Decentraland

Decentraland is a decentralised 3D virtual reality platform that consists of 90,601 parcels of land (~23 km2 or ~9 sq mi). Virtual estate in Decentraland are NFTs which can be bought by the cryptocurrency MANA, which is based on the Ethereum blockchain.[1] It was opened to the public in February 2020,[2] and is overseen by the nonprofit Decentraland Foundation.

History

Decentraland was originally created in 2015 by Argentinians Ari Meilich and Esteban Ordano.[3][4] Initially, it was a just pixelated grid that allocated pixels to users through a proof-of-work algorithm. Decentraland later evolved into a 3D world. In October 2018 Decentraland and Animoca Brands conducted a mutual investment via a share and MANA token swap equating to US$0.5 million each.[5] Decentraland investors include Digital Currency Group, Kenetic Capital, FBG Capital, CoinFund, and Hashed.[5]

When Decentraland first launched in beta in 2017, developers sold virtual land parcels for as little as $20;[6] following the 2020-2021 boom in NFT art, the most desirable digital real estate in Decentraland was selling for more than $100,000.

In June 2021 London-based auction house Sotheby's created a digital replica of its New Bond Street headquarters as a virtual gallery in Decentraland to show digital art.[7]

Sotheby's office on New Bond Street in London was recreated digitally on Decentraland to display and sell NFT art

On June 18, 2021, New York-based digital real estate investment vehicle Republic Realm paid the equivalent of $913,228 for 259 parcels of Decentraland that it plans to turn into a virtual shopping district named Metajuku, styled after the Tokyo shopping district Harajuku.[8][9][10]

References
  1. NFTs: The Center of Attention at Sotheby’s Virtual Decentraland Gallery Helen Holmes, Observer Media, June 7, 2021
  2. Crypto-crazed Sotheby's launches first virtual gallery in digital metaverse Decentraland Art, 7 June 2021
  3. Introducing the Decentraland Team: Blockchain veterans join forces to protect the future of VR Medium, Franco Zeoli, 17 July 2017
  4. Making a killing in virtual real estate The Irish Times, June 13, 2018
  5. Animoca Brands
  6. Welcome to Decentraland, where NFTs meet a virtual world Alexandra Marquez, NBC News, April 3, 2021
  7. In Its Ongoing Bid to Draw Crypto-Collectors, Sotheby’s Unveils a Replica of Its London H.Q. in the Blockchain World Decentraland Caroline Goldstein, Artnet, June 7, 2021
  8. Crypto billionaire Novogratz leads funding for virtual real estate firm Elizabeth Howcroft, Reuters, June 30, 2021
  9. Metajuku Shopping Center to Play Up Digital Wearables: The new Harajuku-inspired virtual shopping center has two anchor tenants. Rosemary Feitelberg, Women's Wear Daily, June 29, 2021
  10. Virtual real estate plot sells for close to $1 mln Elizabeth Howcroft, Reuters, June 18, 2021
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