What is Decentraland (MANA)?
Decentraland (MANA) defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience and monetize content and applications.
In this virtual world, users buy plots of land that they can navigate, build and monetize later.
Decentraland was launched after an initial coin offering (ICO) of $24 million which was held in 2017. The virtual world launched its closed beta in 2019 and opened to the public in February 2020. Since then, users have created a wide range of their experiences. Parcels of LAND, which includes interactive games, expansive 3D visuals and many other interactive experiences.
Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to obtain a non-fungible ERC-721 LAND token. MANA tokens can also be used to pay for a variety of avatars, wearables, names and more on the Decentraland Marketplace.
Who is the founder of Decentraland?
Decentraland was co-founded by Ariel Meilich and Esteban Ordano – both of whom have resigned from key positions in the project, but still work with Decentraland as consultants.
Ariel Meilich previously held the role of Project Lead at Decentraland between 2017 and 2020, and is a serial entrepreneur who has founded several other startups, including an online translation agency and a CRM platform. He also served as an analyst at Charles Rivers Ventures, a leading Silicon Valley venture fund.
Esteban Ordano, on the other hand, is the former technical lead of Decentraland and has a long and varied history in the cryptocurrency space, being the founder of Bitpay, Inc. Working as a software engineer in the U.S., a consultant to Matic Network and briefly running his own smart contract development firm, known as . Smart contract solution.
Esteban is also credited with co-founding Zeppelin Solutions, an established blockchain technology infrastructure company.
Although Ariel and Estaban are no longer leading the project, development of Decentraland is still ongoing, with efforts directed by the recently established Decentraland Foundation.
What makes Decentraland special?
Decentraland is built for content creators, businesses and individuals looking for a new artistic medium, business opportunity or source of entertainment.
In total, the Decentraland gameworld - called the "metaverse" - is divided into 90,601 individual parcels of LAND, each of which is represented by an ERC-721 non-fungible token. Each land is exactly 16m x 16m (256 square meters) and can be found at a specific coordinate in the Metaverse.
Although land holders are free to develop their plot in whatever way they choose, much of the metaverse is roughly divided into several districts, each with a different shape and theme. These districts were generated through separate crowdsale for MANA tokens, and parcels of LAND cannot be traded in these districts.
As of January 2021, the cyberpunk-themed Etheria is the largest district - comprising a total of 8,008 LAND.
Decentraland is also one of a growing number of projects to use a decentralized autonomous organization (DAO) structure for governance decisions. As a result, MANA token holders have control over how the Decentraland world behaves, by proposing and voting on policy updates, the exclusivity of upcoming LAND auctions, and the types of content allowed with the Metaverse.
In addition to being a creative outlet, many Decentraland users currently monetize their land through leasing, advertising and paid experiences. Similarly, other users generate income by creating and selling items on the Decentraland Marketplace for MANA tokens.
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