Founders

Decentraland was established by Argentinians^[19] Esteban Ordano and Ariel Meilich in 2015 in Buenos Aires, Argentina.^[1][2]

Ordano, a software engineer, has experience working at BitPay Inc. and as an advisor to Matic Network. He has also founded two software companies, Smart Contract Solutions and Zeppelin Solutions.

Meilich has a background in entrepreneurship and venture capital, and has founded several startups.^[3] The development of the project was led by Meilich.^[4]

Sam Hamilton serves as the head of community and events for the Decentraland Foundation.^[5]

The Decentraland Foundation, a non-profit organization that oversees the digital world of Decentraland, was also established by Ordano and Meilich.^[1]

Launch

The platform was envisioned as a utopian alternative to the real-world economy, with a focus on a crypto-powered version of the virtual world. Decentraland was the first metaverse project to incorporate blockchain technology. The platform was launched for public access in January 2020.^[6]

The project has evolved through four phases: Stone Age (2015), where users could earn money and Bitcoin was accepted; Bronze Age (2017), which introduced 3D space; Iron Age (Q4 2017), which introduced the MANA token and allowed users to receive parcels of LAND; and Silicon Age (2018), which combined 3D virtual world and VR glasses with Blockchain.^[3]

In 2021 and early 2022, the value of Decentraland’s MANA token increased, and the project began to attract major brands like Dolce & Gabbana and J.P. Morgan.^[2]

Decentralized Autonomous Organization (DAO)

Decentraland is governed by a Decentralized Autonomous Organization (DAO), which allows any member of the community to vote on proposals.^[7] The DAO owns key smart contracts that make up Decentraland, including the LAND Contract, wearables, the Estates contract, MANA metaverse tokens, and the marketplace. This governance model fosters community growth and development.^[6]

The constituents of Decentraland have Voting Power (VP) calculated based on their holdings of MANA, LAND and NAME within the metaverse. The community votes on various matters such as property development grants, new wearables for avatars, land auctions and sales fees. Decentraland has adopted a hybrid governance model, with the non-profit Decentraland Foundation handling daily tasks.^[8]

The Decentraland DAO, which operates using a decentralized and community-led model, includes a decentralized city planning committee in the metaverse. This committee makes decisions on content moderation, LAND policy, and auctions, among other things.^[9]

Community and User Base

Decentraland users can buy and sell parts of the land, interact with other users and their favorite brands, and create content to trade and sell as NFTs. Users can also join Decentraland without purchasing digital land by entering as an avatar and exploring different lands and communities. It offers a decentralized alternative to traditional online marketplaces, allowing users to create and trade digital assets and services within its virtual world. The platform is supported off-platform by socials such as Discord and Reddit.^[10][11]

Currency and Economy

Decentraland's economy is powered by its token, MANA, which is used to purchase LAND and other items or services within the virtual environment.^[7][11] MANA is a virtual cryptocurrency and utility token used to exchange goods and services. It is also used to purchase LAND, which are virtual parcels in the game. All LAND parcels are available as ERC-721 NFT tokens, meaning they can be sold, transferred, and directly owned. Additionally, MANA serves as the protocol’s governance token, allowing participation in the DAO and proposal of governance proposals.^[12]

There are a total of 2.19 billion MANA tokens. The Decentraland block can be mined to add new tokens to the network.^[6] The total supply of MANA tokens is capped at 2.6 billion. The MANA token is based on Ethereum blockchain technology and the ERC-20 standard.^[3]

Virtual Assets

The Decentraland collection is divided into two main types of NFT tokens: virtual land parcels and wearables.

Virtual land parcels, known as LAND, allow users to own land within the game, with ownership verified by a unique token. These tokens can be sold or kept as proof of ownership. Each LAND parcel is unique, marked by a distinct set of cartesian coordinates, and the platform supports a variety of content on these lands, from static 3D scenes to interactive systems like games.^[13][12] Users can sell or rent out their creations, such as buildings, parks, hotels, and casinos, to other players.^[13]

Wearables are used to customize in-game avatars, providing aesthetic value.^[12] The NFT wearables can be sold to other players, enhancing their value.^[14]

Marketplace

Decentraland's digital marketplace allows users to buy and sell virtual assets, including LAND, wearables, and other in-game items, using MANA. The marketplace operates on a decentralized infrastructure for secure, transparent, and tamper-proof transactions. The platform also uses blockchain technology to create distinctive, non-fungible tokens (NFTs).^[11] The marketplace includes various galleries from NFT art platforms such as Async Art and SuperRare, as well as player-made galleries featuring curated collections from NFT artists. It also hosts the auction house Sotheby’s. Decentraland also offers an ever-expanding pool of wearable items that players can earn, buy, and sell, including through in-game activities like playing crazy golf at GolfCraft.^[15]

No Content for Ownership Rights as of now.

The rarity of a Decentraland NFT is primarily determined by its type and location. The two main types of NFTs in Decentraland are virtual land parcels and wearables. Each land parcel is 16 meters by 16 meters in size. The value of each parcel is influenced by its location and proximity to other popular locations in the virtual world.^[6] The total land available in Decentraland is 91,601 parcels.^[16] Wearables, despite their purely aesthetic function, can be sold at high prices depending on their rarity.^[12][17]

The rarity trait categories for the colloction are as follows:^[18]

• Type
• Distance to District
• Distance to Plaza
• Distance to Road
• Size
• X
• Y