by Ivan Somoza
What is Decentraland?
Decentraland, is a project that runs through the Ethereum network. It was created in 2015 by Argentines Ari Meilich and Esteban Ordano but it was not until February 2020 when it was publicly inaugurated.
The project was born as a pixelated network that allocated pixels to users through Proof of Work algorithms, but over time, the network evolved into a 3D world. The virtual platform that we currently know.
Decentraland is a fully decentralized virtual world that is governed by a DAO called the “Decentraland Foundation”.
The biggest difference between this and other platforms of the same style is that: The only owners of Decentraland are the users. Here they can create, experiment and monetize their applications. All the content of the ecosystem is created by them.
The original vision of the creative team of the project was that: Public virtual worlds should be governed with open standards, therefore, no central organization should impose norms on them.
What can we find in Decentraland?
This Metaverse is a virtual world divided into 90,601 plots of 10 square meters each. These parcels called LAND, function like real life fields. LANDs are NFT tokens that can be used within smart contracts on the Ethereum network.
Once the user owns a LAND, they can create and build it as much as their imagination and the platform allow, and then monetize or sell it, as if it were the real world.
It is important to highlight that the LANDs within the platform are scarce. This is intended not only to increase demand somewhat but also to improve the overall user experience and ability to discover content. If there were no shortage, most LANDs would be abandoned, affecting their content.
One thing to keep in mind is that Decentraland allows owners to fully control the content of their land, being able to keep the income earned from the value generated by other users. This is where normally a centralized organization would take part of the benefits, but speaking of a decentralized project, it doesn't make sense.
We could define this universe as: The logical step prior to the creation of worlds based on artificial intelligence within physical space.
A peculiar characteristic of this virtual world is that there is the grouping of LANDs in Districts. These districts are community areas that are grouped around a common theme.
Each area varies in size, and has its own theme ranging from Las Vegas-style gaming to a battlefield where players can play video games.
These communities govern themselves through their own rules and way of doing things. They are generally supervised by a leader or a leadership team that coordinates their respective community.
When a conflict appears in any district, the owners can make use of their voting power through a decentralized application called “Agora” created for that purpose. The amount of LAND the user owns in a specific district determines the weight of the vote.
Decentraland created “Agora” to give users more control over what happens in their districts and to get feedback on the platform in general.
In January 2019, 17 districts were dissolved because they did not meet the minimum criteria established by it. There are currently 39 DAO approved districts.
Decentraland Economy (MANA)
MANA is an ERC-20 token. Its usefulness within the economy of the ecosystem plays a very important role as it fulfills two functions at the same time;
1st It works as a utility token. Which allows owners to customize avatars, perform transactions in exchange for virtual goods or services, and buy and sell LANDs. As well as other types of economic services that can proliferate within the ecosystem.
2nd It also fulfills the governance token function, allowing owners the possibility to vote within the DAO on any of the policy updates and subsidies to improve the platform.
The usefulness of MANA could be increased as the LANDs within Decentraland develop further, thus enriching the ecosystem.
Price evolution (MANA)
The Decentraland token (MANA) went on sale at around $ 0.025, in September 2017. Currently its price is just over $ 3, which means a revaluation of 120,000%.
It recently hit its all-time high of $ 5.79. Since which, it has lost 50% of its value in just 30 days due to general market declines.
It is currently ranked # 28 on Coinmarketcap, with a market capitalization of $ 5.689 billion.
Its supply is 2,194 million tokens, of which 1,816 million are currently circulating. A difference of only 400 million something to take into account in the future of the price.
From here you can access the updated data: https://coinmarketcap.com/currencies/decentraland/
Decentraland related news
👇👇
Sotheby's opens virtual gallery in Decentraland
In June 2021, Sotheby's auction house founded over 270 years ago in London created a digital replica of its New Bond Street headquarters in Decentraland to
display and sell NFT art.
Click here to read the news.
Barbados opens an embassy in the metaverse and inaugurates the career of virtual diplomacy
The Caribbean micro-State will offer its consular services in this cybernetic environment from January, from which it intends to promote culture and establish contacts with more countries.
Click here to read the news.
Someone has invested $ 2.4 million in virtual parcels
Decentraland manages to break its record of value in a sale.
565 square meters (virtual) to sell clothes (virtual)
Click here to read the news.
Coca-Cola joins Tafi, OpenSea and Decentraland to become the new great brand that bets on NFTs
Coca-Cola will launch its own NFTs! The popular beverage brand is exploring the NFT realm, becoming the latest major brand to use the digital collectibles figure, after joining Tafi, the NFT market, Open Sea and the Decentraland metaverse, to bring it to life. to an NFT series to be auctioned and whose proceeds will be donated.
Click here to read the news
Conclusions
Decentraland is a booming metaverse for which there is no limit. It is open to the imagination of its owners and everything can be created and monetized in this virtual world.
As a strong point, I believe that the titanic struggle between major brands and institutions, who want to position themselves within the project and in similar projects at the stroke of their checkbook, will contribute great achievements to the success of Decentraland.
In principle, the only negative to note is in relation to the price of ethereum gas. Lately, its fees inevitably make everyone who wants to enter a project in this network think twice or even three times due to the high cost of gas.
Links to Decentraland channels
Página web: https://decentraland.org/
White paper: https://decentraland.org/whitepaper.pdf
Twitter: https://twitter.com/decentraland
Discord: https://decentraland.org/discord/
Telegram: https://t.me/decentralandTG
YouTube: https://www.youtube.com/channel/UCLXcTgzr05cFZaN972nuEXw
Instagram: https://www.instagram.com/decentraland_foundation/?hl=es
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