Decentraland: Guide and Review

Decentraland: Guide and Review

Online gaming is arguably one of the best applications of blockchain technology. The ability to assign traceable and verifiable ownership to in-game items opens up a world of possibilities.

This concept has grown in popularity, and Decentraland was possibly one of the first games to pioneer it.

The following is a detailed step-by-step guide to Decentraland, including what it stands for, how it was launched, and how to play it.

What exactly is Decentraland?

Online gaming is arguably one of the best applications of blockchain technology. The ability to assign traceable and verifiable ownership to in-game items opens up a world of possibilities.

This concept has grown in popularity, and Decentraland was possibly one of the first games to pioneer it.

The following is a detailed step-by-step guide to Decentraland, including what it stands for, how it was launched, and how to play it.

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The Decentralized Autonomous Organization

The Decentraland DAO was created to transform the game into the first truly and fully decentralised virtual world, and it was part of the game’s original vision.

The DAO owns the most important smart contracts as well as the assets that comprise Decentraland, including the LAND contract, wearables, content servers, Estates contract, and marketplace. 

This DAO also owns a large number of the game’s native MANA tokens, allowing it to operate autonomously while also subsidising various operations and initiatives.

Participants in the DAO (all LAND and MANA holders) can schedule votes to decide on various issues, such as:

Content server addition and replacement

  • LAND is being upgraded to include more features.
  • Land auction details and dates
  • Fees for the initial sale
  • New wearables, for example, will be added.
  • The Team Behind Decentraland

Esteban Ordano, Ariel Meilich, Yemel Jardi, and Manuel Araoz conceptualised Decentraland in a detailed whitepaper. It’s also worth noting that they received assistance from notable experts such as Google’s Michael Bosworth, Dropbox’s Jon Choi, CoinFund’s Jake Brukham, and so on. 

Decentraland went live to the public on February 20th, 2020 (20.02.2020), making the team’s vision a reality. The launch included the formation of the Decentraland DAO, as well as the complete decentralisation of the world’s infrastructure and public access to its offerings. 

It was a watershed moment in Decentraland’s development roadmap because no single entity could ever change the rules of its code stack again after that. 

While there are no verified sources of information revealing Decentraland’s current playbook, it is undeniable that it has grown to become one of the leading metaverse-based virtual realities in the blockchain industry right now (as of writing these lines in January 2022). 

Much of this was made possible by the big players who walked through its digital doors and into its digital lands.

From Samsung to AO 2022: Noteworthy Decentralized Partnerships

Speaking of collaborations, one of the most significant developments in this regard was undoubtedly Samsung’s disclosure of its efforts to delve deeper into the metaverse via Decentraland. Users can purchase limited-supply collections of Samsung Decentraland wearables to customise their in-game avatars.

The Australian Open, one of the four tennis Grand Slam tournaments, has also announced its intention to join the metaverse by collaborating with Decentraland. 

The industry-leading Digital Currency Group, led by famous crypto proponent Barry Silbert, is one of the project’s best-known backers. 

Sotheby’s, the world’s oldest auction house, also claimed its stake in the metaverse in June 2021. It launched the first virtual gallery, with Decentraland as the primary destination. This is how it appears from within the game:

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Tokenomics in Decentraland: Explaining Land and Man

The game itself is made up of many parts, and its complexities are numerous. Understanding its tokenomics, on the other hand, is critical to being able to play it. LAND and MANA are the two primary tokens in Decentraland.

LAND Token Explanation

Non-fungible LAND tokens represent land in the Decentraland metaverse. These are essentially non-fungible tokens (NFTs) that track land ownership on Ethereum’s blockchain. 

Land Tokens are built on the ERC721 protocol standard, making them a digital asset that can be traded with other users in the same way that any other NFT can.

One of the key differences between LAND and other NFTs, such as the Bored Ape Yacht Club collection, is that players can use LAND within Decentraland to build 3D spaces and applications, as shown below:

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Fast and interesting facts:

TokensCom paid 618,000 MANA (approximately $2.4 million at the time) for a plot of land in Decentraland on November 24, 2021. This is the most expensive virtual property ever (January 2022).

Someone paid $1 million for a plot of virtual land in June 2021.

JJ Lin, a Chinese celebrity singer, has purchased three plots of virtual land on Decentraland.

How do I buy land?

In the Decentraland metaverse, users can purchase virtual properties (LAND) in a variety of ways. The first is to participate in timely auctions announced by the team on a regular basis and sell unclaimed land. 

The more popular option is to purchase it from Decentraland’s Marketplace. When you arrive at the marketplace, you will be prompted to connect a web wallet, and we recommend that you use the most popular one, MetaMask (unless you are used to another). If you don’t already have the wallet installed, go to the official website, install the Google Chrome extension, and carefully follow the instructions. 

Important: If you are installing the wallet for the first time, be aware of phishing and double-check that you are visiting the correct website URL; read more security tips here. 

Once your wallet is linked to the Marketplace, you can access the following map by clicking on “Land” in the top left corner:

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The little squares are the land units, and you can click on any of them to view their details and place a bid (if it’s not already owned by someone, which most of them are). To purchase it, you must place a winning bid.

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Mana Token Explanation

MANA is another important token in Decentraland’s in-game economy. Mana, in contrast to Land, is a fungible ERC20 cryptocurrency that can be burned or spent in exchange for Land parcels. It can also be spent in the Decentraland Marketplace to purchase various items available in the game.

How to Buy MANA

Unlike LAND, MANA is freely traded on many major cryptocurrency exchanges, including Binance. You can open an account with each of them and purchase some of their stock on the open market. However, if you want to use them in the game, you must first transfer them to your wallet.

Now that we’ve covered the basics, let’s look at how to play the game.

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