Decentraland: Metaverse overview

Users of the Decentraland metaverse can explore the virtual world, create items such as artifacts and clothing, and buy and own land. The MANA coin is the project's internal token, while the LAND token is used for real estate.

The project is managed by DAO.

History of creation

The project's development began in 2015, well before the general hype surrounding NFTs and metaverses. The founders were Esteban Ordano and Ariel Meilich. Both had backgrounds in programming and finance, which served as a solid foundation for building a virtual world.

First, they created a two-dimensional pixel map, and started development of a three-dimensional space in 2016. The beta version of the product was released in 2019, after the development plan had been presented in 2017. The final metaverse in its current form was launched in 2020.

Funding rounds

Decentraland raised $25 million in investments in 2017. There were four rounds of funding and ten major investment funds involved, including Krenex Capital, Animoca Brands, Fabric Ventures, and Boost VC.

Another $1 million was received from Decentral Game as a grant. Decentraland's creators kept 20% of all funds raised.

Decentraland fund rounds details (Crunchbase)

Opportunities for users

The Metaverse belongs to the GameFi sector, where users can create and trade items, communicate, participate in activities and quests, and make their own NFTs.

The platform also supports a variety of events, virtual exhibitions, educational seminars, and lectures. You have the option of running a product advertisement here or charging for billboards on your own land. The gameplay is also gradually evolving to increase the number of games and activities available in the metaverse.

There are two tools available for virtual world development:

● The Builder is a browser-based editor for creating objects and items;

● Decentraland SDK is a tool for creating interactive scenes and territories.

Artifacts can be traded on the internal marketplace. The Polygon network is now supported.

Decentraland NFT Marketplace

Decentraland metaverse territory

The entire metaverse is built on a 300*300 plot platform. The game's lands have a total of 92,958 plots of 16*16 square meters. These territories are available for purchase using the internal LAND token.

Lands are also divided into thematic districts on the platform:

● Aetheria is cyberpunk-themed real estate;

● Vegas City features casinos, shops, and gambling;

● Dragon City features real estate from various eras and styles;

● Fashion Street features stores from well-known brands and companies.

These territories take up roughly 25% of the playing area. People form communities, vote, and set the course for the district's development. Lot owners also have access to the district's budget, which is distributed through the DAO.

Lands and plots can also be purchased through the Decentraland marketplace.

Lands for sale in the Decentraland metaverse

MANA and LAND tokens

LAND is an in-game NFT that determines the ownership of a piece of land. MANA coins can be used to purchase these plots, as well as other in-game items, services, and construction elements. It is the main currency and asset of the Decentraland metaverse.

MANA is an ERC-20 token on the Ethereum blockchain. The token's current price is $0.32, with a market capitalization of $600 million. MANA can be purchased on any trustworthy cryptocurrency exchange, including WhiteBIT, OKX, Huobi, and Kucoin. A full list of trading platforms can be found on the CoinGecko and CoinMarketCap websites.

At the peak of the metaverse hype, the project was at the forefront of user activity and trading volumes, with the MANA token reaching an all-time high of $5.11 on November 29, 2021. 

MANA token price dynamics

MANA and LAND are also used by DAO members for voting and decision-making. Token holders determine how the ecosystem develops and what its main priorities are.

Current development

Despite the fact that the project is approaching its eighth anniversary, the game space still has a beta version console. Users complain about frequent texture bugs, long loading times, and poor object quality. Due to numerous glitches and complexities that prevent you from creating items and applications with the maximum flexibility, it is challenging to use the Metaverse to its full potential.

Currently, Decentraland's primary focus is on solving existing issues, which will increase the project's visibility and bring in more users. 

Game space of the Decentraland metaverse