Blockchain technology has opened up many new and exciting opportunities. From seamless global payments to enabling anyone to become their own bank, cryptocurrency and blockchain technology is all the hype in the digital age at the moment. One of the exciting innovations made possible thanks to blockchain technology is called the metaverse: a virtual world where people can work, play and earn. In this article, we will take a look at what a metaverse is, as well as explore one of the most popular metaverses in the market; Decentraland. We will take a look at things that you can do in Decentraland and ways that you can earn money in Decentraland.
What Is A Metaverse?
A metaverse is a blockchain-powered virtual world where players can work, play, and earn cryptocurrency. It offers a borderless virtual experience that also enables players to interact with other players in the metaverse in a ready-player-one-type virtual world.
The concept of the metaverse has been around for a couple of years now but recently gained popularity after the social media giant, Facebook, announced that it will be changing its name to Meta and will develop its own state-of-the-art metaverse. Since then, people have been rushing to join the metaverse. One of the most popular Metaverses is Decentraland.
A Non-Fungible Token Explained
Before we proceed to take a look at what Decentraland is and what you can do in the Decentraland metaverse, let’s first take a look at a very important concept: non-fungible tokens. Non-fungible tokens, or NFTs, is a representation of a digitized asset or item. This asset or item can be anything from a title deed to a house, a rare trading card, a virtual plot of land, or anything else that you can think of that can be represented digitally.
NFTs play an important role in the metaverse and work alongside blockchain technology to make the metaverse possible. This is because every item in the metaverse, such as land, avatar wearables, and other in-game assets and items are all represented as NFTs. These NFTs can be bought and sold in a variety of NFT marketplaces such as OpenSea, Binance, or Decentraland’s own marketplace.
Now that we have covered what an NFT is and what role it plays in the metaverse, let us take a look at what Decentraland is.
What Is Decentraland (MANA)?
As mentioned in the introduction of the article, Decentraland is one of the most popular metaverses. Founded in 2017 and built on the Ethereum blockchain, Decentraland was first released to the public in March 2020 and offers players a unique virtual experience. Decentraland is made up of scenes created mostly by the Decentraland team, but also scenes created by public users. These scenes can be in the form of mini-games, buildings, or other virtual landmarks. Players can explore and interact with these scenes, as well as interact with other players in the metaverse.
It’s fair to describe Decentraland as a growing world with its own economy. At the centre of this evolving virtual economy is a cryptocurrency called MANA, which is Decentraland’s native cryptocurrency. Using MANA, players can purchase items such as wearables and virtual land in the Decentraland metaverse. These NFT’s can be sold at any time for a profit on any of the available NFT marketplaces. A bit later on in this article, we will discuss what else players can do in the Decentraland metaverse and will also look at ways that you can earn cryptocurrency in the metaverse.
More people are joining the Decentraland metaverse as metaverses grow in popularity. This influx of new players into Decentraland will result in the creation of new scenes and experiences within Decentraland. This is the main reason why Decentraland is regarded as a metaverse that will constantly evolve and develop. It is a metaverse that is built and developed not only by the Decentraland development team but also by the individual players in the Decentraland metaverse.
Things To Do In Decentraland
As mentioned, players can explore various scenes and experiences in the Decentraland metaverse, as well as interact with other players in the virtual world. But is there more that you can do in the Decentraland metaverse? The answer is yes, there is! Let’s take a look at some of the main things that you can do in Decentraland.
ICE Poker is a poker lounge where you can play poker and earn the cryptocurrency, $ICE. To take part in the poker challenges, you need to purchase an ICE Poker wearable NFT either from OpenSea or Decentraland’s marketplace. If you don’t want to purchase a wearable to take part, you can also ask members on the ICE Discord group to delegate wearables to you, which is sort of like lending the wearable to you.
Dragon Rush is a game that allows you to ride a dragon. Although there is no real incentive to play this game, you can earn the bragging rights of saying that you rode a dragon in the metaverse. Sounds pretty cool, right?! Once on the dragon, you will need to navigate the dragon through a series of hoops. This is sort of like the popular game, FlappyBird, but in 3D.
GolfCraft is a golfing game that you can play and compete with other players. These competitions take place in single event-based rounds, and you are then rewarded for the position that you place in each round. These rewards can either be experience points, gold coins that are used to compete in rounds, or fashion tokens. You really want to win fashion tokens, because if you have enough of them you can mint wearable NFTs. These wearable NFTs that you can mint in the GolfCraft game are the main incentive to play the game since they are pretty valuable in the marketplace.
With all the hype around the metaverse, it’s no wonder why companies are suddenly looking to increase their exposure in the various metaverses currently in the market. With Decentraland being one of the main metaverses in the market, companies and cryptocurrency teams host various events in the Decentraland metaverse. If you’re lucky, these events have free giveaways where you can earn free NFTs from the event. You can also earn POAP tokens, which is a form of Proof Of Attendance and is a token that shows that you attended a specific event in the metaverse. Some of these tokens have a monetary value.
Mining meteors is one of the main features of Decentraland and is done in the Wondermine Crafting Game. Meteors fall from the sky in this game at set intervals and once mined, reveal the resources that they contain. Once you have enough resources, you can mint NFTs at the Wondermine crafting machine.
These are just some of the things that you can do in the Decentraland metaverse, there are many more things that you can do. To discover them, you’ll need to explore Decentraland to see what the metaverse has to offer you.
Now that we have taken a look at some of the main things that you can do in Decentraland, let’s take a look at how you can earn in the Decentraland metaverse.
How To Make Money In Decentraland
Now for the part, you’ve been waiting for, how to make money in Decentraland! When it comes to making money in Decentraland, most of the ways that you can earn are through some of the things that you can do in Decentraland which we discussed in the previous section of this article.
The main ways to earn cryptocurrency in the Decentraland metaverse are by minting and selling NFTs, playing and winning in the various casinos, or by purchasing and renting out land. Let’s take a look at each way to earn in Decentraland in a bit more detail.
You can mint NFTs in Decentraland by mining meteors or by playing GolfCraft. You can also receive NFTs through free giveaways by attending events that take place in Decentraland. All of these NFTs are sellable and can be sold on either the OpenSea NFT marketplace or the Decentraland NFT marketplace.
As mentioned earlier, you can take part in the ICE Poker challenge and earn $ICE. There are also a few other casinos that you can attend where you can earn by playing various games such as blackjack, slots, and roulette. You can earn it by playing each one. However, it is important to be aware that gambling is risky, even in the metaverse. So, gamble and play at the casinos at your own risk.
Last, but not least, virtual land is another popular way to make money in Decentraland. However, land has become so expensive in Decentraland that only a select few can take part in this type of earning. If you are lucky enough to own land, you can earn money from it by renting it out. You would normally rent it out to companies looking to advertise in Decentraland but who are unable to buy the land to advertise on. You can also sell the land at a profit after holding it for a period of time. However, if you sell your land then you might risk losing potential profit from long-term speculation on the value of your piece of land. As mentioned earlier in this article, the land is represented as an NFT and can be bought and sold on any of the available and supported NFT marketplaces.
Decentraland (MANA): Conclusion
A metaverse is a virtual world powered by blockchain technology. One of the most popular metaverses in the market is called Decentraland. Decentraland offers players many experiences and scenes that players can explore. In Decentraland, players can work, play games, earn cryptocurrency, and interact with other players in the metaverse. There are a few ways to earn cryptocurrency in Decentraland (MANA). As the virtual world evolves and attracts more users, we will definitely see more experiences and scenes added to Decentraland, as well as more ways for players to earn cryptocurrency.