The announcement of Mark Zuckerberg About changing Facebook’s name to “Meta” has caused a tidal wave in the cryptocurrency market and resulted in the price of stocks circling around the metaverse drastically accelerating. This new virtual universe accessible in 3D promises us an unprecedented revolution. Would the advertising giants have decided to embark on a new form of life-size marketing by using this new technology? What is certain is that some projects are already well advanced in this area and they did not wait for Facebook’s announcement to put themselves forward. Decentraland is one of those projects that want to develop the metaverse through the video game industry.
Let’s discover the Decentraland project together. What are the possibilities of this new metaverse technology in real life and in video games? How can this technology be innovative for us or how can it revolutionize the world of tomorrow?
One metaverse is a universe, a fictitious virtual world. These spaces are accessible via 3D interaction. Persistent and shared, they regularly describe the future of the Internet.
The Decentraland project
Decentraland is a platform of virtual reality decentralized powered by the Ethereum blockchain. Within the platform Decentraland, users can create, experience and monetize their content and applications.
Virtual space 3d within Decentraland is called LAND, a non-fungible digital asset held in an Ethereum smart contract. The land is divided into plots identified by Cartesian coordinates (x, y). These plots are permanently owned by community members and are purchased using MANA, the token of cryptocurrency of the ecosystem. This gives users full control over the environments and applications they create. These terrains can be static 3D scenes, applications or more interactive games.
Some plots are also organized into thematic communities, such as neighborhoods. Through this organization, the community can create shared spaces with common interests and uses. The list of neighborhood proposals is available on GitHub. The content that makes up Decentraland is stored and distributed through a decentralized network while ownership and transactions are validated on the Ethereum blockchain.
The metaverse and video games
As explained in the project’s white paper, the land available within the ecosystem Decentraland are unique among domains on the web. The undeniable advantage is their contiguity which allows the creation of a neighborhood for a particular theme. Although each web domain can have an unlimited number of hyperlinks to other content, the plots in Decentraland have a fixed number of adjacencies.
For content creators, setting up neighborhoods provides access to targeted traffic; for end users, it allows the discovery of thematic experiences. Users can move around the districts and interact with the available applications.
This adjacency discovery is at odds with having infinite territory: in this scenario, users would have a hard time finding relevant content while browsing. With scarce land, developers can acquire users by purchasing land in high traffic areas. This desire allows secondary markets to develop around land ownership and rental.
Real life with the metaverse
The project’s value proposition Decentraland application developers is simple: they must be able to fully capitalize on the economic interactions between their applications and their users. To allow these economic interactions, the platform must allow three things to be exchanged:
Decentraland will integrate a basic system that allows a global, instant and profitable payment solution between two users on the Internet. The cryptocurrency allow without trusted authority to create payment channels between two parties. This is the peer-to-peer system.
– Applications: scripting language Decentraland will allow the development of applications, games, dynamic 3D scenes and much more. This scripting language is designed to handle a wide range of products, including creating objects, loading textures, physics, encoding user interactions, sounds, payments, and external calls, among others.
– Rental: users of Decentraland will regroup around neighborhoods of common interest. As these are located near high traffic centers, users will go directly to landowners.
– Advertising: Brands can advertise using billboards near or in plots with high traffic to promote their products, services and events. Some neighborhoods can become virtual, for example a version of Times Square in New York. Additionally, brands can position products and create shared experiences to engage with their audience.
– Digital Collectibles: Users can publish, distribute and collect rare digital assets on the blockchain of their favorite designers.
– Social: the groups will meet as they do now in online forums or discussion groups, but in a completely virtual manner. Imagine that multiplayer games could bring their communities into Decentraland.
There are no technical specifications on what could be built in Decentraland. Therefore, other use cases could emerge, such as: training, development, education, therapy, 3D design, virtual tourism, among others.
Decentraland can be the world of tomorrow, virtual and available. Whether it is to gather, exchange or play, users have a choice. The idea of neighborhoods is the added value of the project, like monopoly. Here the value will depend on users and traffic. They can come together by theme where each district is unique. Like the real world, some places in the world may look the same, but are not the same.
The world of the Metaverse suddenly erupted into our lives. Without knowing the evolution of this technology is in which direction it will take us, users can give it to their hearts content to create endlessly and imagine a new world, a new universe.
Written by Emile Stantina for Cointribune.
Behind the generic signature “TCT editorial staff” are young journalists and authors with specific profiles who wish to remain anonymous because they are involved in the ecosystem with certain obligations.