FAQ

• What is a virtual wallet?

Digital wallets are tools that work as a bridge between the blockchain and the dApp (decentralized applications). This means that with a wallet you will be able to monitor your available funds, transaction history, and security options. Decentraland for example uses the Ethereum blockchain to record the ownership of all digital assets and tradable items. Your public wallet address is a unique identifier for your wallet. It’s like a bank account number, you can share it freely with others, and it’s used to direct assets to and from your wallet.

• How do I get a digital wallet?

To enter Decentraland or be able to mint our upcoming NFTs, you must use a wallet that is integrated with the web browser. We recommend MetaMask, for safety and compatibility. Metamask is a crypto wallet and gateway to blockchain APPs, trusted by over 21 million users worldwide. For more information regarding this matter please visit: https://metamask.io/faqs/

• I lost my digital wallet! What happens with my account?

If you lose access to your wallet you will lose your avatar, your name, and any of the wearables or NFT items stored within. So please remember to always keep your wallet recovery passphrases in a safe and secure location.

• What is cryptocurrency?

Cryptocurrency is a digital payment system that doesn't rely on banks to verify transactions. It’s a peer-to-peer system that can enable anyone anywhere to send and receive payments. Instead of being physical money carried around and exchanged in the real world, crypto payments exist purely as digital entries to an online database describing specific transactions. When you transfer cryptocurrency funds, the transactions are recorded in a public ledger. Cryptocurrency is stored in digital wallets.

• What is Ether (ETH) as crypto, and how do I send it to my wallet?

For executing transactions, you’ll need to put money in your wallet. dAPPs based on Ethereum, like Decentraland, use Ether: a digital currency that powers the Ethereum network. It acts like any other currency, in that its value fluctuates with the market. You need to convert your currency (e.g. USD, CAD, GBP) into Ether to pay for things such as collectibles.

• What is an NFT?

A non-fungible token (NFT) is a non-interchangeable unit of data stored on a blockchain, a form of digital ledger, that can be sold and traded. Types of NFT data units may be associated with digital files such as photos, videos, audio, 3D models, etc. Because each token is uniquely identifiable, NFTs differ from blockchain cryptocurrencies, such as Bitcoin. Which is a fancy way of saying it’s a unique, one-of-a-kind digital collectible that users can buy, own, and trade (think of it like trading cards or fine art).

• Can't I just right-click and save the image?

You can, but the beauty of the blockchain is that the history of each non-fungible token is stored within it and every transaction will go through its smart contract, making it easy to verify previous and current owners. You'll always have visibility to who actually owns the asset and only by owning it, you get all the benefits.

• What is Decentraland?

Decentraland is a decentralized virtual reality platform powered by the Ethereum blockchain. Within the Decentraland platform, users can create, experience, and monetize their content and applications. For more information please visit: https://docs.decentraland.org/decentraland/introduction/

• What is LAND?

LAND is a non-fungible digital asset maintained in an Ethereum smart contract. LAND is divided into parcels that are referenced using unique X,Y cartesian coordinates. Each LAND token includes a record of its coordinates, its owner, and a reference to a content description file or parcel manifest that describes and encodes the content the owner wishes to serve on his/her land.

• What is OpenSea?

OpenSea is the leading marketplace for non-fungible tokens. The platform lets users buy and sell NFTs on the secondary marketplace and also create their own NFT collections to sell on the primary marketplace. OpenSea marketplace is easy to navigate, with a filter feature to help you find the NFTs you need. For more information please visit: https://opensea.io/about

• What is ‘gas’?

‘Gas’ is a shorthand term used to describe the cost of powering a transaction or contract in Ethereum. Because blockchain is decentralized, every transaction is distributed through multiple computers, not a central server. This ensures each token – in this case, each collectible – is secure and one-of-a-kind. It also takes a lot of computational power, which is covered by the cost of gas.

• What is the difference between “ERC20” and “ERC721”?

The main distinction between “ERC20” and “ERC721” tokens is that the former is a fungible token, but the latter is a non-fungible token. “ERC20” tokens are interchangeable and represent a single entity, whereas “ERC721” tokens represent a collection of assets. Furthermore, “ERC721” is not divisible. In short, “ERC20” refers to virtual coins in general, and “ERC721” to the NFTs per se.

• What is a blockchain bridge?

Blockchain bridges allow users to leverage two different protocols and are designed to suit various purposes. Some bridges only allow tokens to be wrapped into another token, but not the reverse. For instance, you can wrap Bitcoin and harness the power of the Ethereum blockchain, but not the other way round.

• What is Polygon?

As stated on the official Polygon website, “Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. Aggregating scalable solutions on Ethereum supporting a multi-chain Ethereum ecosystem.”

• What is Matic?

MATIC is Polygon’s native token. It is a cryptocurrency used to cover gas fees in the Polygon network, among other use cases. MATIC is to Polygon as Eth is to Ethereum. You can buy MATIC in most cryptocurrency exchanges.