When a little-known marketplace registered a transaction worth 1.3 million tokens in 2019, it became an overnight sensation. The virtual marketplace we are talking about is the Decentraland NFT marketplace, and the Non-Fungible Token (NFT) in question was “The Secrets of Satoshi’s Tea Garden.” In this article, we look at how since then, Decentraland has become one of the go-to NFT marketplaces, changing the course of the gaming industry.
Decentraland NFT marketplace
Decentraland is a platform that allows users to create and share their games, applications, and experiences rather than providing pre-built games.
It was created to help users monetize their virtual creations and assets. The marketplace officially opened to the public in February 2021.
Introduction to the Decentraland NFT marketplace
The Decentraland NFT marketplace is a virtual world platform that allows users to buy, sell, and trade NFTs. These NFTs represent unique digital assets such as virtual real estate, wearables, and artworks. Users can purchase NFTs using MANA, Decentraland’s native crypto.
The platform’s virtual world is accessible via an easy-to-use interface. And there are guides and tutorials to help users get started.
The Dentraland universe is built and lives on the Ethereum blockchain.
Key features and characteristics of the Decentraland NFT marketplace
Various features and characteristics make Decentraland stand apart from other NFT marketplaces. To begin with, the Decentraland NFT marketplace allows users to buy, sell, and trade virtual real estate developed within the virtual world. The platform also equips creating and monetizing one’s content using an in-house software development kit. The content can range from games to applications and experiences.
Besides, the marketplace operates on a decentralized blockchain network, So it facilitates transparent and secure transactions without the need for intermediaries. And the goods in this marketplace are thus unique and verifiable. Being NFTs, they also come with proof of ownership and authenticity.
In addition, Decentraland NFTs are built on the Ethereum blockchain. That makes them interoperable with other Ethereum-based applications and platforms.
The platform is accessible to anyone with an internet connection and an Ethereum wallet. The project’s community plays an active role in its development and governance.
Impact on the gaming industry
Decentraland provides a new paradigm for gaming experiences. Its decentralized virtual world, where users can create, buy, sell, and monetize their content, can potentially disrupt the traditional gaming industry, which centralized gaming companies largely dominate. The fact that in Decentraland, users have greater control over their gaming experiences is a big plus. And the ability to create their games and applications and monetize them is the cherry on top.
This marketplace generally creates a more democratic and decentralized gaming ecosystem. In doing this, it empowers users and content creators.
The current state of the gaming industry
The gaming industry is a rapidly growing market. The industry has been expanding beyond traditional gaming platforms with the rise of mobile and cloud gaming. Virtual and augmented reality technologies further enhance user experiences on these platforms. Read this to learn more about some critical tokens from this booming industry.
How Decentraland is revolutionizing the gaming industry
Since the platform allows users to create and share their games, applications, and experiences rather than providing pre-built games, there are abundant possibilities for game developers. As such, a wide variety of games and experiences are available on the platform, created by users. These include racing games, casino games, and puzzles.
In addition to games, there are also a variety of social experiences, such as virtual art galleries and events hosted on the platform. Such experiences enable collectors to create ownership and authenticity through in-game assets. This creates a more transparent and trustworthy gaming ecosystem.
What’s more, the virtual marketplace is entirely decentralized. So users have greater control over their gaming experience. The platform thus allows for a more democratic and user-driven gaming ecosystem.
In all of this, the monetization aspect is the cherry on top. It creates a more diverse and dynamic gaming ecosystem that is not limited to the offerings of centralized gaming companies.
The future of gaming with Decentraland NFT marketplace
Decentraland’s use of blockchain technology and NFTs enables ownership and provenance of in-game assets. It thus has the potential to revolutionize the way gaming economies operate by providing decentralized and user-driven content.
Although Decentraland is still in its early stages, it is already disrupting the traditional gaming industry. The virtual real estate market on Decentraland is already seeing significant demand and high-value transactions. As of June 2021, the total number of NFTs on the platform was reported at over 90,000 virtual plots of land, with some selling for over $2 million. This demonstrates the high demand for the platform and its potential.
Conclusion
Decentraland is making quite a mark for itself in the gaming industry. Much of this is due to its ability to create a paradigm shift in gaming experiences.
Check out the live price of Decentraland’s MANA tokens on Coinswitch.
