What is Decentraland?

Decentraland, represented by the cryptocurrency token MANA, is a virtual reality platform built on the Ethereum blockchain. It allows users to create, experience, and generate value from content and applications within a virtual world. In Decentraland, users can acquire plots of land, known as LAND, which they can navigate, build upon, and generate value from. This virtual world is entirely owned by its users, making it a truly decentralized platform. Decentraland uses two tokens: MANA, an ERC-20 token, and LAND, a non-fungible ERC-721 token. MANA tokens are used to acquire LAND tokens and can also be used to acquire a range of avatars, wearables, names, and more on the Decentraland marketplace.

How does Decentraland work?

Decentraland operates on a three-layered protocol built on Ethereum smart contracts. The consensus layer tracks and manages the ownership of LAND. The land content layer displays the content of the Decentraland virtual world. Lastly, the real-time layer allows participants to interact with each other. Users can explore the virtual world, acquire plots of land, create works of art, own non-fungible tokens (NFTs), and participate in the platform's decentralized autonomous organization, DecentralandDAO. The platform's two tokens, MANA and LAND, govern operations within Decentraland. MANA is the official currency of Decentraland, used to acquire LAND and in-game items. LAND, on the other hand, is a non-fungible token used to track ownership of digital real estate.

What are the potential use cases for Decentraland?

Decentraland offers a wide range of potential use cases. It provides a platform for content creators, businesses, and individuals looking for a new artistic medium, business opportunity, or source of entertainment. Users can generate value from their LAND through leasing, advertising, and paid experiences. They can also receive compensation by creating and exchanging items on the Decentraland marketplace for MANA tokens. The platform can host applications, games, and interactive 3D scenes. It also allows for the creation and distribution of rare digital assets, such as collectibles, virtual equipment, and real estate (LAND). Furthermore, Decentraland can serve as a gathering space for online communities, offering a unique social experience.

What is the history of Decentraland?

Decentraland was co-founded by Ariel Meilich and Esteban Ordano in 2015 and officially launched in 2020. The platform was initially a proof of concept for allocating ownership of digital real estate to users on a blockchain. It evolved from a 2D experiment into a full-fledged 3D world. Decentraland was launched following a token offering conducted in 2017. The virtual world launched its closed beta in 2019 and opened to the public in February 2020. Since then, users have created a wide range of experiences on their parcels of LAND, including interactive games, sprawling 3D scenes, and a variety of other interactive experiences.