Decentraland is a fully immersive virtual world powered by blockchain technology. This real estate metaverse lets you buy land and build various buildings upon it from houses to theatres, offices to museums, banks to shopping malls, grocery stores to sculptures, landscapes to towers, and anything at all. The platform is a real estate metaverse where players can not only build buildings but build a new community.
Tokenomics of Decentraland
The virtual world works upon two tokens – LAND and MANA. LAND are non-fungible tokens that are based on the ERC721 protocol standard and tradeable like normal NFTs. Moreover, LAND NFTs lets you buy land and build 3D buildings and art over it. Each LAND token means a 33×33 ft. of virtual land in Decentraland. To buy LAND, players can either get them from auctions or directly from the marketplace. The MANA tokens are also necessary for the game\’s economy. So, use MANA to buy various items at the game’s marketplace, buy tickets to various virtual events, and can even get LAND tokens because. Furthermore, MANA tokens are fungible and therefore easily tradeable on Binance and other mainstream crypto trading platforms.
In Decentraland, the player’s avatar can be modified according to one’s desire giving a truly immersive experience. As the name suggests, it is a decentralized economy, and what makes it a very real simulation is that the players who are members have the right to vote in on policy changes, auctions of lands, and subsidies – giving a truly virtual experience of reality.