In a recent announcement by MANA, the native token of Decentraland, the details of the event were shared:

Decentraland is an innovative platform that merges the realms of virtual reality and digital assets. It provides a digital landscape where users can interact and contribute to content creation.

The functioning of Decentraland relies heavily on non-fungible tokens (NFTs) — one-of-a-kind assets symbolizing virtual land plots known as LAND. Each LAND is distinctive and owned solely by one owner, and it can be occupied by a variety of virtual structures or objects. All decisions about Decentraland’s growth and management are made through a decentralized autonomous organization (DAO), where token holders vote.

Ownership of MANA tokens gives the power to participate in DAO voting, thereby influencing the platform’s future. LAND, another non-fungible token, represents land parcels owned by the community’s players. Similar to MANA, it is part of the Decentraland governance protocol and awards voting rights.

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