Decentraland is the world of a 'Decentralized Metaverse,' where all in-game transactions occur virtually using blockchain-based digital assets such as $MANA tokens and NFTs. The use of blockchain for transactions in the virtual world makes Decentraland different from other pre-existing metaverses such as Second Life, one of the most popular virtual worlds and generally considered the first Metaverse. You might not be able to control how things are shaped in the real world, but you can get yourself some $MANA tokens, and live out your virtual dreams in Decentraland.
Key Highlights
- Live the digital life in a virtual world in the Decentralized Metaverse with Decentraland's blockchain platform.
- Every virtual asset in Decentraland is an NFT stored on the Ethereum blockchain and owned by you.
- Use $MANA tokens to buy NFT assets, such as LAND, NAME, goods, avatars, and wearables, from the Decentraland Marketplace.
- Holders of $MANA tokens or LAND and NAME NFTs are network peers of Decentraland DAO who can propose, discuss and vote on changes to the game's operations.
- The Decentraland DAO can approve organizing activities such as the Australian Open, Metaverse Fashion Week (MVFW), and Metaverse Music Festival (MVMF).
Decentraland is a 3D virtual reality platform where users can create avatars and purchase as well as own virtual plots of land (called LAND), wearables, and other digital assets. At the heart of Decentraland is its metaverse which is an immersive virtual environment that uses virtual reality (VR) to allow users to experience life in a digitized world.
The interactive nature of the Decentraland Metaverse allows you to explore land and structures owned by other users, join communities to create entire villages, estates, and cities, exchange assets through the Decentraland Marketplace, instant message other users, or just hang around and chill out by yourself.
Chilling Out in Decentraland (Source: Decentraland.org)
Since the Decentraland Metaverse is decentralized, it is not owned by any single entity but rather managed by a network of peers on the Ethereum blockchain. When it comes to the governance of the game's Metaverse, Decentraland Decentralized Autonomous Organization (DAO) is a decision-making system that enables network peers i.e. $MANA token holders as well as LAND and NAME NFT holders to propose, discuss and vote on changes to the platform.
Every asset you purchase in Decentraland is an NFT, meaning it is unique, stored on the Ethereum blockchain and owned by you. It cannot be deleted or brought down which can happen to online virtual worlds that reside on servers owned and managed by companies that develop the game.
Getting Started in the Decentraland MetaverseDecentraland can be played using a downloaded application client or accessed directly via a browser. You will need a digital wallet that supports Ethereum tokens such as $MANA which is the in-game currency of Decentraland as discussed further in the Tokens section below. Being equipped with such a digital wallet is a pre-requisite to experiencing what Decentraland has to offer since all transactions are undertaken through the Ethereum blockchain using the game's token and NFTs.
Customizing Your AvatarOnce you are good to go, you would need to create an avatar which is a virtual representation of yourself and your in-game character. You can completely personalize your avatar using NFTS for features such as body types and hairstyles. Besides personal features, you have the option of further customizing your avatar using NFT wearables such as clothes, shoes and other wearables which can be acquired from the Decentraland Marketplace.
Wide Array of Avatar Customization Options (Source: Decentraland.org)
Once your avatar is ready to go, you will appear at the Genesis Plaza which is located at the heart of Decentraland. This is where your virtual journey will begin. From here, you can begin exploring the Decentraland Metaverse by participating in the plethora of happening events or just roam the open world in freestyle mode.
Genesis Plaza (Source: Decentraland.org)
There are a host of things for users to do in the Decentraland Metaverse including holding personal events as well as engaging in cultural and social activities.
Embracing the Haute CultureUsers can get in on the latest high fashion trends by participating in events such as the Metaverse Fashion Week (MVFW) which was held in March 2022 in the Decentraland Metaverse. The MVFW's fashion-themed agenda featured runway shows, after-parties, immersive experiences, shopping, panel talks, and much more. With the Luxury Fashion District as its venue, the MVFW which involved the participation of big name labels such as Tommy Hilfiger, Forever 21, Philipp Plein and Estée Lauder was a milestone breakthrough in the digitization of fashion.
Venue of the MVFW 2022 (Source: JingDaily.com)
Users can participate in challenges, virtual social games, and events such as parties and music festivals that happen across the Decentraland Metaverse. For instance, the Metaverse Music Festival (MVMF) 2022 which took place in Decentraland in November 2022 was a four days music fest featuring over 200 artists from around the world including Ozzy Ozbourne, Soulja Boy, and Dillon Francis. The event was a huge success, generating sales of more than three thousand wearable NFTs.
Venue of the MVMF 2022 (Source: Wired.com)
Besides music, Decentraland also offers virtual sports events with a prime example being its partnership with Tennis Australia to be the virtual host for the Australian Open 2022. As the first official grand slam tennis event in the Metaverse, Decentraland's Australian Open 2022 which was held at the virtual recreation of Melbourne Park provided exclusive content such as live action coverage and radio broadcasts as well as behind-the-scenes footage from over 300 cameras around the Park.
Melbourne Park in Decentraland (Source: CoinTelegraph)
Users can also tie the knot in the Decentraland Metaverse. In early 2022, a Phoenix couple held the first meta-marriage ceremony in the Decentraland Metaverse. The fully virtual ceremony was attended by more than 2,000 digital guests. This event illustrates the potential of building a fulfilling and life-long reality in the Metaverse that is completely virtual and runs parallel to the real world, giving you a unique blend of reality and virtuality.
The First Meta-Marriage in Decentraland (Source: Benzinga.com)
Owners or tenants of LAND can use Decentraland's Builder Tool to create simple 3D scenes, games and experiences in the Decentraland Metaverse. For users with little or no digital design background, the Tool offers a simple drag and drop editor which requires no coding knowledge, As for users with technical prowess, the Tool features advanced software development kits (SDKs) which can be used for the coding of advanced games, applications, animations and much more.
Interface of Decentraland's Builder Tool (Source: Decentraland.org)
In December 2022, the Decentraland Foundation launched the beta release of Worlds with the aim of lowering the barriers to entry for creators in the Decentraland Metaverse. The Decentraland Worlds platform serve as a place for users creators in the Decentraland Metaverse to experiment with the building of digital experiences and hosting of virtual events as well as inviting other users to these try out these experiences or attend these events.
Decentraland Worlds' Beta (Source: Decentraland.org)
Holders of NAME NFTs are entitled to claim their share of space in the Decentraland Worlds platform. Introduced in February 2022, NAME NFTs are unique and tradable human-readable names of not more than 15 characters for Decentraland users which allow the trading of tokens between memorable addresses. Similar to other assets in Decentraland, NAME NFTs operate using the Ethereum blockchain.
From personal gatherings and social activities to music festivals and and sports events, Decentraland offers a completely immersive experience. The Decentraland Metaverse is a place where users can spend time living a virtual life that delivers almost everything the real world has to offer. All in all, Decentraland is a one-of-a-kind hybrid reality universe where people can lead an extraordinarily normal life in a virtual environment.
LAND NFTs are representations of LAND parcels in the Decentraland Metaverse. Each LAND NFT comes with its unique co-ordinates which denote a particular LAND parcel at a specific location on the map of the Decentraland Metaverse.
Map of the Decentraland Metaverse (Source: PlaytoEarnDiary.com)
It is not a must to have a LAND NFT to play Decentraland but ownership of or possessory rights over LAND in the Decentraland Metaverse is required if you are in to invest or build in the Metaverse. There are a total of 90,601 LAND parcels in the Decentraland of which 43,689 are private land parcels, 33,886 are district LAND, 9,438 are roads and 3,588 are plazas.
The buying, selling or renting of LAND NFTs can be done through the Decentraland Marketplace or secondary platforms such as OpenSea. Adjacent parcels of LAND in the Decentraland Metaverse can be combined to form an ESTATE. Just like in real life, LAND NFTS in the Decentraland Metaverse can be acquired by way of rental or through a mortgage.
For rentals, a LAND NFT owner would first list the LAND parcel on the Decentraland Marketplace. In the listing, the owner would stipulate the relevant details such as the rental price per day in $MANA and the maximum tenure of the rental. The prospective tenant would need to select the specific tenure of the rental before paying the rent amount using $MANA tokens. Thereafter, the tenant would gain access to the LAND parcel including the attached privileges such as the use of the Builder Tool.
As for the mortgage process, it requires an applicant to provide information such as the amount requested, interest rates and the duration of the mortgage applied for. Upon the acceptance of the mortgage application by the lender and the making of a 10% down payment by the borrower using $MANA tokens. Subsequently, the ownership of the LAND will be transferred to the borrower though it would be locked by a smart contract pending the settlement of the mortgage.
Acquiring Real EstateIf you are looking to move in to Decentraland, you can buy a LAND NFT using $MANA tokens. The price of LAND NFTs depends on their size and location. Its up to you to decide what you do with or build on your LAND which you can develop into estates, cities and micro metaverses. While Decentraland has a variety of in-game elements, virtual real estate is what the game is most notable for.
In fact major corporations, have made in ways into the Metaverse by purchasing virtual real estate in Decentraland to establish their business presence in the digital sphere. One of them is Samsung who had in January 2022 established its 837X store in Decentraland.
Samsung's 837X Store in Decentraland (Source: TheNextCartel.com)
Besides Samsung, another big name which has made the leap of faith into the Metaverse is J.P. Morgan who had in February 2022 established its Onyx Lounge in Decentraland with plans to provide banking services through the Lounge in the future.
J.P Morgan's Onyx Lounge in Decentraland (Source: Investing.com)
Many celebrities have also shown interest in purchasing LAND in Decentraland. A notable example is Singaporean singer JJ Lin who had in November 2022 announced on Twitter that he has bought three plots of LAND in Decentraland for USD123,000.
JJ Lin's Real Estate in Decentraland (Source: Tech360.tv)
Tapping into the social media boom of Web2, metaverses such as the Decentraland Metaverse are the Web3 evolution of the digital social sphere where people can fraternize and have a good time. As for creators, the Decentraland Metaverse is bringing to life web3's creator economy by serving as a portal for Social Finance (SocialFi). Through the Decentraland Metaverse, content creators can own and control their content including sharing and monetizing them as they see fit.
If you're looking to start your virtual life or expand the scope of your in-real life (IRL), you should consider immersing yourself in the Decentraland Metaverse where the life you have always dreamed of could come alive.
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