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- In the subsequent years, the Decentraland virtual network developed but sustained its position as a compact and relatively mysterious segment of the internet
- Things changed drastically when the NFT boom happened
- An NFT constitutes the majority of everything in Decentraland
When Decentraland was released in 2017, the digital world developers traded land parcels for around $20 per piece.
Decentraland’s significant connection with NFTs boom
In the subsequent years, the Decentraland virtual network developed but sustained its position as a compact and relatively mysterious internet segment. Things changed drastically when the NFT boom happened. A small figure of parcels in the digital community can trade for anywhere, starting from $6,000 to over $100,000.
NFTs, short for “non-fungible tokens,” refers to a kind of digital certificate of originality that employs blockchain technology, establishing a safe way to track who possesses a digital asset. And while these exist for quite a few years now, NFTs suddenly became the hot new thing stimulating a record-setting $69 million work of art collected by Christie’s in an auction and a sprint on the highlights of NFT-connected NBA.
The boom automatically uplifted Decentraland, as the prices went on digital land skyrocketing. At the beginning of January this year, Decentraland held an average of about 1,500 daily active customers. In March, the figure struck a significant 10,000.
Sam Hamilton, the head of the events and community associated with the Decentraland Foundation, expressed how it all felt like a dream to him as it all escalated so quickly.
Decentraland’s potential highlights
Like Second Life, Decentraland represents an online world that facilitates users with a place to establish an avatar, communicate with other users, and become members in everything ranging from concerts and art shows to something as technical as constructing houses on their digital sets. Friends from all over the world can assemble for events and develop a sense of community, even if the physical presence is missing.
Second Life, one of the first of the virtual worlds, celebrated a historic amount of 1 million monthly customers back in 2013, and it still holds hundreds of thousands of customers. Since then, various other digital entities, like Roblox, Fortnite, and Minecraft, have arrived as new digital spaces that provide the users with near-real-life experiences. As venture capitalist Matthew Ball has labeled them, these experiences are known as the Metaverse. Rapper Travis Scott’s virtual concert organized in Fortnite in April 2020 hit a peak with more than 12.3 million viewers.
Decentraland, however, serves a distinctive experience. The majority of everything in Decentraland is constituted by an NFT, starting from its virtual sets of land to the artwork on the walls in the virtual art galleries. Ownership provides users with a unique say in how the virtual world functions.
Sam highlighted that the fundamental philosophies of Decentraland are beneficial for the users to regain control of the internet and choose the directions in which it goes in. He further added that, according to him, it holds the potential of becoming the next generation of the digital network. He also noted that the user interface is terrible in the existing virtual world as we look at two-dimensional screens.
It’s that union of NFT-fueled decentralization and a comprehensive online platform inspiring some users to believe in the platform’s capability to become a destination. Jill Swartz, popular in the online world as CryptoYuna, is all set to hold an all-female art show in Decentraland on Saturday. The Graffiti Kings founder, Darren Cullen, is confident that the respective show will set a basis and a foundation for other exhibits like it.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
