Decentraland is a virtual reality (VR) platform that allows users to create and monetize their content and applications. On their platform, digital land is referred to as “LAND.” It is a non-fungible digital asset managed by Ethereum smart contracts. Decentraland has divided its digital land into parcels that can purchase with the MANA token. This article will show five things blockchain founders can learn from the Decentraland use case.
1. What is Decentraland?
Decentraland is an Ethereum-based project that functions as a 3D virtual world platform. To benefit the platform and other users, stakeholders can play, develop, and trade in the virtual world using the platform’s native token, MANA.
2. Use cases for Decentraland
One of the most critical applications for Decentralands MANA is advertising and brand development. Certain Decentraland areas, or ‘LAND Parcels,’ receive more traffic from users interacting nearby, playing games, watching sporting events, or shopping. These areas, like real-world real estate, gain value from the high level of virtual ‘footfall’ and thus become an appealing opportunity for some digital advertising.
These key areas enable direct Billboard-based NFT advertising and more ‘ambient advertising’ via artwork or music, all of which can be purchased and traded using the MANA token. While much of Decenetraland’s digital landscape remains empty, some areas have lit up with advertisements for various NFTs, art galleries, music releases, and other crypto-related products.
NFTS And Collectables
NFTs, or Non-Fungible Tokens, are essential to Decentraland’s overall business model and use case for the growth of its MANA token. Many users, for example, appear to enjoy the experience of visiting, developing, or curating ‘NFT Art Galleries,’ which MANA can use to buy and sell collectible NFTs. Users move around and explore the 3D environment as they would in a real art gallery, talking to one another, enjoying the atmosphere, and possibly even conversing with the curator.
MANA, like many ERC-20 tokens, functions as a means of governance on the blockchain, which creates an exciting use case for the token. The ownership of the MANA token essentially validates decisions and authenticates votes made via the platforms DAO or Decentralized Autonomous Organization.
Owners of MANA tokens, or by extension ‘LAND Parcels,’ demonstrate their stake in the blockchain platform. Users now have a say in the platform’s governance as a stakeholder in a decentralized blockchain. Stakeholders in Decentralands DAO can now vote on various issues affecting the crypto ecosystem.
3. 5 things blockchain founders should know about Decentraland
If you only have a few minutes, here’s what Decentraland investors, operators, and founders should know.
- There is only one metaverse. While the meaning of the buzzword is frequently stretched into various configurations, there is a clear definition. The metaverse is simply the internet, but with spatial experiences added.
- Decentraland’s world is scaling rapidly. Decentraland’s user base has increased by 3,300% in the last year, as has the token price. They can thank Mark Zuckerberg.
- Virtual property can make real money. Decentral Games shows that money can make in the “metaverse.” The startup operates well-known casinos in Decentraland. This has attracted serious developers, who have invested millions of dollars.
- Digital cities can act differently from physical ones. While we are accustomed to seeing our cities develop slowly, brick by brick, building by building, virtual metropolises can operate under different rules. One example is “dynamic land,” which changes based on one’s activity.
- We are just beginning. Despite projects like Decentraland having achieved lofty valuations, we are in the early stages of a long-term shift toward more expressive digital experiences. It will take time to create a world with deep, enduring appeal.
To summarize, Decentraland is an Ethereum-powered virtual reality platform. It enables users to claim LAND parcels in a virtual world where they can create content, build apps, and monetize them. Decentraland is a great place to start a new virtual space, and it’s already full of exciting areas just waiting to be discovered. If you are interested in service blockchain development solutions, contact SmartOSC right now.
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