Decentraland is a platform that allows people to participate in a shared virtual environment. To that end, it has built an entire virtual economy on its platform where users may buy and sell virtual property, play games, trade, communicate, engage, and explore. Within this virtual environment lives the centre of excellence – Decentraland University. Decentraland is revolutionizing the metaverse by giving ownership back to the creators and players via advanced blockchain technology. Using decentralized networks, MANA holders (the native token of Decentraland) can virtually do anything they want with their cryptocurrency.
Let’s cover Decentraland’s university in much more detail below.
What is Decentraland?
Decentraland is a Virtual World that uses VR technologies to create a public metaverse. It also uses the Ethereum blockchain to provide a permanent and open record of land ownership. A super passionate, global community surrounds the Decentraland project, and they’ve had a huge hand in the growth of the metaverse.
In Decentraland, you can purchase parcels of land on which you build your own environments, marketplaces, and applications. Decentraland’s three native tokens — MANA, LAND, and Estate — all play a unique role in furnishing the Decentraland economy. Furthermore, the users actually govern the land through the Decentraland DAO, a ‘Decentralized Autonomous Organization’.
In its essence, Decentraland is basically a virtual world that you could be a part of. However, its full potential would only unfold if the right parties make the most out of the technology. There can be virtual concerts inside the metaverse. Perhaps a virtual, 3D live viewership of sports matches could take place inside Decentraland. Or better yet, an entire university could be built for the future – but we’ll get to that in a moment!
What are MANA, LAND and Estate?
We’ve mentioned MANA several times above now. So, what is MANA and what importance does it hold in Decentraland? MANA, an ERC-20 token, is one of the three native tokens of Decentraland. The main property of an ERC-20 token, such as MANA, is that they are fungible tokens, meaning that they are interchangeable with other ERC-20 tokens. They don’t hold any unique properties and are identical to each other. This makes them a great use case for a currency.
On the other hand, LAND and Estate are ERC-721 tokens which all have unique properties. As a consequence, they are not interchangeable and are characterized as non-fungible tokens (NFTs). The characteristics of MANA, LAND, and Estate are defined by three smart contracts which are the ‘MANAtoken contract’, the ‘LANDregistry contract’, and the ‘EstateRegistry contract’. All virtual space in Decentraland is simply a vast bundle of individual parcels of LAND that are exchangeable with MANA on Decentraland’s Marketplace. You can also buy wearables for your avatar at the Marketplace, including clothing, shoes, and accessories. Each transaction takes place on the Ethereum blockchain, effectively making it a registry for all of the digital property you acquire in Decentraland.
With its decentralized design, Decentraland also has paved the way for an entirely new kind of metaverse. For the first time, you can own the value that you create in the virtual worlds you inhabit, and that value is usable in the real world too. More so, with the launch of Decentraland University, there is no telling how the future of academics might be shaped by this initiative. So without further ado, let’s get started with exploring everything about Decentraland University.
Decentraland University in a nutshell is 1,550 LAND in size. The University Decentraland district is a huge educational zone in Genesis City, which is located on a blockchain-based virtual platform. It will be an academic centre and also a centre of excellence in practical learning, development, and professional education. There is currently not much information available on the official website of Decentraland. However, the strong and passionate community around it has had a lot to share.
The concept revolving around Decentraland University is not singular. The idea is to have an entire dedicated area that serves as the educational hub. Here, multiple academic centres can cohabitate and create a large pool of knowledge base. For starters, with the combined power of virtual reality and virtual spaces, subjects that may not capture some students’ full attention can completely immerse them. For example, using VR technology to teach History lessons could transport children back to Ancient Rome or the Byzantine Empire from the safety of their classrooms.
Moreover, many of the under-developed regions can also have access to top-notch education at very little cost. Many individuals don’t have access to quality education, and a project like Decentraland University could change their lives completely!
Undoubtedly, it will be a while before Decentraland University is ready for exploration. However, in the meantime, you can explore the endless world of virtual reality brought to you by Decentraland. For example, many individuals came to Decentraland for the first time to attend celebratory events. Visitors to any particular Decentraland event can experience many aspects of the lively metaverse. This can include live music or even a free clothing NFT item for their virtual character. If you’re new to Decentraland, keep an eye out for forthcoming events like these. One of the most appealing aspects of Web3 gaming is the opportunity to genuinely own your in-game things. And, Decentraland also provides an ever-expanding collection of wearable objects that players can earn, purchase, and sell.
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