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This open-world metaverse offers exploration and a canvas for creation, trade, and a rich array of experiences. It’s an unprecedented endeavor into an untested market with unparalleled potential for gamers and entrepreneurs.
This guide explores Decentraland, its native token, technologies, and how to buy virtual real estate in Decentraland.
Decentraland is an Ethereum-based metaverse game designed to foster a global community of users within a shared virtual universe. Decentraland operates under the governance of a decentralized autonomous organization (DAO), ensuring a democratized and community-driven platform.
Users of Decentraland find themselves in a fully immersive virtual world reminiscent of Skyrim and Fallout. However, the distinction lies in the three-dimensional experience, transcending the confines of traditional gaming.
This digital realm enables creative ownership and hosts online spaces like museums, where users can showcase their digital arts, notably NFTs.
Native Tokens Of Decentraland
Decentraland has three native tokens that power its dynamic ecosystem: ESTATE, representing merged digital land pieces. LAND, denoted by ERC-721 nonfungible tokens, signifying parcels of digital land; and MANA, an ERC-20 token serving as the official currency of Decentraland.
MANA and other ERC-20 tokens fall under the category of fungible tokens, allowing seamless exchange with other tokens of the same type. Conversely, ERC-721 tokens like LAND and ESTATE are unique and non-interchangeable, earning them the designation of NFTs.
This characteristic makes them unsuitable as currency but allows them to create distinctive in-world assets such as avatars, wearables, and exclusive land parcels.
Smart Contracts And Digital Property
Behind MANA, LAND, and ESTATE lie three essential smart contracts: MANAtoken, LANDregistry, and EstateRegistry. These contracts define the attributes and functionalities of these tokens, forming the backbone of Decentraland’s digital economy.
All virtual space within Decentraland comprises individual parcels of LAND, available for purchase using MANA in the Decentraland Marketplace.
Technology Architecture Of Decentraland
The architecture of Decentraland is a multi-layered system predominantly reliant on Ethereum smart contracts. The consensus layer keeps proper records of land parcel ownership, containing vital information like virtual coordinates, ownership details, and links to description files.
The content layer encompasses various types of files that contribute to the immersive experience, while the real-time layer facilitates social interactions through avatars, voice chat, and messaging.
Decentraland Marketplace And Builder
The Decentraland team has introduced a user-friendly marketplace and a convenient drag-and-drop editor for users to create unique settings beyond gaming. The marketplace serves as a hub for users to manage and trade LAND tokens, priced in MANA.
Additionally, it enables the buying, selling, and trading of parcels and other in-game items. The Decentraland Builder empowers users to craft custom experiences within their LAND plots, providing access to customization libraries and payment implementations.
How Decentraland Operates
Like other metaverse projects, users can also traverse Decentraland’s map and engage in many community-driven events, including concerts and movie screenings. The in-game economy allows the purchase and exchange of digital art, enhancing the interactive experience for players.
Participants can delve into tracking LAND parcels, representing virtual real estate. Unlike conventional virtual reality games, Decentraland gives users a level of control over platform rules, including direct voting through the DAO.
MANA tokens can be stored in either hardware wallets or software wallets. Hardware wallets, like the Ledger Nano S and Ledger Nano X, provide high security for long-term storage. Software wallets like MetaMask and Trust Wallet are suitable for short-term storage.
Buying Property In Decentraland
Acquiring property in Decentraland involves a few simple steps:
- Sign up on Decentraland’s Marketplace.
- Select a parcel of LAND.
- Connect your wallet to the Decentraland Marketplace.
- Confirm your virtual LAND.
Shaping The Future Of Immersive Digital Experiences
Decentraland represents a remarkable intersection of blockchain technology and virtual reality, heralding a new era of immersive digital experiences. As the metaverse concept gains traction, Decentraland offers users a platform where creativity knows no bounds.
While the metaverse concept holds immense promise, it’s essential to approach any investment, including the acquisition of virtual real estate, with a discerning eye.
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