What Is Decentraland?
Decentraland is a virtual world powered by blockchain technology, specifically the Ethereum blockchain. Established in August 2017, it allows players to buy, trade, and build on digital land parcels. Non-fungible tokens on the platform represent these parcels.
Background
Ari Meilich and Esteban Ordan founded Decentraland in 2017.
How It Works
The platform’s genesis is rooted in turning digital interactions into an economy. It allows players to create and monetize content, contributing to a vibrant virtual world. The Decentraland marketplace is where players can buy various items, from clothing to landscapes.
The platform operates with two types of tokens: MANA and LAND. MANA, an ERC-20 token, serves as the governance token for the Decentraland DAO and a utility token within the platform. It must be burned to obtain the non-fungible ERC-721 LAND tokens. For example, 1000 MANA can purchase 1 LAND. Players can use MANA to buy goods and services on the marketplace, with 2.5% of each transaction burned. MANA holders can participate in the Decentraland DAO, contributing to policy updates, LAND auctions, and more.
Key Takeaways
- Decentraland is a virtual world powered by the Ethereum blockchain that allows players to buy, trade, and build on digital land parcels.
- The platform was founded by Ari Meilich and Esteban Ordano in 2017.
- It operates on the concept of a digital economy, allowing players to create and monetize content.
- Decentraland operates with two types of tokens: MANA and LAND. MANA is the governance token and must be burned to obtain LAND tokens.
- MANA holders can participate in the Decentraland DAO, contributing to policy updates, LAND auctions, and more.
