Decentraland is an open-source initiative to build a virtual reality world. It uses blockchain technology to claim and transfer virtual land, keeping a permanent record of ownership. A public VR world should be ruled by open standards, shielded from the agenda of any central organization. To make this possible, Decentraland uses blockchain technology as a permanent immutable record of ownership. Over the past decade, giant proprietary platforms have emerged where hundreds of millions of users gather to interact with each other, share content, or play games. Their network effects have made for a very fertile ground for online communities and gaming companies. However, each of these platforms has perpetually remained an appendage of the owner of the network. In every case, some central organization has acted as a gatekeeper as well as a taxman, controlling the network and its content, and extracting a significant amount of revenue from content creators.
We believe users should own and capture the value of the content they create. This is why we built Decentraland. Decentraland began in 2015 as an experiment in blockchain technology. Initially, it was simply a proof-of-work algorithm that allocated pixels to users in a trustless manner. The following iteration turned Decentraland into a traversable 3D world that you could explore through a web or VR client. A few months from now, Decentraland will be the open standard for a fully-fledged virtual world, or Metaverse. In Decentraland you can buy and develop parcels of land on which to build anything from static 3D scenes to dynamic applications. This way, you can host other users on your land and determine how they interact with each other and the environment — and since the land is yours, you get to keep the value that you create for other users.