Decentraland is a blockchain-based virtual reality ecosystem in which anyone can create, experience, and monetize virtual content and applications. Ethereum smart contracts are used to power the various features of the platform, which is essentially a whole virtual world in itself. Users can purchase their own piece of “land” which is then theirs as long as they choose to keep it, since all records are immutably recorded on the blockchain. The user can then create anything they want to on their “land” and then make it available for other users to access. Nearly everything is decentralized and ruled by open standards. Content is distributed using an IPFS (Inter-Planetary File System), with hashes being stored on the blockchain.
Decentraland (MANA) Ethereum tokens are used to purchase an empty “land” area in the ecosystem.