Decentraland

A decentralized virtual world where users own, create and trade digital assets and experience using the MANA cryptocurrency on the Ethereum blockchain... Decentraland opened to the public in February 2020 and is overseen by the nonprofit Decentraland Foundation. Additionally fashion designers can create and sell apparel and accessories for the users' avatars. In 2017 the platform reportedly raised $26 million in its initial coin offering  by 2022 it was reported that it had a $1.2 billion market evaluation.

Created by Ari Meilich and Esteban Ordano, Decentraland has been in development since 2015. When it launched in 2017 it was packed with features integral to the development of the Metaverse. This includes SDK: allowing builders to create any sort of interactive 3D space-- Builder: a drag-and-drop 3D editor that lets people build interactive scenes on a user's land without the need to code-- Marketplace: where people trade their virtual land as well as avatar apparel and accessories-- World Explorer: the web application that opens up the world to absolutely everyone. 

Decentraland has created a virtual world that is continuing to grow beyond any centralised control. To accomplish this it has built a suite of supporting tools and applications designed to help people create three dimensional content- games- and applications hosted and accessed on a decentralized Virtual Reality platform. "The underlying philosophies of Decentraland is for the people to take back control of the Internet and decide in which directions it goes in" Sam Hamilton- Head of community and events for Decentraland Foundation- told CNBC. "The way I see it personally it's the next generation of social platform."

Decentraland's first metropolis- Genesis City- was made up of 90,601 parcels of land sold through an initial auction. Per PC Gamer: "People spent over 161 million MANA to buy a total of 34,356 parcels which at the time amounted to roughly $30 million USD." There was no looking back. Per a statement by Tokens.com: "A subsidiary of Tokens.com called the Metaverse Group bought a patch of real estate <on Decentraland> for 618,000 MANA… which was around $2,428,740 at the time." Tokens.com said it would use the "estate in the heart of the Fashion Street district" of Decentraland for expansion into digital fashion. In 2022 top-tier global brands like Samsung- Adidas- Atari- PricewaterhouseCoopers and Miller Lite appeared in Decentraland or bought "properties" in it.

Auction house Sotheby's held its inaugural sale of NFTs- Natively Digital- on Decentraland. "We are excited to recreate Sotheby's historic London galleries in Decentraland as an online viewing experience" Michael Bouhanna- Sotheby's Specialist and Head of Sales- said in a formal statement. "We see spaces like Decentraland as the next frontier for digital art where artists- collectors and viewers alike can engage with one another from anywhere in the world and showcase art that is fundamentally scarce and unique, but accessible to anyone for viewing… we are having fun exploring new facets of the digital art world through our collaboration with the Decentraland community."

From 24—27 March 2021 Decentraland hosted Metaverse Fashion Week where participants included top tier fashion brands and digital entities. The inaugural instalment began with the opening of Selfridges' Decentraland venue followed by four days of runway shows- brand activations- interactive experiences and shopping opportunities across multiple digital storefronts showcasing apparel and accessories for avatars- NFTs- artworks and more. Powerhouse fashion brands Dolce and Gabbana- Tommy Hilfiger- Elie Saab- Paco Rabanne- Etro- Cavalli showcased their collections astride The Fabricant- Auroboros- DressX. 

"Fashion and haute couture are not new to the metaverse" Decentraland Foundation creative director Sam Hamilton expressed in a release. "Decentraland has been on the cutting edge of rare and in-demand digital fashion since the launch of avatar wearables in 2020. Since that time creators have been pushing both the technical and stylistic limits of Decentraland wearables and have created a booming economy with over one million dollars in sales of avatar wearables last year."

Decentraland envisions a virtual world that is entirely owned and governed by its users, where the boundaries of physical space are transcended, and individuals have the freedom to create, interact and trade without intermediaries involved. In this decentralized metaverse, users are empowered to build and monetise their own digital experiences right from immersive 3D environments to interactive games and social hubs. 

Decentraland's vision is to foster a thriving digital economy where ownership of virtual land and assets is secured by blockchain technology, allowing users to have true ownership of their digital property and creations. By enabling a decentralized, user-driven virtual reality, Decentraland aims to redefine how people connect, collaborate and engage in the digital space, subsequently blurring the lines between the physical and digital worlds.

This vision of an open, decentralized metaverse not only empowers users to shape their digital existence but also holds the potential to revolutionize industries like gaming, social networking and virtual commerce, offering new opportunities for creativity, innovation and economic empowerment in the digital age.

Decentraland offers a range of products and services within its virtual world ecosystem which is designed to facilitate the creation, interaction and monetisation of digital assets and experiences. 1. Land is the foundational asset in Decentraland, representing virtual real estate. Users can buy, sell, and develop these parcels as NFTs. 2. Decentraland Builder is a user-friendly web-based tool that enables users to create 3D content and interactive experiences on their land. It doesn't require coding skills. 3. Decentraland marketplace serves as a hub for trading virtual assets including land parcels- wearables- collectibles- and much more. 4. Users can attend and host events- conferences- parties- social gatherings within Decentraland's virtual spaces. 5. Decentraland University offers resources- tutorials- workshops to help users navigate the Decentraland ecosystem. 6. Users can personalize their avatars with wearables and accessories which can be bought- sold or created. 7. Decentraland provides avenues for creators and entrepreneurs to monetise their virtual assets and experiences. 8. Lastly Decentraland integrates AR and VR technologies- enabling users to access the virtual world from different devices- creating an immersive versatile metaverse experience.