Blockchain Start-up Decentraland had its Initial Coin Offering (ICO) last week and raised a sum of $24 Million within a space of 35 seconds. The ICO closed so fast, majority of prospective investors could not have their purchase orders filled.
Sources say about 10,000 investors were readied to participate in the ICO but as much as 7,000 people missed out on it.
The Decentraland project will bring users in contact with a shared virtual world called Metaverse. The development of this project started as far back as June 2015 with some users already having real estate allocations in Metaverse.
To actively participate in the Metaverse world, a user would need MANA which is the cryptocoin off the Decentraland platform and as stated by the company, “MANA will let users buy and sell virtual real estate, called LAND, and fully immerse themselves in Decentraland’s virtual reality economy”
A simple grid was adapted in the modeling of the virtual universe. Real estate owners can be identified with their properties through the use of a pixel metadata. The early stage of the project’s development was referred to as stone-age and it later transitioned to the bronze age in late 2016.
To entice more users and encourage development, the Decentraland team will be creating a layout pretty soon for the first metropolis – Genesis City. Plots in Metaverse will be designated as streets, parks, public places and many more. This virtual world would be made as realistic as possible such that one might not be able to tell difference.