Decentraland defines itself as a virtual reality platform that allows users to create content and applications and generate revenue. In this virtual world, users can buy land and build on it to generate income. The platform operates on the Ethereum blockchain.
It is for content creators, businesses and individuals who are looking for new business opportunities or just want to have fun in the virtual world of Decentraland.
The platform uses two tokens: MANA, which is an ERC-20 token, and LAND, which is a non-replaceable ERC-721 token. Members use MANA to purchase LAND, which represents a virtual plot of land on the platform. If someone owns LAND, they can say they own a piece of the virtual world. When purchasing LAND, a certain percentage of MANA tokens are burned, with a limited number available. MANA tokens can also be used to pay for a variety of assets, avatars and other costs on the Decentraland marketplace.
It uses a DAO, or decentralised autonomous organisational structure, as a result of which MANA and LAND token holders control the Decentraland world, proposing and voting on metaverse operations, policies and authorised content types.