3 February 2023
The widespread use of virtual technology by humans began over 40 years ago. There's no denying the impact technology has had on the generations who have come before us. Furthermore, the digital arena has seen noteworthy levels of technology development. Our species is unique in that we never stop striving to improve ourselves and our circumstances. The virtual realm of now is decentralized among several apps as well as web-based services, making it impossible to have a unified online experience.
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As a result, the next logical step for our current Digital Age is a cooperative virtual environment called the Metaverse. In this universe, you could perform whatever you can do in the actual realm, with the exception of consuming food, showering, as well as pooping. You may go to your workplace, meet with clients, do business, socialize with friends and family, enjoy live entertainment, as well as create fresh contacts, among other things. The fact that such platforms will be based on blockchain technology is the frosting on the pie. The Metaverse platforms, backed by the anonymity and transparency of blockchain technology, have the potential to further unite our already interconnected globe.
What is Decentraland?
Built on the Ethereum blockchain, Decentraland is a decentralized platform for Virtual Reality (VR). Application or content may be experienced, created, or monetized via the ecosystem. Decentraland token holders administer the platform using a Decentralized Autonomous Organization (DAO). Over 90.000 packages make up the entire system. Non-Fungible Tokens (NFTs) dubbed LAND are issued in conjunction with each parcel's digital non-fungible asset status.
Decentraland also features its own native coin, MANA, that could be exchanged for LAND as well as other marketable virtual products and services. In a nutshell, the project has built a full digital space complete with its distinct market, as well as MANA is the medium of exchange inside this realm.
Brief History of Decentraland
As a primer on the Decentraland Metaverse initiative, consider the following:
1. Decentraland Stone Age (2015-16)
Launched in 2015 as a proof-of-concept, the initiative seeks to employ blockchain technology to register people as the legal proprietors of virtual properties. A timeless 2D Grid actually existed before.
2. Decentraland Bronze Age (2016-17)
The beginning of the Bronze Age may be traced back to late 2016. That was a digital environment in which individual pieces of land could be owned.
3. Decentraland Iron Age (2017 Onwards)
The video depicting Decentraland's Iron Age is fantastic. I invite you to have a look. At long last, in the Iron Age, designers were given a place to work on Decentraland and produce revenue-generating content and applications. There was also the unveiling of the LAND as well as MANA coins. There was an Initial Coin Offering (ICO) for Decentraland in 2017, and the price per MANA token was set at $0.002. Last but not least, the platform unveiled a layer of communication that might provide a massive social experience to its users. When 2020 rolled around, the platform was finally available to the whole community.
What are the Use Cases of the Metaverse Decentraland?
The Metaverse Decentraland can be used for the following four main purposes:
1. Business Units
Offices may be constructed for the use of either customers or staff members. Companies with a global user base and staff may create a virtual workplace on Decentraland to give their stakeholders the same experience they would get in a traditional workplace. In addition, physical Trade Centers or Business Plazas might be constructed to house several online workplaces in one convenient location. To the right is a picture of the Decentraland Manhattan District Towers.
You may view the original Heineken brewery and learn about the brewing process if you ever find yourself in Amsterdam. If you are too busy, you may enjoy the same time at the Heineken Brewery in the Metaverse. Wow, that's very neat! This is a relatively fresh field, but just consider the potential! That's right, I'm a citizen of 20th-century India. However, suppose I'm interested in traveling back in time to 16th-century India. The potential of the metaverse is that it can make this a reality.
3. Digital Collectible
Non-fungible tokens (NFTs) provide permanent ownership of almost all assets in Decentraland. Land, website addresses, as well as other collectiblesare all up for grabs. In addition, the platform's many games and user-centric apps have spawned a whole industry for virtual treasures, from in-game trinkets to character accessories.
4. Content Curation
The population of Decentraland would be dispersed, much like that of any other city or neighborhood in the actual realm. Both heavy and light foot traffic might be expected in different parts of town. Places with a lot of pedestrian traffic are ideal for showcasing and monetizing creator-made material. It is indeed open to any and all forms of material. Whether it's a piece of entertainment, a sporting event, or an advertisement.
Based on our research, Decentraland seems to be a serious competitor in the Metaverse Race. The sector as a whole may one day replace the current internet environment with one that provides a more comprehensive experience for the end consumer. Essentially, a brand-new global economic order is being built right now. The value of MANA is expected to increase as it gains popularity as well as new applications are found for it. Since then, the coin has shown to be a solid investment.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.