Decentraland (LAND) NFT Review – Community-Driven Experiences

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Decentraland – an immersive digital world full of eccentric experiences

Decentraland is a fully immersive digital world that community and DAO (Decentralized Autonomous Organization) mechanics control. The metaverse consists of 166,464 NFTs (LAND) held on the Ethereum blockchain—all of which act as digital plots of land.

The opportunities on the 3D network are limitless. Once collecting LAND NFTs, members can create unique experiences and partake in whichever games they wish.

REASONS BEHIND THE PROJECT

The creators behind the project consist of a group of like-minded friends. Their aim was to revolutionize the previous stance on centralized VR games back in 2015. So, that’s what they did.

The metaverse was initially modeled in the form of two-dimensional pixelated grids using a PoW (Proof-of-Work) consensus algorithm. However, in 2016, the creators transformed the game into a 3D virtual world, dividing land spaces into different sections.

LAND was originally acquirable for $20 each. Now, the digital assets sell for more than $14.000 on crypto marketplaces like OpenSea and by using $MANA tokens.

WHAT IS $MANA?

Developers designed $MANA to assist in purchasing LAND, in-game wearables, and other advantages. As a result, the tokens are a massive hit for crypto enthusiasts and developers alike. Users wanting to buy $MANA to own LAND on the metaverse can obtain the NFTs through centralized and decentralized exchanges, including Binance or Uniswap.

Surpassingly, those who own both LAND and Estate tokens acquire wMANA, which gives collectors 2000 units of voting power on upcoming community projects. 

However, owners of wMANA must lock up their funds in the DAO, making the tokens unavailable for spending and transferring purposes. If members want to spend or share their wMANA, they must unwrap them to the usual $MANA. Following this, they will lose their voting privileges.

WHY DIG LAND?

The availability of each parcel of LAND varies in color. For example, grey lines on the metaverse show LAND that is no longer up for grabs. Due to community members’ ownership, green routes are also unavailable but can be traded depending on prices.

In contrast, anyone willing to purchase land plots can buy highlighted blue land. LAND close to the center of the metaverse’s plaza (Genesis Plaza) is in high demand. For example, crypto firms like MakerDAO, SuperRare, and Rarible hold digital art galleries in the Genesis Plaza. So, depending on the LAND’s whereabouts, the prices of the digital assets vary.

OTHER NOTABLE PERKS

All LAND owners can host and partake in games of their choice. The advantages of holding LAND NFTs are endless. Decentraland offers stakeholders value, regardless of users’ interests. The metaverse experience is enjoyable for everyone but is especially beneficial for those wanting to earn rewards or create opportunities for future P2E economies.

Members can charge entry fees when creating an application on the metaverse. Otherwise, they can sell or rent LAND for developers and crypto enthusiasts to enjoy. If not using LAND for investment purposes, the NFT collectors can show off their digital assets in the metaverse gallery and enjoy socializing and gaming with the diverse community.

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