INSUBCONTINENT EXCLUSIVE:
Decentraland is similar to virtual reality video games, but is more immersive and realImagine a virtual world where people are living an
alternate version of themselves
They are buying digital clothes and acquiring digital art in the form of non-fungible tokens (NFTs), using cryptocurrencies as a legitimate
That's what Decentraland, a virtual real estate platform, is all about
It's an Ethereum-based 3D virtual world or metaverse where you can buy or sell land and use it to create your own settings, marketplaces,
It was opened to the public in January 2020.The virtual world in Decentraland can be accessed through an avatar, with whom you can explore
the metaverse's ever-growing network of digital destinations
Digital tokens are required to participate in activities such as purchasing digital art at the Crypto Valley Art Gallery, trading with other
metaverse regulars in Bartertown, or learning at Decentraland University
Also, buyers are free to build anything they wish on their plots.However, Decentraland's tokens, unlike the gold coins found in Mario or
World of Warcraft, are programmed to facilitate worth and transferability as real-world assets.Simply put, Decentraland is similar to
virtual reality video games, but it is more immersive and real because it owns assets
Everything that is available in the actual world can be found here, from digital skyscrapers and rapid transportation systems to movie
theatres and hotels.A number of big names have shown interest and investing in this digital real estate.JPMorgan, the largest bank in the
US, said that it had created a lounge in Decentraland, called Onyx Lounge, making it the first lender to enter the metaverse.In November
2021, a report in The New York Post stated that Metaverse Group, an NFT-based metaverse real estate organisation, and a subsidiary of
Tokens.com, purchased a plot of land on Decentraland for $2.43 million (roughly Rs 18.15 crores).On the system, there are 90,601 equal-size
individual plots of virtual land
Each one is in the form of a land NFT
MANA can be used to purchase land in Decentraland
When a property is sold, it means an NFT was purchased using MANA
In other words, a land transaction is an NFT transaction
After purchasing a parcel of land, the player can use it to create an entirely virtual city.Trading takes place in the marketplace, which
serves as a one-stop-shop for land, estates, avatars, and other commodities needed to establish a world
The Ethereum blockchain is used to maintain land ownership, and users must keep their MANA tokens in an Ethereum wallet
At the time of writing, one MANA was trading at around Rs 204.However, despite all the frenzy, purchasing a plot of land in Decentraland
should be done with caution
Though the metaverse is evolving gradually and quickly, it's still in its early stages.
