Gate.io Blog DECENTRALAND

DECENTRALAND

15 December 11:07

[TL;DR]

What is Decentraland?

Decentraland is a game that has been popular in Crypto for a long time and is one of the first games in the Metaverse Top coin series. Decentraland is supported on the Ethereum blockchain. This game allows you to create your own “play-to-earn” economy to own a certain amount of land in this world. Here you can get creative and build whatever you want. All you need to do is immerse yourself in this 3D interactive world and enjoy Decentraland's exciting moments!

By the side, Decentraland provides the infrastructure to support the Metaverse virtual world including:

A Decentraland Ledger to grant land ownership.
A Protocol describes the characteristics of each parcel of land.
A peer-to-peer network allows interactions from users.

Decentraland DAO:

One of the interesting aspects of Decentraland is its focus on decentralization. Here, the community of players controls Decentraland's land, digital assets, and development.

Decentraland will be built under the mechanism of a DAO (Decentralized Autonomous Organization); it uses open source code to regulate the rules of the organization. Therefore, anyone who has staked their MANA or owns LAND can create and vote on proposals.

Token LAND.

LAND is a non-fungible token (NFT) that represents land owned by players in the community. Similar to MANA, it also provides voting rights as part of Decentraland's governance protocol.

3.1. The basic information about LAND token:

Ticker: LAND
Blockchain: Ethereum
Token Standard: ERC-721
Token Type: Non-Fungible Token (NFT)
Total supply: 90,601 LAND
Contract: 0xf87e31492faf9a91b02ee0deaad50d51d56d5d4d
Token MANA.

As mentioned, MANA is the native token of Decentraland. As such, it not only acts as a project token, but also provides each MANA holder with voting rights in the Decentraland DAO.

However, LAND holders will be provided with two thousand votes per LAND token, and LAND does not need to be locked in the DAO. Players with multiple plots of land can tie them together into a single Estate token, with voting rights equal to the plots contained therein.

4.1. Basic information about the MANA Token:

Token name: Decentraland.
Ticket: MANA.
Blockchain: Ethereum.
Token standard: ERC-20.
Token type: Utility Token.
Total supply: 2,644,403,342 MANA
Circulating Supply: 1,327,372,145 MANA
Contract: 0x0f5d2fb29fb7d3cfee444a200298f468908cc942

4.2. What is the MANA token used for?

MANA is used to buy and sell goods and services in Decentraland Genesis City.

Users must use MANA to buy LAND and that MANA will be automatically burned causing the supply of MANA to decrease.

What are the differences between MANA & LAND:

What is Decetraland used for?

From the very early days of designing the platform, Decentraland's developers noticed its potential for use in blockchain-based communities. Currently, Decentraland has five main products, including:

Applications: To provide richer interactions, users can create apps and 3D scenes using Decentraland's _script_ing language.
Content curation: Neighborhoods have grown in Decentraland, attracting.
Advertising: With good player traffic in the neighborhoods, brands can buy space and place billboards in the game.
Digital Collectibles: NFT items are collected, created, and traded on Decentraland's Marketplace, creating ownership for users
Communities: Communities on social media platforms or even offline groups can experience a more “social” way of interacting with their friends.

As with most other blockchain games, in this game you will have opportunities to earn money. Speculation is a common practice, some “nice” LAND pieces will make you big money.

However, for new players who want to get started with NFT, there are quite a few barriers to entry. Ethereum gas fees make buying some items almost double the price. Land prices also run into the thousands of dollars, making ownership too expensive for some players.

The future of Decentraland.

If you pay attention, it is easy to see that MANA has only one incentive to pay for services, goods and LAND in Decentraland. This, in turn, will cause MANA to increase in price if and only if the demand for and ownership of Crypto assets becomes widespread.

In the future, it is possible that Non-Fungible Tokens like MANA will become more popular with many people. From there, higher demand emerges which will have an effect on the price of MANA.

Conclusion.

Overall, from the start as a small project, Decentraland has been a potential project with unique features that have attracted platforms on Blockchain. And with the advantage of the explosion of the Metaverse movement, it also helps Decentraland increasingly assert its position on global exchanges and create many opportunities for investors to attract investors and earn incredible money for themselves.

Author: Tomi.D, 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 other cases, legal action will be taken due to copyright infringement.

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