Decentraland Project Updates — January 5th

News and updates from the Decentraland project

Ari Meilich
Jan 5, 2018 · 6 min read

The past few weeks have been filled with several exciting milestones. We completed our highly-anticipated Terraform Event, announced multiple partnerships, and outlined how crypto-collectibles can be integrated into Decentraland. Here are the highlights:

Genesis City Auction Successfully Completed

Decentraland’s Genesis City consists of 90,000 land parcels, with approximately 36,041 parcels staked to community districts. On December 15th, we launched the Terraform event, or land auction, to distribute the remaining parcels to our community. We quickly saw impressive levels of participation, with bids on some parcels reaching 600,000 MANA. Winning bids totaled 161,483,050 MANA, all of which has just been burned (as shown here). At the time of writing, this represents about 16% of the circulating MANA supply, and a total spend of over $28M USD, making this the largest ever virtual land sale.

The creation of the first blockchain-based metaverse is now underway. Users are already building experiences like Decentraland University , crypto-exchanges, Vegas City, Crypto Valley, the Fashion District, and much more.

Just as importantly, we're currently working on returning all unspent MANA to users wallets. This will be taking place throughout the rest of the day. Also, all lands will be distributed to their corresponding owners over the weekend. Finally, if you are a district leader, we will get in touch with you next week to help you arrange the multisig wallet that controls your district's land.

Over the next couple of weeks, we will be releasing the first version of the LAND wallet, which will enable you to visualize your holdings. By the end of Q1, this wallet will be a fully-fledged decentralized exchange for the LAND.

Learn More: Decentraland’s Terraform Summary.

MANA Token Information

To help our community better understand the MANA token, we are launching a transparency dashboard. This includes a summary of the most important stats, such as total supply, circulating supply, and how these may be affected by the aforementioned (and all future) MANA burn, as well as by vesting contracts.

See: Decentraland MANA Token Information

Major Crypto-Exchanges Join the Terraform Event

Existing businesses have flocked to Decentraland with the goal of developing realistic, immersive experiences for their growing communities.

We were excited to see many of the largest cryptocurrency exchanges participate in the Terraform Event, including OKEx, Huobi, BigONE, Exchange Union, and HitBTC.

The value that Decentraland can bring to these platforms was readily apparent to their management teams. By participating, these exchanges are securing a place within Decentraland to build a virtual environment for their millions of users.

Read More: Huobi, BigOne, OKEx, Exchange Union & HitBTC Join the Terraform Event to Build Virtual Trading Environments

MANA Bounties for 3D Designers on Ethlance

To promote development within Decentraland, we partnered with Ethlance to connect landowners with a community of freelance 3D modelers and designers.

All you need to do is head over to the Find Candidates page on Ethlance and select “Decentraland Scene Developer” in the skills bar. From there, you will be able to access a list of 3D experts to help you create your virtual dream project.

To promote participation, we offered a 1,000 MANA reward to the first 20 qualified designers who signed up. We were pleased to see 3D experts sign-up from all over the world, including the United Kingdom, the United States, and Singapore.

Read More: Announcing MANA Bounties for 3D Designers on Ethlance and 3D Artists: How to Make Money Working on Decentraland Projects

Introducing Crypto-Collectibles

Crypto-collectibles are cryptographically unique, non-fungible digital assets. Unlike cryptocurrencies, which require all tokens to be identical, each crypto-collectible token is unique or limited in quantity.

The most famous example is the CryptoKitty. Within a few weeks, CryptoKitties hit over $12 million in sales, accounting for 14% of Ethereum’s transaction volumes.

Decentraland is positioned to benefit from the explosion of crypto-collectibles as it offers an immersive space to explore, purchase, and showcase unique digital assets. To this end, we partnered up with DDEX to foster the development of a decentralized exchange of collectible items.

Read More: Decentraland as a Playground for Crypto-Collectibles.

Partnering With Bancor to Increase MANA Liquidity

On December 14th, we announced a partnership with Bancor to create a joint MANA/BNT Token Relay — a decentralized liquidity pool of MANA and BNT, enclosed in a Bancor-compliant “Smart Token”.

This Token Relay (which is already active) has two connector balances, one in MANA and one in BNT, each at a 50% weight, enabling users to quickly transform ETH or BNT (or any other token on the Bancor Network) into MANA through a widget that will reside on our core products.

This partnership marks a huge step forward in opening Decentraland to the world. The implementation of Bancor’s Token Relay will dramatically lower barriers to entry as you no longer need an external exchange to acquire MANA.

Read More: Decentraland & Bancor Partner to Create MANA/BNT Token Relay

Building Crypto Valley — A virtual hub for the blockchain industry

On December 18th, we closed a deal with Aelf and FBG Capital to build a digital space within Decentraland called Crypto Valley. By building Crypto Valley (a virtual Silicon Valley), Decentraland is positioned to attract the interest of additional blockchain projects and investors.

In this digital city, projects can form collaborative workspaces, hold meetings, announce breakthroughs directly to their communities, connect with a global investor base, and interact with potential partners. This could change the way blockchain projects are created, funded, and managed.

Read More: Aelf, FBG Capital & Decentraland Join Forces to Create a Virtual Silicon Valley

Partnering With RCN to Bring Credit Loans to Virtual Businesses

We’re preparing for an economic boom within Decentraland. To meet the needs of our growing virtual economy, we partnered with RCN to provide capital to Decentraland endeavors.

RCN is a global peer-to-peer credit network based on cosigned smart contracts which are backed by Ripio. This strategic partnership establishes a disruptive channel between virtual reality and global credit services.

Read More: Decentraland Partners With RCN to Bring Credit Loans to Virtual Businesses

Partnering With Render Token to Provide Real-Time 3D Graphics

Our partnership with OTOY’s Render Token (RNDR) will power the ever-evolving landscape of Decentraland.

Decentraland’s virtual ecosystem is a perfect match for the distributed network of GPUs provided by RNDR, and will further our mission of decentralizing the infrastructure that powers our virtual world. We’ll be releasing more updates as this project develops and takes shape.

Read More: Partnering with OTOY’s Render Token to provide real-time 3D graphics through the browser

Keep up to date with the latest developments

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Ari Meilich

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A blockchain-based virtual reality world.

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