Ivan on Tech Academy provides latest insights and reports about the blockchain industry.
Decentraland is a decentralized, virtual reality (VR) platform where users can both create and monetize their content and applications. The digital land on their platform is simply called “LAND.” Specifically, it is a non-fungible digital asset maintained by Ethereum smart contracts. Decentraland split up their digital land into parcels so that users can purchase it using the MANA token.
We’ll describe all this in-depth, but for now, just understand that there is a finite amount of LAND available. So, the number one asset on Decentraland is scarce which is similar to Bitcoin.
The cool thing is users who buy LAND own it outright and permanently. They can control how their LAND looks by choosing the scenes they want, what content they’ll display, and which interactive apps they’ll use. In short, the owners are in charge. Let’s therefore dive deeper and find out all about Decentraland!
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