Welcome to Decentraland, the metaverse world with its own cryptography, where ‘earth’ is worth millions

Crypto Shadow Banking explained and why 12% of earnings are common

“The fact that it is decentralised means that the people who use Decentraland own Decentraland, they govern it,” Dave Carr, communications lead for the platform, told Euronews Next. Decentraland, which was first opened to the public in February 2020, is built on the Ethereum blockchain and bills itself as the first fully-decentralised virtual world. “We have a decentralised autonomous organisation in which people can submit proposals and vote on proposals submitted by others. And this effectively determines the future direction of Decentraland”.

The virtual world is also attracting institutional interest, having recently signed an agreement with the government of Barbados to open the world’s first digital embassy in January next year. The platform has already hosted a virtual music festival attracting headliners like DeadMau5 and Paris Hilton.

‘People who use Decentraland govern it’ In Decentraland, users from the physical world can enter, create avatars, buy property, purchase wearables on the marketplace and attend events.

According to Carr, there are two ways to participate in the governance of Decentraland: you can either hold MANA or be a landowner. But with the value of MANA soaring and virtual land becoming eye-wateringly expensive, the question remains whether Decentraland can remain a so-called “open metaverse” instead of merely the digital fiefdom of wealthy users or early investors. At the time of writing, the crypto is trading at €4.06 a piece, compared with €0.07 at the beginning of this year.

The value of the coin had already begun to climb during 2021 but in the wake of Meta’s announcement, it rocketed in value. Transactions within this world are made with MANA, Decentraland’s native cryptocurrency, and proof of ownership of virtual property is verified via NFTs.

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  • Welcome to Decentraland, the metaverse world with its own cryptography, where ‘earth’ is worth millions
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