Decentraland Like NFT Marketplace: Gear Up The Revenue Generation In Your Business By Launching A VR Platform

Crypto space and the innovations in the virtual world go hand in hand. Starting from owning a virtual coin to owning a virtual land, that’s how far the virtual world has grown. One of the best innovations that are not to be missed is the Decentraland. In this blog, we’ll look into every single aspect of what this Decentraland is and how to develop NFT marketplace like Decentraland.

Unlike the real world that we live in, this Decentraland is not governed by any centralized organization but by a decentralized autonomous organization, also known as DAO. 

The digital land on the platform is called the “LAND”. Each of these lands is a non-fungible asset maintained by Ethereum smart contracts. The Decentraland has three native tokens like MANA, LAND, and Estate. All three tokens play a unique role in furnishing the economy of Decentraland.

Let’s take a trip to Decentraland

All of us know well about video games, where an avatar will go through all the challenges and collect all the points in order to reach its destination. Well, in Decentraland, you will experience something similar to it, save for the challenges or goal. That is, you will explore the ever-developing digital destinations instead of jumping up high or crossing the fire!

Here you will experience more realistic exploration with your d as you can buy digital art from the Crypto Valley Art Gallery, or you could also trade with your fellow metaverse regulars and also learn at Decentraland University. But under one condition that you should have digital tokens. These tokens are nothing like the gold coins that you acquire in video games, as they have intrinsic worth and have the ability to get transferred in the real world.

Role of MANA, LAND and Estate Tokens

The three native tokens of Decentraland come under different standards. LAND is an ERC-721 token, MANA is an ERC-20 token, and Estate is an ERC-721 token. Each of these tokens represents different parcels and serves different purposes. Let’s take a close look at the properties of each token.

• MANA- Being an ERC-20 token, they serve as Decentraland’s currency and are fungible tokens. Meaning they are identical and they lack unique properties. These can be interchanged with other ERC-20 tokens.
• LAND represents the parcels of digital lands and is ERC-721 tokens, making them non-fungible tokens. They cannot be exchanged like MANA and are used for creating unique items like avatars, wearable and for purchasing unique parcels of land.
• Estate is similar to LAND in being the non-fungible token or NFTs and is used to represent merged parcels of digital land.

Each of the characteristics is defined by three different smart contracts like MANA token contract, the LAND registry contract and the Estate Registry contract.

How does the NFT Marketplace like Decentraland work?

If you are a keen explorer, then you won’t have to worry about being charged, as the virtual world is free to explore. The virtual space is a combined place of individual parcels of LAND that you can purchase with MANA in the marketplace of Decentraland. For gaining digital ownership, you need MANA. One added benefit is that MANA can be bought directly using exchanges like Gemini or Coinbase.

To begin with, you must set up a MetaMask wallet and store a Decentraland MANA token in it to be able to buy and sell items in the marketplace. After which, you could purchase some wearables for your avatars like clothing, accessories and shoes. Every transaction that happens in the virtual reality platform is stored on the Ethereum blockchain, thereby making it a registry of all the assets you have acquired so far in Decentraland.

How is Decentraland different from other virtual lands?

Virtual lands are not a new concept as there are numerous out there that offers the users the ability to do almost anything with their lands. They can buy or sell or even rent the pieces of land in the virtual world and monetize from it. ‘So what’s so unique about Decentraland?’. If this is your question, then the difference is you can own it.

There is a massive opportunity for you to become the owner of something that is not confined to the 3D space that we are living in! You can change it or transform your land, and the platform keeps it all, unlike the platforms that always take a cut. Therefore, another brownie point is that there is no central authority who will impose their agenda.

How does NFT Marketplace like Decentraland attract investors and elites?

The fair points that will attract investors and crypto freaks to invest in the virtual land is that:

• They can visualize and interact with the collectibles in multiple dimensions, and they can interact unlimitedly with the collectibles without creating a custom app.
• Trading is one more added benefit, as you can buy or sell assets in the virtual land.
• They hold high values that can be helped to flaunt the status.

Virtual land value is on the rise, and here’s what you should do!

The Decentraland’s sale for millions and the terrific growth day by day can be taken as a great sign to let us all know that the crypto community and the opportunities that it is offering changes can be missed even if we blink. The generous investments and successful partnerships are the evidence. 

If you plan to enter into the crypto world, making your entry as fast as possible is the only way. To help you foray and flourish in the community, our NFT virtual platform like Decentraland developed by skilled blockchain app developers is the main way. Hence, on a dime, approach us and get into the virtual space.

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Marketing is my soul mate and writing is my side kick. Using my writing skills to share the knowledge of app development and upcoming technologies.