The Curious Case of Decentraland (MANA): Transforming Metaverse Ecosystem
“The Decentraland (MANA) is the decentralized virtual reality platform that is also the fastest growing blockchain based virtual world. Decentraland is quickly becoming a major player in transforming the Metaverse Ecosystem as we know it”.
What is Decentraland (MANA)?
Decentraland is a decentralized virtual reality platform that provides users with the ability to interact with other users on the network, to create their own avatars and organize events, concerts and even provides the capability of buying and building houses on their virtual platform. Decentraland (MANA) is built upon the Ethereum blockchain and has the capability of providing peer-to-peer communication to the users, platform for interactive apps, in-world payment systems, on platform real estate buying and selling options and even advertising on the Decentraland Ecosystem.
How does Decentraland Work?
Decentraland is an online virtual space that combines blockchain technology with the concept of virtual reality. Everything on Decentraland is a NFT including the in-game collectibles, items, clothes, land, real estate etc. Unlike other games where the complete control is with the developers, Decentraland is a decentralized organization where the voting powers are vested in the users that vote for the growth and rules of the game. Decentraland has two currencies that can be used on the platform.
MANA is the native cryptocurrency of Decentraland which acts as the digital currency as well as the Governance token. MANA can be used to use the platform and create avatars and to communicate with other users. Also, MANA can be used as a voting right for the governance of the network. LAND on the other hand is a NFT that can be used to prove the ownership of the virtual land owned by a user on the Decentraland’s virtual world.
Use Cases that are Transforming Metaverse
There are several use cases that are transforming the present Metaverse ecosystem to a more advanced Metaverse ecosystem of the future. These use cases include:
- Platform’s scripting language provides the users with the capability of creating 3D scenes and apps seamlessly.
- Providing a platform for the likeminded people to interact and collaborate by creating specific contents.
- Plethora of digital collectables that can be bought, sold and traded on the virtual marketplace.
- Provides the capabilities for the real world brands and users to buy Land on the platform and place advertisement billboards etc on their owned land.
- Provides the capability of creating more immersive social platforms for the socialization of friends and families.
Takeaways
- Decentraland is the fastest growing virtual reality platform that is transforming the Metaverse Ecosystem.
- The combination of the blockchain technology with Virtual Reality is the basic principle on which MANA operates.
- Various large brands are entering the Decentraland Virtual world and buying land for themselves and utilizing it for advertising purposes.
Disclaimer: The article is meant for the educational purpose only and in no way it should be considered as a financial advice. Own research on the topic is advisable.
Photo by geralt on pixabay
