TL:DR
Decentraland is a virtual world built on blockchain technology. Users can buy and sell land, explore artwork created by other members of Decentraland, or create their own pieces of art using blockchain technology. Members can even create their own NFTs. Token holders operate the Decentraland organization via a Decentralized Autonomous Organization (DAO).
As a DAO, Decentraland is governed by its community and incentivized to continue building the project. Decentraland gives its community the power to participate in the project’s governance, development and decision-making. The native token MANA and all in-game assets are on the Ethereum blockchain.
Introduction
Continuing our conversation with the metaverse, we take a look at another popular meta-project, Decentraland. It has recently caught mainstream attention, but what is this metaverse project about.
First, you can explore LANDs owned by users and explore incredible scenes and structures. From a space adventure to a medieval dungeon maze, to entire villages designed by community members.
LAND in this metaverse game are parcels of virtual land sold and traded amongst the community. You can then build on top of these parcels of LAND, which brings us to our second point, creating.
Decentraland is an open source virtual space powered by Ethereum. Users can create, experience, and monetize content. Decentraland contains parcels of land and other customizable assets, which can be purchased using MANA tokens.
Further, Decentraland's LAND property and other in game assets are represented using the ERC-721 non-fungible token standard.
How Does Decentraland Work?
Decentraland is a virtual platform powered by the Ethereum blockchain, where anyone can create, experience and monetize applications and content. Users own their data, manage their own tokens among other things. In additoin, token holders become part of the community through decentralized governance. They are able to vote directly on in-game policies and organizational policies. This project is about creating a new reality together that leverages virtual reality to create more engaging experiences than ever before.
NFTs represent in-game collectibles, including clothes, items, and virtual real estate, LAND. The items that you create within the game are totally fair game when it comes to selling them in the marketplace. As mentioned earlier, you can even buy LAND, parcels of it and begin to build on top of them. In order to buy or trade in-items, users need to visit the Decentraland Marketplace. To buy new items or even land, you'll need to have MANA, Decentraland's native token.
On Decentraland, you can create scenes, artworks, challenges, and more with the Builder Tool, then participate in events to win prizes. A developer who is more experienced can use the SDK building tool to build social games and applications for the world.
Decentraland is a decentralized governing protocol. In other words, holders of LAND and wMANA (explained later) become part of this decentralized autonomous organization (DAO). In other words, they take part of the decision making process and vote on proposals and changes.
What Is LAND?
LAND is an NFT that represents virtual land in Decentraland. Users who hold LAND take part of Decentraland's decentralaized governance protocol.
Owning LAND, you could customize your virtual plots to however you see fit. You build on top it, create games or have ads running 24/7. It is up to each invidiual owner on how they develop their LAND. Holders of LAND have tremendous amount of voting power. One LAND token provides two thousand votes. Holders can even combine their LAND tokens to form an ESTATE, in which their voting power equal to the amount of plots they hold.
What Is MANA?
As mentioned previously, MANA is the native token of Decentraland. Users use this token to buy and trade within Decentraland's ecosystem. Its functions extends beyond a native currency. Holders of MANA also participate in the governing process via its DAO.
In order to become part of the DAO, holders of MANA must convert it to wrapped MANA (wMANA) and lock it in its DAO. One vote is equal to one wMANA.
Further, the DAO has its own treasury fund of MANA that it uses to fund the proposals that were voted on by its community as well as its operations.
Decentraland's DAO
As mentioned earlier, Decentraland's governing structure is operated via a decentralized autonmous organization (DAO). In other words, the community of players control the land, items, and NFTs within the game. They are also the ones that make decisions, proposals, or changes to Decentraland.
As part of a decentralized orgainzation, Decentraland uses open source code in order to regulate and govern itself. Community players can take part of the DAO by staking MANA or owning LAND.
Features of Decentraland
Blockchain-based virtual reality platform Decentraland has identified five main use cases for its project: application, content curation, advertising, digital collectibles and social.
Application
The experience is left for the community to build. They can create applications and 3D images and scenes providing a robust experience.
Content Curation
Decentraland attracts like minded folks who create their own content and communities. These communities have created nieghborhoods on Decentraland enabling them to interact and build something together.
Advertising
Users can lease out there space in the form of ads. By allowing ads in their LAND, users make additoinally money. Further, the growing communities within Decentraland have made ads a popular choice.
Digital Collectibles
Owners of NFTs can buy, sell, or trade their in-game items in Decentraland's marketplace.
Social
Communities expereince an entire new way of socializing in the game. They can build communities or organize towards a collective goal.
How To Buy MANA
You can buy MANA on Binance.
Log In/ Create An Account
If you haven’t done so already you can create an account with Biannce. Keep in mind Binance is a KYC platform so you need to provide some form of ID. If you have an account already you can just log in.
Search For MANA
Once logged in click on trade and search for MANA in the search box.
Select Amount and Buy
Once you find the token select the amount you want to purchase and select confirm the order.
Final Thoughts
Decentraland is a blockchain-based virtual reality platform that allows members to create, experience, and monetize their content and applications. Decentaland have created a new way users monetize their content while socializing with friends in a virtual space.
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