Decentraland is a digital universe, where gamers can interact with one another. They develop land as well as invest in digital properties. Blockchain technology has offered multiple new opportunities to introduce cryptocurrencies and NFTs. Metaverse game Decentrland is developed on the Ethereum blockchain.
The gamers buy land with MANA. It is a cryptocurrency that can even be purchased on a crypto exchange. You will also need a Decentraland (MANA) crypto wallet to store, receive and transfer coins. ZenGo X is a reliable platform to get a crypto wallet and even gain knowledge of the cryptocurrency landscape.
It is a VR platform in 3D that empowers gamers to create, interact, and explore the finite world with other players. In 2015, Esteban Ordano along with Ari Meilich created Decentraland which was open to investors in 2017. Decentraland’s uniqueness is that it is completely decentralized. Transactions are created with smart contracts.
How does Decentraland function?
In the Decentraland game two digital assets are used –
It is an NFT defining the digital land parcel’s ownership. Ethereum smart contracts are used to monitor ownership. On purchasing a LAND, you are the owner and can do anything you like on it. Decentraland can build scenes, develop land, and buy in-game items from within editor and marketplace features. Users can even explore plots of other owners and interact. Several LANDs can be combined to develop a district.
MANA is Decentraland’s native cryptocurrency token. Decentraland platform uses only MANA for buying and selling. Changes in the district [bunch of LANDs] are determined via voting and vote weight is determined by MANA held by voters. Therefore more MANA means more weight. MANA is used to buy tickets to Metaverse events.
Uniqueness of Decentraland
Decentralized Autonomous Organization and free economy make Decentraland unique in the virtual reality gaming world. It allows users to make adjustments and developers take a back seat. In-game casinos running on cryptocurrencies are also appealing features. The builder and controls are user-friendly. The marketplace is laden with items and avatars are easy to customize.
Is Decentraland worth playing?
The MANA-based DAO game is appealing because of its decentralized governance, free economy theme, and VR compatibility. Undoubtedly, it is a crypto game that has the potential to inspire similar games in the future. Many big companies have purchased LANDs on Decentraland and developed them. Celebs paid to see the Decentraland that fuels the popularity of this game.
Anyone can buy and trade crypto MANA on exchanges regardless of their participation in the VR universe. However, if you own MANA you gain voting rights and offer input in running the Decentraland.
The existing market cap of MANA is $1.6 billion. The maximum coin supply is 2.19 billion and on reaching this point the market cap will dilute to around $1.89 billion. In terms of security, Decentraland is created on the Ethereum blockchain. It means transactions recorded on a decentralized ledger are trackable and verifiable. Hacking is impossible but make sure to store it in the most robust type of wallet [cold wallet].