Introduction to Decentraland: A Virtual World Powered by Blockchain

Decentraland is a fully decentralized, 3D virtual world built on top of the Ethereum blockchain, offering users a unique experience of owning and developing virtual land. In this beginner's guide, we will explore the concept of Decentraland, its native currency - MANA, and the various aspects that make it stand out from other virtual worlds.

What is Decentraland?

Decentraland is a virtual reality platform where users can create applications, new content, and experiences, as well as purchase virtual real estate with unique proof of ownership. The platform is designed to incentivize a global network of users to operate a shared virtual world, governed by its users through a Decentralized Autonomous Organization (DAO).

In Decentraland, users can own and develop their virtual land or wander around and interact with what other users have created, as well as other people exploring Decentraland at the same time. The landscape can include anything from static 3D scenery to interactive objects, buildings, art, games, or massive events that attract thousands of users.

Parcels, Estates, and Districts

The world of Decentraland is divided into small fragments called Parcels. Each Parcel is 16m by 16m (52ft by 52 ft) and is the smallest piece of land you can own. However, if you own several parcels next to each other, you can combine them to create an Estate. Furthermore, some large areas are allocated a specific theme and thus create a District, like the Genesis Plaza, located at the center of the map.

LAND Tokens and Non-Fungible Tokens (NFTs)

Each parcel in Decentraland is represented by x and y coordinates on the map and by a LAND token on the Ethereum blockchain. LAND is an ERC721 token, which means it's non-fungible, or what we would call an "NFT" for Non-Fungible Token. Each LAND token is unique and cannot be replicated or exchanged with another. It holds the information of the land location in Decentraland, the x and y coordinates, along with the decentralized servers run by the community, holding the content needed to render it in 3D graphics for everyone to enjoy.

Decentraland's Native Currency: MANA

MANA is the native token that fuels the economy of the Decentraland ecosystem. It was introduced back in August 2017 through an Initial Coin Offering (ICO) that gathered a little over $26 million dollars. As the native currency of the virtual world, MANA is what you need if you want to buy LAND in Decentraland or virtual goods and services used in Decentraland.

Decentraland Governance: The DAO

Decentraland is "governed" by a Decentralized Autonomous Organization (DAO), which means that everyone in the community can participate and vote on the proposals they want to adopt or reject. They also control the important smart contracts, such as the Estate contract, the Wearables, and the Marketplace.

How to Get Started with Decentraland

To immerse yourself in Decentraland, all you need is a browser, with Chrome or Firefox being the ones officially supported, running on a Windows or MacOS computer. In order to experience the world to its fullest, or buy LAND and other collectibles on the Marketplace, you'll also need an Ethereum wallet, like Metamask or Mist, loaded with some MANA and ETH. You can spend MANA in the world to access additional content while rewarding its creators, and you'll need the ETH to pay for the transaction fees.

The Decentraland Experience

Once you're in Decentraland, the world is vast, transversable, and colorful. You can walk around using your mouse and arrow keys, enter buildings, and interact with objects. You can also open the map and quickly jump to any location that interests you.

In Decentraland, you can visit clubs, museums, casinos, parks, view digital art, take a ride on a Ferris wheel, or listen to music. You can also play gambling games, attend virtual events, and socialize with other users through the built-in chat tool.

Team Background

Decentraland was co-founded by Ari Meilich and Esteban Ordano in 2017. Both founders have impressive backgrounds in the world of technology: Ari Meilich, an entrepreneur, previously worked as a project manager at Charles River Ventures, while Esteban Ordano is an experienced engineer who co-founded Smart Contract Solutions and was the lead developer at BitPay. The Decentraland team also consists of experts in 3D engineering, blockchain technology, product design, and marketing, who together work towards building and maintaining the Decentraland platform and ensuring the growth and security of its community.

Current and Upcoming Project Developments

Decentraland is continuously evolving and expanding, with regular improvements and new features added to the platform. A few examples of current and upcoming project developments include the introduction of interactive wearables, which will enable users to customize their avatars and interact more immersively within Decentraland. The platform is also working on quickly hosting larger virtual events, with improved audio and visual experiences, attracting more users and enhancing the community's engagement. Additionally, Decentraland is exploring deeper collaborations with other projects in the blockchain space, aiming to further integrate and expand the use cases of MANA and LAND by connecting it to other decentralized applications and services. With these developments and more, Decentraland is well on its way to becoming a leading virtual world in the emerging metaverse.

Conclusion

Decentraland offers a unique, decentralized virtual world experience, where users have full control over their virtual land and the content they create. The platform is powered by the Ethereum blockchain, ensuring secure ownership and governance by its users.

With its native currency, MANA, users can participate in the Decentraland economy by purchasing LAND, virtual goods, and services. As the platform continues to grow and develop, more users and creators are expected to join, making Decentraland an exciting and engaging virtual world to explore.

While it's still too early to predict the future of Decentraland and its native token, MANA, the platform has already shown promising potential in the realm of virtual worlds and the emerging metaverse.

Decentraland Price Analysis

As of November 24 2024 Decentraland has a marketcap of $980M. This is {{percentagefromath}} from its all time high of $5.85. In terms of its tokenomics, there's a total supply of 2.2B with 85% currently outstanding. Keep in mind Decentraland has a fully diluted value of $1.2B which many investors might interpret as overvalued.

Of course, don’t trust price predictions alone, always check the Coinrotator token screener to follow the trending market.