Decentraland is the first fully decentralized world ever came into being. It was open to the public in February 2020 and till then it is one of the leaders in the virtual world. Decentraland is controlled via the DAO, which owns the most important smart contracts and assets of Decentraland. Via the DAO, you decide and vote on how the world works. Today we will be diving into the various aspects of Decentraland as the Decentraland review.
Decentraland has first-comer advantage
As said in the intro, Decentraland is the first metaverse to come into life. Though other metaverses may come up with the course of time, Decentraland will always have the first comer advantage.
Worthy investors of Decentraland
Animoca Brands is one of the big names among investors. Animoca Brands is a global leader in branded blockchain gaming as we already talked about it in our earlier review. Other prominent investors include Digital Currency Group, Boost VC, Genesis One Capital.
Further, Decentraland has raised a total of $25.5M in funding over 3 rounds. The latest funding round was on Jan 1, 2020, from a Venture series.
Sturdy Team behind Decentraland
The prominent figures in the core team include lead tech, Esteban Ordano, and Ariel Meilich.
Ordano was the leader of the team that developed Streamium, one of the first apps used for scaling Blockchain.
On the other hand, Meilich is the Project lead. Meilich has sound experience in data analytics and venture capital to help drive Decentraland forward.
Notable features of Decentraland
In Decentraland, you can create your own games using a drag and drop 3D editor that lets you build interactive scenes on your LAND without the need to code.
Furthermore, if you know how to code you can use the SDK feature. The feature allows you to create any sort of interactive 3D scene.
Further, Decentraland has its own marketplace where you can trade your own virtual land, as well as avatar accessories, wearables, names, and main products.
The Web explorer feature opens up the world to absolutely everyone.
Built on Ethereum Blockchain
Decentraland was founded in 2016. At that time the only notable blockchain was Ethereum. Fast forward to 2022, several metaverse projects will be launched that are built on blockchain like Solana that are highly scalable. We need to observe how Ethereum tackles its scalability issues in the coming future.
User have multiple options to monetize
The first step to monetizing is to get yourself some MANA token (the token that powers the virtual reality platform). You can buy the token from a crypto exchange platform like Binance.
You can use MANA to buy LAND parcels and sell them at an increased price. Further, you can use your LAND parcel to create digital interactive systems and applications such as casinos and games to monetize.
Furthermore, you can participate directly in Decentral Games which is a user-owned virtual casino. $DG tokens power Decentral. You can earn $DG by playing in other casinos, allocating your house for profit, or earning referral awards. If you Collect enough $DG you will get voting rights in a casino on your property.
Multiple metaverses are coming up this year with advanced graphics enabling users to have an enriching experience. Decentraland is lacking in this sector with its out-of-date graphics.
The token fueling the Decentraland is the MANA token. MANA is already popular in various crypto exchange platforms showing stability in contrast to other tokens.
There was a supply of about 2,805,886,393 MANA at the Initial coin offering (ICO).MANA is burnt in response to any LAND buying, Avatar name claim, or buying wearables.
Thus the supply and rarity of MANA will be in check.
MANA is heavily Susceptible to BTC and ETH movements due to parings and general crypto. Some people in Decentraland may dump land, etc due to heavy price swings due to MANA price swings. Also, the community may vote and use other currencies within Decentraland.
Final verdict of the Decentralnd Review
You have already seen in this review of Decentraland, it is one of the starters of a decentralized digital platform. But Decentralnd will have to face some massive competition from other platforms with improved graphics and user experience.
Lastly, the purpose of this Decentraland review is to educate our fellow readers, not to give some financial tips. You should do your own research before taking any action. But we hope this article has give you some idea about the project.