Decentraland To Host Ethereum’s First Music Festival, TO THE MOON. July 11, 2021
Next Sunday, Ethereum based computer game Decentraland will host a virtual live music festival called ‘To The Moon’. The festival will start at exactly 6:00 PM UTC on July 11, 2021.
Decentraland is a decentralized virtual reality platform for To The Moon powered by the Ethereum blockchain. It is a browser-based and crypto-powered online game with Minecraft-style and Second Life like socializing. MANA is its Ethereum based in-game currency.
The cryptocurrency is listed on exchanges such as Binance for trading, but the easiest way to obtain it is to buy it directly using an exchange like Coinbase or Gemini. With it, holders can buy in game items, and any one of 90,000 plots of in-game land as Non-Fungible Tokens. Meanwhile, To The Moon is the name of the music and arts festival. It is a collaboration between KnownOrigin (an NFT marketplace), Illumino (an NFT tastemaker collective), and BEAR NFT.
One of the main benefits of owning a digital collectible versus a physical collectible like a Pokemon card or rare minted coin is that each NFT contains distinguishing information that makes it both distinct from any other NFT and easily verifiable. This makes the creation and circulation of fake collectibles pointless because each item can be traced back to the original issuer.
Unlike regular cryptocurrencies, NFTs cannot be directly exchanged with one another. This is because no two NFTs are identical – even those that exist on the same platform, game or in the same collection. Think of them as festival tickets. Each ticket contains specific information including the purchaser’s name, the date of the event and the venue. This data makes it impossible for festival tickets to be traded with one another.
KnownOrigin is hosting the festival at its virtual headquarters. The online music acts include performances by Ookay, SNBRN, Fred Thurst, Autograf, and Win and Woo.
Consequently, the organizers promise exclusive NFT goodies to attendees. Apart from this, attendees will receive a virtual POAP (Proof of Attendance Protocol) token to brandish on their Decentraland profile. Also, they can buy exclusive (virtual) clothes, including a bomber jacket and hat.
But what is Decentraland?
Decentraland is a browser-based and crypto-powered computer game with Minecraft-style world-building and Second Life style socializing that launched in 2017. The in game currency is the Ethereum based MANA. With it, holders can buy in game items and any one of 90,000 plots of in-game land as NFTs. In March, Decentraland had about 10,000 daily active users, according to NBC.
In early June, Boson Protocol, which lets people turn physical items into NFTs, paid the equivalent of $704,000 in MANA for a plot of land, on which it plans to build a mall connecting Decentraland to real-world shops. At the time, Boson’s purchase was the highest-value land trade on Decentraland, though it’s since been superseded by investment firm Republic Realm, a virtual real estate investment firm at the cost of $913,000 for a bit of Decentraland.
Virtual real estate, like much of the NFT space, is a risky investment. What’s hot and in-demand today might easily stink tomorrow. If the market pops, buyers won’t even have the satisfaction of non-pixelated earth to stand on. For carefree attendees of TO THE MOON, however, that’ll be nothing but a bad hangover. It’s hard to imagine that this is what Decentraland’s creators had in mind for it, but in a world where virtual spaces have become more important to us all, it feels like wasted potential.
Much like the real Vegas, it feels like you need to spend money to have any real fun—and in that sense, it’s also a lot like any other real-world theme park. But theme parks are all about escapism—and while Decentraland might be free from coronavirus, climate change, and death, it has a long way to go before it feels like somewhere you’d want to spend much time.