The online virtual reality platform, Decentraland makes it possible for in-world purchases to be made using the native token MANA. The token is issued as an ERC-20 token designated to facilitate transactions.
Decentraland is a decentralized, traversable, three-dimensional (3D), virtual reality platform built on the Ethereum blockchain. The platform focuses on the ownership of parcels of digital space known as LAND which is an NFT (Non-Fungible Token). Users can develop and build on their LAND which keeps a record of its owner, its x, y coordinates, and a reference to a file containing its content description into real estate within the virtual world. Other creators on the platform will be able to prove ownership of their work, and capture value when users discover their contributions to the platform giving them targeted traffic.
The Decentraland team held an Initial Coin Offering (ICO) in 2017 raising about $26 million to fund its future operations. The Foundation, which retains 20% of the initial token supply, holds the Intellectual property rights and maintains the Decentraland website. As of October 2022, the virtual reality platform engages Daily Active Users (DAU) of around 8,000.