Ethereum-based game Decentraland starts with $100,000 giveaway

  • The virtual reality game Decentraland based on the Ethereum blockchain was officially launched yesterday.
  • In order to lure users to the platform, the developers offer giveaways in the amount of 100,000 USD.

Decentraland is a virtual reality game based on the Ethereum blockchain, which officially opened its doors to the public yesterday. The game allows Ethereum wallets to connect to the game and purchase virtual real estate in the form of a non-fungible token (NFT) called LAND. The big difference compared to classic games like World of Warcraft or Farcry is that the users own the ownership of the game items.

Decentraland’s ownership structure and all transactions are recorded on the Ethereum blockchain, so that players have full control over their virtual property at all times and can manage it independently. A software development kit is now available to programmers, enabling them to simulate virtual game scenes in 3D on their purchased properties.

There is also a marketplace where players can exchange their collected LAND tokens and other accessories for in-game items to equip and enhance their avatar. To celebrate the official launch, Decentraland will be awarding prizes worth $100,000, which can be found in the virtual capital, Genesis City, during a treasure hunt over the next 4 days.

Decentraland was founded in 2015 and was able to raise more than 20 million USD in 2017 through an ICO. The so-called “LAND parcel tokens” were sold at that time for up to USD 60,000 per token. The goal of the game is for LAND owners to develop their own games and experience the blockchain world through social interaction and earn MANA tokens from the use and rental of the land.

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The in-game MANA tokens can be used to purchase items and other interactions. Yesterday the company also announced that it has established a decentralized, autonomous organization (DAO). The DAO will take care of future updates within the game to ensure that all decisions are made fairly and democratically.

Decentraland, just like the blockchain game Sorare, belongs to a new kind of gaming, which no longer runs on a classic operating system like Windows or Linux, but on the blockchain. In the future, it will no longer be possible to distinguish blockchain games from classic games in terms of gameplay, since performance and gaming experience will run at the same level.

Blockchain gaming market continues to grow

The global gaming market is expected to grow by more than 10% to a volume of 90.1 billion USD through the use of block chain technology. According to Technavio, the blockchain provides great growth opportunities for the gaming industry:

The integration of blockchain technology also provides decentralized asset exchange, verifiable scarcity of virtual objects, fast and secure payment networks, and can enable game service providers or game developers to monetize their gaming services. Thus, it is expected that the integration of blockchain technology in the gaming industry will present a huge growth opportunity for market participants during the forecast period

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About Author

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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