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Decentraland: Building the Metaverse

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At DCG, we've gotten extremely excited about a project at the intersection of crypto and VR called Decentraland. This presentation provides a brief description of what Decentraland is and explains why we think it could be the next big thing.

We find this project super inspiring and we're doing a lot to accelerate the development of this ecosystem. Hopefully you see what we see!

Published in: Technology
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Decentraland: Building the Metaverse

  1. 1. Building the Metaverse Decentraland APRIL 2018
  2. 2. What is Decentraland?
  3. 3. What is it? Decentraland (DCL) is a virtual world platform built on the blockchain Users in DCL can create, experience, and monetize content and applications, which will be viewable on the web and inVR.The world will eventually have decentralized governance, and the content in the world will be stored on IPFS Second Life +VR + Crypto = DCL What’s the history? Decentraland was founded by EstebanOrdano andAri Meilich In 2016, the team behind DCL developed the Bronze Age, which was a 3D virtual world with distributed land recorded on the Bitcoin blockchain In June 2017, they released a white paper outlining the vision for DCL The Decentraland Foundation raised $25 million in an token sale last August Decentraland is the future
  4. 4. How does Decentraland use blockchain technology? The virtual world is powered by MANA. With MANA, users can purchase LAND. With LAND, developers can create amazing experiences. Distributed land ownership Scarce virtual land is owned directly by members of the community, not one big company Native cryptocurrency DCL is powered by MANA, an ERC-20 token with a capped supply Decentraland governance DCL will become a DAO, using tools developed by Project Aragon
  5. 5. The LAND
  6. 6. LAND is scarce in supply and non-fungible • There are 90,651 parcels of LAND, each with distinct (x,y) coordinates • Land is an ERC-721 token Genesis City was the first auction for LAND, occurring in December 2017 • ~35,000 parcels were sold in the auction and ~20,000 were granted to districts • In the auction, prices started at 1000 MANA ($100), the average price was about 3000 MANA ($300), and the most expensive parcel went for 600,000 MANA ($60,000) • Each parcel is 10x10 meters, and two parcels is the size of a tennis court • GenesisCity is the size ofWashington D.C. Private Land Public Land Districts Roads Private lands purchased together by people who wanted to be neighbors with some common theme or interest Potential spawn plots or just meeting places Urban planning still in progress, but these will be places people can freely explore shops, etc. Privately owned land can be bought in auctions and traded on secondary markets Four categories of land exist Purchasing LAND
  7. 7. The foundation launched a LAND exchange in April • It allows for decentralized exchange (ie. atomic swaps) of MANA for LAND (eventually in state channels) • Over time, others are expected to launch LAND trading exchanges There will be a second auction for the remaining ~12,000 unsold private parcels • TBD, but likely in 2Q18 The world is expected to grow over time, with new parcels sold via auctions • The decision mechanics around this are expected to be determined through some sort of community vote Critically, MANA will likely be the only means of payment in future auctions for new parcels of LAND, and its supply will decrease LAND Marketplace MarkplaceVideoTutorial
  8. 8. Here’s how Decentraland looks today Taken LAND DistrictUnowned LAND
  9. 9. Why we’re excited
  10. 10. I. It is inevitable that people will spend a significant amount of time in full-scale virtual worlds • “Virtual reality will be a super drug” – Steven Spielberg II. When VR takes off, a virtual world will be the primary “search platform” for VR experiences • Parcels will function like “domain names” and DCL can become the Google of the future III. One big company should not own the most popular virtual world • There’s already tremendous controversy around tech giants owning the websites we use most. Can you imagine if one of them owns the entire world that we inhabit? IV. Speculation and openness will fuel network effects • The ability to buy MANA and LAND will draw in new users, developers, and businesses, creating a virtuous circle of growth Our thesis
  11. 11. It is inevitable that somebody will do this • And we love the Decentraland team Still early and under-the-radar • Circulating MANA has market cap of ~$70mm (as of 4/5/18), placing it at #115 on CoinMarketCap A vibrant community is taking root • Over 3000 LAND owners from all over the world, active chat, people becoming obsessed It’s a free market economy that will provide a myriad of opportunities to create value • The community will attract developers and entrepreneurs It’s fun and inspiring! • Decentraland is a canvas for the imagination Why we love Decentraland
  12. 12. Recording property ownership actually works in cyberspace • Honduras experimented with blockchain-based land title project, but gave up because of “last-mile” – a problem that doesn’t exist in DCL Demand for scare digital assets is already big, and in coming years it will explode • Cryptokitties is the perfect proof point for LAND and other scarce virtual goods that will trade in DCL “The Token Effect” (i.e., bootstrapping a network) • Speculation will fuel development, which will attract a variety of new stakeholders Open platform for developers • Decentralization means that developers can build whatever they want and know that the rules won’t change Code is law? • Smart contracts will work beautifully in DCG – the platform will feature a variety of ”real estate” contracts that are enforced by ETH and automatically execute • DCL will gradually become a functioning “DAO” – meaning, it will have its own government Blockchain’s killer app?
  13. 13. I. We participated in the token sale and own MANA II. We bought LAND III. We are “leasing” out LAND to 3D developers IV. We are seeding businesses on top of DCL. More specifically, we are funding the development of top districts in DCL and are in discussions to launch an incubator and/or fund with terrific partners V. We are hosting events and launching the Decentraland Meetup group in NYC VI. We are talking to designers / architects about developing on our land VII. We are talking to big companies in media, entertainment, and technology about getting involved How we’re involved with Decentraland
  14. 14. I. Invest in MANA or LAND II. Follow DCG on twitter (@Decentraland) or join the RocketChat III. Launch new businesses in DCL or extend your existing business into DCL IV. Partner with the foundation to help them build V. Let your imagination roam and then bring your ideas to life What can you do? This multidisciplinary project has something for everyone - take your unique skills and find a creative way to apply them in DCL
  15. 15. Appendix
  16. 16. Website: https://decentraland.org/ RocketChat: https://chat.decentraland.org/channel/general LAND Marketplace: https://market.decentraland.org/0/0 MANA Token Information: https://transparency.decentraland.org/ MANA CoinMarketCap Page: https://coinmarketcap.com/currencies/decentraland/ Bittrex MANA Market: https://bittrex.com/Market/Index?MarketName=btc-MANA DCL Resources

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