Decentraland is a distributed platform for a shared virtual world that allows developers to create and monetize apps on top of it. It gives people the tools they need to run a shared virtual world, also called Metaverse2.
Decentraland aspires to build a network in which producers completely control and earn the full value of their labor. And the players can build their own scenes, lands, or claim unique names.
In the realm of Decentraland, land is an Ethereum smart contract-stored and transferrable digital asset. Adopting blockchain technology, land's ownership is privately and in perpetuity. Users can buy land and build distinguished scenery on it. Moreover, they also can operate it and sell it on marketplaces. It encourages users to produce, utilize, and profit from their works.
In-Game Economy System
MANA, a token circulating in decentraland, is designed to make the virtual world function well. It is a replaceable ERC20 coin with a fixed supply of 2,193,795,827. It can be used to buy land, virtual products and services. MANA is also utilized to encourage content production and user adoption.
As a fully decentralised virtual world, decentraland use the DAO to govern the world. The community will propose and vote on policy revisions, such as future LAND auctions, whitelisting of NFT contracts, etc. Votings are held on DAO's governance portal, powered by Aragon.
Decentraland keeps track of all land transactions, land content records, and enables any two users on the Internet to make global, low-cost, instant payments. Furthermore, in order to protect the work of original author, they use an identity identification system that allows users to trace and verify if a piece of material has been authorized by the original author through encrypted signature.
Many big corporations have collaborations with Decentraland currently. Samsung, for example, has made public its efforts to enter the metaverse through Decentraland. This includes Samsung Decentraland's wearables, which customers may buy to personalize their character in games. Overall, there is a lot to look forward to in Decentraland.