Decentraland- The Quickly Evolving Virtual Reality
Virtual reality, otherwise known as the Metaverse, has mostly been an unknown topic until recent years. It is the combination of a mixed and virtual reality that’s easily accessed through a browser or headset. The Metaverse is constructed from a series of different social media platforms, websites, and games. Since it completely runs online, users could access it anywhere, anytime – in fact, people are able to have real time interactions from across any distance. But the Metaverse aims to do more than just allow users to conversate with each other.
Decentraland is a version of the Metaverse that was created in 2016 by a group of developers in Argentina. This crypto-based virtual world works in a manner where users can buy and sell spaces throughout the communities. Nearly anything is possible in Decentraland as users can experience interactive 3D scenes like art galleries, casinos, games, and anything other players may create with their respective land. This is possible due to the team of animators and artists who actively develop the virtual spaces so players are able to use their avatars in in-game activities. Players could work as a real-estate freelancer on behalf of their clients and earn money, sell art, and sell clothing. Purchase these virtual lands/ objects are monitored through the Ethereum blockchain to prevent fraud and make transferring much easier. All forms of land in the game are measured by 16 meters by 16 meters in a size and are represented by NFT’s.
NFT´s non-fungible token is a financial security consisting of digital data stored in a blockchain, a form of distributed ledger. The ownership of an NFT is recorded in the blockchain, and can be transferred by the owner, allowing NFTs to be sold and traded. NFTs typically contain references to digital files such as photos, videos, and audio. Because NFTs are uniquely identifiable assets, they differ from cryptocurrencies, which are fungible.
The official cryptocurrency of Decentralnd is referred to as MANA. One MANA would be worth $0.85 in real life. But, when sold through a parcel inside of the virtual reality, it would be worth 6,900 MANA. This would earn the in-game seller $5,800 USD. Decentralnd’s method as resulted in users banking profits more than 500%. Just off digital land. Since 2018, their easy ways of making money has gained a large amount of popularity.
MANA plays a vital role in Decentraland`s virtual word and can be used for transactions within the ecosystem and to participate in the management of its software. Owning MANA gives users the ability to vote on policy updates , LAND auctions and subsidies to improve the platform.
Of course, not everything is about money when it comes to Decentraland. Users have built communities around their digital land and have created various forms of entertainment. Owners are able to choose how to develop their purchased land and are given incentives by the game itself. For example, through the art galleries, owners are able to promote and sell their NFT’s. If that doesn’t suit them, users could also gamble their MANA through the game’s casinos. Decentraland is has recently become sponsored by by an arcade brand called Atari. The company announced the collaboration as their creating a considerable estate in Decentralnd. Users will then be provided with some of the brands most iconic games. It is advised that with the popularity of such platforms, people should begin to invest into these virtual realties.
This is a unique project in a largely untested market. The popularity of “alternative life” games is a good sign, but it’s hard to tell if this will carry over into the 3D and blockchain space. However, if Decentraland gains the adoption that its supporters hope it will, then we may just see an entirely new ecosystem of businesses and experiences flourish before our eyes.
Whether is it with Decentraland or another platform, here at Cuco Company, a Marketing Agency with the all the innovative solutions for your brand, we could help you incorporate your business into the Metaverse.
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