Decentraland is a virtual reality platform powered by the Ethereum blockchain, allowing users to create, experience, and monetize content and applications. Land in Decentraland is permanently owned by the community, giving them full control over their creations. Ownership of virtual land is recorded on a blockchain-based ledger of parcels, identified by a set of cartesian coordinates (x,y). Content on these parcels can range from static 3D scenes to interactive systems such as games. Land is a non-fungible, transferrable, scarce digital asset stored in an Ethereum smart contract. It can be acquired by using an ERC20 token called MANA. Decentraland is a decentralized environment and there is no single entity with the power to modify the rules of the software, contents of land, economics of the currency, or prevent others from accessing the world.

The Decentraland (MANA) token is used to purchase land in Decentraland, a virtual world powered by the Ethereum blockchain. MANA is also used to pay for goods and services in the Decentraland virtual world, as well as to create content, build applications, and host events. In addition, MANA can be used to pay other Decentraland participants for their work in creating and maintaining the Decentraland virtual world. Additionally, users can trade their MANA tokens on cryptocurrency exchanges.

In 2017, after months of research and development, Meilich and Ordano officially launched Decentraland with the release of their whitepaper. The whitepaper outlined the Decentraland vision, which is to create a virtual world where users can create, experience, and monetize content and applications. Following the whitepaper's release, Decentraland launched its public token sale in August 2017, raising over $35 million. The platform officially launched in February 2020, allowing users to explore and create in the Decentraland virtual world.