Decentraland over the last 6 months to a year has been in Beta Testing where we’ve had small community events to stress test the platform and report on any bugs that we find. it’s been great to see it evolve!
Explaining the Decentraland Layout and Map Colors
Let’s go back to the map for a minute so we can explain how all this works on a blockchain level and we’ll later look for investment or flipping opportunities.
The map below is ‘Genesis City’ and is the first attempt from Decentraland to create a thriving metaverse.
The map is made up of Private Parcels that individual owners can buy, build on and sell. Here, you can monetize your land and basically do what ever you want with.
These are Grey, Light Blue and Red.
Grey represents lands that are not for sale
Light Blue are currently listed for sale and as you hover your mouse over them, you can see their asking price.
Red are owned by me and are picked up as mine when I log in with my Metamask account.
Apart from these privately owned parcels, there are big purple areas called ‘districts’.
These districts are community projects lead by a district leader to see it through. Districts are a large part of Decentraland and the only way to have officially bought in on these was during the first auction 2 years ago.
Each District has their own Discord Channel you can join and talk to about progress and what their builds might look like.
The Green Boxes are ‘Genesis Plaza’s’.
These Plaza’s are owned and managed by the Decentraland team and are where spawn points, events and games will be held in an effort to promote Decentraland. It is expected that these areas will have a good amount of traffic.
Lastly, we have the grey lines everywhere which are supposed to represent road networks.
How it All Began – Explaining LAND and MANA Token
Decentraland first held their ICO for their MANA token back in August 2017 before crypto went crazy in late that year.
The token sale ended in minutes and raised almost $25M.
This was back when it wasn’t too difficult to raise money for ICO’s as people were throwing money everywhere.
Nonetheless, Decentraland had raised enough money and sold around 1Billion MANA Tokens. Now, they had to build out the metaverse.
Decentraland ILO, (First Land Auction)
In Q4 2017, Decentraland held their first Land Auction.
This part of Decentraland History is probably the most important part to fully understand, especially if you’re an investor.
Every land parcel, (all parcels excluding genesis plaza’s, roads and districts), were put up for sale with a minimum bid of 1,000 MANA.
So if I had 10,000 MANA I could log in to the land auction and effectively bid for 10 different lands. If someone else came and wanted that land they could bid 1,250 and they would have potential ownership on the land if they weren’t outbid by the end of the event.
At the end of the terraform event, all MANA spent on land was burnt removing them out of circulation! This amounted to a crazy 125M MANA, ($10 – $12M at the time).
34,358 Lands were sold, most at 1-2,000 MANA but many were sold for way more, especially near the centre of the plaza where some sold for nearly 600,000 MANA!
After 2 weeks, the auction ended and the first owners of decentraland land existed.
Later on Decentraland went on to hold another Land Auction to sell the rest of the 9,331 parcels. All 9,331 remaining parcels were purchased, amounting to a total of 109,521,854 MANA burned, or roughly $6.6 million USD.
Trading Commences in Private Chat and Marketplace
When the first auction finished, there were over 2,000 individual wallets that owned land.
9,331 lands were unsold, to be sold at a later date.
What followed was a huge market to buy and sell lands! Because Decentraland’s marketplace was still not launched, people were buying and selling these lands privately. It was fun, exciting and hella risky.
Eventually, Decentraland released their own Marketplace and we were able to track Land trades.
This graph from mydcl.net has been a great resource for tracking sales volume over the last 2 years. The below is just 1 years worth of sales.
So depending on what you want to do, the above links will help you get started.
As an Investor: You can browse the marketplace, this blog tutorials, and start buying and selling land. Maybe you can even start building and deploying on your land using the Decentraland Builder or the SDK.
As an Explorer, Player: You have to start with creating an avatar. This will white list you to be invited to BETA. You can then simply ask for the admin on general channel in the discord link below to be White Listed so you can start exploring!
Joining the Community
The Decentraland Discord is where the community hangs out and discusses important topics. It’s also where people ask questions, post their lands for sale and generally build on networking with each other.
What to Expect in 2020 Decentraland?
2019 has been awesome for the growth of Decentraland. They’ve released a road map to give us an indication as to what to expect. We should see this be updated soon to represent 2020.
We should expect Audio/Video Streaming, VR Compatibility, Mobile and much more!
Decentraland continue to increase features and build the world along with what the community wants.
It’s going to be an exciting few years to see this project develop!