Unlike traditional e-commerce platforms, Decentraland is not regulated by any centralized authority. Instead, it is governed by a decentralized autonomous organization and the community itself. The decentralized autonomous organization is comprised of several members who can vote and propose new policies. For example, they can vote on upcoming LAND auctions and what types of content are allowed in the Metaverse. Many users monetize LAND in Decentraland through leasing and advertising, while others earn money from selling items on the Decentraland marketplace.
In Decentraland, users can use the MANA token to purchase goods and services. They can also use the coins to purchase digital property, namespaces, and in-game wearables. Additionally, MANA tokens grant voting power to its holders. The system uses a DAO voting mechanism, which means that each wrapped MANA represents one vote.
In addition, Decentraland has a virtual real estate marketplace that allows users to sell items and services created in the game. They can also create themed communities and monetize them. Similarly, some crypto companies have set up virtual offices in Decentraland and even created art galleries. Additionally, they have hosted virtual conferences in Decentraland.
To begin playing Decentraland, users must first create an avatar. This avatar is a unique representation of the user, and can be customized with different items. An avatar can have unique names, wearables, and music. Users can then interact with other players and participate in parties. They can also wander the virtual world in different scenes.
