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What is Decentraland (MANA)?
If you still doubt that the metaverse is real, you should consider Decentraland (open world metaverse real estate). You can do whatever you want with your metaverse property (the land) you buy on Decentraland, tapping into the imaginations of gamers and entrepreneurs everywhere. This is a unique company in an untested market..
Decentraland is an Ethereum-based metaverse real estate game that encourages a global network of users to operate a shared virtual world. Ari Meilich and Esteban Ordino, two blockchain experts, create Decentraland smart contracts. The project was created in 2020 by two creators and it is run by a decentralized autonomous organization (DAO).
Decentraland users can explore, participate, and play games in this virtual environment while buying and selling digital real estate. Thanks to the evolution of the platform, users can now use interactive applications, pay the world, and communicate peer-to-peer.
Also, Decentraland is a fully immersive virtual world, similar to Skyrim and Fallout. However, instead of playing on a two-dimensional screen, you will be immersed in a three-dimensional environment. Virtual worlds that promote innovative digital asset concepts and include online venues such as museums, where users can exhibit irreplaceable digital artworks known as NFTs.
Decentraland seems like the next logical step before producing complete real-world AI-based games. This article will explain how Decentraland works, how to buy virtual land in the metaverse, and explain why MANA is so bullish.
Also read: Nft Marketplace
Three native tokens of decentraland metaverse real estate
An ERC721 token representing the consolidation of digital parcels of land; LAND, a non-fungible ERC721 token representing digital parcels of land; and MANA, the ERC20 token that is the official currency of Decentraland, are the native tokens of the platform.
Let's take a look at the differences between ERC20 and ERC721 tokens before seeing how Decentraland's tokens power its digital economy. MANA and other ERC20 tokens are known as fungible tokens because they can be exchanged for other ERC20 tokens. Likewise, each MANA token is identical and devoid of any distinguishing characteristics. These characteristics contribute to the suitability of MANA as a decentralized currency in the world. On the other hand,
ERC721 tokens like LAND in metaverse real estate have properties that distinguish them from each other. Hence, they are called NFTs because they are not interchangeable. This means that they cannot be used as currency, but they can be used to create unique goods in the world such as avatars, clothes, and unique pieces of land.
Three smart contracts define the properties of MANA, LAND, and Metaverse Real ESTATE: the MANA token, LAND registry, and Estate Registry contracts. Individual parcels of LAND, which you can purchase with MANA on the Decentraland marketplace, make up the entire Decentraland virtual space.
You can also buy clothes for your avatar at the market, such as clothes, shoes, and accessories. The Ethereum blockchain records every transaction, making it a ledger for all the digital assets you earn in Decentraland.
You can create digital environments and applications on LAND, such as games and themed communities, that can be monetized if you own virtual land. Domains can be formed by combining adjacent parcels of land. Rarible, a cryptocurrency company, has set up virtual offices and art galleries in Decentraland. In addition, several virtual conferences and virtual real estate investments also took place in Decentraland.
Decentraland Technology Architecture
Many of Decentraland's layered components are built using Ethereum smart contracts.
The consensus layer keeps track of land parcel ownership through a register. Each LAND cell contains the virtual world coordinates, the owner, and a link to a description file that describes the information contained in the cell.
Finally, using user avatars, voice chat, and messaging, the real-time layer powers social interactions in Decentraland.
Marketplace and Builder
The Decentraland team has also developed a marketplace and drag-and-drop editor that users can use to create settings outside of the play area. Participants can use the marketplace to manage and exchange LAND tokens, the prices of which are included in the MANA. Additionally, owners can use the marketplace to buy, sell, and trade packages and other in-game goods such as clothing and personal names. It should be noted that all transactions are settled between Ethereum wallets and are therefore confirmed by Ethereum's network and recorded on its blockchain.
Property owners can use Decentraland's building tools to create unique experiences in their properties. Developers can access a custom library and implement payments through its editor, allowing them to create interactive scenes. How does
How do Decentraland works?
Decentraland is a virtual environment like any other metaverse project. You can explore the decentrally and map and participate in one of many ongoing community events. In the entire encryption industry, communities do everything, concerts at night with movie screenings where people are concentrated in a place and have a good time.
You can also participate in the Ingame economy by buying digital art and/or exchanging it with other players on the platform. Players can participate with platforms and track plots, which are real estate parcels. These notifications can be purchased and sold by users.
However, unlike other virtual reality games, Decentraland participants have some direct control over the rules of the platform. As a result, users can vote directly on the game and organization policy through the DAO.
Each small square on the Decentraland map represents a piece of the EARTH. A county is a collection of land parcels. A county is a group of LANDS that share a common interest, style, or community. There's Vegas City, District X (formerly known as the Red Light District), Fashion Street, Dragon City, and more. Decentraland has it all, whether you want to debate startups, play casino games, watch Minecraft streaming, check out virtual real estate, or even analyze the latest Southeby NFT drop.
Also read: What is NFT Meaning? Non-Fungible Tokens
How to buy Decentraland (MANA)?
MANA is available on many cryptocurrency trading platforms like Binance. The steps to purchase MANA on Binance(The largest and most trusted cryptocurrency in the world) is pretty simple
Just register a new Binance account if you didn't have one already. you can actually buy your first MANA with either fiat or trade with another cryptocurrency such as USDT, BUSD, BTC, and ETH.
How to store MANA?
MANA tokens can be stored in two ways. The first is a hardware wallet, which is useful if you plan to hold MANA for a long time. Since they are offline wallets, they are extremely secure and cannot be hacked. Ledger Nano S and Ledger Nano X are two hardware wallets available in the market that support MANA. The
Nano S is designed for novices and includes only the features needed to ensure cryptocurrency security. The Nano X is more advanced, with a larger screen and Bluetooth connectivity, among other things. Software wallets are a second alternative to holding MANA tokens, and they are a viable solution for short-term storage.
How to buy property on decentraland metaverse real estate?
The areas you interact within Decentraland are LAND, the irreplaceable digital asset you purchase in-game. When you have landed, you can do whatever you want with it. Games, apps, game services, and even dynamic 3D scenes are possible
But why should it stop there? While not its primary purpose, LAND-based services can be created in education, career development, tourism, and more. So, if you want to know how you buy things in Decentraland, follow these steps:
- The first step is to visit Decentraland's marketplace and log in or create an account if you don't have one already. Once you're logged in, go to "Parcels and Estates", then "View All".
- Choosing a Plot of LAND
The next step is to browse through the available lots and choose the one you like. You can view nearby places and popular neighborhoods by purchasing land in Decentraland directly on the marketplace. - After selecting your virtual good, click on it to learn more. Land prices at MANA, availability and the owner's name can be found here. To make a purchase, tap "Buy".
- Connect your wallet to Decentraland Marketplace
To make a purchase, make sure your wallet is linked to your account, as the land will be transferred to your wallet as NFT when the transaction is completed successfully. - You can download wallets like MetaMask and Trust Wallet if you don't have one already. Remember that you will need enough MANA or ETH in your chosen wallet to complete the transaction. In addition, you will need an additional card to cover gas costs.
ALSO READ: 7 Advantages Of Cryptocurrency You Should Know
confirming your virtual land metaverse real estate property
You can claim LAND in metaverse real estate on your wallet once the transaction is complete. If you use a Trusted Wallet, you can validate it in the “Collections” and “NFT” tabs of the MetaMask wallet. Each NFT on Decentraland is 16 meters by 16 meters and represents a piece of the EARTH. The number of lots on Decentraland is regulated at 90,000, which contributes to the feeling of scarcity.
But, to buy LOT at Decentraland in metaverse real estate property, how much to pay? Currently, the most affordable LAND lots in Decentralandmetaverse real estate in are selling for around 4,000 MANA or 3.7 ETH. However, once a user buys LAND, they own it until someone else wants to buy it - after all, the token is non-fungible.
On the other hand, MANA is replaceable (as explained earlier), which means that if the user has a large quantity, he can sell it to anyone who needs it, even to anyone who needs it. Any new user may have come to buy LAND.
Is Decentraland (MANA) a good investment?
The primary purpose of Decentraland is to be used as a game. Virtual business development is another use case. Because MANA is primarily utilized as an in-game currency, MANA allows users to buy and sell goods within the game.
The popularity of "alternative life" games is encouraging, but it's difficult to predict if this trend will extend to 3D and blockchain. However, if Decentraland achieves the kind of adoption that its advocates hope for, we may be witnessing the birth of a whole new ecosystem of enterprises and experiences right before our eyes.
In contrast, many people believe that the metaverse will become more useful in the future. For example, in a metaverse, things like video calls and concerts may take place. However, Decentraland aspires to bring its technologies to a much larger audience and integrate the initiative into daily life, making it a significant investment asset.
However, there are extremes of bullishness and bearishness in the crypto market; there may be booms and eventual busts. Therefore, purchasing a plot of LAND in Decentraland should be approached with caution.
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