Decentraland is a decentralized virtual reality platform powered by the Ethereum blockchain. Within the Decentraland world, users can create, experience, and monetize what they build and what they own.
In Decentraland’s shared virtual world users can buy land, known as "parcels" that are recorded on a blockchain backed ledger. The land itself, as well as the virtual properties built on top of it, is a type of a non-fungible digital asset or utility token called LAND, which is stored in an Ethereum smart contract.
LAND owners control the content published on their land, which is coded into a smart contract. This content could be anything from scenes and images to games and applications. Users can explore, travel and visit venues in a similar way to in the real world. The platform is also a peer-to-peer network for users to interact.