- Decentraland is molding the role metaverses play in user’s digital interactions
- A new communication protocol will enable broader communication outreach for Decentraland players.
- Global enterprise Coca-Cola (NYSE:KO) is using Decentraland’s influence to diversify its marketing channels.
Building and populating a virtual metaverse seems to be a page from a sci-fi book. However, Decentaland and other blockchain protocols are already building the infrastructure for the virtual world. Similarly, Facebook (NASDAQ:FB) has announced they will be looking to develop “the next generation of the internet,” as the company considers the virtual world as the “ultimate expression of social technology.” Until then, Decentraland is driving the metaverse blockchain innovation.
Evolving and Surprising At Most
The proposed value of Decentraland is to create an environment that mimics our daily interaction in the digital world. Their solution is developed through blockchain technology. The growth of the NFT sector aided the protocol in becoming “the most developed and fastest-growing virtual land investment,” according to Ben Piven of Al Jazeera. One land plot broke the record, selling for $913,228.
Land ownership is not Decenrealanad’s only user incentive. The protocol has radically changed how digital interactions occur and helped develop a digital society that mirrors the current offline society.
Global enterprises acknowledge virtual realities as a locus for community building, especially among the Gen Z generation. Therefore, Coca-Cola has launched their first NFT called “The Friendship Box” through a metaverse event. Every digital asset in the box can be used or worn within Decentraland. Moreso, NASA will use the Decentraland protocol to recreate the Apollo 11 landing and help “expose a whole new generation to the excitement of space.”
Furthermore, Australian artist Alison Wonderland launched an event on Decentraland, a more common occurrence on the protocol, after To The Moon, as part of the Decentraland Art Week. Alison Wonderland followed up with a blockchain project titled WonderQuest, where NFT dragon eggs permit “virtual fantasy realm” interactions.
In addition, the protocol is seeing more established brands access NFTs and use Decentraland to create exposure. Playboy partnered with SuperRare for an NFT during the Decentraland Art Week, while TrustSwap has become the first decentralized network to build a virtual headquarters in Decentraland.
On The Flipside
- Decentraland is not the only blockchain to create a metaverse as other protocols such as The Sandbox target a similar market.
- Metaverses have been disconsidered by blockchain advocates until NFTs have created a gold-rush mentality.
- Complete metaverse immersion will only come into play when global tech enterprises see their value.
Proposing More Interaction
Decentraland proposed a communication protocol update to enhance user interactions. Since Decentrland launched, players entering the metaverse were restricted from interacting with a “fraction” of players located in the same network. The upcoming upgrade will support wider communication to create a scalable world, such as facilitating larger digital festivals.
The Archipelago update changed the coding structure from layers to communication islands as per a Decentraland blog post. The difference is that islands consider the user’s location, allowing cross-world interaction as players migrate from one place to another. Thus, interactions will be possible with people within your area, and pre-existing communication rules will not condition players.
Community
Decentraland mirrors society’s demands for moving towards virtual reality. Within Decentraland, users are assumed to be able to perform many societal tasks. In addition, the platform has created a marketplace where users can buy, sell and trade NFTs, creating an economic incentive for avatars to become unique and personalized.
The protocol’s native currency MANA is currently trading at $0.703 according to CoinMarketCap, down 55% since its all-time high of $1.63. Moreover, the network is expected to grow as more companies continue to view Decetraland as more than just a blockchain pilot.
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