The Sims, a life-simulation computer game initially released in 2000 and allowed users to interact with the gaming environment through their virtual selves, demonstrates how far society has progressed. It was still a game, just like many others at the time.
In 2022, people will live in the virtual world as a different version of themselves. They purchase digital clothing, acquire non-fungible tokens representing works of digital art, and trade cryptocurrencies as if they were forms of payment (NFTs). Decentraland, a platform for virtual real estate, was inevitable.
According to a New York Post article issued November 25, 2021, the Tokens.com subsidiary Metaverse Group, which has its headquarters in NFT, purchased a parcel of “land” on Decentraland for USD 2.43 million. With this purchase, more metaverse territory has been acquired than ever before.
The corporation purchased the “116 parcel estate in the heart of the Fashion Street sector,” according to a corporate statement. The company said the acquisition would boost its entry into the digital fashion market.
The statement read, “Metaverse Group also wants to build collaborations with several current fashion brands who want to connect with new audiences and broaden their e-commerce offers within the metaverse.
On November 15, 2021, Coindesk reported that Barbados, the first nation to do so, had signed a contract with Decentraland to launch its virtual embassy there in January 2022.
What is Decentraland?
What started as a pixelated 2D grid where users could purchase pixels developed into a 3D environment.
Decentraland is a decentralized virtual world platform where virtual pieces of land may be bought and sold. It was built on the Ethereum blockchain. With virtual trees, planes, and other features, anyone can make their miniature worlds.
Decentraland is similar to virtual reality video games but more immersive and “real” because it owns assets. Everything available in the real world may be found here, including hotels, movie theaters, rapid transit systems, and digital skyscrapers.
After Facebook changed its corporate name to Meta, Decentraland experienced a sharp increase in popularity. The idea of what is commonly referred to as the “metaverse” experienced a significant upsurge as a result of Facebook’s decision.
|Legal Name||Metaverse Holdings Ltd|
|Founder||Esteban Ordano & Ari Meilich|
|Founded In||Aug 8, 2017|
|Physical Headquarter||2385 Marron Rd, Carlsbad, California, 92008, United States|
|Circulating Supply||1.86B MANA|
|All Time Low||$0.00923681 (Oct 31, 2017)|
|All Time High||$5.85 (Nov 25, 2021)|
What is a plot of land in Decentraland?
On the system, there are 90,601 distinct virtual land plots. Each takes the shape of an NFT called a LAND. A LAND trade is an NFT transaction. Once a piece of property is bought, the user can use it to build an entire virtual city.
The LAND Estates feature of Decentraland can be used to manage several land holdings. Districts are assemblages of land with a common theme. This enables various users to come together in communities over shared interests. Agora, a voting mechanism, allows users to have more influence on district development.
How does Decentraland work?
A cryptocurrency called MANA, which is wholly decentralized, can be used to purchase LAND in Decentraland.
MANA is used for every transaction in this virtual environment. A one-stop shop for LAND, Estates, avatars, and other items that users would need to create their world, its marketplace is where trading takes place.
The Ethereum blockchain maintains land ownership, and users must keep their MANA tokens in an Ethereum wallet. One MANA was trading for $0.81 at the time of writing. The platform enables designers to create animated and interactive worlds.
Using smart contracts written on Ethereum, there are essentially three tiers. The consensus layer maintains the ledger that documents who owns the land that has been purchased. The parcel distribution is managed by the content layer, which also renders material, including voice chat, video, and audio. Finally, the real-time layer is used for all peer-to-peer connections and social activities within Decentralised.
Is Decentraland a good investment?
In Decentraland, purchasing a piece of land requires serious thought. Although it is still in its early phases, the metaverse’s world is growing gradually and quickly.
In the markets, there will be extremes of both bullishness and bearishness. Shortly, there might be booms and eventual busts.
How to own land in Decentraland? So how do you buy land on it?
Yes. You can purchase virtual real estate through Decentraland, one of many Web3 platforms, complete with an NFT title and deed in the form of a LAND token. Land parcels are divided into 1616-meter chunks and are sometimes marketed as estates, which are collections of several properties. Users can construct whatever they want on virtual land once they own it in the game.
There are 90,000 LAND parcels in total, with many thousands of those parcels privately held by the game’s creators to serve as highways and other public services required to operate the game’s virtual environment.
The History of Decentraland so far
Decentraland has advanced significantly since its early days as the crude Stone Age demo in 2015. The game was already causing waves in the public consciousness before its official release to the public in February 2020. Notably, BBC Trending reported on the fast-expanding support for Decentraland after the beta version of the current iteration was released in 2018.
As more individuals get interested in participating in this Web3 simulation of society, the public is increasingly warming up to the notion of owning virtual land and learning about Decentraland. In the process, the value of Decentraland’s MANA token increased, according to CoinGecko, peaking at $5.85 per token in November 2021.
Currently, it is trading at around $0.80 per coin, which is quite impressive given that MANA’s original value was set at $1 following the introduction of the first beta in October 2017.
So, is Decentraland a worthwhile game to play? Though it may sound corny, you are ultimately responsible for providing the answer to that query. It’s a process rather than a game in the conventional sense. Even if there are probably more well-rounded virtual world games available right now, Decentraland gives players something extra: an open invitation to join its community and raise the bar for the game.
FAQ: About Decentraland
Where is Decentraland headquarters?
Decentraland Headquarters is located at 2385 Marron Rd, Carlsbad, California, 92008, United States.
What is MANA token total supply?
The total supply of MANA tokens is 2.193B.
When was the MANA token launched?
Mana token was launched in August 2017.
Who is the founder of Decentraland?
The founder of Denterland is Esteban Ordano & Ari Meilich.
What is Decentraland’s company name?
The name of Detrald Company is Metaverse Holdings Ltd.
How much does Decentraland land cost?
The minimum value of Dinterland Land is 1.5 ETH(Approx $2565 – 09 September 2022).