What is Decentraland?
What is Decentraland? The virtual world of Decentraland is a game that takes the form of a three-dimensional simulation of the actual world. The term “open-world metaverse” refers to a platform that combines virtual reality, augmented reality, and the internet. This platform is a 3D virtual reality environment that is owned by its users and built on Ethereum.
Users can take part in a collaborative digital experience in which they can play games, trade collectibles, purchase and sell virtual real estate or accessories for their avatars, engage in social activities, and communicate with one another.
According to Kraken, a cryptocurrency exchange, it is software that aims to give a global network of users incentives to administer a shared virtual world. This goal was developed by the company.
Decentraland is a component of a developing trend known as the metaverse, which has resulted in an explosion of coins related to the metaverse.
Users can operate a completely immersive virtual reality world that they have created, which they manage through the organization’s decentralized autonomous structure (DAO). When compared to other virtual reality games, it is unique in that it gives players some say over the environment in which they play. Players can vote directly on changes to the game and the rules of the organization through the DAO.
How does Decentraland work?
How does Decentraland work? To put it another way, it has produced a digital environment that is ruled and managed collectively by its users. In addition, players are free to construct anything they like on their piece of virtual land. In contrast to other games and social media platforms, it grants its users full control over the digital content they create as well as the virtual things they acquire.
To put it another way, if you have made anything in the metaverse or purchased something there, you have the legal right to sell or trade it with another user. This is a possibility since non-fungible tokens (NFTs) are used to represent all in-game items, including clothing and virtual real estate.
Now, the primary native tokens that may be used on Decentraland are $MANA and LAND. Let’s take a more in-depth look:
Decentraland’s coin $MANA
MANA is the cryptocurrency used on Decentraland, and its quantity will never be increased. Because it is an ERC-20 token, also known as a “fungible token,” it can be purchased and exchanged on cryptocurrency exchanges such as Binance and Huobi Global. Additionally, it may be “stacked” on DEXs (decentralized exchanges) such as Uniswap and Sushiswap.
It can be put toward the purchase of LAND, an avatar, accessories, collectibles, gaming, and a variety of other things in the metaverse.
In the meanwhile, you can also wrap your MANA by securing it in a WMANA contract. This will result in your MANA being wrapped. This wrapped MANA will be “locked,” which means you won’t be able to use it or give it to anybody else.
Land plots in the metaverse
The property in Decentraland is divided up into 90,601 individual plots, each measuring 16 by 16 meters in size. Each parcel is an NFT that can be recognized in the virtual world based on its location and coordinates. It also includes information on the person who owns it. In addition, an Estate is created when there are two or more contiguous parcels.
In addition to that, the color of each parcel is unique. For example, the highways, which are shown by the light grey lines, cannot be purchased. In a similar vein, the nine green spaces represent plazas that are owned by the Decentraland community, whilst the grey lands represent properties that are held but are not up for sale at this time.
On the other hand, the territories that are colored light blue are up for grabs. The prices of properties that are located closer to popular districts like the Genesis Plaza (the plaza in the center) are higher.
How to buy Land in Decentraland?
How does one go about purchasing Land in Decentraland? You can acquire land in Decentraland quickly and simply through NFT marketplaces such as OpenSea and LooksRare, or you can buy it directly from its marketplace.
You can use either MANA, ETH, or WETH to purchase these pieces of virtual real estate. As was said earlier, each piece of land is considered an NFT. You can even purchase many parcels and combine them to create an ESTATE, which, as is to be expected, is the location of some of the most costly NFT transactions.
How to make money in Decentraland?
How does one go about earning money in Decentraland? Because Decentraland is not simply a web-based game but rather a whole virtual realm, users have a wide variety of options at their disposal for generating monetary gain. You have the option of working for a firm and receiving a paycheck, serving as a freelancer for various customers (players), or making art and apparel and selling them to make a profit.
However, the following are some of the most prevalent ways to make money.
Buy and sell Land
In the same way that people invest in real estate in the real world, one of the most prevalent methods to make money in Decentraland is to buy plots of land to later sell them for a profit. Land in Decentraland is sold in NFTs of 16 meters by 16 meters, each of which is a one-of-a-kind parcel that cannot be replicated.
The in-game marketplace, as well as third-party exchanges such as OpenSea, are both available to players to purchase LAND chunks.
The most affordable piece of LAND can be purchased for around 5,000 MANA, which is equivalent to approximately $14,000.
As is the case in the real world, LAND that is situated near popular tourist spots such as Crypto Valley and Vegas City is more expensive than other land. Because there is a limit on the number of properties available in Decentraland (90,000), the value of those properties can only rise if more users purchase land. If you possess parcels that are next to one another, you can also merge them into “Estates,” which will increase the value of the land even further.
Buy and hold MANA
In the world of Decentraland, MANA coins are used as a medium of exchange. On trading platforms such as Binance, Coinbase, and Gemini, you can get them by exchanging Bitcoins or Ethereum for them as payment. MANA can be bought and held as an investment, however, its value, like that of any cryptocurrency, is subject to change over time. This is in addition to the fact that it can be used within the game to purchase virtual items.
After Facebook changed its name to Meta in October 2021, the value of all tokens associated with the Metaverse, including the MANA token, experienced a meteoric price rise.
Create clothes and market other wearable items
On Decentraland, much like in the real world, you may earn money by designing and selling different types of clothing and other wearable items. In addition to having skills in 3D design, you will also be required to contribute 500 MANA for each component.
You may also use social sites like Discord and Reddit to let people know what you’re selling and ensure more consumers if you market your designs well and generate buzz about them.
You have the opportunity to create and play small games in Decentraland, and by doing so, you can earn NFTs and wearables. After that, you will be able to make a profit by selling these assets. You can also win MANA, NFTs, and wearables by participating in popular casino games at Decentraland’s various gambling establishments.
Typical casino games, such as slots, poker, roulette, and blackjack, are available for play.
Work as a freelancer
In the same way that it is possible to work as a freelancer in the real world, you may find work in Decentraland by offering your services to other players.
Employment opportunities include three-dimensional modeling, the production of wearables, computer programming, the creation of movies and artwork, and marketing.
The use of cryptocurrency in gaming is at the forefront of an ongoing economic and digital revolution. Lunar Sky Games is a team of gaming product consultants with over 10 years of experience in the industry. We work in partnership with web3 companies to help them build and grow their products. We help turn your vision into a reality. Contact us now for a consultation.