SimCity, Civilization, Minecraft. Game developers have spent years creating virtual worlds that allow people to build buildings, cities, or colonize entire worlds. But aside from your defeated digital enemies, what do you have to show for all the hours it took to create these fantastic creations? Not much. What if you could assign a real monetary value to what you created and sell it to the highest bidder? This is the promise behind Decentraland, a blockchain-powered world-building game.
What is Decentraland?
Decentraland is known as a decentralized virtual reality platform powered by the Ethereum blockchain. In the world of Decentraland, users can create, experiment, and monetize what they build and what they own.
In Decentraland's shared virtual world, users can purchase land, known as "parcels", which are recorded in a blockchain-protected book. The land itself, as well as the virtual properties built on it, is a type of non-expendable digital asset or utility token called LAND, which is stored in an Ethereum smart contract.
The owners of LANDs control the content published on their land, which is encoded in a smart contract. This content can be anything from scenes and images to games and applications. Users can explore, travel, and visit places in a similar way to the real world. The platform is also a peer-to-peer network for users to interact.
Why Should I buy Land?
Buying LAND on Decentraland has proven to be quite lucrative with many investors having already earned vast sums of money by either buying in early and waiting for the value to appreciate or by profiteering from short-term trading otherwise known as flippling of LAND.
Global conglomerate PwC predicts virtual reality could add as much as $1.5 trillion dollars to the global economy over the next decade. With that level of adoption, it's not hard to see why there is so much excitement surrounding the speculation of virtual land.
If flipping of land interests you be sure to check out our article on How to make money from virtual real-estate on Decentraland
How to buy land in Decentraland?
LAND can be purchased on Opensea's Decentraland Marketplace using either
Decentraland's MANA cryptocurrency, Ethereum, or the Stablecoins DAI and USDC.
This virtual land is owned by users until they want to sell it. No central entity can dominate the land once it has been sold, preserving the decentralized spirit of the game. When using a distributed ledger, with smart contracts containing content and user creations, all data on the platform also remains decentralized.
Advantages of Decentraland?
Decentraland operates on a public blockchain, making all virtual worlds created with the platform accessible globally. It uses blockchain to ensure that all users have full ownership of any land purchased on the platform. Also, it provides users with complete control of all content associated with these lands.
Each plot of land purchased on the platform is represented by an uncompromising digital asset maintained through an Ethereum smart contract, and purchase records are permanently stored on the Ethereum blockchain.
What sets Decentraland apart from other Cryptocurrency projects?
1. Decentraland is the World's first virtual reality social platform that is completely decentralized. While other virtual reality platforms have been around for a longer time, they are controlled by a single entity. Decentraland is not owned by any company and guarantees users full control and ownership of the land they own and the income generated through it.
2. It is also the first virtual reality platform that provides users with full power and complete ownership through blockchain technology. Users can assess the platform through VR headsets as well as in a normal browser.
3. The platform is owned by the community and not a single entity. It is decentralized, which means there are no hidden charges, fees, or commissions to pay to either party.
The Decentraland platform has proven to be a potential competitor among the major cryptocurrency projects on the market. The goal is to offer a virtual world where companies, people and other parties involved can carry out economic activities through the land they have acquired.
The price of MANA's digital currency has been more stable than other digital assets that have exploded thousands of times. The digital currency reached $ 0.24 during the ICO's high in early 2018 and the lowest point after the market launch in February of this year was close to $ 0.033 per currency.