Imagine living in an alternate world where you can move fluidly from place to place and socialize in real-time with thousands of other individuals, all within the same digital environment. This is the metaverse, which is a mix of virtual reality, augmented reality, and the internet.
Decentraland is a 3D virtual reality platform that is at the vanguard of the burgeoning metaverse trend, which has seen meta-related coins multiply by up to 3,200% in a year.
What Exactly Is Decentraland, and How Can People Use It?
Users can use its programming language to create 3D scenes, games, and apps. The language is sufficiently versatile to handle platform physics, object generation, and sound development. If you have ever worked with a game engine like Unity, you will be familiar with these phrases.
Using the ATLAS tool, digital land buyers can browse Decentraland’s numerous themed districts to identify the ideal areas to develop. The mere act of building, decorating, and sharing scenes in Decentraland is entertaining, but users can also choose to simply hang out in the various districts.
Content curation is encouraged by Decentraland. Users can also gather with individuals who share their interests to introduce each other to new stuff. Users who want to share their work can also create billboards in high-traffic areas to promote their products, services, or events.
The Role of LAND and MANA.
LAND assets are NFTs that have been subdivided into virtual parcels. You can purchase LAND using MANA tokens. MANA is nothing more than an ERC-20 token. It is the designated digital currency for purchasing these LAND chunks of digital land. Users can, however, use MANA to acquire digital products and services as well.
What is Decentraland’s LAND?
The utility and worth of LAND are determined by its closeness to appealing attention centers. Content creators purchase LAND in order to create content and interact with their fans. As previously stated, digital land is limited. And, as they say in the traditional real estate sector, “they’re not making any more of it.”
So, what do you think will happen to the price of LAND once it’s all gone? Built-in scarcity (as with Bitcoin) will lead to higher prices as long as demand exists. And it’s already enticed one whale, who reportedly spent over $200k on a single LAND grab. This is analogous to what happens in the real world when real-estate moguls sweep in and buy up valuable tracts of land to develop. Only in this case, we’re talking about cyberspace.
This type of purchasing behavior could result in a virtual gold rush. Similar to how people went crazy over dot com domain names. Each was hoping to forecast which ones would become desirable.
As a result, Decentraland distributes its virtual real estate into a small number of parts. These parcels are referred to as LAND. And LAND is the blank canvas on which people can build their virtual worlds. LAND owners have been given complete creative license. Another advantage is that the money they make from their digital land goes directly into their pockets, not into the pockets of others.
LAND is best described as a non-fungible digital asset that is separated into chunks. Each LAND token has information on its owner, its x and y coordinates, and a link to a file providing its content description.
What is Decentraland’s MANA Token?
MANA is an ERC-20 token, therefore it may be stored in a variety of wallets. It too has a limited supply. As a result, the more money users spend, the less money there will be in circulation. This bodes well if more individuals flock to Decentraland to purchase LAND. As a result, the demand for MANA will rise. Increasing demand combined with decreasing supply usually implies higher costs. And that will always be beneficial to MANA token holders.
MANA currently ranks 30th in terms of market cap, with a current market capitalization of more than $5.6 billion.
Again, this is not financial advice; the video is solely for educational purposes. Consult a professional before making any investment.
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