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What is the Decentraland Metaverse? How It Works, and Much More!

With a $1 billion valuation, the Decentraland Metaverse has gained much popularity over the last year. Many brands and businesses have also begun purchasing land to interact with their customers in this virtual world. For example, Samsung has set up its store in the Decentraland Metaverse, where customers can come and experience live performances, launches, and more. 

Individuals can purchase land from the Decentraland Metaverse from the in-game marketplace and secondary marketplaces such as OpenSea. Samsung S22 was also launched virtually within this Metaverse.

Key Points

  • Primarily known for its lucrative virtual real estate, Decentraland is one of the most popular Metaverses in 2022.
  • The Decentraland Metaverse utilizes MANA as its native token.
  • To join Decentraland, you need to register on the site and link your virtual wallet to start making purchases.

What is the Decentraland Metaverse?

The Decentraland Metaverse was launched in 2020 and is based on the Ethereum blockchain. With over 300,000 daily active users recorded in early 2022, this Metaverse allows users to explore, engage, play, and shop in this virtual world. The Metaverse has also established its virtual economy using the token MANA. Land parcels within the Decentraland Metaverse are extremely popular, with land sold for up to $2.4 million.

The Metaverse also offers its in-game builder tool that allows users to build their own Decentraland “scenes” and 3D elements. Players can also list their creations on the in-game marketplace to earn MANA. MANA can easily be converted into any crypto or local currency through crypto exchanges such as Binance and CoinBase.

How Do You Get Started in the Decentraland Metaverse?

Signing up on Decentraland is extremely easy. Follow the steps below to get started:

  • Open https://decentraland.org/ and click “Start Exploring” in the top right corner.
  • You will be redirected to a page with two options, i.e., download the windows app or explore in your browser. 
  • Make sure your Metaverse wallet has some MANA available when you sign up. MANA can be purchased from numerous crypto exchanges online.
  • The next step is to sign up by connecting your wallet to the Metaverse. The four options for wallets include Formatic, MetaMask, Wallet Connect, and Coinbase Wallet. MetaMask is the most popular of the four and is easy to install through a browser extension.
  • Once the wallet is integrated, you will be redirected to an avatar customization page where you can fully customize your avatar.
  • After customizing your avatar, you will get an option to link your email address and name your online profile. 
  • You’re now all set. Accept the terms and conditions to get started right away!

What Tokens Are Used in the Decentraland Metaverse?

Metaverse tokens enable users to perform transactions within the virtual space. There are two types, i.e., fungible and non-fungible tokens. We will discuss them in detail below.

Fungible tokens

If something is fungible, it indicates that it can be replaced with other assets of the same type. For example, Fiat currencies are interchangeable, such as the American dollar. Likewise, the ability to swap one token unit for any other makes cryptocurrencies like Bitcoin, Ethereum, and MANA all fungible.

Decentraland utilizes MANA as its fungible token. Players can use MANA to purchase land, gain entry to virtual events, purchase digital assets, and more.

Non-Fungible tokens

NFTs, or non-fungible tokens, have properties that distinguish each token from others in a meaningful way. For example, Decentraland’s LAND units are NFTs since each has different coordinates within the virtual world. These places are essential to token owners because their proximity to other properties, highways, or districts can determine the value of the land parcel.

NFTs can also be used in Decentraland to represent virtual objects like characters, gadgets, weaponry, and other stock items. For instance, you might use a unique kind of NFT to symbolize all the weaponry in your game and then distinguish between them by changing various characteristics in this NFT.

NFTs can be utilized to distribute digital items that are demonstrably rare. The best part about NFTs is that their ownership can be verified through the blockchain. 

Decentraland Metaverse Avatars

How Do You Purchase Land in the Decentraland Metaverse?

Planning on purchasing land within this vastly popular virtual space? Follow the steps below to become a Decentraland Metaverse land owner:

Sign up on the Decentraland Metaverse Website

The first step is to sign up on the Decentraland Marketplace. If you are new to the platform, you will need to link your digital wallet to the platform, as mentioned before. Having MANA in your wallet is essential to make transactions within the Decentraland Metaverse. 

After linking your wallet and signing up, open up https://market.decentraland.org/ to search for land. Click “Land” in the top column and start browsing land for sale.

Selecting your Land

Select the on-sale toggle in the upper right corner, and all the lands will be visible on the screen in light blue shades. There you can see single parcels of land available for sale on the whole map of the Decentraland. You can roam around or use the built-in tools to find the land on sale that you are interested in purchasing. Then you can click on the land or parcel and see its coordinates, location, and other details. You can also purchase or bid on the land here.

Purchasing the Land

The next step is to purchase the Decentraland land. Once you decide to buy a piece of land, the next step is to submit your offer to the owner, or you can always purchase it at the listed price. For Decentraland, you must have MANA or ETH tokens to complete the purchase.

Confirming the Purchase

Then confirm your payment after you purchase the land, so the transaction takes place. The transaction will take some time to complete. Keep in mind that ETH-based transactions often contain high “gas fees.”

Transferring to Secure Wallet

After the transaction has been completed and confirmed, you can transfer your NFT land parcel to your wallet.

Read Also: How to Buy Land in the Metaverse: A Complete Guide

What Can You Do with Your Land in the Decentraland Metaverse?

You can do many things with your land in the Decentraland Metaverse. The best thing is you can do all the things with this virtual land that you can do with your real estate in the physical realm. In the Decentraland Metaverse, you can:

  • Purchase and sell your land. 
  • You can also rent out your land within the Metaverse.
  • Using 3D development tools, players can also build cinemas, offices, malls, and other entertainment buildings on their Decentraland Metaverse land. 
  • The opportunities are unlimited, and you can even start a real estate business in Decentraland.

What Are the Benefits of Developing in the Decentraland Metaverse?

The Metaverse is set to revolutionize the way we interact online. Termed as the “future of social media,” numerous companies are investing in the virtual realm. This new wave of crypto, NFTs, and the Metaverse will be highly lucrative for those investing early on. So, let’s consider the advantages of developing in the Decentraland Metaverse.

Substantial Profit

You may purchase land and construct structures like shopping centers, theaters, art galleries, stores, and various economic assets on Metaverse platforms like Decentraland. After that, you may rent things out and make money from rentals.

Additionally, similar to physical real estate, the worth of your property will increase even while you receive your rent. The most significant benefit is that the virtual realm’s prices are rising rapidly over time. 

Read also: How To Make Money In The Metaverse [25 Creative Ways]

Finding Digital Tenants is Easy

Major corporations, singers, and art exhibitions are rushing to secure their place on the Metaverse. In addition, businesses like Louis Vuitton are working on creating digital spaces for customers to experience the products virtually, enabling them to make both physical and digital purchases. Even celebrities like Paris Hilton have set up spaces in Decentraland to connect with fans. 

Thus, being a landowner in the Decentraland Metaverse is advantageous. Everyone needs a spot as both big and little brands enter the Metaverse. As a result, renting out commercial space is simple.

Consider digital workplaces, stores, and malls rather than building homes and apartments. These business properties are simple to rent out and offer significant rental income. Moreover, you may be able to obtain even greater rents if your real estate is in a desirable area of the Metaverse.

Low Costs for Maintenance

Digital environment maintenance expenditures are far lower than those in the actual world. The input cost is little, even if you engage a virtual building designer.

You are exempt from dealing with property inspections, governmental regulations, and limits in the digital world. On your property, you are allowed to erect anything you choose.

Additionally, you are not required to follow tenant regulations or pay set rent. Since you are the land’s owner, you may rent or sell it at the best price.

What Are the Risks of Developing in the Decentraland Metaverse?

The future of Decentraland appears promising since significant tech businesses, game networks, artists, musicians, and clothing brands are all looking to join it.

It is more complex than it seems; however, since businesses and artists demand exclusive spaces on Metaverse networks in droves, you must conduct plenty of prior research before investing. Additionally, you must take risk considerations into account if you are investing in acquiring stocks or properties in the Metaverse. 

These are a few of the dangers of investing in the Metaverse:

The Limited Market Scope

Only individuals keen on the specialty will invest in the Metaverse market. You need to be aware of how small and restricted your market is.

The existence of a tiny market is manageable. But it should be reflected in your investing plan.

In the Metaverse, land, and property are for sale. However, the only people who will be interested in your digital parcels or property are those who have a firm grasp of the potential of virtual spaces and the blockchain.

Chances of Losing Investment

Millions of dollars are being paid for digital properties within the Decentraland Metaverse. In addition, numerous individuals have also begun making money by renting out their properties.

But have you ever considered what would occur if the platform vanished?

You physically have access to your land in the real world. You also have land paperwork that is registered with the government. All of these reassure you that your money and property are secure.

You can only view the land parcel through your screen. Despite having NFTs proving your ownership, no government has approved or acknowledged your ownership.

Most significantly, you risk losing money if the Metaverse platform vanishes or malfunctions for technical or financial reasons. 

Metaverse Scams Risks

Many investors fall prey to scams in the metaverse and cryptocurrency spaces. Therefore, it is recommended to always conduct thorough research before purchasing any NFT virtual real estate.

Verify the legitimacy of the location of NFT, its owners, and the platform. There are various metaverse platforms currently being built. To make a safe investment, selecting the most reliable and secure platform is recommended.

Avoid relying on new platforms or those that promise unrealistic returns. Instead, choose well-known platforms that promise consistent returns, such as Decentraland or Sandbox.

Read Also: What are the Risks of the Metaverse?

There are many popular places that you can visit in the Decentraland Metaverse. We have compiled a list of the best places that you should explore.

WonderMine Crafting

The WonderMine Crafting Game is a fun place to be in Decentraland. Gamers may mine meteors in the WonderMine Crafting Game for valuable gems and other treasures. Players are given a hundred free coins every day, and they may immediately begin mining.

As they dig for treasure, gamers amass unique gemstones that they may use to make accessories. For example, the meteors are easy to spot and descend a couple of times every minute. Meteor mining tends to cost five gold and endurance. Similar to Minecraft, every moment you mine a meteor, the pickaxe loses some strength and gains some money. You could occasionally receive a significant amount of gold as a bonus from a meteor, but typically not sufficient to pay the original mining cost.

Additionally, users may improve their pickaxe to have greater effectiveness and a better likelihood of finding uncommon prizes. Once users acquire a sufficient number of things, they may create gadgets to display to other Decentraland participants. Users may mint many gadgets, some of which offer a 2-3 percent minting benefit when mining. Given that mining is cost-free and requires no investment, Wonder Mine Crafting is a must-check out.

Decentraland Avatars Holding Donuts

Genesis Plaza

The Genesis Plaza is another popular location within Decentraland. Users are transported to this area by default when they initially join Decentraland. Players may enter the subterranean lounge/bar portion of The Genesis Plaza, which is a snowy white cloud, by diving into the enormous whirlpool. The Decentraland Foundation constructed the plaza, offering users a Metaverse-welcoming atmosphere.

Golf Cart

Explore the island where mini golf is available, GolfCraft. Gamers can use free training mini-games to get expertise and credits. Users may begin to play competitive mode after they have obtained a sufficient number of points, which rewards players with additional knowledge, gems, and more. Players may enhance their golf clubs with these accessories. When playing golf, each person’s club gains expertise. Users can upgrade their clubs if they have amassed sufficient expertise and gems for the newer ones.

Participants will be a member of a dynamically chosen group for the competitive mode. You’ll get a chest once everyone has finished their games. Your probability of finding a gem within the chest will be based on how effectively you performed in the group. Additionally, players may harvest coins just by continuing to play. You can now get five coins for every ten minutes.

ROUSTAN

Casa ROUSTAN is a lively digital clubhouse with fun music and an incredible environment. The clubhouse accommodates up to 74 people inside a constrained area, and each person gets to wear a fashionable outfit and interact with other avatars. There is also an engaging obstacle course that allows users to progress to the top platform. This is the perfect place to visit if you’re looking for a place to hang out with your friends.

 

FAQs

  • What are some of the best places to visit within the Decentraland Metaverse?

Café Roustan is a great place to visit if you’re looking to go to a virtual club with your friends. Other fun places include GolfCart, Wondermine, and 8 Metaballs.

  • What is the best place to purchase land in the Decentraland Metaverse?

The land around the plazas is the best investment, and the Genesis Plaza is the most in-demand land. The land around it can be pretty pricey, but the investment is worth the cost.

  • How to sign up on the Decentraland Metaverse?

The signup process is straightforward. Open the Decentraland website and click “Start Exploring” at the top right. You need to attach your digital wallet, customize your avatar, and set your username, and you’re good to go! Try to add some MANA to your wallet so that you can perform transactions.

References

What is Decentraland? (MANA) | Kraken

Decentraland – Wikipedia

What is Decentraland, and how can you be a part of it? (tribune.com.pk)

How to access Decentraland Metaverse? – A Step By Step Guide – 101 Blockchains

Decentraland for Beginners: How to Get Started in Decentraland (coindesk.com)

How Many Decentraland Tokens Are There? | Total Number Of Decentraland Coins (capital.com)

Decentraland Price, Chart, & Supply Details – MANA Price | Gemini

About the blockchain | Decentraland Documentation

The Ultimate Guide to Buying Real Estate in Decentraland (influencermarketinghub.com)

How to Buy Land on Decentraland? – A Simple Guide (blockzeit.com)

Decentraland Land – Everything You Need To Know (nftplazas.com)

Top 10 Decentraland Metaverse Places To Visit: Best Of 2022 (startupstash.com)

Decentraland Metaverse: Top 5 Most Popular Places to Visit – The VR Soldier

The Ultimate Guide to Buying Real Estate in Decentraland (influencermarketinghub.com)

A beginner’s guide to buying virtual real estate in Decentraland (MANA) (cointelegraph.com)

Community Highlights: A New Way to Rent LAND in Decentraland | Decentraland

What Is Decentraland?- All You Need To Know (remitano.com)

Decentraland Metaverse | A Complete Guide – (blockchain-council.org)

What is Decentraland, and how does it work? – Delta Exchange

Pros and Cons of Investing in Decentraland | Trading Education (trading-education.com)

RISK AND REWARDS AFTER INVESTING IN METAVERSE (nftically.com)

Setup Decentraland – Everything You Need To Know (nftplazas.com)

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