Currency has several levels of complexity. Blockchains may be used to create new services, goods, and even new legal systems. Many other virtual currencies are developed on Ethereum’s blockchain, including a virtual world where people can buy and sell anything.
As a non-fungible token (NFT), LAND serves as land in Decentraland, a cryptocurrency-based virtual gaming world built on blockchain technology. To get LAND, you must first obtain MANA, Decentraland’s cryptocurrency, and figuratively the coin of the realm. However, this world is not ruled by a single individual; hence, Decentraland, not Centraland, is the city’s name.
What is Decentraland (MANA)?
Decentraland’s currency, MANA, is based on the Ethereum blockchain. Non-fungible digital patches of virtual space (or land) make up the game in Decentraland. Users of Decentraland are encouraged to improve the land they own, generating a demand for the MANA money used to deal in Decentraland. Additionally, since LAND is an NFT, it is impossible to reproduce or duplicate any particular parcel. Decentraland “participants” had owned the property since January of this year when the land was first sold.
LAND isn’t the only thing accessible in the Decentraland world; MANA may be used in the Decentraland Marketplace to purchase virtual products. Wearables like virtual apparel and names only available to residents of Decentraland are examples.
This innovation in the cryptocurrency industry is laudable, and people have been hooked on crypto. But always ensure safety in your crypto engagements, such as with Immediate Edge, Binance, or even Kucoin, which help traders deal with their crypto in a secure environment.
Brief History of Decentraland
According to the White Paper, released in early 2017, the Decentraland virtual environment and MANA money did not exist when it was written.
Because of the widespread use of mobile phones and computers, many individuals already live in a virtual world daily. Decentraland is a 3D interface rather than a 2D one.
Just as there is no central authority in other virtual worlds like Second Life, World of Warcraft, or Fortnite due to the cryptocurrency ethos that drives everything from how Bitcoin mining works to the scepticism surrounding some crypto regulations and even crypto taxes, there was no central authority in charge of Decentraland.
As early as 2015, the authors of the white paper began work on a 2D grid they dubbed Decentraland’s Stone Age. Its Iron Age would be the second prototype, the Bronze Age. Immediately after the publication of the white paper, Decentraland was able to raise over $20 million in an Initial Coin Offering (ICO).
Since September 2017, there have been 2.8 billion MANA tokens in circulation. MANA currency production is limited to around 2.2 billion units. This, combined with the fixed number of LAND tokens, helps prevent the uncontrollable or runaway depreciation of assets inside the Decentraland, as may happen with other “currencies” such as airline miles. As a result of deflation rather than inflation, MANA’s value has increased.
The MANA currency is an Ethereum-based token. As a result, the Decentraland token MANA has to be acquired and traded using Ethereum and its token, Ether.
The first step is to link your Ethereum wallet to the Decentralized marketplace to achieve this. To buy land in Decentraland, you’ll need MANA, which you can get by exchanging Ether for MANA.
Virtual world Decentraland is a user-owned, Ethereum-based virtual world where you can play, explore, and participate in games and activities. Additionally, you may buy property on which to create your markets or other services. There are three native tokens in Decentraland, which all play different economic roles. The Decentraland DAO, a decentralised autonomous organisation, governs the site.
Decentraland has built a virtual environment where anyone can purchase LAND, an NFT symbolising open land, using MANA money. On the Decentraland marketplace, MANA may also be used to purchase and sell virtual products and services.
There aren’t many other blockchain-based virtual reality applications like Decentraland. Since it’s free to play globally, you have no excuse not to log in and see for yourself. A project that has been in development for five years, it is considered mature by comparison with other crypto projects.