Demystifying the Decentraland

Non-fungible tokens or NFTs are digital authentications that create a secure tracking of digital assets using Blockchain. Though they existed for years, the recent developments hit the boom, leading to the Decentraland’s prices rocketing.
Source: Forex Academy

Decentraland, in the beginning, sold a single piece for $20 until the NFTs hit the market. Now, this budding blockchain company sells virtual real estate @ $120,000 for a 10×10 virtual land piece. The head of events and community for the Decentraland Foundation, Sam Hamilton, said that he has to pinch himself for such a fast-pacing development.

Emerging virtual worlds like Second Life, Fortnite, Roblox, and Minecraft offer almost a real-life experience known as ‘Metaverse,’ as labeled by venture capitalist Mr. Mathew Ball. Decentraland is like these virtual worlds, giving the users an avatar to meet other users and participate in everything belonging to this digital lot.

Family and friends from all over the world can share the community sense without being physically present, by gathering here for copious events and art shows. One such event, a virtual concert held by rapper Travis Scott in April 2020 in Fortnite, hit more than 12 million views.

However, Decentraland being an NFT in almost everything offers a slightly different experience. Non-fungible tokens or NFTs are digital authentications that create a secure tracking of digital assets using Blockchain. Though they existed for years, the recent developments hit the boom, leading to the Decentraland’s prices rocketing.

“The way I see it personally, it is the next generation of social platform,” said Sam. “The underlying philosophies of Decentraland is for the people to take back control of the internet and decide in which directions it goes in,” he added.

The riveting online world combined with NFT-aided decentralization convinced some users that this place could be a virtual destination. Jill Swartz, familiar as CryptoYuna in Decentraland, is in plans for a female exclusive art show, the very first in here.

A virtual skate park, featuring arts from the Graffiti Kings, all the way from the U.K., was built by the Decentraland foundation for the art show. This skate park filling multiple galleries in Decentraland will be available for usage during the show.

“This has forever changed my path,” Swartz said. “Just the whole world opens up. Once you start getting in there on the platforms and knowing the community, you just start learning more and more and more and exploring.”

The founder of Graffiti Kings, Darren Cullen, is confident that the show will blow up because everyone’s started creating these artworks using NFTs. “This place will blow up,” says Cullen.

Sam feels that this could be as huge as the tech companies if everything goes as planned, predicting Decentraland’s success.

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