Decentraland

 Decentraland

    Earlier this semester I talked about NFTs on the blockchain, crypto lenders, Bitcoin and now we are going to get into another concept. There is another use case for crypto and this is called utility. We are going to use Decentraland as an example. Decentraland is an online game is a virtual reality world where you can buy and sell land or real estate. You can say its the modern day meta verse that Facebook is building. It is all built on the Ethereum blockchain as well. The token associated with it is called Mana and  it is the currency used to buy this virtual real estate. 

    In order to be able to make a purchase on Decentraland you can't just buy it with dollars. You have to purchase Mana and with that money you can purchase virtual real estate. That is what gives the token its utility. As a matter of fact Mana has risen up in price of around 5000% percent in the last year a lot. Not only do players money appreciate if you hold it, they know it will only keep rising as the popularity of the game grows. Some people believe that in the future virtual real estate might become more expensive than real world real estate. Just a couple days ago a Decentraland piece of property sold for 2.4 million dollars. This is because humans are spending more time online than ever before. You can even show off NFTs in your virtual real estate for other users to come and see. 

    In the past people used to buy and collect art work as not only a way to invest your money but to also show it off to other people as a sign of wealth. We now live in a society where we interact more online than in person. If you buy an expensive piece of artwork, nobody can see it in your house. However if you buy an NFT and place it in a virtual house where it is accessible to everyone on instagram,facebook, and all other social media platforms, then your artwork has exposure to the whole world. This is the direction we are going and we are still early in this space. 

Comments

  1. UnknownNovember 28, 2021 at 4:20 PM

    That is crazy that a virtual piece of property sold for 2.4 million dollars. We are spending more time online, so it seems that more online utilities would start to pop up but a virtual reality world where you can buy and sell real estate is unexpected. Fun read, thanks.

    -Shawn

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