Decentraland: The creation of a virtual world on Ethereum

Decentraland was one of the pioneers in the world of virtual worlds. Very innovative when it was launched, today the platform is experiencing renewed interest. We had to tell you about Decentraland. It is therefore a virtual universe in which we can play, create and interact with other players.

More precisely, in this virtual world, one can buy plots of land and create their own environments, market and special applications.

Decentraland, this is typically what is called a "metaverse", namely a fictional virtual world that has been artificially created by a computer program in which an entire community of users will live there as in real life but in a virtual way.

Decentraland Overview

Created in 2017, the project has been truly accessible to the general public since January 2020. The Decentraland project was co-founded by Ariel Meilich and Esteban Ordano, two Tech entrepreneurs from Silicon Valley. Decentraland is a virtual world based on Ethereum, also called metaverse. Like many projects on the blockchain, it is the users who decide on major decisions via Decentraland DAO, the project's decentralized autonomous organization. Decentraland DAO was created on Aragon technology to make it even more efficient.

In the virtual world that is Decentraland, there are three native tokens:

MANA: an ERC-20 token that is used as the primary currency on Decentraland.
LAND: An ERC-721 token that represents the digital lands and parcels of the world.
ESTATE: an ERC-721 token that represents merged parcels of different digital lands.

These three tokens are an integral part of the entire economy of Decentraland.

By definition, MANA tokens are ERC-20 tokens and therefore can be exchanged with other ERC-20 tokens on Ethereum. It is in this sense that MANA tokens are an ideal cryptocurrency for Decentraland as an exchange token on marketplaces.

*The MANA token has seen its price explode since January 2021*

Regarding the LAND and Estate tokens, they are ERC-721 and therefore by definition, they are non-fungible tokens, NFTs. These tokens are not used as currencies strictly speaking but represent avatars, accessories or plots of land.

You should know that the three tokens MANA, LAND and Estate are governed by three smart contracts: the MANAtoken contract, LANDregistry contract and finally the EstateRegistry contract.

What can you do on Decentraland?

To wander around the wonderful world of Decentraland, you will need to create your avatar. When you go to the site, and choose your digital destination, you will be asked to log in to your MetaMask wallet.

You should know that there are different destinations, to choose according to your desires of the moment. For example, you can buy digital works of art at the Crypto Valley Art Gallery. You can go to the marketplace and exchange accessories for your avatars or even buy and sell pieces of the world.

But unlike the gold coins found in Mario or World of Warcraft, Decentraland's tokens have intrinsic value and transferability as real-world assets. Ethereum connects the economics, technology and ethics of Decentraland,

For example, we chose to discover first, the most famous world of Decentraland,

Then, you can create your avatar as you wish and it is with your virtual character that you can start traveling in Decentraland.

The Decentraland Marketplace

You can buy a lot of things on Decentraland and you have to go to the marketplace for that. You can buy land, individual plots and even clothing or accessories for your avatar.

Each transaction is recorded on Ethereum and we know who owns each token and guarantee ownership to everyone.

LAND token holders can also create various plots and applications such as games or other. They can also monetize their work and this is what gives Decentraland such notoriety.

Final Word

In fact, the project remains a pioneer in its field and this virtual world has experienced a new craze thanks in particular to the explosion of NFT, recently. This gives him even more confidence regarding the future of this type of platform. Video games are becoming more complex and many players are looking for deeper interactions with the game world. They are no longer just looking to control players but are looking to be able to create pieces of the world themselves.

We are always pushing the limits further, in fact.

The project creates a new type of very complete and very innovative metaverse. In this, we can salute the initiative because it is much more than a video game…

Recently, on Decentraland, there is a space for virtual casino...

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