Decentraland, a leading Play-to-Earn _P2E_ Game

Summary

Decentraland is an immersive virtual world where people can own real estate
Users can create content and applications on Decentraland which they can monetize.
in addition, the users can buy, own and sell virtual land
MANA and LAND are Decentraland’s the two tokens

Decentraland is an interactive virtual reality platform built on the Ethereum blockchain where people can create content as well as applications and earn money from doing this. In other words, it is a shared virtual world where you can buy, own and sell virtual land represented by a non-fungible token called LAND.

By defining Decentraland as an immersive virtual world, we mean that users participate in a three dimensional world. The three dimensional virtual space within Decentraland is called LAND. This piece of virtual land is divided into smaller portions called parcels, demarcated by Cartesian coordinates, X and Y. More specifically, each piece of LAND is 33 feet by 33 feet, with no limit on its height.


The owner of land has full control over the activities that take place in his/her plot. In fact, he/she can create applications, in-game assets, games or any other environments that are in three dimensional form. Also, the land owner can choose to provide various services such as gambling or other 3D scenes.

Decentraland gives the users the chance to interact with each other. This is possible through the real-time layer which enables the members, through their avatars, to chat using voice and messaging features.
Interestingly, the landowners can further manage the LAND through subdividing parcels into districts or specific-content focused communities. For instance, a landowner can create a district where people with interest in bitcoin trading can interact.

There are also LAND estates which make it possible for land owners to associate some adjacent parcels. Hence, it is easy to manage the land and all the activities. The estate, due to its size, is suitable when you want to create large environments that cover more than one parcel. In reality, these parcels should be adjacent to one another. You cannot separate them using plazas or roads.

The history of Decentraland

In order to put this discussion into perspective, let us look briefly at the history of Decentraland. The Decentraland Foundation launched the protocol in 2015. As a fact, Ordano and Ariel Meilich founded the Decentraland Foundation. As you may know, Ordano is a software engineer who previously worked at Bitpay. Before establishing Decentraland,Ordano and Ariel Meilich worked together in developing Stremium and Bitcore.


After the launching of Decentraland, the team used an Initial Coin Offering in 2017 which resulted in the collection of 86,206 ETH with a market value of $26 million. The funds were used for further development of the game.

Decentraland tokens

Decentraland has two tokens, LAND and MANA.

MANA: This is Decentraland native token built on the ethereum blockchain. Individuals use the token to purchase plots of LAND and in-game assets.

LAND: This is Decentraland’s NFT which represents a user’s ownership of a piece of virtual land.

Governance

Decentraland is a DAO; therefore the community makes decisions on various issues affecting the protocol. Through the voting mechanism, users make decisions pertaining to the interface, upgrading of land, nature of auctions, fee structure and allocation of grants, among others.

Decentraland Marketplace

The marketplace is where users trade the tokens and other in-game assets which include wearables, parcels and estates. Here, users can manage their internal digital assets including transferring them to other members. In this case, all transactions take place on the ethereum network. However, all users should connect their wallets through MetaMask.

Marketplace for the Decentraland tokens

Gate.io has a marketplace for Decentraland’s digital assets LAND and MANA. Therefore, holders of these can benefit financially in several ways:

Liquidity provision: Gate.io has liquidity pools where investors can provide funding for MANA-USDT and MANA- ETH pairs. As a result, the liquidity providers earn passive income from fees generated from trading of these pairs.


Trading pair: At Gate.io, there is a MANA-ETH trading pair where traders can benefit from the appreciation of MANA against the ETH.

Crypto lending: Holders of MANA can lend it and get interest in return. While you lend the token and earn interest, a holder can benefit from its appreciation.

Futures: There are also crypto futures of MANA-USDT at Gate.io. This means that investors can get exposure to MANA- USDT without actually having the MANA, which is the underlying asset.

Margin borrowing: This involves a trader borrowing some assets in order to trade them. In this case, individuals can use margin borrowing for the pair MANA-USDT.

ETF: There are ETFs at Gate.io. ETF refers to a basket of security which an individual can buy and sell through a brokerage firm on the exchange. At Gate.io we have two pairs involving MANA in this category. These are MANA3L-USDT and MANA3S-USDT

Conclusion

At Decentraland gamers take part in various games and content creation where they earn money. Also, users can earn, buy or sell MANA and LAND at Decentraland. However, when they need to trade them or convert them to fiat currency they visit Gate.io, one of the leading crypto exchanges of all times.

By Mashell. C, Gate.io Researcher
This article represents only the views of the researcher and does not constitute any investment suggestions.
Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.