Decentraland describes itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience and monetize content and applications. In this virtual world, users purchase plots that they can then navigate, build on and earn money on.
Decentraland was launched following the initial coin offering (ICO) of $24 million in 2017. The virtual world started its closed beta in 2019 and went public in February 2020. Since then, users have created a wide variety of experiences in LANDs on their computers, including interactive games, expanding three-dimensional scenes, and a variety of other interactive experiences.
Decentraland uses two separate tokens. These are known as MANA and LAND. MANA is an ERC-20 token that must be burned to receive non-tradable ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names and more in the Decentraland marketplace.
Decentraland is defined as a virtual world where users can buy, develop and sell LAND, a non-tradable ERC-721 token that represents ownership of the sandbox in Decentraland. While each area of LAND is private, owners can choose what content they want to broadcast in their area, which can range from a simple, static episode to an interactive game. Users can purchase LAND as well as all other goods and services in Decentraland with MANA, a tradable ERC-20 token.
Decentraland is a shared virtual world, like the Metaverse described by author Neal Stephenson in his sci-fi novel Snowcrash, or the OASIS described by author Ernest Cline in Ready Player One. Decentraland allows users to connect and interact with each other, create content and play games. In addition, it has a virtual economy where users can perform numerous economic transactions worldwide and earn money from the content and applications they create. Unlike other virtual worlds such as Second Life, it is not controlled by a central organization or company.
What is MANA?
MANA is known as a digital asset token used to pay for goods and services in Decentraland. Tokens are built on Ethereum in accordance with the ERC-20 standard. MANA can be bought and sold for fiat currency or other digital currencies.