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How Decentraland Is Transforming the Metaverse Ecosystem

Throughout the epidemic, people have turned to the digital world to interact with friends and family or seek pleasure. The term “metaverse” has risen in popularity more than ever.

What is Metaverse?

The metaverse is a completely different environment and perspective than today’s virtual reality, in which bulky headsets isolate players and prevent them from engaging or cross-playing with people who own other devices. Instead, the metaverse aspires to create large, open cyberspace that connects augmented reality with virtual reality, allowing players to easily transition from one activity to another.

The term “metaverse” has recently gained popularity and with valid cause. Facebook, one of the world’s most powerful companies, has announced that it has changed its name to Meta and established a metaverse platform. Since then, the popularity of the concept seems to have soared as various organizations are making moves to embrace this virtual future.

It is undeniably a massive endeavour that would necessitate uniformity, collaboration, and partnership among tech behemoths who are more likely to compete rather than collaborate.

However, there is an ecosystem called Decentraland that is currently making the metaverse a possibility. The project creates an infinitely large virtual space in which users are free to move around, hop from one activity to the next, and be themselves.

Decentraland is Changing the Virtual World

Decentraland is a virtual reality platform that is decentralized and built on the Ethereum blockchain. It’s the fastest-growing blockchain-based virtual world, allowing users to create characters, connect with other network members, attend concerts, fashion events, and art auctions, and even build houses on their virtual land.

Estaban Ordano and Ari Meilich, Decentraland’s creators, created the platform to build a virtual area with digital real estate parcels, products, and other configurable assets that can all be purchased with MANA, Decentraland’s ERC-20 token. MANA is important because it allows users to customize their avatars, engage with other users, and explore the Decentraland metaverse.

Decentraland offers NFT Experiences on the Metaverse

Furthermore, everything in Decentraland is a non-fungible token (NFT). Everything, including in-game collectibles, clothing, items, and the game’s virtual real estate, LAND, is represented by NFTs. 

Decentraland has been expanding the NFT space with in-game art galleries where players may buy and sell artwork as well as communicate directly with artists via voice chat. Decentraland has also just teamed with Sotheby’s, one of the world’s largest auction houses. Many lucrative purchases have taken place inside these virtual galleries, like the $1.85 million sales of 914 Wonder Woman NFTs from former DC comic artist Jose Delbo.

It’s also worth noting that a proposal has been made to make Decentraland compatible with at least four other metaverse planets. Although there is no set timeline for when this integration will begin, it will be a game-changer for the entire metaverse ecosystem once completed.

Land Purchase

Decentraland is making it possible for users to purchase parcels of virtual land in the metaverse. LAND is a non-fungible token that establishes ownership of a virtual parcel of land within a virtual area. It gives landowners control over the content that is published on their property. They can publish anything from sceneries and photographs to games and apps.

Decentraland offers 90,601 land plots available for purchase with its native token MANA on the Decentraland marketplace. Individual parcels, estates, districts, and plazas are the different types of parcels available.

Event

Decentraland has also developed a social network that allows users to interact with their peers more engagingly. The platform recently hosted the inaugural metaverse music festival, demonstrating how individuals may communicate in the virtual world.

Coca-Cola, Puma, Adidas, and other major businesses have joined the Decentraland Metaverse, erecting massive billboards and creating unique NFTs as interest in the platform grows.

With its many offerings, Decentraland is creating awareness of how life can be in the metaverse.

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