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Decentraland- Blockchain for Metaverse

Tue, 27 Feb 2024, 11:35 am UTC

Decentraland is a virtual reality platform powered by the Ethereum blockchain. Users can create, experience, and monetize content and applications. It is not controlled by a centralized organization.

Decentraland protocol is composed of three layers

Consensus layer- It helps to track land ownership and its content. It will use an ETH smart contract to maintain a ledger of ownership for non-fungible digital assets called LAND.

Land content layer - Their main use is to download assets using a decentralized distribution system.

Real-time layer - this layer helps to interact between users.

Land ownership is established at the consensus layer, where land content is referenced through a hash of the file's content.

Key compenent of Decentraland -

LAND- Land is a non-fungible, transferable, scarce digital asset stored in an Ethereum smart contract. It can be bought by burning fungible ERC 20 tokens called MANA.

LAND Parcel- It is a non-fungible (NFT, ERC 721), which cannot be forged or duplicated. It can be bought and sold on the marketplace.

Estate- Two or more adjacent LAND parcels form an estate. This can also be bought and sold on the marketplace.

Avatars- The digital representations of actual people in the virtual world.

Builder Tools are only available on desktops which helps to create 3D content within decentraland.

Total LAND- 90601 (43689 private land parcels, 33886 district LAND, 9438 roads, 3588 plazas)

Each LAND size- 16m*16m square spaces.

MANAUSD surged more than 15% in the past five days. The pair holds above the short-term (21 and 55 EMA) and above the long-term moving average. It hit a high of $0.5398 and is currently trading around $0.5373.

The bullish invalidation can happen if the pair closes below $0.2600. On the lower side, the near-term support is $0.50. Any break below targets $0.455/$0.390. Significant downtrend if it breaks $0.260.

The pair's near-term resistance is around $0.610. Any breach above confirms minor bullishness. A jump to $0.80/$1 is possible. A surge past $1.20 will take it to $2.

It is good to buy on dips around $0.450 with SL around $0.260 for TP of $1/$1.20.

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