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Through a $24 million initial coin offering, the proceeds went toward creating a unique virtual … [+]<\/span> reality experience. The project enabled users to build a wide array of interactive experiences, ranging from playing video games to building cities and attending live events. <\/span><\/p>\n Decentraland<\/small> Ari Meilich<\/a> was an early pioneer in the metaverse by building Decentraland<\/a>, along with Esteban Ordano and their team, the first decentralized virtual reality space in 2017. Through a $24 million initial coin offering, the proceeds went toward creating a unique virtual reality experience. The project enabled users to build a wide array of interactive experiences, ranging from playing video games to building cities and attending live events.\u00a0<\/p>\n Meilich could have been a Mark Zuckerberg and owned Decentraland. Instead, he took a brave and innovative approach. The ownership was more akin to a Kibbutz or commune, in which the collective society can own a piece.\u00a0<\/p>\n In a wide-ranging interview with Meilich, he said that the project would not have been as successful if he ran it like other tech CEOs rule their companies as fiefdoms. He contends that by democratizing the site, people would be more encouraged to participate, build and create without fear that they\u2019ll be bombarded by advertisements, worry over their privacy or the whims of mercurial executives. Meilich believes that in times like these, we \u201ccan\u2019t be evil\u201d is a far better strategy than \u201cdon\u2019t be evil.\u201d He stated, \u201cNo rug pulls are possible thanks to the level of decentralization the platform has achieved.\u201d\u00a0\u00a0<\/p>\n People may purchase empty land parcels within the Decentraland environment using MANA, the accepted cryptocurrency used for payments. Instead of going into the pockets of the owner of the site, the money is placed into the community\u2019s account. As it’s grown and people acquire land, there are peer-to-peer transactions, such as the recent purchase of space on Decentraland by Andrew Kiguel, CEO of Tokens.com for $2.5 million<\/a>. As of January 2022, MANA is valued at around $2.96 with a market cap of over $5 billion.<\/p>\n Consistent with the collective-style approach, users who own MANA can vote on policy changes and land auctions. When parcels are sold off, the MANA tokens that were used to buy the plots are burned and removed from circulation, resulting in a declining supply of MANA.<\/p>\n People may purchase empty land parcels within the Decentraland environment using MANA, the accepted … [+]<\/span> cryptocurrency used for payments. <\/span><\/p>\n Decentraland<\/small> One of the goals of Decentraland is to bring blockchain technology to the game industry. Its creators believe virtual assets should belong to the legal owner and not by the company running the site.\u00a0\u00a0<\/p>\n
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