Decentraland describes itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetize content and applications. In this virtual world, users buy lands they can later navigate, build upon, and earn money from.
Decentraland was launched following an initial coin offering (ICO) in 2017 that raised $24 million. The virtual world started its closed beta in 2019 and opened to the public in February 2020. Since then, users have created a wide range of experiences on their LAND parcels, including interactive games, expansive 3D scenes, and various other interactive experiences.
Decentraland uses two distinct tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names, and more on the Decentraland marketplace.
Decentraland is described as a virtual world where users can buy, develop, and sell LAND, a non-fungible ERC-721 token that represents ownership of virtual land in Decentraland. Each piece of LAND is unique, and its owners can choose what content they wish to publish on their parcels, ranging from simple, static scenes to interactive games. Users can purchase LAND along with all other goods and services in Decentraland using MANA, a fungible ERC-20 token.
Decentraland is a shared virtual world, similar to the Metaverse described in Neal Stephenson's science fiction novel Snowcrash or the OASIS described by Ernest Cline in Ready Player One. Decentraland allows users to connect and interact with each other, create content, and play games. Additionally, it has a virtual economy where users can engage in countless economic transactions worldwide and earn money from the content and applications they create. Unlike other virtual worlds like Second Life, it is not controlled by a central organization or company.

MANA is known as the digital asset token used to pay for goods and services in Decentraland. The tokens are created on Ethereum following the ERC-20 standard. MANA can be bought and sold for fiat currency or other digital currencies.

Decentraland was co-founded by Ariel Meilich and Esteban Ordano, both of whom have stepped down from significant roles in the project but still contribute as advisors to Decentraland. Ariel Meilich, known as a serial entrepreneur, has founded several startups including an online translation agency and a CRM platform and worked as an analyst at Charles River Ventures, a leading Silicon Valley venture fund, between 2017 and 2020.
Esteban Ordano, the former tech lead of Decentraland, has a long and varied history in the cryptocurrency field. He has worked as a software engineer at BitPay, Inc., advised Matic Network, and operates his smart contract development company, known as Smart Contract Solutions. Esteban is also credited as a co-founder of Zeppelin Solutions, a company that provides blockchain technology infrastructure. Although Ariel and Esteban no longer lead the project, they continue to contribute to the development of Decentraland through efforts directed by the recently established Decentraland Foundation.

Decentraland is designed for content creators, businesses, and individuals seeking a new artistic medium, business opportunity, or entertainment source. The Decentraland game world, called the "Metaverse," is divided into a total of 90,601 separate LAND parcels, each represented by an ERC-721 non-fungible token. Each LAND is exactly 16m x 16m (100 square meters) and is located at a specific coordinate in the Metaverse.
While LAND owners are free to develop their parcels as they see fit, the Metaverse is mostly divided into several districts, each with different sizes and themes. These districts were created through individual crowd sales for MANA tokens, and the LAND parcels within these districts are not tradable. As of January 2021, the cyberpunk-themed Aetheria is known as the largest district, consisting of a total of 8,008 LANDs.
Decentraland is among the growing number of projects that use a decentralized autonomous organization (DAO) structure for governance decisions. MANA token holders control the direction of the Decentraland world by proposing and voting on policy updates, features of upcoming LAND auctions, and types of content allowed within the Metaverse. Besides being a creative outlet, many Decentraland users currently earn money by leasing their LAND, advertising, and through paid experiences. Likewise, other users create and sell products for MANA tokens on the Decentraland marketplace.

DAO stands for Decentralized Autonomous Organization. The Decentraland DAO owns the most crucial smart contracts and assets of Decentraland, including the LAND contract, estate contract, wearables, content servers, and the marketplace. It also holds a significant MANA wallet, allowing for various operations and initiatives across Decentraland and independence from any organization or governance.

Decentraland is known as the first fully decentralized virtual world. Transferring control to the people who create and play in this virtual space has always been part of the project's vision. In short, through the DAO, users have control over the creation of policies that determine how the world behaves. Examples include what types of wearables are permitted (or not), content moderation, LAND policies, and auctions, among others under the control of users after the DAO's initiation.

The community will propose and vote on policy updates, features of future LAND auctions, whitelisting of NFT contracts within the World, Builder, and Marketplace, and every detail deemed relevant by the community. Voting takes place on the Decentraland DAO's governance interface supported by Aragon.

In the coming year, various points of change for MANA will be put to vote. These include:

As of January 2021, there are 1.49 billion MANA tokens in circulation, which is approximately 68% of the current total supply of 2.19 billion MANA. The original total supply was set at 2.8 billion MANA, but has been reduced due to over 600 million MANA being burned as a result of LAND auctions. Additionally, there are several additional burning mechanisms in place to further reduce the supply of MANA in circulation, including a 2.5% MANA burn on Decentraland marketplace transactions.
MANA was initially designed to inflate at a rate of 8% in the first year, with the inflation rate gradually decreasing over time to reduce the rate of inflation. However, inflation is currently disabled. According to the Decentraland glossary, there is no plan to initiate inflation "until necessary." In total, 40% of MANA supply was sold during the 2017 initial coin offering (ICO), with an additional 20% reserved to incentivize the community, 20% went to the development team and other early contributors, and the remaining 20% held by Decentraland.

MANA is known as an ERC-20 token, meaning it is based on the Ethereum blockchain. Ethereum is secured by a large decentralized network of miners working together with thousands of nodes to protect its blockchain and, consequently, MANA tokens against attacks. Ethereum, one of the most extensively tested blockchains in use today, is currently the most popular network for crypto tokens without their native blockchain.

For those looking to invest in cryptocurrency, how to buy and sell Decentraland (MANA) is a frequently asked question. This can be done either through mining or by using a specially created cryptocurrency exchange.
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