- Decentraland is a 3D virtual world where users can play games, buy/sell digital real estate and items, and interact with each other
- Users need an Ethereum wallet and avatar to access Decentraland, which has its own tokens and economy
- Originally launched in 2017, Decentraland has grown in popularity and market value as interest in metaverses and NFTs has increased
Decentraland is a digital game that mimics reality in a three-dimensional format. This 3-D, user-owned, Ethereum-based virtual reality world platform, or open-world metaverse, is a combination of virtual reality, augmented reality, and the internet. It allows users to be part of a shared digital experience in which they play games, exchange collectibles, buy and sell digital real estate or wearables for avatars, socialize, and interact with each other.
How Decentraland Works
Users create their unique environments, marketplaces, and applications using Decentraland’s three native tokens: LAND, Estate, and MANA. MANA is an ERC-20 fungible token that serves as Decentrand’s digital currency. It can help users create decentralized games, apps, and other services and lets them monetize their creations. Users can use Decentraland’s map and join in on scheduled community events, which can include concerts, movie screenings, and casino nights.
Getting Started with Decentraland
Users get onto Decentraland by opening an account. To do so, they must have a suitable Ethereum cryptocurrency wallet, which securely holds funds. Users also must create a passport, at which point they are assigned an avatar, which they can name. The Decentraland system offers a beginner’s tutorial, options for exploring what’s offered, and instructions on how to chat with other users.
History of Decentraland
In 2017, Argentine blockchain professionals Ari Meilich and Esteban Ordano launched Decentraland, for which they created the game’s smart contracts. At first, parcels of digital land sold for about $20, and MANA tokens sold for 2 cents. In 2017, Decentraland raised more than $26 million in its initial coin offering (ICO). In April 2021, during a surge in popularity for NFTs, Decentraland parcels sold for $6,000 to more than $100,000.
Conclusion
Decentraland is a 3-D digital game that is a user-owned, Ethereum-based virtual world platform, or metaverse, allowing users to be part of a shared digital experience. With Decentraland, they can play games, exchange collectibles, buy and sell digital real estate or wearables, socialize, and interact. It was launched in 2017 and, by March 2023, had an estimated market valuation of $1,1 billion.
