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What is Decentraland (MANA)?
Decentraland is a virtual reality platform supported by the Ethereum Blockchain. Users can create, experience, and monetize content and applications.
The community permanently owns land in Decentraland, so they have full control over their creations. Users claim ownership of virtual land in a block-based package of packages. Landowners control what content is published in their land share identified by a series of Cartesian coordinates (x, y). Content can range from static 3D scenes to interactive systems like games.
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How does Decentraland (MANA) work?
Decentraland was originally created in 2015 by Argentinians Ari Meilich and Esteban Ordano. Initially, it was a just pixelated grid that allocated pixels to users through a proof-of-work algorithm. Decentraland later evolved into a 3D world.
In October 2018 Decentraland and Animoca Brands conducted a mutual investment via a share and MANA token swap equating to US$0.5 million each. Decentraland investors include Digital Currency Group, Kenetic Capital, FBG Capital, CoinFund, and Hashed.
When Decentraland first launched in beta in 2017, developers sold virtual land parcels for as little as $20; following the 2020-2021 boom in NFT art, the most desirable digital real estate in Decentraland was selling for more than $100,000.
In June 2021 London-based auction house Sotheby’s created a digital replica of its New Bond Street headquarters as a virtual gallery in Decentraland to show digital art. Sotheby’s office on New Bond Street in London was recreated digitally on Decentraland to display and sell NFT art.
On June 18, 2021, New York-based digital real estate investment vehicle Republic Realm paid the equivalent of $913,228 for 259 parcels of Decentraland that it plans to turn into a virtual shopping district named Metajuku, styled after the Tokyo shopping district Harajuku.
Held in October 2021, the four-day Metaverse Festival was the first metaverse music festival and included virtual reality performances by Deadmau5, AlunaGeorge, Alison Wonderland, and other musical acts.
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