What is Decentraland?

Decentraland is a virtual reality (VR) metaverse built on the Ethereum blockchain, allowing users to buy, sell, and develop digital real estate and assets. Launched in 2020, Decentraland enables a decentralized digital world where users can create experiences, interact socially, and monetize content.

Decentraland's native token, MANA, is used for land purchases, in-game transactions, and governance participation within the ecosystem.

How is Decentraland useful?

Decentraland provides a decentralized metaverse where users can own virtual land, build custom experiences, and trade digital assets. Decentraland supports applications in gaming, social networking, advertising, and e-commerce, enabling businesses and individuals to create and monetize content.

The MANA token facilitates buying virtual land (LAND NFTs), governance voting, and in-world economic transactions, making Decentraland a fully functional virtual economy.

How does Decentraland work?

Decentraland operates on a decentralized ledger where all virtual land parcels (LAND) are stored as Ethereum-based NFTs. Users purchase LAND with MANA, which is then burned, reducing token supply.

The Decentraland DAO (decentralized autonomous organization) allows MANA holders to vote on platform upgrades, marketplace fees, and development grants. The world is divided into themed districts, fostering specific use cases such as gaming, education, and social networking.

Decentraland milestones

• Launch of Virtual Land Sales: Introduced NFT-based real estate, allowing users to own and develop digital land.

• Decentraland DAO Governance: Established a decentralized governance model using MANA and LAND holders.

• Metaverse Expansion: Partnered with brands, businesses, and celebrities to create virtual events and experiences.

• Integration with Wearables and NFTs: Enabled digital asset trading within the metaverse economy.

• Cross-Platform and VR Development: Improved accessibility and functionality for metaverse users.

Decentraland continues to push the boundaries of the virtual world, offering a fully decentralized and user-driven metaverse where creativity and commerce thrive.

Buy Decentraland (MANA) on BITmarkets.