Virtual world on the Ethereum blockchain
Decentraland calls itself the first-ever virtual world owned by its users. Whereas people currently gather, interact, share content, and play games on large proprietary platforms such as Facebook, which captures most of the revenue, Decentraland allows people to own, and obtain value from, their contributions. Users can create avatars, purchase unique items from a marketplace, and explore areas created by other users. Decentraland is built on the Ethereum blockchain, and uses two tokens, LAND and MANA, to allow users to interact with the platform.
The space within Decentraland is a non-fungible asset called LAND, divided into parcels defined by coordinates, that users can buy and sell over the Ethereum blockchain just like, well, land. MANA, the system’s currency, can be used to buy LAND. Creators in the system will have full control over the environments they make, including scenes, applications, and games.