What is Decentraland, an Open World Economy in the Metaverse

What is Decentraland An Open World & Economy in the Metaverse
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Metaverse
NFTs
Virtual land NFTs

The complete resource and guide to getting started with Decentraland.

Decentraland is one of the most prominent virtual worlds in the metaverse, connecting brands, people, companies and organizations in Web3. Governed by the community through the MANA token, owned by the community through land NFTs, the entire Decentraland Foundation works decentralized and autonomous.

The metaverse contains many virtual worlds, and Decentraland has been one of the most active ones since its launch. The virtual world has seen lots of NFT trading volume for its virtual land, while brands like Dolce & Gabbana, Coca-Cola and Christie’s have used the platform to engage with their communities. 

Let’s dive into Decentraland and understand more about its virtual world, open economy and token economics.

What is Decentraland?

Decentraland is a virtual world in the metaverse where everybody can freely enter, invest and participate in content creation. Players, investors and community members own everything in Decentraland.

Decentraland uses the Ethereum blockchain to store its land assets, while all game items and avatar wearables exist on the Polygon blockchain. Players can play, trade, learn, socialize, all together in a virtual world made for and by the users.

When did Decentraland launch?

The virtual world of Decentraland opened its doors to everybody in the metaverse on February 20, 2020. They issued limited edition NFTs to commemorate the launch, including the Decentraland Launch T-Shirt.

Who owns Decentraland?

The Decentraland Foundation owns the Decentraland metaverse. It consists of community members who have a stake in the organization. The Decentraland Foundation is a decentralized autonomous organization, or DAO.

Everybody can become part of the Decentraland Foundation and its decision-making processes through the MANA token. That means that every owner of a MANA token gets a vote in governance and business decisions that shape the future of the virtual world that is Decentraland. 

What is the MANA token?

The MANA token is the utility and governance token of the Decentraland ecosystem. It allows users to buy land parcels in the virtual world, while also paying for in-world services.

MANA is an ERC-20 token, available on major exchanges and decentralized exchanges like Uniswap. You can also swap ETH for MANA using DappRadar’s Token Swap

How to buy land in Decentraland?

You can buy land in Decentraland as NFTs using MANA, ETH or WETH using popular NFT marketplaces like OpenSea. The LAND parcels exist as NFTs on the Ethereum blockchain.

Users can use Land parcels (LAND) and combine multiple LAND parcels into an ESTATE. The biggest NFT sales that happen in Decentraland are often for an ESTATE changing wallets.

Discover the biggest Decentraland NFT sales or the most recent ones, using the NFT Explorer

There is a limited supply of Land. In fact, there are only 90,000 land parcels in the virtual world of Decentraland. As Decentraland gains prominence and increases its popularity, demand and the price of land can increase.

How do you join Decentraland?

Anybody can visit Decentraland through their desktop browser or a downloadable client. You can easily create an account in Decentraland by connecting a Web3 wallet.

For example, connecting your Metamask. Users can utilize their NFT collectible wearables to dress up and customize their avatars after connecting their wallets.

What can you do in Decentraland?

The virtual world of Decentraland provides users with a canvas to decorate their own land parcels. Through various easy-to-use interfaces users can build homes, virtual galleries or event venues. However, the platform also allows users to create games and other interactive and more complex structures. 

In addition users can create assets for others. For example, fashion designers can create wearables, while game designers can create games. They can then sell these as NFTs. After that users can put the wearables NFT on their avatar, while landowners can deploy the game on their land. 

As a visitor of Decentraland, you dive into a world that’s free to explore. The world provides interactive game installations, virtual art galleries and other venues. Through the official website users can discover current and upcoming event, allowing them to meet other people within an event-based and social setting. 

Decentraland already has a football game world cup tournament, various sponsored events from Coca-Cola and other companies, while the Fashion District from Boson Protocol organized the first Metaverse Fashion Week with collaboration from Dolce & Gabbana and other top-tier brands. Sometimes even movies or songs make their debut inside Decentraland, i.e. The Infinite Machine.

Which brands are active in Decentraland?

Various brands, companies and artists have set up shop inside the virtual world of Decentraland. Their presence in the metaverse adds a new way to connect with an audience, aside from live physical events. Vice Media opened an office, while Samsung unveiled a new phone in their virtual store.

Recently, CBS has entered Decentraland as the first US network to venture into the popular metaverse. They launched a unique metaverse web3 game for the hit comedy series GHOSTS

How can you track Decentraland with DappRadar?

You can go straight into Decentraland´s marketplace with DappRadar. Here you can browse your NFTs including Land, Wearables, Emotes and Names. Moreover, you can check the performance of Decentraland´s native token, MANA using DappRadar´s Token Explorer and discover the largest Decentraland NFT sales or the most recent ones, using the NFT Explorer

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