What Is Decentraland (MANA)?
Decentraland is a blockchain-based virtual world and community where users can create, own, and trade plots of virtual land, artwork, and Non-Fungible Tokens (NFTs). Additionally, members actively engage in the platform’s Decentralized Autonomous Organization (DAO).
Functioning as a DAO, Decentraland empowers its community to actively participate in the governance of the project. This means that community members have a say in making decisions that shape the direction and evolution of the virtual world. Decentraland’s native cryptocurrency, MANA, along with all in-game assets, operates on the Ethereum blockchain, ensuring transparency, security, and interoperability within the larger blockchain ecosystem.
How does Decentraland work?
Decentraland is an innovative online space that merges virtual reality with blockchain technology. Unlike traditional online games, players in Decentraland have direct control over the rules and governance of the virtual world. This is made possible through the Decentralized Autonomous Organization (DAO), where token holders can participate in voting on in-game and organizational policies. These decisions impact various aspects, ranging from permitted in-game items to investments for the DAO’s treasury.
To engage in the DAO’s governance, users convert their MANA into wrapped MANA (wMANA) and lock it within the DAO. Each wMANA token represents one voting right in governance proposals. Acquiring MANA can be done through exchanges or by selling collectible items on the Decentraland Marketplace. Additionally, the DAO maintains its own MANA treasury to fund its initiatives and operations.
LAND is a unique non-fungible token representing plots of virtual land owned by players within the community. Similarly to MANA, LAND tokens confer voting power in Decentraland’s governance protocol. However, unlike wMANA, LAND tokens do not need to be locked within the DAO. Each LAND token grants two thousand votes, allowing players with multiple plots to consolidate them into a single Estate token, which holds voting power proportionate to the plots it encompasses. This system enables players to actively participate in shaping the virtual world and its development through decentralized decision-making.
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