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Decentraland claims to be the first fully decentralized world, is controlled through the Decentralized Autonomous Organization (DAO). The DAO owns Decentraland’s most important smart contracts & assets and puts you in control of the policies formulated to determine how the virtual space behaves.
These days, Crypto Metaverses have become a hot topic, and gradually, more companies are jumping into the race to develop their own 3D crypto virtual words to establish their authority in the business. Regarding the best Crypto Metaverse projects, Decentraland’s name comes at the top. It is to be noted that unlike other virtual worlds and social networks, Decentraland is not governed by a centralized organization. In this article, we will talk about the best Decentraland projects, which you can explore while looking at other alternatives available in the market. However, before we move ahead with the best Decentraland projects, let us first understand what exactly Decentraland is.
Decentraland is a user-owned 3D crypto metaverse that runs on the Ethereum blockchain and has MANA as its cryptocurrency token. On this platform, users can purchase plots of land in the form of NFTs via the MANA cryptocurrency. The non-profit Decentraland Foundation oversees the platform. The project allows users to create, experience, and monetize their content as well as applications. Decentraland gives users complete control over the environments, artworks, and applications that they make. The 3D virtual space within Decentraland is termed as LAND, a non-fungible digital asset stored in an Ethereum smart contract. The land is divided into parcels permanently owned by community members and purchased through MANA. These land parcels are 16m x 16m, or 52ft x 52ft. Furthermore, designers can create and sell clothes for the avatars to be used in the virtual world.
One can add NFTs into their scene, displayed as picture frames. Decentraland picture frames support all image and gif formats supported in OpenSea; however, NFTs in video or audio format is not supported.
Non-fungible LAND tokens represent LAND within Decentraland. Owning LAND within Decentraland is similar to owning any other crypto asset, such as CryptoKitties or CryptoPunks. It can be used to build three-dimensional spaces and applications on Decentraland. Since LAND is built on the ERC721 standard, it can be traded with other users, like other digital Assets. Land, the non-fungible digital asset stored in an Ethereum smart contract, can be acquired by spending an ERC20 token called MANA.
LAND is a scarce, non-fungible digital asset maintained in an Ethereum smart contract representing the parcels of virtual land within Decentraland. Whereas MANA is Decentraland’s fungible, ERC20 cryptocurrency token limited to a total original supply of 2,805,886,393, and the current total supply of 2,194,916,827. MANA’s purpose is to allow users of Decentraland to purchase LAND and other goods & services from other users.
Last year, a digital real estate investment fund, Republic Realm, purchased a patch of virtual land in Decentraland for over $1 billion. The purchase was made using MANA, Decentraland’s cryptocurrency. The land cost 1,295,000 MANA, worth $913,228.2 at the time of sale. In Decentraland, ownership of virtual land is purchased and sold as non-fungible tokens (NFTs). Republic Realm termed the virtual shopping district in Decentraland Metajuku, modeled after Harajuku, a district in Tokyo known for its street fashion. The district takes up 16,000 square feet. The Tenants include digital fashion brands Genial Investimentos, Majid Al Futtaim, Dress-X and Tribute Brand, and JPMorgan, the first bank in the Crypto Metaverse.
The tech giant Samsung partnered with Decentraland this year to open its first crypto metaverse store, Samsung 837X. Samsung 837X, an immersive world, is modeled after the company’s flagship New York store Samsung 837. To visit 837X, customers will first need to connect with Decentraland. Once you are online, your avatar will be dropped outside your r virtual 837X building. From there, users can enter the doors and immerse themselves in 837X. The Samsung 837X center comprises three interior spaces: the Connectivity Theater, Customization Stage, and Sustainability Forest. Once through the door, users can start playing, exploring, and engaging in live music events. Samsung US is also available on Discord and has 157,690 members. To join the Samsung US discord server, click here
Sotheby’s deep involvement in Metaverse was seen when it claimed its stake in the Web3 technology world by opening its first-ever virtual galleries in Decentraland. Sotheby’s digital replica gallery is located in Decentraland’s Voltaire Art District (52,83). When you attempt to move into their space, the avatar of Sotheby’s London Commissionaire, Hans Lomulder, will welcome all digital visitors at the auction house entrance like he always does in real life in Bond Street in London. Sotheby’s is a 277-year-old British auction house.
Decentral Games ICE Poker is a free and Play-to-Earn (P2E) crypto metaverse poker game where players earn tokens by completing daily challenges and competing against each other on Decentraland. ICE is the in-game currency that incentivizes player liquidity and allows upgrades of in-game items. At one point, the Play-to-Earn (P2E) poker platform from Decentral Games hosted around 6,000 unique players each day, making up over 30% of Decentraland’s daily users. ICE Poker, an online casino, was launched by Decentral Games in Decentraland with a bid to make an early entry in the Metaverse. Decentral Games acquired virtual land in Decentraland almost two years ago. To start the game, you need to either purchase an ICE wearable from Decentral’s marketplace or OpenSea.
A subsidiary of Tokens.com, Metaverse Group acquired a patch of virtual real estate in Decentraland for approximately $2.4 million worth of cryptocurrency last year. Tokens.com stated that it would use this land which is located in the “Fashion Street” area of Decentraland’s map, to organize digital fashion events and sell virtual clothing for avatars. Earlier this year, Metaverse group purchased the Music District in Decentraland as a joint venture with 13th Floor Ventures. 13th Floor Ventures is an institutionally-backed investment fund primarily focussing on virtual real estate opportunities in the Metaverse.
Metaverse Group is a web3 tech company owning an eight-figure metaverse real estate portfolio.
CoinGape prepared a review methodology to rate crypto exchanges, tools, and apps. We curated a list of metrics to evaluate crypto platforms based on their services, user experience, security and customer support, payment gateways and charges, pricing and promotions. Visit our Review Methodology page to learn more about how we review each crypto platform.
This content is purely for educational purposes and should not be considered as financial advice. Do your own research before investing in any crypto platform and only invest the amount you can afford to lose.
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