On 5th Dec, CoinGecko – a cryptocurrency ranking website that gives a 360-degree overview of cryptocurrencies announced the collaboration with Decentraland – an Ethereum Blockchain powered distributed platform for the virtual world.
The partnership aims to explore the potential and development of non-fungible tokens (NFT). The tweet by Coingecko reads,
We are excited to announce our partnership with @decentraland to explore the potential of non-fungible tokens (NFT). Decentraland is the leading VR platform powered by the Ethereum blockchain. We look forward to play an active role in NFT development!https://t.co/yFmSFkPHlC pic.twitter.com/dMKy0pM8Bk
— CoinGecko (@coingecko) December 5, 2018
What is Non-Fungible Token?
Non-Fungible Tokens or NFT are unique tokens that cannot be interchangeable. To understand the term NFT, we can take the example of Cryptokitties. They are unique and have their own specialty and appearances though they all are called Cryptokitties but not similar to each other. Hence, they are not perfectly interchangeable to each other.
Though the end goal of this collaboration is to explore the potential of NFT, Coingecko has already purchased their first parcel of LAND on Decentraland and looking for an idea to develop this virtual plot of land.
According to Decentraland’s blog post, CoinGecko has purchased the virtual land in Genesis City which is situated on a parcel right between Vegas City and the University District.
LAND is a non-fungible digital asset that can be purchased on Decentraland which is one of the leading NFT platforms. The LAND can be purchased through ERC-20 token called MANA.
MANA is Decentraland’s own cryptocurrency token by which users can buy virtual land as well as pay for in-world digital goods and services.
Users are free to do whatever they want to do with their portion of LAND like they can develop applications, 3D games, dynamic 3D scenes, virtual tourism, etc…
Celebrating Collaboration by giving rewards
As per CoinGecko’s blog post, both firms are celebrating the partnership and organized a contest in which interested users can take part by completing several steps like following and retweeting CoinGecko and Decentraland on Twitter, referrals, giving suggestion on how CoinGecko can play an active role in Decentraland, etc.
In this contest, companies are rewarding 10,000 MANA tokens and Decentraland merchandise to 50 winners. The blog says,
“Top 5 winners will win Decentraland merchandise and 200 MANA tokens. The remainder 45 winners will win 200 MANA tokens.”
Users can participate by visiting the contest page.
The MANA give away is not new. Last week, on 2nd Dec, Decentraland and Binance were celebrating the partnership by announcing MANA TRADING COMPETITION for traders. They were giving away 1,875,000 MANA and 1 Binance-branded parcel of LAND to those traders who have the most effective MANA trading volume on Binance.
The project started by Decentraland is unique and how uniquely CoinGecko will use its virtual land will be intriguing to see. But there is one thing I must say that the Blockchain world is seamless and it has the ability to change the world.
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