Finance:Decentraland

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Short description: Decentralised 3D virtual reality platform which uses the Ethereum blockchain

Decentraland is a decentralised 3D virtual reality platform which uses the Ethereum blockchain.[1] It was opened to the public in February 2020,[2] and is overseen by the nonprofit Decentraland Foundation.

History

Decentraland was originally created in 2015 by Argentinians Ari Meilich and Esteban Ordano.[3][4] Initially, it was a just pixelated grid that allocated pixels to users through a proof-of-work algorithm. Decentraland later evolved into a 3D world. In October 2018 Decentraland and Animoca Brands conducted a mutual investment via a share and MANA token swap equating to US$0.5 million each.[5] Decentraland investors include Digital Currency Group, Kenetic Capital, FBG Capital, CoinFund, and Hashed.[5]

When Decentraland first launched in beta in 2017, developers sold virtual land parcels for as little as $20;[6] following the 2020-2021 boom in NFT art, the most desirable digital real estate in Decentraland was selling for more than $100,000.

In June 2021 London-based auction house Sotheby's created a digital replica of its New Bond Street headquarters as a virtual gallery in Decentraland to show digital art.[7]

Sotheby's office on New Bond Street in London was recreated digitally on Decentraland to display and sell NFT art

On June 18, 2021, New York-based digital real estate investment vehicle Republic Realm paid the equivalent of $913,228 for 259 parcels of Decentraland that it plans to turn into a virtual shopping district named Metajuku, styled after the Tokyo shopping district Harajuku.[8][9][10]

Held in October 2021, the four-day Metaverse Festival was the first metaverse music festival and included virtual reality performances by Deadmau5, AlunaGeorge, Alison Wonderland, and other musical acts.[11]

MANA-mania sweeps the worldwide cryptocurrency market, on the heels of .

The price of Decentraland's MANA token reached an all time high of $4.33 in October 2021 following Facebook's rebranding as “Meta”.

References

  1. ↑ NFTs: The Center of Attention at Sotheby’s Virtual Decentraland Gallery Helen Holmes, Observer Media, June 7, 2021
  2. ↑ Crypto-crazed Sotheby's launches first virtual gallery in digital metaverse Decentraland Art, 7 June 2021
  3. ↑ Introducing the Decentraland Team: Blockchain veterans join forces to protect the future of VR Medium, Franco Zeoli, 17 July 2017
  4. ↑ Making a killing in virtual real estate The Irish Times, June 13, 2018
  5. ↑ 5.0 5.1 Animoca Brands
  6. ↑ Welcome to Decentraland, where NFTs meet a virtual world Alexandra Marquez, NBC News, April 3, 2021
  7. ↑ In Its Ongoing Bid to Draw Crypto-Collectors, Sotheby’s Unveils a Replica of Its London H.Q. in the Blockchain World Decentraland Caroline Goldstein, Artnet, June 7, 2021
  8. ↑ Crypto billionaire Novogratz leads funding for virtual real estate firm Elizabeth Howcroft, Reuters , June 30, 2021
  9. ↑ Metajuku Shopping Center to Play Up Digital Wearables: The new Harajuku-inspired virtual shopping center has two anchor tenants. Rosemary Feitelberg, Women's Wear Daily, June 29, 2021
  10. ↑ Virtual real estate plot sells for close to $1 mln Elizabeth Howcroft, Reuters , June 18, 2021
  11. ↑ How High Can Facebook’s ‘Meta’ Rebrand Take the MANA Token? InvestorPlace, Brenden Rearick, 10/29/2021

External links




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