What is Decentraland?
Decentraland is an Ethereum blockchain based virtual space founded in 2015. On Decentraland, users can explore, socialize, play games, buy and sell virtual lands or wearables. They may also participate in the events organized here.
On Decentraland website, we can see the map of this place and jump into the location we want to visit. Decentraland map has many small squares. Each small square on the Decentraland map represents a piece of Land. Decentraland has many districts such as Vegas City, District X, Fashion Street, Dragon City and many more. A district is a cluster of Land parcels. A group of Land with common interests, styles or communities form a district.
Two or more adjacent land parcels form an estate. Like land, this is also a digital asset which can be bought or sold on marketplace.
Decentraland has 90, 601 Land parcels which can be seen on its Map. The size of each parcel is 16m x 16m (52ft x 52ft) and it can be identified by a set of Cartesian coordinates (x,y). Decentraland has 90, 601 Land parcels which can be seen on its Map. The size of each parcel is 16m x 16m (52ft x 52ft) and it can be identified by a set of Cartesian coordinates (x,y).
On the map, we can see the land squares marked in different colors.
Color coding of Decentraland Map:
|Dark Grey||– Denotes privately owned land parcels. These are available for sale on marketplace|
|Purple||– Denotes districts which are privately owned themed communities. These are not for sale|
|Large Green squares||– Denotes for football ground. These are not for sale|
|Light Grey Straight lines||– Denotes Roads. These are not for sale|
|Bright/ Light Blue||– Denotes Available Land|
How to enter Decentraland?
We can enter Decentraland using a web browser or using VR headset. To access it through web, Launch Decentraland website, sign up and create your own account if you want to enter the Decentraland. You may also enter as a guest but enjoy limited rights. On entering it, one may choose his/ her Avatar wearables and accessories for free. Exclusive wearables can be bought in Decentraland marketplace or by participating in different events.
For accessing it through the VR headset, Decentraland VR application has to be downloaded and launched.
Genesis Plaza, the heart of Decentraland, is the name of the location which users arrive first when they get into this space. Its aim is to welcome the users to metaverse and let them know about the classic games, upcoming events, and the locations where other users are hanging.
What is the currency required?
Ether(ETH) is the cryptocurrency that works on Ethereum based applications. The currency of Decentraland is Mana, a fungible ERC20 cryptocurrency token. It is spent in exchange for LAND parcels, wearables and titles. Firstly, Ether needs to be obtained and then converted to Mana.
Where to buy the currency?
- One way is to get it through the crypto exchange platforms like Binance, Cex.io, Kraken, Coinbase, FTX, WAZIRX, Bit.com. Although most of the exchanges require KYC (Know your customer) process to be completed before one can start trading, yet few exchanges also provide option for Instant buy which is a more expensive way.
- Get Wallets that support Decentraland – Ledger hardware wallet, BRD wallet, MyEtherWallet, Trust Wallet, Meta mask etc.
- Firstly, one needs to obtain a cryptocurrency listed in a currency pair with MANA, such as Ether (ETH), and then exchange it for Mana.
- Another way to get Mana is by playing play-to-earn games.
How to buy land on Decentraland?
Select a piece of Decentraland land. The lands near favorable locations like malls, Genesis Plaza and various districts such as Vegas City, Crypto Valley, or Dragon City, are usually more expensive than other Lands. These land parcels can be purchased from Decentraland marketplace. Some third parties like marketplaces like OpenSea, Rarible, Nifty Gateway etc. also allow users to buy land in Decentraland. Once the land is purchased users may sell, buy or rent it. The profits are retained by the property owners of this digital space and they are free to build anything they wish on their plots. Users may also transfer their Decentraland assets to another user. Once a property is bought, it generates an NFT which acts as a digital deed and creates a record of the ownership details in the blockchain. The NFT has details of the coordinates of the land purchased and shows where it is located on the metaverse map.
Few companies which have set up offices in Decentraland are:
- Rarible, a cryptocurrency company, has set up virtual offices and art galleries in Decentraland.
- In Jan 2022, Samsung opened a flagship 837X store in Decentraland for a limited time to explore the Metaverse.
- JP Morgan has launched its virtual Onyx Lounge in Decentraland‘s Metajuku mall. Visitors are greeted by a tiger roaming around. There is a portrait of the bank’s CEO Jamie Dimon.
- Sotheby’s, a British America MNC, has opened a Virtual art Gallery.
In 2022, companies are fearing land scarcity in Decentraland and trying to make their place secure by purchasing a land parcel here. As metaverse is likely to grow more in the coming years, the investors are expecting high returns if they try to sell assets, manage events, provide services etc. There are many other metaverse platforms. For example, Sandbox, Axie Infinity, Roblox, Ertha, Bloktopia etc. More and more platforms are coming up as people are understanding its potential and opportunities offered by it.