What is Decentraland? A Beginner’s Guide

The real estate market might be hot right now, thanks to the likes of the pandemic, remote work, and global crises. But even hotter than physical real estate is virtual real estate.

The metaverse, a virtual world powered by cryptocurrency and NFTs, is blowing up in popularity. And the cost of a pilot of virtual land in the metaverse is exceeding tens of thousands of dollars

Virtual reality is taking over, and Decentraland is one of the foundational components of making up the metaverse. But what is Decentraland, and why is this digital land so hot right now?

Keep reading below to learn all about this virtual reality platform. 

What Is the Metaverse?

The metaverse is hard to explain. There’s no centrally agreed-upon definition.

But in general, it represents a virtual world, where individuals can explore and interact with others, primarily using digital avatars.

You can play games, chat, buy land, design your own space, and show off your NFTs. It seems simple now, but there is a lot of money and energy pouring into this concept right now.

You can expect to see plenty of headlines surrounding the metaverse in the coming months and years. 

What Is Decentraland?

There are numerous virtual reality and virtual real estate platforms that exist today. One of the originals is Decentraland. 

This virtual platform is built on the Ethereum blockchain. Users of the platform can buy and sell plots of virtual real estate.

These plots of LAND are actually NFTs, unique tokenized assets living on the Ethereum blockchain. Ownership can be tracked at all times and owners can sell whenever they’d like.

The currency within Decentraland is MANA crypto. It’s the token you use to make purchases on the platform. And since it’s an actual cryptocurrency, you can invest in it just like you would bitcoin, if you anticipate the value will rise. 

Developers can build on the Decentralnad network, customizing the experience that users have when they interact with your specific plots of land. 

Investing in Decentraland

Buying Decentraland is easy. You don’t have to use it in any way to invest in it.

If you believe that Decentraland has value due to the utility offered by the platform, then you can buy Decentraland on a crypto exchange. 

Visit a crypto exchange that’s available in your country. To create an account, you’ll likely need to verify your identity. In the US, that means providing your driver’s license and social security number. Other nations may have different requirements. 

Once your account is verified, you can fund it with a bank transfer or buy crypto directly using a debit card. Using a card usually incurs higher fees, however, so do so sparingly. 

The Metaverse Is Just Getting Started

So what is Decentraland? It’s just one of the platforms currently available that support the early version of the metaverse. It’s a platform where individuals can buy plots of land and start building their virtual empire.

And it’s a game, an idea, and a company that you can invest in by investing in the NFTs and cryptocurrency associated with it.

Looking for more crypto news like this? Hit up our blog to find other helpful articles.