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Table of contents
1.
Introduction 
2.
What is Decentraland?
3.
Governance in Decentraland
4.
Key Features of Decentraland
4.1.
1. Avatars
4.2.
2. Builder
4.3.
3. Marketplace
5.
How can you earn Decentraland currency?
6.
Frequently Asked Questions
7.
Conclusion
Last Updated: Mar 27, 2024

Decentraland

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Introduction 

Our world has come a long way from the first game released in 2000, which allowed its players to interact with each other in the gaming environment, to people living an alternate version of themselves in the virtual world, buying digital dresses, trading in cryptocurrencies as a genuine form of money and collecting digital art in NFTs(Non-fungible tokens). This blog will cover all about Decentraland, the virtual real estate platform.

What is Decentraland?

Decentraland is a user-owned, decentralised virtual world built on Ethereum Blockchain where you can play, explore, interact with other people and do many more activities in the gaming environment. Users can purchase land to build their environments, marketplaces, and applications and even sell the lands. What began as a 2D grid where users could buy pixels has grown into an experience where everything is in 3D. Decentraland is like virtual reality video games but is more ‘real’ with trees, aircraft, and immersive since users can own assets here. From digital skyscrapers and rapid transport systems to movie theatres and hotels, anything available in the physical world can be found here.

 Image courtesy of Decentraland

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Governance in Decentraland

A centralised entity usually controls the virtual worlds, but MANA, LAND, and Estate holders govern Decentraland through the Decentraland DAO(Decentralized Autonomous Organization), created using Aragon technology. Each wMANA provides one unit of voting power, while every parcel of LAND and Estate offers 2000 units of voting power. In Decentraland, “wrapping” MANA means locking it up in the DAO. Wrapping your MANA no longer allows you to spend it or transfer it. One must register themselves to the DAO to use LAND and Estate tokens for voting. They still use them normally when registered. The users can purchase MANA on crypto exchanges like Coinbase and Gemini but only buy LAND in the Decentraland Marketplace. Estate tokens are created only if parcels of LAND are merged.

Decentraland even has a SAB(Security Advisory Board), in addition to the DAO,  that oversees the security of the platform’s smart contracts, reviews governance proposals, and responds to bug reports. The SAB comprises five members who are voted in by the Decentraland community. The board can delay or reject governance proposals that might negatively affect Decentraland.

Key Features of Decentraland

1. Avatars

Avatar is the full user-customizable virtual representation of yourself with which you can enter Decentraland. You can either choose from hundreds of free available outfits or spend a few MANA to buy rare and unique clothing items and create an avatar with its personality. Every avatar has a Decentraland passport, connected to an Ethereum compatible wallet where all your MANA and items are recorded.

2. Builder

If you possess a parcel of LAND in Decentraland, you can become a builder, adding a few scenes or a whole environment to the LAND. Coding is not necessary since Decentraland comes with a large pool of pre-built scenes applicable to any LAND. 

3. Marketplace

If developing your land is not your piece of cake and you don’t want to use the available free items, you can head to the Decentraland marketplace and buy anything from the smallest things to a complete estate. You can also go to the marketplace to purchase a name or purchase various wearable items.

How can you earn Decentraland currency?

1. LAND
There are two ways to buy virtual properties (LAND) in Decentraland. The first one is participating in timely auctions announced by the team and selling unclaimed LAND. The second one is buying from Decentraland’s Marketplace. After getting to the marketplace, you will be prompted to connect to a web wallet, and we recommend that you use the most popular one – MetaMask.

2. MANA
MANA is traded freely on many leading crypto exchanges like Binance. After creating an account, you can buy some of it on the open market. If you want to use them in the game, you need to transfer them to the wallet you are using.

Frequently Asked Questions

  1. What is Decentraland?
    Decentraland is a user-owned, decentralised virtual world built on Ethereum Blockchain where you can play, explore, interact with other people and do many more activities in the gaming environment. Users can purchase land to build their environments, marketplaces, and applications and even sell the lands.
  2. What is Decentraland used for?
    The Decentraland application is built to track real estate parcels defined by LAND tokens. The software leverages the Ethereum blockchain to track ownership of this digital land, and it requires users to hold its MANA token within an Ethereum wallet to engage with its ecosystem.

Conclusion

In this article, we have extensively discussed Decentraland and its features in detail. We hope that this blog has helped you enhance your knowledge, and if you wish to learn more, you can read about Snake Snack game, check out our Coding Ninjas Blog site and visit our Library. Do upvote our blog to help other ninjas grow.

Happy Learning! 

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