Decentraland is a community owned virtual world which leverages the Ethereum blockchain. Each parcel of land exists as a non-fungible LAND token on the Ethereum blockchain. All items on the Decentraland marketplace are purchased using the MANA token, which is also the de facto in game currency of Decentraland. Holders of the MANA token can vote on any changes to Decentraland such as content moderation, token economics, and even the building height limit and size of land parcels.
After in person meet ups were made impossible by the pandemic, Decentraland hosted the famous Blockdown crypto conference in April last year. In June, Decentraland partnered with Matic AKA Polygon to build mini-games in Decentraland. This introduced virtual gambling to Decentraland via Decentral Games, which is powered by Polygon. In September, Decentraland introduced “smart items” which make it possible to use external images, video, and audio in its virtual world. This expanded Decentraland’s use cases and functionality.
🤑Decentraland NFT Market🤑
Decentraland has become a hot bed for NFT art because it allows artists to set up their own virtual art galleries where people can browse, buy, and even talk directly with the artist in-game via voice chat. Some of these art galleries are damn impressive, and some of the most lucrative NFT sales have consequently taken place on Decentraland. One example is the recent NFT auction on Decentraland by former DC Comics artist Jose Delbo, which raked in nearly 2 million dollars for 900 of his Wonder Woman NFTs.
MANA still has a relatively low market cap, a maximum supply, and no sizeable whales that could dump on retail investors. Another 5x move from MANA’s current valuation is very possible.
Decentraland’s direction is driven by its community, though it has yet to hammer out the details related to its governance process, and has also not cracked open the massive community treasury. There are nearly 40 proposals in the works, and though many have been passed not all of them have been enacted. Two of interest are off-chain governance and the recovery of lost LAND tokens.
Decentraland has no shortage of upcoming events in its virtual world. Most of these events are virtual concerts, NFT art shows, NFT auctions, and airdrops. These events have historically been very lucrative and enjoyable, attracting hundreds sometimes thousands of users.
👩💻Decentraland Mini Review👩💻
Decentraland is very easy to use. All that’s required is a Metamask wallet – no cryptocurrency is necessary. The game is quite empty and has a few bugs, but is otherwise pretty good. Co-founder Esteban Ordano says the team is working to take Decentraland out of the browser to improve the user experience and allow for VR compatibility.
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.