Since the first digitally-enabled human beings appeared on a large scale, it’s been nearly four decades. Technology has made a significant impact on the lives of generations. The digital space has seen a lot of innovation, which is laudable.
Humans are constantly looking for better and bigger things. That is the beauty of humanity. The digital world of today is spread across multiple platforms and applications, so there’s no single place to see it all.
The next step in the Digital Age is to create a shared virtual world called Metaverse. Except for eating, bathing and dumping, this virtual world allows you to do everything you could in the real world. You can visit your office to conduct client meetings, negotiate business deals, meet new friends, attend parties, and make new connections.
Metaverse – Decentraland
The cherry on top, however, would be the technology on which these platforms are built, namely blockchain. Metaverse platforms will bring the world, already global, closer together because of the security and decentralization provided by blockchain.
Today, we bring you Decentraland, a popular blockchain-based metaverse project. Let’s take a look at Decentraland and learn more about it.
What is Decentraland?
Decentraland, a decentralized virtual world platform built on Ethereum blockchain network, is called. It can be used to create, experience and monetize content or applications.
The platform is managed by a Decentralized Autonomous Organisation, (DAO), and is further managed by token holders from Decentraland. The entire platform is broken down into over 90 000 parcels. Each parcel is a Non Fungible digital asset. It is also accompanied by a NFT (Non Fungible Token), called LAND.
Decentraland also offers MANA, an in-house token that can be used for purchasing LAND or other digital goods and/or services on the market.
The project created a virtual world with an in-world economy. MANA is the currency that funds this economy.
Let’s now look at the project in more detail with a brief history.
A Brief History of Decentraland
Here’s a brief history of Decentraland Metaverse:
1. Decentraland Stone Age (2015-16).
Decentraland Stone Age
As a proof-of-concept project, the project was launched in 2015. It aims to allocate ownership of digital real property to users using a blockchain. It was a 2D infinite grid.
2. Decentraland Bronze Age (2016-17).
Decentraland Bronze Age
The development of the Bronze Age began in late 2016. It was a 3D virtual world (Three Dimensional), divided into land parcels.
3. Decentraland Iron Age (2017 onwards)
Decentraland created a fitting video for its Iron Age. Take a look.
The Iron Age also introduced a platform where developers could use Decentraland to create content and applications that can be monetized. The stage introduced MANA and LAND tokens.
Decentraland launched its ICO in 2017. It offered $0.02 per token for MANA tokens to the public. The platform also introduced a communication layer which could provide a complete social experience to users.
In 2020, the platform was finally made available to the public.
Let’s now find out who the founders are and what their backgrounds are.
Who are the founders of Decentraland and why?
These are the founders of Decentraland Metaverse:
Esteban Ordano – Twitter Co-Founder and Ex – CTO
Esteban is located in Argentina. Esteban is a software engineer who has more than 11 years of experience and has worked for companies such as Bitpay, Google and Infosys.
W.e.f. April 2020: Esteban accepted an advisory position and resigned from active management. Esteban was also a Smart Contract advisor to the Polygon Network (MATIC).
Ariel Meilich – Twitter Co-Founder and Ex- Project Lead
Ariel, who is located in Uruguay, holds a Bachelor’s degree in Neuroscience. Ariel was previously employed in the Neuroscience field before co-founding Decentraland.
Later, he started Benchrise, an IT Consulting company. Ariel was Decentraland’s project leader until April 2020. Ariel accepted an advisory position with the project after which he moved to Big Time Studios.
Notable is the fact that both co-founders have resigned from active project management. They both serve as advisors. Decentraland Foundation manages the current development of this project through a Decentralized Autonomous Organisation, (DAO), which we will briefly discuss.
Let’s now look at the potential uses of the Decentraland Metaverse.
What are the use cases of Decentraland Metaverse
These are the Decentraland use cases:
Applications for Decentraland Use Cases
The Decentraland platform can serve as a base layer for building various applications, such as gambling, museums, showrooms, and dynamic 3D scenes.
Here are some examples of apps that have been built on the platform:
Decentral Games is a Decentraland casino where you can place your bets on your luck. The best part is that the casino staff are real people. Check out our full review of Decentral Games.
Decentraland – Decentral Games
Decentral Games allows players to socialize and play in the same way as a real casino.
b) Decentraland Grand Theatre: A movie theatre that offers a variety of special events and a movie library.
Decentraland Grand Theatre
You can share your favorite movies with friends and family.
c) To help you explore the Metaverse, there is a tram line that is similar to the public transport on the platform.
This allows you to travel in a very real world-like manner.
d) Amazon has a specials showroom that sells the One Plus 10 Pro 5G smartphone.
Decentraland – Amazon Specials – One Plus Ten Pro
The platform can also be used to promote products, services, or experiences.
Decentraland – Amazon Specials – One Plus Ten Pro
e) SuperRare, an antique digital NFT platform, also has a showroom located in Decentraland.
Superrare NFT Showroom
This is a testimony to the success of businesses opening shops and showrooms throughout Decentraland.
2. Business Units
Decentraland Manhattan District
Customers and employees can use Decentraland to build offices for their businesses. Companies can create a virtual office on Decentraland for their employees and customers.
Trade Centres or Business Plazas are also available to allow virtual offices to be placed together. Below is an image showing Manhattan District Towers in Decentraland.
Here are some examples of companies with their business units located in Decentraland:
AtariSamsungAdidasPWC (PricewaterhouseCoopers)HeinekenAbsolut, etc.
Decentraland Heineken Brewery
You guys can visit Amsterdam’s original Heineken brewery to see how Heinekens are made. If you’re too busy, you can also have the same experience at Heineken Brewery Metaverse. It’s amazing!
Although this is still a relatively new area, think about the possibilities! So I was born in 20th-century India. What if I want 16th-century India to be my home? Metaverse makes it possible.
4. Digital Collectibles
Nearly everything on Decentraland is possible to own permanently using Non-Fungible Tokens. You can purchase LAND and Domain names as well as other collectibles.
A marketplace exists for Digital Collectibles that ranges from digital wearables to in-game items, thanks to the many gaming and other user-centric apps on the platform.
5. Content Curation
Decentraland’s users would be distributed in the same way as any other district or city in the real world. There will be high and low traffic in some areas. Creators have the opportunity to display and monetize content in high-traffic areas.
You can use any content. It can be entertainment, advertising, or sports content.
Advertising would also be highly effective because it caters to a narrow niche of customers, as districts and plazas can be arranged based on the interests and preferences of users. You could imagine some places looking like Times Square in New York City.
Decentraland will be a virtual Social Platform where you can find people who share your interests and passions. You can chat with them, play with or explore the platform together.
Let’s now look at the components of the Decentraland Metaverse ecosystem.
What are the components of Decentraland?
These are the components of Decentraland:
1. Digital Land
Digital LAND – Decentraland
As we have already mentioned, Decentraland virtual area is divided into 90 601 parcels. Each parcel measures 16×16 meters. Each parcel is a Nonfungible digital asset. It is also accompanied by a Nonfungible token called “LAND”. LAND is an Ethereum token standard for Non Fungible Tokens. Currently, all LAND parcels are minted.
The MANA token is the in-house token for the platform and can be used to purchase these LAND tokens. You can purchase LAND tokens on a secondary market like OpenSea by purchasing ETH tokens. A LAND owner is also the permanent owner for the parcel it represents.
An estate is a combination of two or more parcels of LAND. Companies and projects with larger budgets often use an estate.
Some LAND parcels can be organized into Districts. These are spaces that can be shared by people with common interests.
LAND can also be used as a governance token by the Decentraland DAO, which is a Decentralised Autonomous Organisation. This allows a LAND token holder to participate in the overall governance and administration of the platform.
On the Decentraland Marketplace, you can purchase a LAND or an estate.
2. Names of the Decentraland
Names of the Decentraland – NFTs
Decentraland names is a collection non-fungible names that can all be purchased on the market. Each name comes with a Non-Fungible Token, called NAMES. It is similar to the LAND token and an ERC721 token (Ethereum token-standard for Non-Fungible tokens).
The governance token for Decentraland DAO (Decentralised Autonomous Organisation) is NAMES token. A NAMES token holder is able to participate in the overall governance and administration of the platform.
Decentraland has an entire marketplace that supports its ecosystem.
There are many things you can buy, such as:
Domain names, LAND parcels and estates. In-Game items. Digital Wearables for your avatars.
Decentraland is a hub of Digital Fashion, thanks to avatar wearables. The platform recently organized a Metaverse Fashion Week, where over 70 fashion brands participated.
Here you can find the Decentraland Marketplace.
4. MANA Token
MANA is the Decentraland platform’s in-house token. It is an ERC20 token (Ethereum Token Standards for Fungible Tokens), and acts as the backbone to the entire ecosystem.
Let’s now look at the MANA token’s use cases.
a) MANA Token Use Cases
These are the MANA token’s uses:
To buy LAND on the Platform. For buying in-world products and services on The Platform.
Notice: Decentraland’s digital assets are available for purchase through ETH tokens on secondary markets like OpenSea. This is a sabotage of the utility and value of the MANA token.
b) MANA Tokenomics
ParticularsAmountMaximum Supply – Source2.19 BillionTotal Supply2.19 BillionCirculating Supply1.52 Billion (69% of the Total Supply)Token Price (as of 17 May 2022)$1.23Market Cap$1.84 BillionFully Diluted Value$2.7 BillionTrading Volume (24 Hrs)$414.6 Million
MANA token has a maximum supply and total supply of 2.19 billion with a circulating supply of 1.52 billion, 69% of the total supply. Current token prices are $1.23. This makes the market cap approximately $1.84 billion. MANA’s potential is immense, so its value is somewhat undervalued.
Further, w.e.f. Decentraland DAO was granted 222 million MANA tokens on February 19, 2020. These tokens will be vested every other second for the next ten year.
c) MANA Token Distribution (18. August 2017).
ParticularsToken %ageNumber Of TokensInitial coin Offering (ICO)40%1.124 BillionDecentraland Fund20%0.562 BillionDevelopmentTeam20%0.562 BillionCommunity Reserve20%0.562 Billion20%0.562 Billion
d) Where can I buy MANA Tokens?
The following crypto exchanges allow you to buy MANA tokens:
Centralized ExchangesRemarksBinanceAvailable for all parts of world except US and sanctioned countries. US Residents should use Binance.USCoinbaseAvailable for all part of world including US.ByBitAvailable globally. Not available in US and Singapore.FTXNot available in USKrakenDecentralized ExchangesRemarksUniswapEthereum gas fee will be charged in addition to the trading fee.SushiswapEthereum gas fee will be charged in addition to the trading fee.
e) The Best MANA Wallets
These wallets are where you can safely keep your MANA tokens:
Type of WalletName WalletLedgerHardware WalletTrezorMobile WalletMetamaskMobile WalletTrust WalletMobile WalletRainbow
5. DAO (Decentralized Autonomous Organization)
DAO is an innovative approach to organizational management and decision making that uses smart contracts.
The Decentraland DAO has the power to make decisions about:
Funding a community projectAddition of a node in the networkBanning someone on the platformGovernance proposals
The DAO also controls smart contracts for LAND and Estate. Further, w.e.f. DAO was granted 222 million MANA tokens on February 19, 2020. These tokens will be vested every 2 minutes until the next 10 years.
The DAO balance as of 14 April 2022 is the following:
DAO also has the following sources of income:
2.5% transaction fee from Decentraland Marketplace Sales.
The following token holders are eligible to participate in Decentraland’s governance through DAO:
Read more about Decentraland DAO.
Let’s now see the future road map of the project.
Decentraland’s 2022 focus is on improving user experience and adding new features to the platform. Decentraland’s Manifesto outlines the following objectives:
Specific improvements in theVoice chat systemDecentralization and scalability of chat systems.Mobile application. Specific improvements in theVoice chat systemDecentralization and scalability of chat systemsPersonalizing AvatarsUsers would be able to use their NFT (Bored Ape or Cryptopunk) as the head of their Avatar,NFT emotes can be used to give new moves to your Avatar, andSmart Wearables would also be available for the AvatarsProtocol and SDK (Software Development Kit) enhancements
The Decentraland 2022 Manifesto can be found here.
You can also refer to the Decentraland Trello Dashboard for a roadmap that goes beyond 2022.
Let’s now find out about the competition for Decentraland.
These are some possible rivals to the Decentraland Metaverse Project:
Name of the PlatformToken NameProject DescriptionThe SandboxSANDMetaverse gaming platform built on the Ethereum NetworkSomnium SpaceCUBEVirtual Reality Metaverse platform available on Ethereum and Solana NetworkRFOXRFOXMetaverse platform available on Ethereum and BNB ChainStar AtlasATLASMetaverse gaming platform built on the Solana NetworkDvision NetworkDVIMetaverse platform built on the Ethereum Network
Let’s now look at the pros and cons to Decentraland.
What are the benefits of the Decentraland Project?
These are the benefits of Decentraland Metaverse:
It is admirable that the Decentraland Ecosystem was adopted. Numerous corporates have launched virtual business units through the platform and others are currently in the process.
Polygon Network Integration
Decentraland can be fully integrated with the Polygon Blockchain Network. Users can bypass the high Ethereum Network gas fee by using the Polygon Network. The Decentraland platform will also pay the gas fee up to a certain limit. This means you can sell, buy or transfer assets without any cost.
It seems that the future roadmap is very solid. With the desktop client launched, the development team is working hard on the mobile app. With a rapid adoption, a mobile app could potentially transform the ecosystem.
Virtual Reality Functionality
Virtual reality functionality is a key feature of any metaverse platform. In the second half 2022, the platform will launch a beta VR client.
The LAND owners could rent their properties, creating a fully-fledged real estate market on this metaverse platform.
Decentraland does have some limitations.
What are the Limitations to the Decentraland Project?
These are the limitations of Decentraland Metaverse:
We found Decentraland Team to be very indifferent while researching the project. This is because developers, players, and users all require solid backend support in order to fully understand and use the platform. This is something the team should seriously consider.
Crypto Rating Council (CRC), a rating agency, rates crypto assets from 1 to 5. This means that there is low risk of U.S. Security Laws being applied to the crypto assets, while 5 indicates that the risk is very high.
The MANA token has been given a rating by the council of 3.75, which is considered high-risk.
Let’s now conclude our discussion on the project.
Decentraland appears to be one of the most prominent contenders in the Metaverse Game. The industry could eventually replace the current internet ecosystem with an immersive user experience. This is a new global economy in development.
You also know that Facebook rebranded itself as Meta. This would push the entire industry towards a wider audience and encourage greater adoption. Grayscale projects that Metaverse could bring in $1 Trillion of revenue, based on a Forbes study. Decentraland could capture 5% of the global market. This would make it much more valuable than it is today.
Decentraland is already an industry leader, so it’s possible to grab that market share. There are many exciting developments in the pipeline for Decentraland. It is obvious that the platform has great potential for growth.
MANA’s use cases will also increase with this adoption and growth, which could ultimately result in a rise in its value. The token can be used as a long-term investment.
Did you miss our previous article…