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“Decentraland” is a virtual reality platform created on the Ethereum (ETH) blockchain. It is a virtual world, in the style of an MMORPG (multiplayer online role-playing game) in which users can perform a wide variety of actions such as buying plots of land, building on them and also selling them, to obtain MANA tokens.
Contrary to what happens in other games of this style such as “World of Warcraft”, “Skyrim” or “Minecraft”, “Decentraland” is not owned by the developer, but by the players themselves, since it is a public virtual world governed by open standards, so there is no central organization that imposes an agenda.
In this sense, the entire game economy is created and managed by the players themselves. This means that any player can buy and completely control the content of their lands, generating income through construction. At this point, it would usually be the development company that would manage the property and the economy, however “Decentraland” makes use of the blockchain to prove ownership of a parcel, without the possibility of falsification.
How does Decentraland work?
The spaces with which the user can interact, that is, the parcels of land that he can buy and on which he can build or sell, are called LAND. These are non-fungible tokens (NFT) on which other games, applications, in-game services or even dynamic 3D scenes can be created.
LANDS are plots that measure 10 square meters. These pieces have no height limit, but they do have a base. LAND is scarce, which is intended to increase demand and improve the user experience, as well as the ability to discover content. In the absence of this shortage, most of LAND would be abandoned.
To acquire a LAND it is necessary count on MANA, the native token of «Decentraland» and whose purpose is to purchase these plots. In addition, users can review the price of LANDs on the website dedicated to the decentralized market from «Decentraland».
LANDs can be grouped into States or Districts. Districts are typically created by communities of players dedicated to a common theme. In this sense, the «Decentraland» team created the decentralized application «Agora» so that the members of a district member can vote on how to solve the conflicts that arise, the more LAND it has, the more weight the user’s vote has.
MANA is Decentraland’s native token. Being a Ethereum-based token It is an ERC-20 and is used to buy LAND parcels, as well as to pay for goods and services in the world of “Decentraland” or to pay for auctions in Genesis City, a gaming city, created by a group of Argentine developers.
LANDs were originally priced at 1,000 MANA, as they were sold by the development team itself. Now, instead, they have prices ranging from 11,750 MANA to several million. In fact, Decentraland’s most expensive parcel was sold in March 2018 and cost 2 million MANA, more than $ 175,000.
In this sense, MANA tokens can be bought, sold or exchanged on exchanges such as Binance or Bittrex, and they are stored within Ethereum wallets.