What is the LAND token?
The LAND token is the native cryptocurrency of the Decentraland platform.
It is an ERC-20 token based on the Ethereum blockchain and is used to purchase, trade, and manage virtual land parcels in Decentraland. LAND tokens are non-fungible tokens (NFTs) that represent ownership of a virtual parcel of land in Decentraland. Each parcel of land is identified by a unique coordinate pair (x,y) on the Decentraland map.
The parcels are divided into 10m x 10m squares, and each square can be purchased with LAND tokens. Once purchased, users can build whatever they want on their land, including games, art galleries, stores, casinos, and more. The LAND token also serves as a medium of exchange within the Decentraland economy.
Users can use it to purchase goods and services from other users or to pay for access to certain features within the platform. Additionally, users can use it to participate in events such as auctions or competitions that take place within Decentraland. Finally, developers can use it to pay for resources such as storage space or computing power when building applications on the platform.
