forexbroker.ae logo

ForexBroker.ae > NFT > Decentraland

Decentraland Review: Is it legit, safe and trustworthy for UAE citizens and residents?

Participants in the Decentraland Marketplace are required to pay a burn fee of 2.50 percent of their MANA for each transaction they complete. The burning of any MANA tokens will result in their removal from circulation. Users will be required to pay Gas costs in order to complete transactions in the virtual world when using the Tools, as the platform is based on Ethereum. Visit Decentraland Website.

Decentraland is a blockchain-based virtual world that was developed on the Ethereum platform. In the year 2017, it was conceived of by a public blockchain firm named Metaverse Holding Ltd., which operates out of Shanghai, China. In February of 2020, Decentraland was finally opened up to the rest of the world. In a relatively short amount of time, the virtual world made a sale of digital land for one million dollars. It is claimed that Decentraland is the world's first virtual platform that is wholly owned by its participant community.

"Non-Fungible Tokens" is what "NFT" stands for as an abbreviation. Anything that can be changed into another form may be replaced. For instance, one kilo of 24 karat gold may, at least in principle, be replaced with any other kilo of 24 carat gold. This is because 24 karat gold is not distinguishable by its color. If something is non-fungible, it denotes that it is one of a kind and cannot be interchanged with any other object that is currently available.

Despite the fact that NFTs are theoretically comparable to cryptocurrencies, these digital assets may represent antiques and artworks, collectibles such as trading cards, and other objects that have distinctive characteristics. For the purposes of authentication and validation, these tokens are encrypted and stored in a distributed ledger known as a blockchain. In contrast to cryptocurrencies, which may be divided up into smaller pieces, tokens are always sold in their whole when they are bought or sold. When NFTs are cut up into smaller pieces, they lose some of their value. On the other hand, the artist may make copies of them, and each extra copy can be sold independently (but the total number of duplicates will then always be known).

The MANA tokens and LAND parcels are the two primary forms of currency in the virtual 3D world of Decentraland. In Decentraland, the MANA token serves as the primary form of money. The MANA token may be exchanged for a variety of other in-game commodities, but the LAND token is a non-transferable asset that represents a square of 16 meters by 16 meters (or 52 feet by 52 feet).

A commission fee will be deducted from your balance whenever you make a deal in Decentraland. In most cases, the commission will be expressed as a percentage of the total amount that was sold in the relevant deal.

Various NFT Marketplaces offer their NFTs, the most recent bid, the amount of time left in an auction, and other information in a variety of different ways. It is up to you and no one else to decide what kind of content you are most at ease watching and utilizing. The screenshot below was taken from the Decentraland Marketplace and is now focused on displaying the Decentraland Wearables category:

When you select certain NFTs from the Decentraland marketplace, a variety of information pertaining to the selected NFT will be displayed. This information consists of a description, price, an expiration date, and a transaction history, among other things. On the NFT, users have the ability to either buy tokens or put bids. An illustration of the "legendary" garment known as the "Lirio Skull" is presented here for your perusal.

The most expensive thing that has ever been bought in Decentraland was a piece of "land at 22.2," which refers to a virtual plot of property located in a particularly desirable part of the game. This piece of land went for a price of 345 Ether. In order to put this into perspective, the only places in the game where you are able to move about are the parts of the land that you own or the public regions that nobody controls. Therefore, the relevant player had an advantage in terms of their mobility in the game after acquiring a piece of land for a price of 22.2. Was it worth 345 Ethereum (which, as of the date that this review was initially written on the 31st of March 2021, corresponded to around USD 640,000)? As far as he or she is concerned, it was, and that's all that really matters.

Deposits and payments made with a credit or debit card are accepted by some of the NFT Marketplaces available today; in addition, some of these Marketplaces allow deposits made using PayPal.

Since the Decentraland Marketplace does not accept payments via credit cards or PayPal, you will need to have some MANA tokens in your possession before you can begin making purchases there. However, as MANA is a widely used cryptocurrency, it can be purchased on the vast majority of the larger centralized exchanges that are now operating.

The Ethereum blockchain serves as the foundation for Decentraland's decentralized virtual reality (VR) platform, which was created on top of the blockchain and is powered by it. Users have the ability to develop new experiences, applications, and content while also having the ability to monetize their work inside it.

In its most basic form, it is a virtual reality in which the community permanently owns the 3D land. As a result, members have complete authority over whatever inventions they make inside this environment. You are able to log in, design an avatar for yourself, and then begin exploring, purchasing property, and constructing a wide variety of structures, ranging from virtual playgrounds to galleries and theatres.

Those who own land have the ability to govern the material that is published to their piece of the land. This content may be anything from dynamic, interactive systems like games to static, three-dimensional sceneries like paintings, for example.



When compared to other popular blockchain-based games, one thing that sets Decentraland apart is the fact that it is not managed by a centralized organization. This is one of the things that makes Decentraland unique. Instead, there is something called a Decentralized Autonomous Organization, or DAO, which is in charge of governing the regulations that were developed to define how the world of Decentraland will act.

It was always a part of the developers' initial ambition for the game to make Decentraland the first totally and completely decentralized virtual environment, therefore the creation of the Decentraland DAO was a natural step in that direction.

The Decentralized Autonomous Organization (DAO) is the owner of the majority of the significant smart contracts, as well as the assets that comprise Decentraland. These assets include the marketplace, the wearables, the content servers, the Estates Contract, and the LAND Contract.

This particular DAO is also the proud owner of a sizeable quantity of the MANA tokens that are unique to the game, which not only gives it the ability to function independently but also to fund a variety of activities and endeavors.

Participants in the DAO, which includes all owners of LAND and MANA, are able to schedule votes to decide on a variety of topics, including the following:

Alterations made to existing as well as newly installed content servers
Expanding the functionality of LAND through various upgrades.
Details and schedules of upcoming LAND auctions
Costs associated with the initial offer
The introduction of brand new accessories and other similar items

In a lengthy whitepaper, Esteban Ordano, Ariel Meilich, Yemel Jardi, and Manuel Araoz outlined the fundamental ideas behind the creation of Decentraland. It is also important to point out that they received some assistance from well-known industry professionals such as Michael Bosworth from Google, Jon Choi from Dropbox, Jake Brukham from CoinFund, and a lot of other people.

When Decentraland was finally made available to the general public on February 20th, 2020 (20.02.2020), the vision that the team had become a reality. The launch comprised the foundation of the Decentraland DAO, as well as the full decentralization of the world's infrastructure and public access to what it had to offer. Moreover, the launch was successful in attracting a large number of users.

It was a significant turning point in the development plan for Decentraland because, after that point, no one entity was ever allowed to change the rules of its code stack by itself. This made it a crucial moment.

Decentraland has developed into one of the major metaverse-based virtual worlds in the blockchain business right now (as of the writing of these lines in January 2022), despite the fact that there are no verifiable sources of information exposing the present playebrase of Decentraland.

The fact that major players entered the site through its digital doors and set foot on its digital lands is largely responsible for making this achievement attainable.

When we talk about partnerships, one of the most significant developments in this respect was undoubtedly Samsung exposing its attempts to go deeper into the metaverse through Decentraland. This was one of the most noteworthy advents in this regard. These limited-supply collections of Samsung Decentraland wearables are available for purchase by users so that they may personalize their in-game avatars.

The Australian Open, which is one of the four tennis Grand Slam tournaments, has also made the announcement that it would participate in the metaverse by forming a partnership with Decentraland.

The industry-leading Digital Currency Group, which is being led by the well-known cryptocurrency advocate Barry Silbert, is one of the well-known organizations that is supporting the initiative.

In June of 2021, the oldest auction company in the world, Sotheby's, also established its ownership over a portion of the metaverse. It was the very first virtual gallery ever launched, and it chose Decentraland as the primary location for its exhibits. This is how it seems while you are really playing the game:

The game is made up of a lot of different components, and it has a lot of different complexities. However, having a solid grasp of its tokenomics is absolutely necessary in order to participate in it. The LAND and MANA tokens are the most important ones to have in Decentraland.

LAND tokens, which are non-fungible, are used to represent the land that may be owned in the Decentraland metaverse. In their most basic form, these are non-fungible tokens (NFTs), which are used to keep track of who owns land on the Ethereum blockchain.

LAND tokens are digital assets that can be exchanged with other users, just like any other NFT. This is because they are constructed on top of the ERC721 protocol standard, which is the industry standard.

Land plots are 16m x 16m. Because of these other limits, the height is also governed by restrictions. In addition, LAND is a token that is limited in supply and corresponds to the entire number of MANA tokens that will ever be produced.

A Few Quick and Interesting Facts: TokensCom purchased a piece of land in Decentraland on November 24, 2021, for the price of 618,000 MANA, which was equivalent to $2.4 million at the time. To this day, this is the most expensive piece of virtual real estate ever offered (January 2022).
Someone paid one million dollars for a piece of virtually owned property in June of 2021.
JJ Lin, a famous musician from China, has made three purchases of virtual land on the platform Decentraland.

In the Decentraland metaverse, consumers have a handful of different options for how they might purchase virtual properties (LAND). The first thing you can do is to sell any unclaimed land that you have by taking part in timely auctions that are held on a regular basis and being advertised by the team.

The method that is used the most frequently is going to the Marketplace on Decentraland and purchasing it there. As soon as you enter the marketplace, you will be required to link a web wallet, and if you don't already have a web wallet that you are familiar with, we suggest that you use MetaMask because it is the most widely used one. Visit the official website, download the Google Chrome extension, and carefully follow the on-screen instructions if you do not already have the wallet installed on your computer.

The small squares represent the LAND units, and you may submit a bid or check out the specifics of each one by clicking on it (even if someone else already owns it, which is likely the case given how many of them are already taken). To be able to purchase it, you will need to put a bid that is successful.

MANA is the other token that plays an important role in the economics of Decentraland's in-game world. MANA, in contrast to LAND, is a fungible ERC20 coin that may be spent or burnt in exchange for LAND parcels. LAND cannot be exchanged for MANA. It is also possible to use it to buy a variety of other products in the game by going to the Decentraland Marketplace and spending it there.

In contrast to LAND, MANA may be freely traded on a variety of the most prominent cryptocurrency exchanges, such as Binance. You are able to acquire part of it on the open market and can do so by opening an account with each of them. However, in order to make use of them within the game, you will need to move them to the wallet that you are now use.

Let's go through the rules of the game now that everything that was been discussed is crystal apparent.

When you arrive to the game's official website, you will see a large red button in the middle of the page that you need to click in order to begin playing the game. After that, you will be given the option to continue playing using your wallet or to carry on as a guest.

In order to complete this method, we will first establish a MetaMask wallet before signing the required permissions. When the game has finished loading, you will have the opportunity to design your very own unique avatar.

You have a wide variety of options to pick from while customizing your character, including the body, the head, the top, the bottom, the shoes, accessories, and many collectibles. In addition to that, you can also buy things through the Marketplace, but I will go into more detail about that later.

Click the "done" button in the bottom left if you are satisfied that your avatar is prepared to play. Now all you need to do is give it a name and provide your consent to the terms and conditions, and you're good to go.

You are brought to Genesis Plaza together with the other new gamers who have just begun their trip there.

You may have noticed that there is a tutorial box near the bottom of your screen; we strongly advise you to keep it up until you become accustomed to playing the game, as it will teach you the fundamentals of how to play.

When you reach Genesis Plaza, you may begin managing your avatar by using the standard "W, A, S, D" keys, exactly like in most other massively multiplayer online games (MMOs).

You can discover a few pillars scattered everywhere across Genesis Plaza. Each one of these pillars contains a variety of activities that you may participate in.

You also have the option to go through the hole in the centre of the whirlwind-like structure that looks like a gigantic hole and investigate the other paths.

Another unique feature is that you may switch between the map and the world map by pressing the M button. There, you will be able to browse for various destinations and "jump in" immediately to them without having to physically travel there first.

You can see your current location in the bottom right corner of the screen. You may explore the many options available by using the navigation menu that is located at the very top of the page. For instance, if you click the "explore" option, you will be sent to a new page where you will be able to access a variety of locations, events, and other relevant information.

Tweets by CoinMarketCap
Tweets by CoinDesk
Tweets by FXStreetNews

Do you remember when we first said that Sotheby's had built a gallery in Decentraland early on in this guide? So, let's look into it, shall we?

As soon as you click on the Explore tab at the top of the website, you will also see a button labeled "Places," and as soon as you click on that button, a list of some of the most well-known destinations in Decentraland will appear. We went straight to the gallery that we had chosen, which was Sotheby's. This is where we finally found ourselves.

The truly amazing thing about Sotheby's is that they have actually put out some works of art for people to look at. For instance, here is a work that was created by Banksy.

You may simply just click on the artwork itself, which will take you to the official page on the Sotheby's website that has the comprehensive art facts.

It is essential to bear in mind that Decentraland is not precisely the sort of game that many people are probably accustomed to playing. In this game, you do not compete against the environment or other players, nor do you engage in combat with other players. Instead, it is intended to be a pixelated version of the virtual world we live in, complete with all the bells and whistles that come with it.

Those that purchase land have the ability to construct on it by making use of the builder tool, which is also accessible via the main navigation menu.

It is quite evident that the options are, in all likelihood, almost limitless. Consider, for instance, our little trip to Sotheby's on the ship. As a thought, you could develop a beautiful art gallery, and if gamers came to see it, you could commission artwork to be shown there. This would just be a concept. To give you an example, if the owner of a Bored Ape NFT wants to sell it, he may think about paying you to exhibit it if it receives enough attention - similar to what Sotheby's does for their artists.

There are a great number of different possible courses of action that might be investigated. You may also travel to a number of amusement parks, take a bus, or simply run around and explore the Decentraland, which is becoming rather large and has a lot of new stuff to uncover.

The Decentraland Marketplace plays a crucial role in the overall gameplay experience. It gives users the ability to purchase and sell a wide variety of products, including collectibles, wearables, and just about anything else.

Simply going to the official website and clicking the "marketplace" tab at the very top of the page is all that is required to gain access to it. You may also access it while you are playing the game by pressing the M button and looking for it on the top navigation menu, which is also where the building tool is located.

You may go through the inventory for a variety of products, and then use the MANA token, the game's money, to purchase those items.

Decentraland offers a comprehensive representation of the metaverse, just how many people envision it. It is a fully functional digital alternative to our lives that takes place on a blank canvas in which users have the ability to construct everything from the ground up, and some of them have already begun doing so.

Differentiating it from other popular releases in the sector is the fact that it is decentralized and is run by a DAO (decentralized autonomous organization).

After spending a few days delving into the world of Decentraland, we can confidently report that its in-game content is undergoing significant expansion at this very moment. Massive constructions, including art galleries, museums, amusement parks, and even a university, are now under construction here (albeit not quite finished yet). This demonstrates that there is a significant amount of interest in playing the game.

Although this is only anecdotal evidence, it seems as though more and more people are playing the game. When we played it a few months ago, we didn't run across anybody once we left Genesis Plaza (the beginning zone), but when we played it recently, we spotted a significant number of gamers cruising about and investigating various spots. This bodes well for the future.

Decentraland is not for you, of course, if you are used to a triple-a gaming experience, faultless Unreal visuals, ization gameplay. At the moment, the game is a very simple browser-based experience that is not likely to amaze anyone in terms of design or gameplay.

On the other hand, it is one of the early attempts to develop a blockchain-based game in which all transactions take place on the chain and users have real and verifiable ownership over the in-game objects they possess. As a result of this, the developers have done an outstanding job, and it appears that it has a very promising future ahead of it.

 

 

Reviewed by Arpita Singh

Arpita SinghArpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.