Written by Robert Thompson III | 3/26/2021
Innovators are constantly coming up with great ideas thats changing the Gaming Industry. Decentraland mixed up crypto and gaming together to create a crypto way of playing. Let’s learn some more about Decentraland.
What is Decentraland?
Decentraland is a software running on Ethereum that seeks to incentivize a global network of users to operate a shared virtual world. Decentraland users can buy and sell digital real estate, while exploring, interacting, and playing games within this virtual world. Over time, the platform has evolved to implement interactive apps, in-world payments, and peer-to-peer communication for users. It is divided into a limited number of parcels known as LAND (represented by a non-fungible token), which can be purchased with MANA, an ERC20 token. Therefore, The owners of each parcel of LAND are provided full creative freedom. Within their parcels and receive all income generated by their creations. In order to foster the network and attract new users, the Decentraland Foundation has hosted a variety of contests to create art, games, applications, etc.
Decentraland’s Cryptocurrency and Stock
Decentraland has a stock called Decentraland Games or DG for short. Although, Decentral Games is a community-owned ecosystem-based inside Decentraland, which is governed by its own users with the help of a Decentralized Autonomous Organization in the DG DAO. A reported 88% of the profit share will be directed to the DG DAO Treasury. It started trading in December 2020 however, DG is currently at a stock price of $289.69. Decentraland also has a cryptocurrency called MANA. However, It is currently at $0.89. MANA refers to the native currency in Decentraland. Users can currently use MANA to purchase LAND and also pay for goods and services in Decentraland.
Decentraland’s NFT
Decentaland sells an NFT in their game called “LAND”. Some LAND is accessories for your avatar or things that can make your world better. Users have the opportunity to permanently own any LAND they purchase as the land titles are all traceable through the blockchain. They would then have total control on any 3D scenes they would like to build on the LAND. You may purchase LAND from secondary markets such as the Marketplace or OpenSea.
How does Decentraland work
The software leverages the Ethereum blockchain to track ownership of this digital land, and it requires users to hold its MANA token within an Ethereum wallet to engage with its ecosystem.
Decentraland has many layered components built using Ethereum smart contracts. The consensus layer maintains a ledger that tracks the ownership of land parcels. Each parcel of LAND has a unique coordinate in the virtual world, an owner, and a reference to a description file representing the content within the parcel. The content layer controls what happens within each parcel, and includes various files required to render them: Content files, Script files, and Interaction Definition.
Outside of the gaming environment, the Decentraland team has released a marketplace along with a drag-and-drop editor user can access to build scenes. The marketplace enables participants to manage and exchange LAND tokens, priced in MANA. Owners can use the marketplace to transact or transfer parcels and other in-game items such as wearables and unique names. Therefore, Decentraland’s builder tools authorize owners to curate a unique experience within their LAND parcels.
How to sign up for decentraland
So now that you know a lot about decentraland it’s time for you to know how to sign up for it. First, Go to Decentraland and click the get started button.
Next, you click play (or if you just want to try it out click play as a guest)
Then, When you click play you’ll have to connect your account to a wallet.
Conclusion
Decentraland is something great we can invest in and play. Plus, there are not a lot of gaming and crypto websites and games. Follow Crypto Empire Tv it shows the latest news on crypto and finance.
