The NFT marketplace is the talk of the town! The emergence of cryptocurrencies has given rise to the fresh trend of investing digital coins into the virtual reality app like Decentraland. The craze of buying and capitalizing growth from virtual assets is now becoming an obsession. Gone are the days when people were interested and dreamt of physically buying items to feel valued and elated by owning the 3D assets in a virtual world. Due to the digital revolution, investors have started to infuse their cryptocurrencies that will surely have surging growth of profits in future. When it comes to decentraland, you can buy a patch of virtual land, start to build anything and by sharing your experiences with near and dear, you can make it a profitable business.
Each digital land on the decentraland platform called “LAND” is said to be a non-fungible asset and has a different set of tokens that have a unique purpose in the platform. So, how can you invest or get the tokens to invest or buy the virtual assets in the decentraland? What will be the future of these virtual platforms like Decentraland and its growth? In this blog, we have completely explained the facets of the hypered NFT marketplace and more details about it. Let us dive deeper into it to explore more about the virtual platform, Decentraland.
What Decentraland Is All About?
In this cropping up trend of investments in virtual assets, Decentraland has joined the club where the users can start growing their profits by putting their virtual currencies to enjoy ownership of 3D assets. As the definition goes, Decentraland is a blockchain used Ethereum-based virtual world that is open to the users allowing them to play, explore, and interact with games and activities. The users can also indulge in purchasing parcels of land to build their own environments, marketplaces, and applications into it. Also, the platform has grown in such a way as allowing users in world payments, peer to peer communications and more interactive applications. So, the never ending craze has stimulated more into investing in a Decentraland Clone to gain more profits. But to invest in it, you must have digital tokens with a special value for each token. What are the digital tokens that are required to own digital assets in decentraland?
What Are Decentraland Tokens?
As mentioned above, there are various Decentraland tokens that are used for unique motives. The three native tokens of the Decentraland platform are
1.MANA is an ERC-20 token that serves as Decentraland’s currency, where it is used to define the ownership of the land parcels in digital real estate.
2.LAND is an ERC-721 token that represents parcels of digital land that facilitates the purchases of LAND and virtual goods and services in the Decentraland.
3.Estate is an ERC-721 token that is the same as a LAND token that represents merged parcels of digital land.
How do The Decentraland Tokens Work?
1.All the above mentioned token varieties stand unique in terms of characteristics, they aren’t interchangeable as they are non-fungible tokens (NFTs). So, instead of using them as currencies, which cannot be done, you can better use them to create virtual items such as avatars, wearables, including clothing, shoes, and accessories and unique parcels of land.
2.The virtual land in Decentraland is an open place of individual parcels of LAND that can be purchased with MANA. Hence, you definitely need the MANA token to own the digital assets in Decentraland, where it can be bought using exchanges like Gemini or Coin base.
3.Initially, you have to set up a MetaMask wallet and store a Decentraland MANA token in it to buy and sell items in the virtual marketplace.
As the complete transaction happens in the virtual platform, the records of it are stored on the Ethereum blockchain, helping the users to have a record of all the assets that are acquired in Decentraland.
Scope Of Decentraland In Future
What is the future of Decentraland? Is there any scope for it in succeeding years?
1.As Decentraland is still under development, we can expect some major revolution in the upcoming years. From the initial stages, they have come a way long by bringing in the latest features, create chat applications and more.
2.The goal for Decentraland is to have their own economy, where investors can rent land to others, put up advertising billboards for products and services and create gathering places into the virtual land.
3.Also, Decentraland has said that the blockchain, which is more fun and engaging, can also assist people in gaining access to property ownership in its virtual world.
It is finally wrapped up by stating that there is a huge value surge for the virtual items that are made into NFTs that possess intrinsic value. As the future holds us with various inclinatory technological platforms making the virtual items into assets and interestingly, it is expected to be more popular in the future. So, do get prepared to explore the exciting technological advancements that are about to be experienced. If you are interested in getting into the NFT marketplace like Decentralized, you can choose to invest in building a well crafted Decentraland Clone from Inoru. We offer white-label solutions where the Decentraland Clone is built with advanced features that can be customizable. Get your personalized and equipped Decentraland Clone developed by a team of expert developers from Inoru. Get in touch with us soon!