Decentraland (MANA) is a virtual reality platform on the Ethereum blockchain, allowing users to purchase, build on, and monetize virtual land. Established in 2015 by Ari Meilich and Esteban Ordano, it features user-owned content and applications, contrasting with centrally managed virtual worlds. The platform consists of a consensus layer for ownership and transactions, a land content layer for storing and distributing content, and a real-time layer for user interactions.
The project transitioned from a simple pixelated grid to a 3D space, drawing comparisons to the online environment Second Life but offering users more control. Its development was funded by a 2017 Initial Coin Offering (ICO) that raised $26 million quickly, and it opened to the public in February 2020, managed by the Decentraland Foundation.
Decentraland’s cryptocurrency, MANA, is an ERC20 token used for transactions, including purchasing virtual land, known as LAND, which are non-fungible tokens (NFTs) representing unique pieces of virtual property. MANA spent on LAND is permanently removed from circulation. As of August 17, 2021, MANA's circulating supply was 1.8 billion, out of an original total of 2,805,886,393, with a market cap of approximately $1.51 billion.
LAND parcels, limited to 90,000 units, are 16x16 meter plots with unique coordinates, supporting the creation of applications, games, and more. Users can combine parcels into estates or form themed communities known as districts. Decentraland’s governance DApp, Agora, enables LAND owners to vote on community matters, linking the influence of their vote to their LAND holdings in a district, providing a mechanism for community feedback and control.
