In previous blog articles, we’ve covered a broad view of cryptocurrency and offered a closer look at Bitcoin, Ethereum and several other altcoins. We also looked at Play-to-Earn Games You WIll Love 💗 which covered crypto-based metaverse gaming.
👀 In this article, we’ll take a closer look at the metaverse platform – Decentraland and provide information on what it is and how it works. Here is our brief guide to get you on a clearer path to understanding.
🌰 DECENTRALAND IN A NUTSHELL
👉 Decentraland is a 3D virtual world browser-based platform that offers a global network inviting users to operate a shared, virtual open-world metaverse.🌐
💰 Decentraland’s users may buy and sell virtual plots of digital real estate in the platform as NFTs via the MANA token, which is based on the Ethereum blockchain. The ERC-20 fungible token serves as the platform’s digital currency.
📜 DECENTRALAND HISTORY
Decentraland was created by 🇦🇷 Argentinians, Ari Meilich and Esteban Ordano. The project had been in development since 2015. At its initial launch in 2017, parcels of digital land sold for approximately USD$20. The game's first map 🗺️, Genesis City, was made up of 90,601 parcels of land.
The metaverse project was opened to the public in February 2020, and is overseen by the non-profit Decentraland Foundation.
2021 saw a record number of plots sold. In April of that year, during an NFT buying frenzy, land parcels sold for between USD$6,000 and $100,000. In November 2021, a virtual real-estate company purchased a plot of land in Decentraland for USD$2.43 million.
Following this in 2022, major brand labels such as Samsung, Adidas and Atari bought virtual retail properties. 👒 Decentraland has also hosted a Metaverse Fashion Week featuring major fashion brands. 🧑🎤Music artists including Deadmau5 and Grimes held concerts in the platform.
📊 DECENTRALAND TOKENOMICS
The current total supply of Decentraland’s MANA token totals just under 2.2 billion MANA. Currently, the supply of MANA in circulation is approximately 1.85 billion MANA. The current market capitalization of MANA is approximately USD$585 million.
🌎 THE DECENTRALAND METAVERSE
🏪 Decentraland’s open-world metaverse is a combination of virtual reality, augmented reality, and the internet. It allows users to be part of a shared digital experience in which they play games, 💫exchange collectibles, buy and sell digital real estate, avatar wearables and names in the Decentraland Marketplace. They can also socialize and interact with each other. 🧑🤝🧑
👗🕶️ Designers can create and sell clothes and accessories for the avatars to be used in the virtual world.
Decentraland’s users can run a fully immersive virtual reality world they create, in which they oversee it through its decentralized autonomous organization, or DAO. Decentraland differs from other virtual reality games in that it allows users to have some control over their environment. Through the DAO, users can vote directly on the game and the organization’s policies.
Decentraland’s NFTs are made up of ERC-721 tokens LAND and Estate and are used to create avatars, wearables and unique parcels of land.
💲 DECENTRALAND PRICE
When Decentraland initially launched in 2017, the price of its MANA token remained fairly steady while the project was in development and fluctuated between USD$0.01 and USD$0.23 from its launch date through to early 2021. The bull run of 2021 saw MANA climb to an initial peak of USD$1.57 in May. By November of that year, the MANA value reached an all time high price of USD$5.1991, before coming off those highs in the subdued 2022 bear market.
👉 EARNING MANA TOKEN WITH BLOOM
📲.The Bloom shopper rewards app allows you to earn Decentraland’s MANA token and other crypto (like Bitcoin, Ethereum and a range of other altcoins) with every purchase made on your Visa card 💳.
🦉 All you need to do is download the Bloom app, register an account, link your Visa card and shop anywhere using your credit or debit card.
💰 With every purchase, you will earn Bloom Coins by simply using your Visa card💳. The more you use your card, the more Bloom Coins you will earn.
🎁 Bloom Coins can be redeemed for in-app rewards and converted into MANA..
🆓 Converting crypto on Bloom, such as MANA, is free of charge and has no gas fees!
💎 Earn exclusive 3x Bloom Coin rewards with a Premium Membership.
The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website's content as such. Bloom does not recommend that any cryptocurrency or NFTs should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.