Decentraland is a digital sims-like platform, that allows users to create and experience virtual reality. The users can purchase plots of land (non-fungible unique digital assets) that they can build. It includes the record of the location, owner, content description and access controls.
The users can also develop and monetize digital assets. The project was developed on the Ethereum blockchain. MANA is the native ERC-20 token, however the ERC-71 Non Fungible Tokens (NFTs) standard tokens (LAND) can be acquired by burning the native token (MANA).
What’s The Decentraland Decentralized Autonomous Organization (DAO)?
The Decentraland DAO holds important smart contracts and assets that make up Decentraland – the lands, estates, wearables, servers and the marketplace. It also controls high amount of MANA tokens which allows autonomous function, provision of subsidy, normal operation etc.
The users are in full control of the policies and determining the functioning of their digital assets, on the platform. The community can vote on policy update, future LAND auctions, determining the NFT contracts allowed, builder and marketplace etc. In short, they can vote on, whatever they want to vote on. The governance mechanism is built in and powered by Aragon.