One of our favorite projects in the space, Decentraland, is an open source initiative to build a traversable virtual reality world. Within Decentraland, habitants can claim land as their own and build anything they wish upon it, from 3d artwork to fully immersive applications such as a VR poker room, for other inhabitants of the world to discover and enjoy.
As in the real world, land in Decentraland is scarce, non-fungible, and transferable; making it a logical asset for trade. Decentraland makes use of the Ethereum blockchain and a native token, the MANA, to implement a process for establishing claims over parcels of land within the world.
The nature of adjacency of land will lead to particular parcels becoming more desirable than others as a byproduct of their surroundings. A parcel which hosts a heavily trafficked installation will naturally enhance the discoverability of content hosted by neighboring landowners, leading to an appreciation in the inherent value of bordering plots.
With a great deal of interest surrounding the project already and a finite amount of parcels available to be claimed, one can imagine the need for a secondary market for land ownership and rentals emerging quickly. We are excited to announce today, in cooperation with the Decentraland team, our intent to build this marketplace and many more on the district0x Network.A virtual real estate market
The district0x Network is a collective of decentralized marketplaces powered by Ethereum, Aragon, and IPFS. Markets on the network, also referred to as districts, are built upon a shared framework comprised of smart contracts and front-end libraries which provide the functionality necessary to operate communal marketplaces such as applications like Airbnb, eBay, and Uber.
The Decentraland team submitted a proposal for the creation of a secondary marketplace for real estate within...