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Decentraland will use the Ethereum network to establish land ownership in the virtual world. The world will be divided into 100m² (about 1078 ft²) parcels, with a non-fungible digital asset for each plot of land. These assets recognize the designated owner of the parcel, and describe what its contents are. We call this digital asset, LAND.

We are also introducing an ERC20 token named MANA. MANA can be burned to claim LAND. Holding MANA allows users to claim a big area of LAND before deciding where to settle.

Why We Use Ethereum

Our previous iterations of Decentraland used their own blockchain. By piggybacking on Ethereum’s virtual machine, we reap the benefits of a decentralized ownership ledger, while avoiding the costs of maintaining a P2P network, mining relationships, software, etc.

When users buy MANA through a smart contract, they will directly contribute to the development and growth of not only the economy, but the ecosystem. Proceeds received from token sales will eventually be managed by a DAO. This approach will improve the chances of success of the project, by capturing the value that would otherwise be spent on mining equipment and electricity.

Source: Building a LAND Economy with the MANA Token – Decentraland