Decentraland defines itself as a virtual reality platform that allows users to create and monetize content and applications. In this virtual world, users can buy plots of land on which they can later build and earn income. The platform operates on the Ethereum blockchain.
It is designed for content creators, businesses and individuals who are looking for new business opportunities or simply 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-fungible ERC-721 token. Members can use MANA to buy LAND, which represents a virtual piece of land on the platform. If someone owns LAND, he can say that he owns a piece of the virtual world. When buying LAND, a certain percentage of MANA tokens are burned, they are available in a limited number. The MANA token can also be used to pay for many items, avatars and other expenses in the Decentraland market.
It uses a DAO, i.e. Decentralized Autonomous Organizational Structure, as a result of which MANA and LAND token holders control the world of Decentraland, proposing and voting on metaverse operations, policies and allowed content types.