Virtual world pioneers Decentraland announce second sale

After a first successful tokenised round of $30 million in January, Decentraland announced a second token sale, based on a community vote.

15 Nov 2018 2 min read

Second sale after a first success

The virtual reality platform built on Ethereum Decentraland announced a second token offering to complement last year's "Terraform event" ICO, that happened between December 2017 and January 2018.

The project collected over $30 million to fund its operations and allow token holders to claim their LAND for the first parcel of Decentraland called Genesis City.

LAND is a non-fungible digital asset that represents a land parcel of the virtual world located by cartesian coordinates, that users can purchase with MANA tokens.

The first auction released over 160 million MANA used to purchase 34,356 LAND and plans to release the remaining 9,331 parcels unowned. The second one will be organised as a Dutch Auction with a initial MANA price pegged at the first sale's price.

Community-approved

Earlier this month, the project launched a decentralised voting platform called "Decentraland Agora" to gather insights from the community.

They kickstarted with two polls:

First, Decentraland asked whether users should be able to pause MANA transactions. Developers further explain that the pause() function was initially built to safeguard MANA in case of a bug arises. The community overwhelming voted in favour of removing the function

Second, the team asked their community when was the best time to introduce a second token sale, whether in Q4 2018 or Q1 2019. Over 85% of respondents wanted to have an auction at the end of this calendar year.

Decentraland is currently organising a second round of questions regarding the inflation of MANA and its fee structure. Any MANA holder can vote until November 26th, so go and cast your vote on Agora. You can read more about the voting process here (the more a user holds MANA, the higher the weight).

Decentralised virtual world pioneers

The decentralised platform has created an interactive world where token holders can own a piece of "virtual real estate" in the form of tokens called LAND on the Ethereum blockchain.

In short, Decentraland gives to token holders permanent ownership of virtual land parcels and let them control the type of content and environment on top of it.

The world is still under active development with a strong community backing it and plans to give access to the realm from mobile devices, web browsers and Virtual Reality (VR) headsets.

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