The Ethereum-based virtual reality platform Decentraland allows users to create content and applications, experience them, and earn money from these activities.
Launched in the market after a $24 million ICO in 2017, Decentraland started its beta version in 2019 and opened to the public in February 2020. Users then created interactive games, expansive 3D scenes, and various interactive experiences.
Decentraland uses two tokens: MANA and LAND. MANA, an ERC-20 token, must be burned to acquire ERC-721 LAND tokens. MANA is also used for payments in the Decentraland marketplace for various avatars, wearable devices, names, and more.
The decentralized gaming world, called the “Metaverse,” is divided into 90,601 LAND parcels, each represented by an ERC-721 token. Each LAND is exactly 100 square meters and can be found at a specific coordinate in the Metaverse.
While LAND owners have the freedom to develop their land as they wish, a large portion of the Metaverse is divided into various regions with different sizes and themes. These regions were created through individual mass sales of MANA tokens, and the LAND parcels in these regions are non-transferable.