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.

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.

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.

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.

LAND in Decentraland is a non-fungible digital asset. It represents a parcel of virtual real estate within the Decentraland metaverse. The distinctiveness of LAND lies in its scarcity and the ownership rights it confers to its holders. As a holder of LAND, you have full control over the content that is published on your parcel, from static 3D scenes to interactive systems such as games or applications. This ownership is not just theoretical; it is blockchain-based and supported by the Ethereum network. This means that no one, not even the developers of Decentraland, can modify the content of your LAND, take it away from you, or prevent others from visiting it. LAND is an ERC-721 token, and each parcel is unique, with its own set of coordinates and characteristics. These characteristics contribute to its distinct role within the Decentraland ecosystem.

The concept of decentralized ownership in Decentraland is embodied in the platform's unique approach to virtual land. Users can claim ownership of virtual land on a blockchain-based ledger of parcels, with each parcel of land identified by a set of cartesian coordinates. This land is a non-fungible, transferrable, scarce digital asset stored in an Ethereum smart contract. It can be accessed through the use of an ERC20 token called MANA. Landowners have a degree of control over what content is published to their portion of land, ranging from static 3D scenes to interactive systems such as games. Unlike other virtual worlds, Decentraland is not controlled by a centralized organization, meaning there is no single agent with the power to modify the rules of the software, contents of land. This decentralized ownership model aims to give users a degree of control over their creations and the potential to gain from their involvement in the platform.

Content creation and development in Decentraland is a detailed process that involves various tools and stages. The Decentraland Software Development Kit (SDK) is a collection of tools that allows creators to build scenes within the virtual world. This includes a quick start tutorial, a development workflow guide, and a range of example scenes. The Decentraland Editor, available in both web and desktop versions, is a tool for content creation. It provides a drag-and-drop interface for easy scene creation and code editing capabilities for more technical tasks. And, there are other scene creation tools available, such as DCL Edit, a community-built tool for arranging 3D models in a scene. For 3D modeling, creators can use any third-party tool to create models that can be used in Decentraland scenes. The platform provides guidelines for creating wearables, emotes, and managing collections. Decentraland provides tutorials and examples to assist creators in their development process. It should be noted that if a scene is created or modified by the SDK, it cannot be imported into the Builder, it can only go from the Builder to the SDK.

The Decentraland Marketplace is a virtual platform where users can trade and manage their Decentraland assets. It operates on a three-layer protocol: the consensus layer, the content layer, and the real-time layer. The consensus layer tracks the ownership of land parcels via smart contracts. The content layer renders the necessary files required from parcel to parcel, and the real-time layer enables peer-to-peer communication between users' avatars. The marketplace allows users to sell parcels and Estates of LAND, wearables, and unique names, set their own price in MANA (Decentraland's native token), and an expiration date for the listing. Users can also acquire parcels and Estates, wearables, and unique names that are available. They have the option to transfer their Decentraland assets to another user and explore the world through a map to see who owns what. The marketplace is a component of Decentraland's virtual economy, enabling the exchange of digital goods and services within the platform.

MANA is the native token of the Decentraland ecosystem and plays a crucial role in its operation. It serves as the primary means of exchange for all goods and services within the virtual world. Users may receive MANA as non-monetary rewards for their contributions to the platform. MANA can also be used to acquire virtual assets such as wearables, avatars, and other digital items within the Decentraland marketplace. MANA is used to cover transaction fees on the Ethereum blockchain, which is a component of the platform’s infrastructure. The value of MANA may fluctuate due to various factors, including market conditions. As Decentraland’s ecosystem evolves, the role of MANA in the metaverse economy may change.

Decentralized Autonomous Organizations (DAOs) in Decentraland are entities that operate through smart contracts on a blockchain, with no central authority. They are member-owned communities where decisions are made collectively. In Decentraland, DAOs are the decision-making tool for MANA, NAMES, and LAND holders. Through participation in the DAO, the community has the ability to influence decisions regarding banned names, Points of Interest (POIs), and catalyst nodes. The DAO has a role in the operation of LAND and Estate smart contracts. The actions of the DAO are enacted on the Ethereum blockchain by a committee overseen by the Security Advisory Board (SAB). The DAO aims to offer an alternative to traditional management structures, allowing for member participation in decision-making and initiative proposal. It also operates under governance dictated by code on a blockchain.

Decentraland operates under a Decentralized Autonomous Organization (DAO) model, which aims to facilitate user participation in its governance. Users can engage in the DAO by holding and using Decentraland's native token, MANA, or by owning LAND and certain wearables, or by minting a unique Decentraland Name. These assets provide users with Voting Influence (VI), which they can use to express their opinion on proposals and decisions put forward by the DAO. The voting influence is calculated based on the balance of MANA, NAMES, and LAND associated with the user's account at the time a proposal is initiated. The model includes a delegate system, where users with sufficient VI can allocate it to other users for voting purposes. The DAO addresses various topics, including governance, ethics, and fund allocation, and users are encouraged to engage in discussions related to the DAO within the Decentraland platform.

Decentraland aims to cultivate a sense of community among its users by offering a shared virtual space where they can interact, create, and experience content together. Users have the opportunity to construct their own virtual spaces, organize events, and even develop their own digital economy within the platform. This strategy is designed to stimulate active participation and collaboration among users, thereby nurturing a sense of community and shared ownership. Decentraland's utilization of blockchain technology enables the creation and trading of unique, non-fungible digital assets, which is intended to sustain user engagement and interaction. The platform also underscores the value of decentralization, providing users the liberty to interact without interference or censorship, and aims to cultivate a sense of inclusivity and openness. By offering these opportunities for interaction and collaboration, Decentraland seeks to nurture a dynamic and engaged community within its virtual world.

Decentraland addresses scalability and performance issues by utilizing a second layer blockchain, commonly referred to as a side-chain. This side-chain serves as a bridge between the decentralized app and the main chain, with the intention of providing responses and reducing gas costs. Transactions are processed on the side chain, which then synchronizes these changes with the main chain. This method is designed to allow Decentraland to accommodate a larger user base and intricate virtual experiences without impacting speed or performance. Furthermore, Decentraland has established a partnership with a platform that provides its own side-chain on Ethereum, with the aim of facilitating transactions. This collaboration is intended to bolster Decentraland's scalability and performance capabilities.

The Metaverse is a collective virtual shared space, created by the convergence of virtually enhanced physical reality and physically persistent virtual reality. It's a space where users can interact with a computer-generated environment and other users. Decentraland contributes to the Metaverse by providing a decentralized platform that enables users to develop and share content and applications in a virtual reality environment. Built on the Ethereum blockchain, Decentraland allows users to manage their virtual land, represented as non-fungible digital assets. Users can create unique 3D experiences, participate in a digital ecosystem, and even contribute to the governance of the platform. This decentralized approach presents a different perspective to traditional online marketplaces, with the intention of addressing concerns about data privacy and centralized control. Decentraland's utilization of blockchain technology and cryptocurrency contributes to the diversity of the Metaverse landscape.

Decentraland has entered into several partnerships and collaborations to modify its platform and provide users with a different user experience. One of these collaborations is with Animoca Brands, a company that leverages gamification, blockchain, and artificial intelligence technologies to develop and publish a range of mobile products. This partnership aims to co-develop two blockchain-based games for the Decentraland platform. Another partnership is with Decentral Games, a participant in the decentralized gaming space. This collaboration aims to provide a different gaming experience. Decentraland has also partnered with LandVault, a company that provides services to help businesses operate in the metaverse. This partnership aims to integrate LandVault's In-Play technology into Decentraland's gaming experience. Lastly, Decentraland has entered into a collaboration with OVER, an AR (Augmented Reality) enabled metaverse, to co-host a Metaverse Music Festival.