Decentraland is a digital world (metaverse) in which people can build and interact via avatars. Participants use the project’s MANA token as currency. Decentraland also utilizes nonfungible tokens (NFTs) and the Ethereum blockchain.
The Decentraland metaverse and surrounding components
The Decentraland project is essentially composed of the Decentraland metaverse and related solutions for building and trading. A decentralized autonomous organization (DAO) called the Decentraland DAO governs the Decentraland project.
The Decentraland metaverse is a digital world where people interact and experience things via avatars. Some aspects of the world are underpinned by a community-dictated server network, while the Ethereum blockchain underpins other elements of the Decentraland metaverse, such as land.
Basic property square footage is referred to as LAND — tradable NFTs (using the ERC-721 token standard) representing specific parcels of property. Each NFT of LAND is the same size, although owners can put multiple plots together to make up an Estate, depending on the parcels’ proximity to each other. A total of 90,000 land parcels on which owners can build exist in the Decentraland metaverse.
Clothing items and other avatar enhancements/changes, called Wearables, are also NFTs that users can utilize within the Decentraland metaverse as well as buy, sell and create externally. Created Wearables function as NFTs on the Polygon blockchain. The Decentraland Marketplace, SDK and Builder also operate in tandem with the Decentraland project and its metaverse.
Decentraland’s MANA token
MANA is the main native crypto asset of the Decentraland project. MANA is a fungible ERC-20 token used as currency within the Decentraland metaverse and for purchases on Decentraland’s marketplace. MANA is often priced in U.S. dollars (USD). The section at the top of the page shows a price for MANA to USD live, in addition to MANA’s market cap and other data. A MANA price chart is also available above.
