Are we ready to go digital? In some aspects, we already have. But what about a decentralized digital world? A place where you can create new forms of digital assets, purchase digital real estate, start a virtual enterprise, deal in digital art and products, and engage in various forms of entertainment like gambling, virtual social gatherings, or other virtual reality experiences.
You may be thinking this is some kind of futuristic fantasy. But the digital world seems to be eagerly awaiting its inhabitants, as Decentraland has already progressed through the “Bronze Age” of its development.
When it comes to a virtual reality experience, the Decentraland project has taken a big step. Founded by Esteban Ordano in 2015, this decentralized virtual platform allows its users to monetize their digital assets, create new assets and services, and experience the work and digital property of others in a virtual world.
A Digital Metaverse to Explore
This metaverse, as it is being called by developers, is powered by Ethereum blockchain technology. The virtual world itself is owned by all the individuals using the platform as it’s a totally decentralized space. Users create their own avatar and move around Decentraland to explore this world and all its contents from a first-person gaming perspective. It is indeed a game, but there’s a lot more to it as you’ll soon discover.
It seems the goal of Decentraland is to establish its own economy, created through the ongoing development of its users. Eventually, this space could be used for social gatherings, advertising, events, shopping, and countless other possibilities. It is still in its very early stages, but there are massive prospects for growth as this form of entertainment becomes popular among crypto enthusiasts.
Prime Virtual Property Ownership
Property prices seem to be growing rapidly in Decentraland. Yes, you can own digital real estate too! This non-fungible digital asset is called LAND. Owners of LAND can sign a digital smart contract with creators and businesses to advertise and display content on these virtual properties. When moving around Decentraland, users can view these assets and purchase them if desired. In 2017, a prime piece of LAND in Decentraland was sold for $60,000!
The native currency to Decentraland is called MANA. This is an ERC-20 token using Ethereum blockchain technology. These tokens can be used to purchase assets and services while roaming around in the virtual world. I had a little run around Decentraland myself and was quite astonished at what I had found there.
There’s even a casino in Decentraland! Trust the gambler to find it, wink-wink. But in the Tominoya Casino, you’ll find various casino games waiting for you to bet on with your MANA. Perhaps this is some sort of future in crypto gambling. If so, it’s worth taking a trip to Decentraland to have a look.
A Shopping Spree in Decentraland
Digital property development is also taking place inside this digital metaverse. Once a property is owned by a user, this user can then sell space on their LAND to other users in exchange for MANA. Users can then use Decentraland’s builder tools to create a unique experience and implement payment methods for the services rendered on this LAND.
So what does this mean in terms of E-commerce? This platform is still under development, but one can see there is a bright future in this form of entertainment and online shopping. Users can already purchase services, entertainment, and digital assets. What about everyday products? Are we going to be plugged-in to do our weekly grocery shopping? Probably not. But Decentraland has created a new doorway to online entertainment and commerce. And the best thing about it is the brilliant use of blockchain technology!