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Decentraland

Decentraland is a decentralized virtual world powered by the Ethereum blockchain. It has a finite, traversable, 3D space called LAND which is an NFT. Launched in December 2017, with the goal of providing a platform where people can get together, interact, create & share content, play games, and much more. This platform is governed in a decentralized autonomous (DAO) manner, meaning it is upon the users to contribute towards its growth.

 
The land is auctioned in smaller plots called parcels (16m x 16m), each identified by their cartesian coordinates (x, y) in the virtual world. There is only a finite number of parcels, a total of 90601 parcels. These parcels are divided into 4 categories: 43689 private parcels, 33886 district parcels, 9438 roads, and 3588 plazas. These parcels can only be purchased through their own cryptocurrency token – MANA. The setup is similar to a city where in addition to your land, there will also be estates (2 or more parcels) and high-traffic hubs (Times Square NYC).
 
This virtual 3D space gives the owners the freedom and full control to create, experience, and monetize their content and applications. To help the users build, Decentraland provides two tools – The builder and the Decentraland SDK. The Builder is a simple drag & drop editor of any visual or items that are available at the user’s disposal or the marketplace. If the user has knowledge of 3D modeling, the user can import the model directly into the builder as well. The Decentraland SDK is the method in which the user would have to write code to create the scene. This is more powerful and has a lot of creative freedom. They also provide a lot of support in learning to master these two tools and have extensive libraries such as the Utils library and Decentral API to make common tasks faster and transactions easier. They also have extensive user-guide documents to help new users settle themselves easily in their new metaverse.
 
Their main goal of community building and transactions comes to life when each parcel coincides to form Districts. The Districts will share similar interests in terms of their content and community which will provide a space for peer-to-peer network growth and trade. Through its decentralized network and unique architecture of the system, they are able to allow its content creators to own and capture the full value of their contributions. It integrates a core system that allows global, instant, and cost-effective payments between any two users for their trade of currency, goods, or services.
 
They categorize the main utilities of their virtual world as –
  • Applications: using the scripting language embedded in the system, members can develop any type of application they wish to such as games, gambling, creating objects, sounds, payments, and more.
  • Content Curation: Helping members gather around different districts of similar interest like a high-traffic hub to drive users to new content.
  • Advertising: Like in real life, users can also advertise themselves in their districts or other districts using billboards, especially those in high-traffic hubs.
  • Digital Collectibles: Users are to publish, distribute, and collect rare digital assets on this space by their creators.
  • Social: Enabling mass and private communication across all users of the space and in between users belonging to different districts through forums, chat groups, or even multiplayer games
For the future, they aim to include more utilities like education, training, professional development, therapy, virtual tourism, and so on.