Decentraland

Decentraland is a decentralized virtual world platform built on the Ethereum blockchain, initially conceptualized in 2015 by Argentine developers Ari Meilich and Esteban Ordano. Development progressed through stages, from a 2D pixel grid in its "Stone Age" to a 3D world in the "Bronze Age" a year later. A significant milestone was the 2017 Initial Coin Offering (ICO), which successfully raised approximately $24 million. The platform officially opened to the public in February 2020 and is now overseen by the non-profit Decentraland Foundation.

The founders brought complementary expertise to the project. Ari Meilich, who served as project lead until 2020, has a background as a serial entrepreneur and worked as an analyst at Charles River Ventures. Esteban Ordano, the former tech lead, possesses a deep history in the cryptocurrency space, having worked as a software engineer for BitPay and co-founding Zeppelin Solutions, a blockchain infrastructure company. Though both have stepped down from their primary roles, they continue to serve as advisors. The platform's governance has since transitioned to a Decentralized Autonomous Organization (DAO), where community members vote on platform developments.

Decentraland's business model is centered on a user-owned economy. The platform operates as a 3D virtual world where users can create, experience, and monetize content and applications. The ecosystem utilizes two core tokens: LAND, a non-fungible token (NFT) representing ownership of virtual land parcels, and MANA, an ERC-20 token that functions as the in-world currency. Users purchase LAND with MANA, and these parcels can be developed into anything from interactive games and art galleries to virtual storefronts and event spaces. Revenue for creators is generated by charging other users MANA for access to these experiences, selling digital assets like avatar wearables, or leasing their LAND. The Decentraland Foundation's revenue model involves a 2.5% transaction fee on marketplace sales, which is directed to the community DAO treasury to fund platform initiatives. This structure allows content creators to retain 97.5% of their primary sales earnings. This economic activity, from LAND sales to the trade of in-world goods and services, underpins the platform's financial structure.

Keywords: Decentraland, metaverse, virtual world, blockchain, Ethereum, MANA, LAND, NFT, virtual real estate, decentralized autonomous organization, DAO, user-owned economy, play-to-earn, virtual events, digital assets, user-generated content, crypto gaming, Web3, Ari Meilich, Esteban Ordano, virtual reality platform, digital ownership, in-world economy, creator economy