decentraland

Decentraland is a virtual reality platform that runs on the Ethereum blockchain. It enables users to purchase land that can be later built on and monetized. It is the first virtual platform wholly-owned and managed by the users. Decentraland was co-founded by Ariel Meilich and Esteban Ordano, who launched it with an ICO of $24 million in 2017.

The protocol has three layers: the Consensus layer, Land Content layer, and Real-time layer. Decentraland employs two tokens, namely MANA and LAND. While MANA is an ERC-20 token, the latter is an ERC-721 token. It is required to burn MANA in order to acquire LAND tokens. MANA can be employed to pay for a range of avatars, names, wearables, and more on the Decentraland marketplace.

Decentraland aims to help content creators, individuals, and businesses looking for a new artistic medium or provide a platform for new business opportunities. Conversely, Decentraland’s metaverse is divided into 90,601 individual land parcels, each of which is an ERC-721 NFT. That being said, each land is exactly 256 square meters and can be located at a specific coordinate in the Metaverse.