Decentraland is a virtual reality platform, which is owned by its users, powered by Ethereum blockchain technology. Users can create, develop, experience and monetize both content and applications inside Decentraland.
Land is acquired using Ethereum ERC20 Tokens called MANA Tokens. MANA Tokens are also used in the virtual reality Decentraland world to make purchases of digital goods and other services. Ownership of the virtual land, known as parcels, is claimed and logged on a blockchain-based ledger. This serves as undeniable proof as to the identity of rightful owner.
Landowners are in total control of the content they wish to publish on their own piece of virtual real estate. Content could be in the form of interactive games, educational tools or virtual guides – the possibilities are endless as to how the world within Decentraland will evolve. Furthermore, users can monetize their land; for example, by building a virtual casino or education center and all revenue generated is kept by the landowner.
With Decentraland being on the cutting-edge of technology, it will continue to add more features to the platform as virtual reality evolves.
The Decentraland scripting language will be designed to offer a wide range of capabilities, such as creating objects, loading textures, handling physics, encoding user interactions, sounds, processing payments and making external calls among others.
• Content Curation
Users in Decentraland will gather around areas of shared interest. Being located near high-traffic hubs will drive users to a landowners’ content.
A method of advertising will be to use virtual billboards near high-traffic land parcels, so various landowners can promote their products, services, and events.
• Digital Collectibles
It is hoped that users will publish, distribute and/or collect rare digital assets. It will also be possible to trade these assets inside Decentraland through the platform’s scripting language.
Decentraland offers the potential of being a vast social hub within the virtual reality world either through multiplayer gaming, forum type communities or VR chat rooms. This will then open up further revenue streams due to these locations being populated with traffic – coming from users with a specific or common interest.