Decentraland is a decentralized virtual reality technology that is powered by the Ethereum blockchain. It was introduced in 2015 and since then, it has been the fastest-growing virtual reality space. What makes it stand out from other virtual reality programs is its decentralized environment, giving users full ownership and allowing them to purchase and build LAND, construct scenes, trade properties and monetize, and engage with other users in the network.
Native Currency In Decentraland
The native currency used to acquire LAND and pay for services and goods on the Decentraland platform is the MANA. Recently, MANA is priced at $2.64 and has a 24-hour trading volume of $667,576,257.
LAND is a non-fungible crypto asset that is fractioned into parcels. This means that each parcel has distinct and non-interchangeable characteristics. This property is backed by the Ethereum blockchain. Decentraland makes up a total number of 90,000 LAND properties, divided into a 16m by 16 m parcel on the x and y Cartesian plane.
Users can permanently own a parcel of LAND with trackable land titles documented on the Ethereum blockchain, making it secure and easy to transfer. LAND holders can also merge individual parcels of land into larger Estates if they are directly next to each other, allowing them to put up even larger development and expand their property. They can build casinos, art galleries, clubs, and game applications, and other money-generating digital interactive systems.
Casinos are where other users can play casino games such as Poker, Slots, Blackjack, Backgammon, and Roulette. can be established by voting them in with the use of Decentral Games Tokens. Art Galleries are where owners can showcase and exchange NFT Artwork. Game applications, such as the Whac-a-mole, can be crafted using the platform’s Software Development Kit. Meanwhile, clubs are venues for other players to be entertained by DJs and concerts.