Decentraland is a 3D decentralized virtual reality platform consisting of 90601 plots of land. Virtual property in Decentraland are NFTs that can be purchased through the MANA cryptocurrency, which is based on the Ethereum blockchain.[1]​ It was launched publicly in February 2020,[2]​ and is supervised by the non-profit organization Decentraland Foundation.

Decentraland was originally created in 2015 by Argentinians Ari Meilich and Esteban Ordano.[3]​[4]​ Initially, it was a pixelated network that allocated pixels to users through proof-of-work algorithms. Decentraland finally evolved into a 3D world. In October 2018, Decentraland and Animoca Brands carried out a mutual investment through staking and a Mana token exchange valued at $0.5 million each.

Decentraland investors include Digital Currency Group, Kenetic Capital, FBG Capital, CoinFund, and Hashed.[5]​.

When Decentraland launched in beta in 2017, developers sold packages of virtual land for as little as $20;[6]​ On the other hand, in the wake of the boom in NFT art in 2020-2021, the most coveted property was selling for over $100,000.

In June 2021 London-based auction house Sotheby's created a digital replica of its New Bond Street headquarters as a virtual gallery in Decentraland to display digital art.[7]​.

On June 18, 2021, New York-based real estate investor Republic Realm paid the equivalent of $913,228 for 259 Decentraland parcels that were planned to become a virtual shopping district called Metajuku, similar in style to Tokyo's Harajuku shopping venue.[8]​[9][10]​.

Held in October 2021, the 4-day Metaverse Festival was the first music festival in a metaverse and included virtual reality performances such as Deadmau5, AlunaGeorge, Alison Wonderland, among others.[11]​.

On March 2, 2022, Decentraland announced that its desktop version was now available, called Decentraland Desktop Client for Windows[12]​.

In August 2023, Finance Research Letters found that Decentraland investors typically fell into four categories: those attracted to self-expression and aesthetics; those who seek community and social commitment; investment-focused speculators; and enthusiasts of technological innovation.[13]​.