Crap

Introduction to Decentraland And The Metaverse- The Building Blocks Series #2

By Bragato18 | Bragato18CCS | 22 Apr 2021


Recently 5 new digital currency Investment Trusts were launched.

The new Investment Trusts are:

  • Grayscale Basic Attention Token Trust
  • Grayscale Chainlink Trust
  • Grayscale Filecoin Trust
  • Grayscale Livepeer Trust and
  • Grayscale Decentraland Trust

Yesterday Grayscale released the latest report in the Building Blocks series. I have attempted to summarise the 14 page report.

Grayscale Building Blocks - An Introduction To Decentraland

Brave

Decentraland is a blockchain-based virtual world that allows users to build their own tools, games, content, and markets, among other things.

Land in Decentraland is owned by the community, giving them control over their creations.

Decentraland utilizes two functional digital assets

  • LAND, which is a non-fungible token with a unique coordinate location representing ownership in the metaverse, and
  • MANA, which serves as the unit of account to assess the price of LAND and is used to pay for goods and services in Decentraland. 

Brave

Brief History Of Decentraland

In 2015, two blockchain developers, Ari Meilich and Esteban Ordano published the Decentraland whitepaper.

In the development stage called the "Stone Age", Decentraland began as a proof of concept for allocating ownership of digital real estate to users on a 2D grid using a blockchain.

1n 2016, the next development stage called "Bronze Age", was  a 3D virtual world divided into blocks of land using a modified version of the Bitcoin blockchain.

Tokenomics

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The initial funding for Decentraland was conducted via an ICO in August 2017.

2.81 billion MANA were created in connection with the launch of Decentraland.

No further MANA can be created.

1.12 billion MANA were sold through the ICO for $25 million.

Following the ICO, all additional MANA tokens are sold by a smart contract in fixed intervals that started at an inflation rate of 8% per year.

Market Cap Ranking                #71

All Time High                            $2.05 AUD        April 17, 2021

Circulating Supply                    1,327,372,145

Maximum Supply                      2,194,443,327

Brave

LAND

Brave

LAND is a non-fungible token that divides Decentraland using ERC-721 (development standard on Ethereum that outlines how to build non-fungible tokens).

LAND is non-fungible because every parcel of LAND has a different set of (x,y) coordinates in Decentraland.

The value of LAND is based on its adjacency to other LAND and its ability to host content and connect users in Decentraland.

The highest price paid for a parcel of LAND was over $150,000 while the lowest was under $200

Developers and other content creators may demand LAND to build on and to reach their target audience.

Parcels of LAND may also be further organised into themed communities based on common interests, known as Districts.

Users can package multiple LAND parcels into Estates to more easily manage their holdings.

Estates are organised under one user’s ownership whereas Districts are organised within a community.

MANA

  • the native digital currency in Decentraland and is a ERC20 token.
  • used as the unit of account for users to pay for goods and services and LAND.
  • burned (removed from circulation) when used to pay for fees at the marketplace and during any primary sales of goods on Decentraland.

Additionally, MANA gives users a vote per token while LAND gives users 2,000 votes per token in the Decentraland DAO.

The Metaverse

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A scene from a Fashion show in Decentraland. 

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Users playing games in the Decentral Games Casino.

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The DCG team listening to music in Decentraland.

Grayscales Final Thoughts

We believe Decentraland is the leading decentralized metaverse to date. It allows users to create a digital experience where they truly own their
LAND, collectible items, and creations within the digital ecosystem. With the explosion in digital collectibles, Decentraland has served as a place for collectors to hang out and view digital art that is for sale. Musicians are also keen to participate in the metaverse, and performances from the likes of 3LAU are a positive signal for continued expansion of culture on Decentraland. The project is still in its infancy, but Decentraland is a peak into what the future might hold for decentralized virtual worlds.

The End

 

 

 

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Bragato18
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I am a sun sea and sand person, makes chocolate, grows organic vegetables, rides a Vespa and collects crypto. #allthecoolkidshavelasereyes https://twitter.com/Bragato18CCS


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