Understanding Decentraland: What is this digital real estate?

While not entirely new, the metaverse is one of the coolest, most fascinating and profitable concepts in the digital world. The only way to invest in it is through its available collectables and tokens. If you are into real estate, then read further as Gamdom walks you through the massive decentralised virtual world called Decentraland.

Into Decentraland

Understanding what is Decentraland entails at least a brief background about the metaverse. From the portmanteau of ‘meta’ and ‘universe’, it is a virtual version of the real world. Several technological aspects like virtual reality (VR), augmented reality (AR), social media, and blockchain tech allow users to work, play, shop, exercise, and even socialise whenever and wherever they like. 

The metaverse’s global market was valued at $47.69 billion and is expected to reach $829 billion by 2028. One of the few giant companies responsible for this growth is Decentraland. It was one of the pioneers in having a viable proof-of-concept for the metaverse and is currently the largest virtual world in the realm of NFTs (non-fungible tokens), as well as leads the way in terms of market implementation.

Prepare for a plethora of exciting activities in Decentraland. It is a VR space — or to be precise a 3D digital world browser-based platform — where you can make content, interact with other users, as well as even earn money primarily through investments in NFTs, VR real estate, and other profitable digital assets and activities like Decentraland mining. 

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How Decentraland started

Ariel Meilich and Esteban Ordano co-founded Decentraland. Both have subsequently stepped down from prominent positions but remain advisers.

Meilich is an entrepreneur who has created multiple businesses and worked as a venture capital analyst. Ordano, on the other hand, has worked in the cryptocurrency industry as a software engineer, advisor, and founder of his own smart contract development firm, as well as a blockchain technology infrastructure organisation. Decentraland was created in 2017 after a US$24 million initial coin offering (ICO), and it will be available to the public in 2020.

How does Decentraland work and what makes it unique?

Decentraland is a fully decentralised platform based on the Ethereum blockchain, thus being represented by two major ERC-71 tokens called LAND and MANA. Founders created it for content creators, business owners, and individuals seeking an innovative artistic medium, market opportunities, and/or source of entertainment. Continue reading below to both learn where to buy Decentraland MANA.

Each piece of LAND is unique because its 16 square metres (virtually) size empowers users to have complete control over what they want to do with it. Using the MANA coin, you can purchase it either through the NFT trading platform called OpenSea or directly in the Decentraland Marketplace.

How to earn MANA in Decentraland? It can be acquired through trading platforms like Binance, Coinbase, and Gemini. The MANA coin metaverse is burned to acquire NFTs in the platform’s metaverse. Apart from LAND, you can buy avatars, wearables, names, and many more.and 

LAND owners, on the other hand, have complete control over their plot, despite the fact that much of the metaverse is separated into several districts of varying sizes and themes. Individual MANA token crowd sales resulted in the creation of these districts. 

MANA holders can propose and vote on policy changes, LAND auction details, and the sorts of material that can be published in the Metaverse. Many Decentraland users make money by leasing and promoting their LAND, while others make and sell MANA token-based things.

How Decentraland is going today

Already interested in learning how to join Decentraland? Before you get into the steps on how to buy MANA Decentraland, take a look at the following information about its prices, competitors in the market, coins in circulation, and more. 

World-renowned crypto reference website CoinMarketCap currently ranks Decentraland in the 30s. If you are wondering what is MANA and how much is it, its coin price is worth $1.79, whereas the market cap is $3.294 billion.

How many MANA coins are in circulation?

Out of a total quantity of 2.2 billion MANA coins, 1.8 billion are in circulation. The circulating supply of MANA can be reduced using burn mechanisms, such as a 2.5% MANA burn on Decentraland marketplace transactions. During the 2017 ICO, 40% of the MANA supply was sold, with the remaining 60% distributed equally among the firm, community, development team, and early contributors.

Is it a good investment?

As previously said, the Decentraland currency is one of the most valuable cryptocurrencies by market capitalization. It's been one of the best-performing tokens this year, with gains of up to 5,300%. Luxury labels like Gucci, Burberry, and Louis Vuitton have entered the metaverse via NFTs, boosting their appeal.

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Does it have competitors?

While it competes with other virtual environments such as The Sandbox, Decentraland is more user-friendly, allowing gamers to become real-estate moguls by acquiring low-cost land NFTs and reselling them for profit. Furthermore, because the game is free to play and can be played in a browser window, it has the potential to grow into a big virtual reality platform similar to Second Life.

Overview

Investing is one of the most guaranteed ways to earn profits from crypto, as well as an effective long-term strategy for diversifying your portfolio. Fortunately for this industry, you have more than 18,000 digital currencies circulating in the market to choose from. Surely novices will consider the likes of Bitcoin (BTC), Ether (ETH), and Tether (USDT), but you can jump into other exciting new crypto projects gaining traction this 2022. For example, Decentraland MANA and LAND is an excellent yet affordable choice if you want to explore the metaverse. 

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Words: Antoinette Laraze