Blockchain is a new technology with great potential to disrupt the gaming industry. Blockchain technology allows for the creation of an ecosystem where games can be played between players and for players, allowing for a level of transparency not previously possible in the gaming industry.
Blockchain-powered games can be a great way to bring blockchain technology to esports and reward players for their time and skill. What might happen, though, if we made games based on the blockchain, and introduced a new element to the mix? In this article, I will share some thoughts on how blockchain-powered games could make the future of the gaming industry a lot more exciting.
There’s a lot of buzz around blockchain and cryptocurrency right now, from the explosive growth of Bitcoin to the market cap of Ethereum. But where does blockchain really have an impact? In the games space. The games space.
The best way I can characterize this experience is as “Ready Player One in a wide-open virtual metaverse on steroids with blockchain power,” which we’ll go into in depth in our Decentraland review.
In a world where NFTs are becoming more popular, Decentraland takes things a step further by creating a massively 3D open-world virtual reality game based on them. Players may purchase and sell land, as well as other in-game products and services, in this game with no other purpose than to have fun.
But, more importantly, Decentraland’s video game ethos has been incorporated into an enormous economy and marketplace, where players may build their own unique games to play with their friends or other gamers. Decentraland, as the name implies, is a completely decentralized game in which you, the community, may take control while grinning ear to ear. So, are they a foretaste of what future games will be like? You’ll have to read on to find out in our Decentraland review.
What Is Decentraland, and How Does It Work?
Decentraland, a virtual reality game developed and powered by the Ethereum blockchain and supervised by the Decentraland Foundation, was released to the public in February 2020. Ari Meilich and Esteban Ordano, however, started it much earlier, in 2015. Originally, it was a pixelated grid-based interface with a Proof-of-Work mechanism for allocating pixels. But, before the beta version went online in 2017, it had grown into a huge 3D open-world game.
Developers may sell virtual property pieces in the game for as low as $20 at first. However, in late 2020 and early 2021, after the NFT frenzy, whole virtual houses and real estate were being auctioned for $100,000 or more. One home on Decentraland previously sold for more than $500,000, and Republic Realm, a New York-based digital real estate investment firm, spent almost $1 million for 259 pieces of digital property in Decentraland to create a virtual retail area.
What Is Decentraland and How Does It Work?
How does it all work? That is the first element of this digital world that we should investigate in our Decentraland review. As previously said, the whole game centers on the concept of creating your own experiences or choosing to enjoy those made by other players. Apart from the virtual life-like experience of purchasing homes, players have a lot of flexibility to create and enjoy in-game minigames — within the game’s rules, of course.
You may, for example, buy clothing for your in-game character or alter his or her look. Each player may virtually do anything they want inside each “parcel” of land, such as renovating their houses or starting virtual companies. Players may then visit the parcels or lands of other players. There are competitions for producing and exhibiting digital NFT artwork, playing the aforementioned minigames, designing different apps, and selling products and services in Decentraland.
As you would expect, this has aided in the development of a vast and varied economy, in which users may earn money or get prizes for participating in the numerous events conducted throughout Decentraland, as well as spend tokens to purchase products and services. Nearly 20,000 people have joined up as of the time of this Decentraland review. Because the total quantity of land available is limited to 90,000 parcels, there’s also an incentive to speculate on virtual property values, where you may make huge profits.
What is the definition of LAND?
There are two cryptocurrency currencies on Decentraland: MANA (which we’ll go over in more detail later in our Decentraland review) and LAND. The latter is a non-fungible ERC-721 token that can be bought using MANA and is used to represent a single piece of virtual land in Decentraland. Everything else, including in-game goods and services, is an NFT that can be purchased using MANA tokens. LAND is probably Decentraland’s most distinctive feature.
Unlike other games, players who own LAND (digital real estate parcels) have complete creative control over how they operate and develop their properties, as well as the ability to purchase, keep, and trade them at any time. The ownership is then recorded on the Ethereum blockchain as evidence, which includes the material published on the land, as well as its coordinates and other information. Each LAND parcel is 16 meters by 16 meters and includes the landscape, with the exception of developer-owned common areas like as highways and plazas.
We’ll start looking at how a few pixels of LAND may be very useful when utilized correctly. Within Decentraland, it has established a secondary market where LAND owners may purchase and sell their property like they would in real life as an investment. Its location is important since the pricing are based on community interest. LAND at important crossroads or bustling areas, for example, is more valuable.
In Decentraland, How Can Land Be Valuable?
LAND may be a very valuable asset since its supply is limited – only 90,000 parcels – much like in the actual world, where space is limited. The value of the land, much like in the real world, is determined not only by its size or location, but also by how the owner decides to develop it. Decentraland allows you to experiment with this idea in a variety of ways, which are all handled by the game’s smart contracts.
This layer is made up of entries that include information such as what items are put on that LAND, textures, and sounds, as well as scripts that govern how everything fits together and how users interact with it. In Decentraland, you may utilize your LAND to construct structures such as:
Art galleries, where the owner of the LAND (parcel) may display or trade their NFT art collection, as well as other NFT items such as souvenirs and goods.
Casinos, where people from all around Decentraland may come to play games or wager on sporting events for a chance to win money (or lose MANA tokens).
Players may sell complete NFT products such as trading cards, in-game objects, and collectibles in malls or stores, or consider selling services to other players, such as providing your 3D makeover talents so that other players can hire you to remodel their virtual houses in Decentraland.
Games, where LAND owners may create game sites and playgrounds to host minigames or other forms of entertainment like as arcades, a digital funfair, or an amusement park for larger parcels. Aside from that, you might use your virtual property to create a big park or sports complex.
Music venues, where landowners may donate their plots of land to be turned into specialized areas that will hold virtual music festivals and concerts.
Users may gather online to discuss ideas and parcels of LAND can be converted into a business park. There’s also a Crypto Valley, a digitalized counterpart of Silicon Valley, where you can pitch prospective investors, and there’s discussion of putting virtual advertising on some LAND, perhaps expanding the revenue possibilities even more.
What Are MANA Cryptocurrency Tokens in Decentraland?
MANA is the primary cryptocurrency of the Decentraland network, as we mentioned in our Review of Decentraland. Its tokens are used as a means of trade for things like purchasing and selling LAND, in-game goods and services, and so on. The first LAND tokens were issued in 2017 with the inaugural LAND auction, which was the first time in-game land was auctioned to the general public. This came after a successful token sale in August 2017 that raised 86,260 ETH.
At the time, it was valued at $25 million. MANA’s tokenomics, on the other hand, is inflationary. This is determined by a gradually falling inflation rate, which is set at 8% in the first year, then drops to 6.06 percent by year five, and finally to 4.65 percent by year ten. There are 2,194,184,827 MANA in total supply (based on current inflation rate), of which 1,690,689,645 MANA are in circulation at the time of writing this Decentraland assessment. The ERC-20 MANA is now valued at $0.662344.
As a result, Decentraland’s MANA coins have a unicorn market cap of $1,119,818,630, making them the world’s 65th most valuable token. Looking back in time, the price of MANA has risen dramatically since everyone became obsessed with NFTs in late 2020. From all-time lows of $0.007883 in October 2017, today’s prices represent a massive 8,300% increase in value. However, after the latest market downturn in April 2021, we are still 60% behind the all-time highs of $1.63.
Updates To The Roadmap In The Future, As Well As A Conclusion
So, do they have anything more in the works? Indeed, throughout our Decentraland analysis, we discovered a comprehensive roadmap outlining the company’s future plans. We may anticipate additional material to be introduced to the metaverse in the future, such as improved graphical quality or the ability to utilize pre-fab objects in the world builder. More in-world trade improvements are expected, as well as improved cinematics, the option to form guilds or groups, VR support, and more.
Finally, we can state that, as of this Decentraland review, we’re very pleased with the pace of development they’ve been able to achieve. It’s growing in popularity as more people want to experience how this new NFT-everything style of gaming feels. To be honest, we think this is a great functioning showcase of where gaming will go next. Imagine being able to live your ideal life to the fullest extent of your heart’s desire and wildest dreams.
Decentraland does this by opening up the restricted garden and limited possibilities of many games today and enabling the community to build their own game. Decentraland is thus like a blank canvas on which you can paint anything from your ideal house to a full-fledged internet company. You may play a variety of community-created games, explore vast open areas, and have a great time. Decentraland is a fantastic example of what blockchain technology can do.
- Values of the Project
- Model of Tokenomics
- Sustainability in the Long Run
- Users may purchase and sell a wide range of NFT products and services in a vibrant secondary economy.
- Aside from in-game trade and markets, there’s a lot of money can be made through advertising, starting virtual companies, and so on.
- Players in an open-world metaverse are encouraged to explore and engage without restrictions.
- LAND has the potential to be a valuable asset since its economics are deflationary and there is only a limited amount of land accessible.
- LAND parcels may be developed and worked on in a variety of ways, such as a dream land, a company, a public event, and so on.
- There will be plenty of opportunities for interaction thanks to the frequent release of events such as quests and competitions, as well as future development.
- In-game mechanisms still restrict what you can do, making it difficult to build complex minigames or apps.
Cryptocurrency is an unregulated, digital currency that is generated by computer algorithm, limiting the amount in circulation in order to keep the value in check. It was created in 2009 in an effort to make transactions in line with freedom of speech, privacy, security, and transparency.. Read more about top blockchain gaming companies and let us know what you think.
Frequently Asked Questions
Can blockchain be used in gaming?
Blockchain is a decentralized ledger that can be used to record transactions between two parties. It has been used in gaming for the purposes of making and tracking digital assets, such as virtual items or currency.
What is the point of blockchain games?
Blockchain games are a new genre of video games that use blockchain technology to create a decentralized game.
How blockchain could redefine the gaming industry?
Blockchain is a decentralized, distributed ledger that can record transactions between two parties efficiently and in a verifiable and permanent way. It has the potential to disrupt many industries, including gaming.
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