and control over their virtual property.
LAND can be bought, sold, and traded on the Decentraland marketplace. Decentraland users can also build and create 3D experiences on their LAND parcels using the platform’s development tools.
In Decentraland, these may be referred to as a LAND token or as estate tokens.
Both MANA and LAND are integral to the functioning of Decentraland. MANA is used as the primary currency for transactions and economic activities within the platform, while LAND represents the virtual real estate that Decentraland users can own, develop, and monetize.
Decentraland Features
Decentraland offers several key features that make it a unique and engaging virtual reality platform. Here are some of the key features:
Virtual Land Ownership
The Decentraland game allows users to own virtual land known as LAND. Each LAND parcel is an NFT, providing users with verifiable ownership and control over their virtual property. Users can buy, sell, and trade LAND parcels on the Decentraland marketplace.
User-Created Content
Users have the freedom to create and build upon their LAND parcels. They can design and construct 3D scenes, buildings, environments, a video game, artwork, and interactive experiences using Decentraland’s development tools or external software.
Virtual World Exploration
Users can explore Decentraland’s vast virtual world, moving from one LAND parcel to another. They can discover and visit various experiences created by other users, including art galleries, social spaces, casinos, virtual reality arcades, and more.
Social Interactions
Decentraland fosters social interactions among users within the virtual world. Users can communicate with each other through chat, voice, and other means. This allows for social connections, collaborations, and community engagement.
Events and Conferences
Decentraland hosts events, conferences, exhibitions, and other virtual gatherings within the platform. Users can participate in these events, attend presentations, join discussions, and interact with speakers and attendees from around the world.
Virtual Economy
Decentraland supports an in-world economy where users can buy, sell, and trade virtual assets. This includes LAND parcels, wearables (virtual clothing and accessories for avatars), virtual art, collectibles, and more.
You can monetize your creations, participate in the virtual economy, and engage in economic activities within the platform.
Decentralized Autonomous Organization (DAO)
Decentraland DAO operates under a decentralized governance model. Token holders can participate in the decision-making process by voting on proposals related to the development, governance, and future of the platform.
This allows you and the Decentraland community to collectively shape the direction and policies of Decentraland.
Cross-Platform
Decentraland is designed to be compatible with other blockchain-based projects and platforms. Users can create experiences that interact with external smart contracts, enabling cross-platform integration and collaboration.
How To Get Started On Decentraland
To get started on Decentraland, follow these steps:
1. Set up a wallet: First, you’ll need to set up an Ethereum wallet to store your MANA and interact with the Decentraland platform. Popular options include MetaMask, Trust Wallet, or MyEtherWallet. Choose a wallet that suits your needs and follow the instructions to create your secure wallet.
2. Buy MANA: Next, you’ll need to buy some MANA tokens, the native cryptocurrency of Decentraland. You can purchase MANA from cryptocurrency exchanges that support it. Some popular exchanges where you can buy MANA include Binance, Coinbase, and Kraken. Once you have acquired MANA, transfer it to your Ethereum wallet.
3. Install Decentraland Client: Visit the Decentraland website and install the Decentraland client. The client is available for Windows, macOS, and Linux operating systems. Make sure your system meets the minimum requirements for running the Decentraland client.
4. Create your avatar: Launch the Decentraland client and follow the prompts to create your avatar. Customize your avatar’s appearance to your liking, choosing its clothing, accessories, and other features.
5. Explore: Once you have set up your avatar, you can start exploring the virtual world of Decentraland. Use the controls provided in the client to move around and interact with the environment. Visit different locations, attend events, and interact with other users in the virtual world.
6. Buy LAND and explore: If you’re interested in owning virtual land, you can visit the Decentraland marketplace within the client and browse available LAND parcels for sale. Alternatively, you can explore existing experiences created by other users, such as art galleries, casinos, or social spaces.
7. Create and build: If you own LAND and want to create your own experiences, you can use Decentraland’s development tools, such as the web-based builder, to design and construct your virtual scenes and structures. Get creative and bring your ideas to life within your LAND parcel.
Remember to familiarize yourself with the Decentraland community, join their official forums and social media channels, and stay updated on the latest news and developments. This will help you connect with other users, find inspiration, and make the most out of your Decentraland experience.
Decentraland Review – Is It Worth It
The Decentraland experience is worth it for many users. Not just because you can make real-world money, but also because of all the exciting creative features on offer.
If you have a keen interest in virtual reality, immersive experiences, and social interactions within a virtual world, Decentraland can offer a unique and engaging platform. It provides a space for creative expression, exploration, and socializing with other users.
Decentraland allows users to own virtual land (LAND) as NFTs. If you are interested in owning and investing in a digital asset, the potential value appreciation of LAND parcels can mean Decentraland is worth it.
Always remember that the value of a virtual asset can be volatile. Like any investment, digital assets can also go down in value at any time.
Decentraland offers tools and a marketplace that enable users to create and monetize their virtual experiences and assets. If you are a creative individual or an entrepreneur looking for opportunities in the virtual world, Decentraland can provide a platform to showcase your creations, sell virtual goods, and potentially generate income.
To sum up, the Decentraland ecosystem gives you the chance to be part of a growing community, make money in a digital economy, and unleash your creative powers. If this all sounds exciting to you, then Decentraland is worth it.
FAQs
Is Decentraland safe?
Decentraland is safe and your data will be securely stored. Provided you store your crypto in a secure wallet, then only you can access it.
Can you make real money on Decentraland?
Yes, you can buy and trade on Decentraland using crypto. Cryptocurrency can be converted back into real money at any time.
Could I lose my investment?
Digital investments work the same way as real-world investments, they are subject to market forces that could see the value drop. No investment is ever 100% safe so make sure to not spend more than you can afford.
What is the Decentraland Foundation?
The Decentraland Foundation works on maintaining and improving all the key features of Decentraland.
What are Decentraland plazas?
Decentraland plazas such as the Genesis plaza are spawn points for players. These plazas are not for sale.
Are there any Decentraland alternatives?
Decentraland alternatives include Axie Infinity, Vault Hill, and Mona.
What is circulating supply?
In crypto terms, circulating supply means the number of coins or tokens that are in circulation. These might be used by the public or a specific marketplace.
What’s a smart contract?
A smart contract is code written into the blockchain to make sure both sides of the agreement are upheld. This means both parties can trust each other that the transaction will be completed as agreed.
What are Non Fungible Tokens?
Non Fungible Tokens or NFTs are unique crypto tokens that can’t be copied. NFTs can be bought and sold like any other digital item.
One of the most expensive NFTs ever sold is discussed in this related post by The New York Times. The NFT sold for an incredible $69 million.
