What is Decentraland & how does it work?

Decentraland is a 3D virtual world browser-based platform. Users may buy virtual plots of land in the platform as NFTs via the MANA cryptocurrency, which uses the Ethereum blockchain. Designers can create and sell clothes and accessories for the avatars to be used in the virtual world.

What currency does Decentraland use?

MANA is the currency of Decentraland. With it, you can buy or rent parcels of virtual land, known as LAND. The LAND tokens are ERC-721 tokens. For now, Decentraland is only based on the ERC-721 standard, unlike its competitor, The Sandbox, which uses both this type of token and ERC-1155.

How to buy Decentraland land?

You can easily buy Decentraland Land on NFT marketplaces such as OpenSea and LooksRare or straight from Decentraland’s marketplace. You can purchase these virtual real estate using MANA, ETH, or WETH. As previously mentioned, each parcel of Land is an NFT.

What are Decentraland tokens?

In Decentraland, three types of tokens form a kind of real estate market: MANA (the money), WEAR (wearables), and LAND or “land” (the parcels on top of which applications can be built). MANA is the currency of Decentraland. With it, you can buy or rent parcels of virtual land, known as LAND. The LAND tokens are ERC-721 tokens.