Decentraland came to fame when Metaverse Group, the NFT-based metaverse real estate company, bought a plot worth $2.43 million in November 2021. Why is it so crazy to buy land in Decentraland? And what is Decentraland, and what does it offer?
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You must be querying around these interests. So this article will you help know about Decentraland in detail and the ways to make money, Decentraland offers.
What is Decentraland?
Decentraland represents 3D virtual world that allows users or visitors to explore the virtual world and make money; Decentraland offers in multiple ways. Built-in the Ethereum blockchain, Decentraland is accessed via a PC or Mac that runs browsers such as Chrome and Firefox.
This NFT-based metaverse lets people live in a simulated environment. As a result, people can engage in interactive activities in the real world, including lands, avatars, identities, and virtual objects.
Over time, Decentraland has evolved to apply interactive apps, in-world payments, and peer-to-peer (P2P) communication for users. Thus, in this VR 3D platform, Decentralanders can trade virtual real Estate while playing crypto games, interacting with the community, and exploring the metaverse.
Land ownership is a core incentive in Decentraland, which helps visitors monetize their time and labor. The platform has three native tokens: Estate, MANA, and LAND, to work out this.
Estate is an ERC-721 token that merges parcels of digital land, whereas LAND, an ERC-721 token, symbolizes plots of virtual land. Finally, MANA is an ERC-20 token that serves as the native currency of the Decentraland.
Decentraland Company History
Decentraland was built in 2015 through Decentraland Foundation created by Ari Meilich, Manuel Araoz, Yemel Jardi, and Esteban Ordano. When the developer team launched Decentraland in March 2017, they deployed the “Bronze Age” version on a testnet that enabled players to begin shaping their atmosphere and create simple structures.
In July, they announced Decentraland Whitepaper to raise money through an Initial Coin Offering (ICO) for the public to fund the project. The ICO became successful during the now-famed 2017 bull run.
In early 2018, the team launched a software development kit (SDK) that allowed developers to create virtual ‘scenes,’ including casinos and museums, and place these digital properties on their own land.
The company announced its Land Marketplace to enable community members to put their parcels of land or other virtual properties on auction. When Araoz and Jardi left the Decentraland, Meilich and Ordino became the company’s public face and boosted the demand for the platform.
In 2019, Decentraland received various partnership offers, such as HTC’s Exodus smartphone to create MANA tokens and Decentral Games to build its first Mega Casino. Finally, in early 2020, Decentraland was launched for the public.
Milich founded Big Time Studios, which enabled people to access collectible NFTs and experienced unprecedented growth toward the end of 2020, followed by early 2021.
How Does Decentraland Work?
Decentraland is a VR metaverse where people can create a virtual real estate, digital artworks, and non-fungible tokens (NFTs) and trade them. It is considered the world-leading decentralized game based on Decentralized Autonomous Organization (DAO).
Through a DAO, landowners in the platform can control policies and determine the game’s future. Let’s know how Decentaland works in detail.
The land in Decentraland is one of the core incentives for users to earn money, like the real estate business. The platform has a planet with 90,000 distinct parcels. Players or users can own the land through the technology of Smart Contract players.
You can get land in Decentraland in parcels of 16m by 16m, similar to NFTs, unique and irreproducible.
When you own land, you can leverage it for multiple purposes. For example, you can use the land for the following purposes.
Art Galleries: You can exhibit and trade Non-Fungible Token (NFT) artworks such as Cryptokitties and Cryptopunks.
Casinos: You can build cushions to monetize your land using Decentral Games Tokens. It becomes a place to store a hall of games for investors and a play station for other platform users.
Games: There is a tool called Decentraland’s Software Development Kit that helps developers create games. When you expose the games to your land, land value increases.
Clubs: Music venues or festivals can also be built on the land where platform users pay to enjoy DJs and concerts via their avatars.
Estate is a new component that helps associate two or more adjacent parcels of LAND. These adjacent parcels cannot be divided by a road, house, plaza, or any other parcel.
While connecting parcels into Estates, users can easily manage their more extensive landholdings. When you need to build larger scenes that can span more than one parcel, their Estate can be helpful.
MANA is an ERC-20 token that works as the native currency of Decentraland based on the Ethereum blockchain. Thus, MANA Token or coin is used for multiple purposes.
MANA coin is a transactional coin that helps you buy and sell stuff available on the platform. For example, you can purchase and sell LAND lots, various wearables or clothes, and collectibles.
You can use it to trade NFT or in-game assets and file a proposal for future projects on Decentraland. In addition, requests for policy improvements and subsidiaries for in-game developments land auctions come through this governance token.
However, Decentralands has limited the supply of MANA coins. Therefore, once you use MANA coins for the land auction, the platform will burn MANA at the land’s price.
You can receive MANA tokens or coins through various mediums. For example, you can purchase MANA coin on Digital Asset Exchange Center exchange the available crypto coins on the Decentraland marketplace and other NFT marketplaces such as OpenSea.
You can get MANA exchanging with fiat currency or other cryptocurrencies by following the steps below.
- First, find an exchange that takes MANA as one of its markets. For example, you can see some popular exchanging platforms such as Binance and Coinbase.
- Hit “Buy” in the exchange section and enter the amount you want to buy or exchange the MANA.
- Then, confirm your transaction after ensuring your details are at their best.
Besides gaming development, Decentraland also has a marketplace where participants can manage and exchange land tokens or in-game assets in MANA coins. Owners can trade and transfer land parcels and other in-game assets, including wearables and unique names.
Transactions are available on Ethereum wallets, so your account needs to get verified by Ethereum’s network and logged on its blockchain. If you lack a wallet, your information will only be saved locally, but you are still in the game.
However, when you are ready to explore the metaverse with your avatar, you will not be able to earn daily rewards, participate in events and log in from the different devices. These conditions are applied if you have not connected any of Ethereum wallets.
Decentraland has offered the marketplace attached with drag-and-drop editor tools that users can use to build scenes. These builder tools help users get a unique experience with their parcels of land.
Users can design interactive scenes and access customization libraries and payment implementations through editing tools.
How to Earn Money in Decentraland?
Decentraland is not limited to online games only. Instead, it is a metaverse where the digital community lives and users perform many tasks like real life. You can engage in conversation with peers, trade virtual assets, work based on your skills for others, and vote to improve the platform.
To make money, Decentraland provides multiple opportunities for Decentraland users. That’s why you can start monetizing your time and labor with the following option in Decentraland.
This digital landownership works like an IRL real estate. You can purchase the land and sell it when its value increases.
Users can buy their land at the in-game marketplace or third-party exchanges, including OpenSea.
The frequently visited places or lands have a higher value, for example, Crypto Valley and Vegas City, which cost more than others. Like in real life, the land value increases when more users invest in the land.
Besides, if you own the adjacent parcels, combining these parcels into Estates is possible, boosting the value.
Purchasing and Holding MANA
MANA token is a means of exchange in the Decentraland, which helps users to trade in-game items and vote for future projects on the platform. You can purchase MANA tokens or coins on trading platforms such as Binance, Gemini, Coinbase while exchanging them for Bitcoins or Ethereum.
Besides trading the in-game assets, the platform also offers the option to purchase and hold MANA. It is like staking. You can make a profit when the price or value of MANA increases.
Designing Clothes and Sell Wearables
Players need various wearables for in-game experience, and they need to invest 500 MANA for each piece of cloth. So, you can design multiple clothes and wearables on Decentraland like in real life and make money.
You can also organize a marketing campaign for your design. When it becomes successful in creating hype around, the sale definitely increases. For this, you can use social platforms such as Reddit and Discord to let people know about your design or what you are selling.
Engaging in Play-to-Earn Games
There are many options to make money, Decentraland offers for players. Various casino games include Slots, Roulette, Poker, and Blackjack. Users can play these games and win NFTs wearables and earn MANA.
Besides, the platform also allows users to design and play mini-games and win various rewards such as NFTs and wearables. This way, you can also make some money on Decentraland.
Working as a Freelancer
The contract-based work exists not only in real-life but also in metaverse like Decentraland. So you can offer your freelancing service to others and make money like in real life.
As a freelancer, you can grab job opportunities including 3D modeling, coding, creating wearables, making videos and art, and marketing.
Working for Decentral Games
Decentral Games hire users for many roles or duties in Decentraland so people can get work for their living. For example, employers can hire you as a host in a virtual casino. So, your responsibilities will be interacting with the players or users, running various casino games, and other festivals or events.
Once you have enough experience, you have a chance to get promoted to a higher post like in real life.
Referring to Friends
It is an online culture to get an affiliate bonus if you can increase the service’s sales. So when a new player joins the play to earn crypto game using your referral code, you will get $DG tokens that can be converted to MANA, then to real money.
You can get these bonuses as a percentage of the $DG amount your referral earns when the player is in the game.
How to Play in Decentraland World?
You will have three options, MetaMask, Fortmatic, and WalletConnect, to enter the Decentralland world for the gameplay experience. Besides, you can log in with your wallet or play as a guest.
The following actions help you explore the Decentraland platform.
Save a Unique Name
When you log in to Decentraland for the first time, you need to create a username. For this, you can have two options. Either you pay to claim a premium name or select to get a name for free.
Premium names such as CRonaldo, GoogleCEO, and Omicron are already listed in the marketplace for sale, so you can buy one for yourself. Once you claim or win the name, you can resell it.
You can create names after famous personalities worldwide and own names for sale or use in the game. Some users have already claimed popular names belonging to celebrities in the real world.
Navigate the world
Decentraland provides players with multiple controls to learn to explore the world. Remember, Decentral Games support PC experience, so you need to have a desktop setup.
When you press C on the keyboard, the control panel appears, which shows various buttons you will need in the games. Once you have finished learning how to move around, you can perform various tasks in the game. For example, you can teleport in many areas and explore the Decentraland world.
Decentraland has many quests in its games to help you earn rewards after completing the quests. For this, you can join the treasure hunt, chat with other players and discover if anyone organizes the quests for you.
You can also go to the “Genesis Plaza” and click the rocket icon and follow the instructions to discover more quests. When you complete the quests, you can get NFT rewards and wearables.
Play To Earn Games
You need to visit Decentral Game and follow the basic steps if you are going to play for the first time.
Click over <Get Started>
Connect the Wallet: If you don’t have a wallet, you need to create Metamask Wallet.
Get ICE Wearable— You can explore the marketplace and get at least one for your avatar.
DCL Account Creation— You can create a decentralized avatar with ICE wearables.
Play— Now, you can play in the 3D metaverse.
Virtual events in Decentraland help you connect with the community and make virtual friends. The events have a fixed date, so you need to set your calendar to participate in them.
- Find and click the <EVENT> on the homepage
- Select the event to see the overview
- You will have options <JUMP IN> or <WANT TO GO>
You can buy and sell land on the in-game marketplace and OpenSea. So follow the steps below.
- Click <MARKETPLACE> on Decentraland
- Go to <Parcels and Estates> and select one map.
- You can have an option to view which area or land are <On sale>
- Find the area covered with blue color and expand it.
- Now, You can buy or bid for the land according to your need.
If you want to sell your NFT assets, you need to go to the Decentraland in-built marketplace. Follow the steps below.
- Click on the <My Assets> tab
- Go to <Sell>
- Select a price for your NFT and set an expiration date
- Go to <List For Sale> and re-type the price of the item to confirm
Decentraland is a money metaverse that allows users to explore the digital world based on the Ethereum blockchain. Decentraland users can make community, play P2E crypto games, trade virtual assets, including land, and participate in virtual events.
Besides, users can make money, Decentraland offers in multiple ways. That’s why, Decentraland is one of the digital desired places for investors, digital creators, gamers, and people who want to experience metaverse while seeking ways to earn.
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