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About Decentraland
- Decentraland is a virtual reality platform powered by the Ethereum blockchain.
- Users can create, experience, and monetize content and applications.
- Decentraland was launched in 2017 with a $24 million ICO and opened to the public in February 2020.
Key Features
- Two tokens: MANA (ERC-20) and LAND (ERC-721)
- MANA is used to purchase plots of land, pay for in-game items and services, and vote in the Decentraland DAO.
- LAND is a non-fungible token used to track ownership
In the Realm of Decentraland
Decentraland (MANA): A Pioneering Virtual Reality Platform
Decentraland (MANA) is a pioneering virtual reality platform, built upon the Ethereum blockchain, which empowers users to craft, immerse themselves in, and capitalize on a vast array of content and applications.
In this virtual realm, users acquire parcels of land, which they can subsequently navigate, develop, and capitalize on.
Decentraland was launched subsequent to a highly successful initial coin offering (ICO) that garnered $24 million in 2017. The virtual world premiered its closed beta in 2019, subsequently opening its doors to the public in February 2020. Since its inception, users have crafted a diverse array of immersive experiences on their parcels of LAND, featuring interactive games, sprawling 3D landscapes, and a multitude of other engaging interactive experiences.
Decentraland operates on a dual-token system, comprising MANA and LAND. The former, an ERC-20 token, is utilized to acquire non-fungible ERC-721 LAND tokens through a burning process. Additionally, MANA tokens serve as a medium of exchange for a diverse array of digital assets on the Decentraland marketplace, including avatars, wearables, names, and more.
Decentraland (MANA) is a decentralized virtual world platform built upon the Ethereum blockchain, where users have the creative freedom to craft, experiment, and monetize immersive content. In essence, users acquire virtual plots of land in the form of non-fungible tokens (NFTs) using MANA tokens on the Decentraland platform. The progression of the game is entirely dependent on the players’ individual efforts, ingenuity, and imagination.
The digital platform is entirely democratized, with its users holding complete ownership. Within the immersive Decentraland metaverse, participants are free to explore a virtual realm, acquire and monetize parcels of land, craft innovative art pieces, and possess unique non-fungible tokens (NFTs). Furthermore, they can engage with the decentralized autonomous organization of the platform, Decentraland DAO, which empowers the community to shape the project’s developmental trajectory.
Furthermore, users can engage with immersive interactive applications, facilitate seamless in-world transactions, and leverage peer-to-peer communication channels. The 3D virtual realm resonates profoundly with a diverse range of participants, as Decentraland offers a multifaceted experience that caters to the entertainment needs of gamers and the business interests of investors alike.
In the Decentraland ecosystem, two distinct tokens, MANA and LAND, orchestrate operations and facilitate user interactions with the platform.
MANA, the official cryptocurrency of Decentraland, is an ERC-20 standard token that fuels the Decentraland ecosystem. By leveraging MANA, users can acquire plots of LAND, as well as settle payments for in-platform items and services.
Holders of MANA tokens are granted the privilege of participating in the Decentraland DAO’s voting process. This coveted cryptocurrency can be acquired through reputable exchanges or by selling unique digital collectibles on the Decentraland Marketplace. To exercise their voting rights, token holders must first convert their MANA tokens into wrapped MANA (wMANA) and subsequently commit them to the DAO, with each wMANA token equivalent to a single vote. Furthermore, MANA tokens can be seamlessly exchanged for traditional fiat currencies and other digital assets.
Regarding LAND, it is a non-fungible token (NFT) built upon the Ethereum (ETH) blockchain, serving as a digital deed to track ownership of virtual land parcels, effectively constituting digital real estate. Similar to MANA, LAND is an integral component of the protocol, granting voting privileges to its holders. Notably, LAND does not require a fixed allocation within the DAO. Furthermore, each LAND token is equivalent to 2,000 votes.
Players are empowered to dictate the fate of their land, with owners securely storing tokens in crypto wallets and utilizing MANA tokens to procure necessities on the Decentraland Marketplace. Furthermore, within the marketplace, participants can effortlessly manage or exchange LAND tokens, priced in MANA. Holders leverage the marketplace to facilitate seamless transactions or transfer in-game items. Notably, all transactions are securely conducted, regulated, and registered via the Ethereum blockchain, ensuring a transparent and tamper-proof environment.
Decentraland converges the realms of online gaming and blockchain technology, empowering players with autonomy over the rules and granting token holders the authority to vote on in-game and organizational policies. Initially conceived as a decentralized virtual reality, Decentraland has evolved into a vast NFT marketplace.
In the Decentraland ecosystem, NFTs occupy a prominent position, encompassing unique digital assets such as collectibles, virtual equipment, and coveted real estate (LAND). However, for newcomers seeking to enter this universe and acquire these coveted NFTs, the entry threshold proves daunting.
The Decentraland protocol is constructed upon a tripartite architecture, leveraging Ethereum smart contracts. At the consensus layer, the ownership of LAND is meticulously tracked and managed. The land content layer serves as a canvas, showcasing the immersive content of the Decentraland virtual world. Lastly, on the real-time layer, participants engage in dynamic interactions with one another.
Co-founded in 2015 by two esteemed blockchain experts, Ari Meilich and Esteban Ordano, the platform officially launched a year later and finally became accessible in February 2020, undergoing a remarkable transformation from a 2D experimental phase to a fully realized 3D world.
In summary, Decentraland is a decentralized gaming platform and immersive 3D virtual reality environment where players have full ownership of virtual lands and unlimited creative freedom. At its core lies a Decentralized Autonomous Organization (DAO) software, ensuring community-driven governance. Through the native cryptocurrency, MANA, players have a stake in shaping the ecosystem’s future, participating in proposals that influence the management, improvement, and policy-making processes, as well as the auction system.
The Visionaries Behind Decentraland: Meet the Founders
Decentraland was co-founded by Ariel Meilich and Esteban Ordano, two visionaries who, although they have relinquished their major positions within the project, continue to lend their expertise as advisors, guiding Decentraland’s trajectory.
Ariel Meilich, a seasoned entrepreneur and seasoned professional, previously spearheaded Decentraland as project lead from 2017 to 2020. His impressive portfolio boasts the founding of multiple startups, including an innovative online translation agency and a cutting-edge CRM platform. Additionally, he has held the position of analyst at Charles River Ventures, a renowned Silicon Valley venture fund.
On the other hand, Esteban Ordano boasts an impressive pedigree, having served as Decentraland’s former tech lead and accumulated a rich history in the cryptocurrency realm. His diverse experience spans working as a software engineer at BitPay, Inc., serving as an advisor to Matic Network, and even venturing into entrepreneurship with his own smart contract development firm, Smart Contract Solutions.
Esteban is also credited with co-founding Zeppelin Solutions, a renowned blockchain technology infrastructure company that has established itself as a prominent player in the industry.
Notwithstanding the departure of Ariel and Estaban from the helm, the development of Decentraland continues unabated, with the newly established Decentraland Foundation now steering the project’s trajectory.
Unveiling the Unparalleled Attributes of Decentraland
Decentraland is purpose-built for visionary content creators, innovative businesses, and individuals seeking a novel artistic medium, a lucrative business opportunity, or a captivating source of entertainment.
In its entirety, the Decentraland gameworld, aptly referred to as the “Metaverse”, is subdivided into 90,601 distinct parcels of LAND, each uniquely represented by an ERC-721 non-fungible token. Every LAND parcel boasts a precise dimension of 16m x 16m (256 square meters) and is situated at a specific coordinate within the Metaverse.
While LAND holders enjoy the creative freedom to develop their plots as they see fit, the Metaverse is largely organized into distinct districts, each characterized by its unique size and theme. These districts were established through a series of individual crowdsales for MANA tokens, and the parcels of LAND within them are non-transferable.
As of January 2021, the cyberpunk-themed Aetheria has emerged as the largest district, boasting a substantial total of 8,008 LAND parcels.
Decentraland is also one of the burgeoning projects to adopt a decentralized autonomous organization (DAO) structure, thereby empowering MANA token holders to exercise governance over the virtual realm. Through a democratic process of proposing and voting on policy updates, LAND auction specifics, and content regulations within the Metaverse, the community wields significant influence over the world’s development and evolution.
Beyond serving as a creative outlet, many Decentraland users are leveraging their LAND to generate revenue through leasing, advertising, and paid experiences. Similarly, others are earning an income by crafting and selling unique items on the Decentraland marketplace in exchange for MANA tokens.
Decentraland (MANA) Coin Circulation: Understanding the Total Supply
As of January 2021, approximately 1.49 billion MANA tokens were in circulation, representing roughly 68% of the total supply of 2.19 billion MANA.
The initial total supply of MANA was established at 2.8 billion, but has since been diminished, with over 600 million MANA being permanently removed from circulation as a consequence of LAND auctions.
In addition to the aforementioned measures, a multifaceted approach to burning mechanisms has been implemented to further diminish the circulating supply of MANA, which includes a 2.5% MANA burn on Decentraland marketplace transactions.
MANA was initially conceived to undergo an 8% inflation rate in its inaugural year, with a gradual decrease over time to mitigate the effects of inflation. However, inflation is presently dormant. According to the Decentraland glossary, there are no imminent plans to reactivate this inflation mechanism “until necessary”.
In total, a substantial 40% of the MANA supply was allocated during the 2017 initial coin offering (ICO). Furthermore, 20% was set aside to incentivize the community, 20% was designated for the development team and other early contributors, and the remaining 20% was retained by Decentraland. Notably, project lead tokens are no longer subject to vesting.
The Decentraland Network’s Security Mechanisms: A Robust Framework
MANA is an ERC-20 token, which signifies its foundation on the Ethereum blockchain, leveraging the robust infrastructure of this pioneering platform.
Ethereum is safeguarded by a vast, decentralized network of miners, who collaborate with thousands of nodes to guarantee the integrity of the Ethereum blockchain, thereby ensuring the security of the MANA tokens against potential attacks.
As one of the most resilient and extensively tested blockchains in operation, Ethereum has established itself as the premier network for hosting crypto tokens that rely on its infrastructure, rather than possessing their own native blockchain.
Where to Acquire Decentraland (MANA): A Comprehensive Guide
The MANA token presently enjoys exceptional liquidity, with the convenience of being purchasable, tradable, or saleable on a diverse range of approximately 100 distinct exchange platforms. As of January 2021, prominent exchanges such as Binance, OKEx, and Coinbase Pro boast impressive liquidity for MANA tokens. A comprehensive list of available markets can be accessed in the “Markets” section.
MANA is currently tradable against a trio of prominent cryptocurrencies, namely Bitcoin (BTC), Tether (USDT), and Ethereum (ETH), and can be acquired using a diverse range of fiat currencies, including the Korean won (KRW) and the US dollar (USD).
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