Decentraland shows the potential of blockchain and VR combined

Blockchain-based virtual reality universe Decentraland is holding its first property auction today. The virtual world is a social space linked to crypto coin-based transactions. You can buy a patch of virtual land, build something on it, share that experience with friends and family, or even turn it into a profitable business.

Decentraland’s launch is emblematic of a kind of showdown happening in the VR world at the moment. As virtual reality headsets and mobile VR become more readily available and affordable, big tech companies such as Facebook and Microsoft are taking strides to claim what some see as an unfair share of an industry destined to be worth over $70 billion in a few years.