Will Decentraland Become Popular Beyond the Cryptocurrency Community?
Today marks the day when Decentraland officially launches to the public. The launch has previously been announced in their blog. As part of the launch, Decentraland have announced a treasure hunt. This is a four-day event where users can visit the VR metropolis of Genesis City and get NFT artworks (non-fungible token) and tokens for free.
The launch also includes many technical aspects as well. Decentraland's DAO is also part of the launch. It allows for full decentralization of the virtual world's infrastructure. This will guarantee that no one actor will have the ability to change the rules of the software or the economics of MANA amongst other things.
The public launch of Decentraland could introduce many gamers and VR enthusiasts to the world of Ethereum & cryptocurrencies. While Decentraland is only available via desktop at the moment, it is also expected to roll out to other platforms, such as smart phones and VR platforms in the future.
The revenue of the gaming market topped $152 billion in 2019 alone. If Decentraland manages to gain in popularity within that market, it could mean very big things for the project.
What is Decentraland & How it Works
Decentraland started as an ICO that launched in August 2017. It was the first project that sought to build a virtual world based on blockchain technology and with the help of tokenization. Users on the platform can create their own digital environment or visit locations designed by others. Additionally, users can communicate with each other, design their avatar and even play games with each other.
The Decentraland economy is governed by two separate tokens,
MANA & LAND. The main currency is MANA which is traded on different online
cryptocurrency exchanges. With MANA users can also purchase in-game items and
goods. LAND is aptly named and is the currency to purchase sections of land in
the platform. It is acquired by burning MANA via smart contract. Both tokens are Ethereum based ERC-20 tokens.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado