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What Is Decentraland (MANA) ? - Beginners Guide
An introduction to a virtual platform where users can manage and exchange digital real estates. Decentraland is essentially an Ethereum-blockchain based virtual platform.
Published on March 22, 2021
What Is Decentraland (MANA) ? - Beginners Guide
An introduction to a virtual platform where users can manage and exchange digital real estates.
What is Decentraland ?
Decentraland is essentially an Ethereum-blockchain based virtual platform.
Decentraland’s ICO (Initial Coin Offering) was held in 2017 and raised 86,206 ether (around $26M at the time of the ICO).
Decentraland is a virtual platform where users can buy and sell digital real estate. Users can also interact with one another, personalize their looks, their real estates, and curate experiences, games, and applications.
The transactions on the platform are governed by two tokens :
- LAND
- MANA
What is LAND ?
LAND is a non-fungible token (NFT) that can be bought at the platform’s marketplace. This LAND states the ownership of land parcels that represent the digital real estate.
Thus, since LAND is an NFT this means that it cannot be traded for another LAND, every LAND is a unique token that is stored in the blockchain.
The LAND token is essentially your digital real estate with x and y coordinates. The smallest unit you can purchase is called a “parcel” which is 16m x 16m (25 ft x 25 ft).
If you purchase more than one parcel next to each other, you will have an estate.
The price or value of these parcels and estates act similar to physical real estates. You should expect to pay higher for a parcel near a road or near a hub that receives more traffic.
What is MANA ?
The MANA is a cryptocurrency that is utilized to make purchases and sales on Decentraland.
Thus, with MANA in your Ethereum wallet, you can purchase parcels as well as goods and services offered in the Decentraland and Decentraland marketplace.
Decentraland Marketplace
The Decentraland marketplace is a place for users to sell and buy LAND tokens (in MANA), buy wearables (created by other fellow users) to customize their avatars. The marketplace also offers a place to trade unique names. Users can also explore the marketplace to see who owns what parcels and estates.
Decentraland Build
This drag add-drop feature allows you to create scenery with simple tools of various characteristics.
This section allows users to create and design scenes for their parcels.
Decentraland also hosts competitions for users to create thematic parcels and the winner receives MANA as well as LAND tokens.
This section does not require users to be developers as they can enjoy the existing features, however, if you are a developer or familiar with a coding language, you can use SDK.
There is no limit to the possibilities that you can create (experiences, applications, games, etc).
Decentraland DAO
Decentraland is run by DAO which stands for Decentralized Autonomous Organization. This means that users or token holders have the right and power to vote over decisions and alteration regarding the operation of the platform. Thus, Decentraland is run and governed by its users.
Architecture and real estate in the digital realm
Decentraland is an intitiative that exhibits the potential of architecture, virtual spatial experiences, as well real estate expressed and traded in the digital realm.
This unravels unexplored territories for architects and designers to explore and to express their art and profession through digital outlets where they may be not restricted by commissions and client requests, thus, their true style and art shining through and valued.
Confused about NFTs ? Click here to read the beginner’s guide to NFTs.
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