What Is Decentraland Coin (MANA) & How It Works: Full Review Of 2022 For Crypto Traders

What is Decentraland (MANA) & How Does It Work

What is Decentraland? Get to know Metaverse Decentraland game highlights and MANA Token tokenomics details!

If I had to name a game in Crypto that was born a long time ago and was ahead in the Metaverse trend, then Decentraland would be one of the names that should be included in the top list. In this article, let’s learn about the Decentraland game with Covemarkets.

What is Decentraland (MANA)?

What is Decentraland (MANA)

Decentraland is a 3D VR platform for creating and monetizing content and apps. Decentraland uses the Ethereum blockchain to create a user-owned network that’s immersive. A shared metaverse where people can buy virtual land.

A metaverse is a virtual world where users can connect, learn, and play. In simplest terms, Decentraland is a decentralized environment where users can explore user-owned LAND, experience scenes and structures, virtual trade items, and communicate.

Background of Decentraland

Decentraland was created in 2017 with a $24 million ICO. The virtual environment was launched in February 2020 after a 2019 beta test. Since then, people have constructed interactive games, 3D scenes, and other experiences on LAND parcels.

The two tokens used by Decentraland are MANA and LAND. To obtain non-fungible ERC-721 LAND tokens, MANA, an ERC-20 token, must be destroyed. Various avatars, wearables, names, and other items are available in the Decentraland marketplace using MANA tokens.

How Does Decentraland Work?

To track real estate parcels identified by LAND tokens, the Decentraland application was created. In order for users to interact with the software’s ecosystem, they must possess its MANA token and have an Ethereum wallet open. The software uses the Ethereum blockchain to monitor ownership of this digital land.

By creating the animation and user interface for their virtual properties, developers are also allowed to innovate on the Decentraland platform.

What Problems Does Decentraland Solve?

Decentraland aims to address the issue of centralized control over internet communities and material. In the decentralized virtual environment, Decentraland, people can produce, consume, and profit from content and applications.

The Decentraland Team

The Decentraland Team

Ariel Meilich and Esteban Ordano, who co-founded Decentraland, have resigned from key roles within the initiative but continue to serve as consultants to the project.

  • Ariel Meilich, a serial entrepreneur who founded a translation business and a CRM platform, led Decentraland’s project from 2017 to 2020. Charles River Ventures hired him as an analyst.
  • Esteban Ordano, Decentraland’s previous tech lead, has extensive bitcoin experience. He was a BitPay software developer, Matic Network advisor, and Smart Contract Solutions founder.
  • Additionally, Zeppelin Solutions, a well-known infrastructure provider for blockchain technology, is credited to Esteban with co-founding it.

Decentraland is currently being developed, even though Ariel and Estaban are no longer in charge. The recently founded Decentraland Foundation is in charge of these efforts.

Partnerships

Decentraland offers several partnerships. Developers can collaborate on projects or encourage content providers’ work. Partners can bring real-world items and services into the virtual world.

For the Australian Open, Decentraland, for instance, signed a partnership agreement with Tennis Australia (AO). This procedure will go down in history as the first official grand slam tennis event in the Metaverse.

The partnership will make it possible to virtually recreate Melbourne Park’s most notable features, including Grand Slam Park and the Rod Laver Arena. This is anticipated to last fortnight during the AO tournament, beginning on Monday.

Binance is also a partner of Decentraland to support blockchain-driven gaming innovations. Under this collaboration, you can use Binance Coin (BNB) to participate in Decentraland’s upcoming auction for virtual land parcels, called LAND.

What Is MANA Token?

MANA is Decentraland’s in-game and platform currency. Using the ERC-20 token MANA, users can purchase or sell LAND and pay for virtual products and services. The token can be used to acquire estates, avatars, wearables, and original identities on Decentraland Marketplace. Decentraland provides a marketplace for trading and managing on-chain assets.

Read more: BEP2 vs BEP20 vs ERC20: Which Is The Best Choice For You 2022?

Basic Information About MANA

  • Token Name: Decentraland.
  • Ticker: MANA.
  • Contract: 0x0f5d2fb29fb7d3cfee444a200298f468908cc942
  • Blockchain: Ethereum.
  • Token Standard: ERC-20.
  • Total Supply: 2,193,570,827 MANA.
  • Circulating Supply: 1.85B MANA

Token Allocation

  • Crowdsale (ICO): 40%.
  • Decentraland Foundation: 20%.
  • Team & Early Contributors: 20%.
  • Community & Partners: 20%.

Token Allocation

Read more: IDO Vs ICO Vs IEO: What Is An IDO In Crypto And How To Invest It 2022?

Token Sale

Decentraland decided to sell 40% of the total supply to the market in August 2017, with the selling price increasing by 5% daily.

After 9 days of the token sale, Decentraland raised ~$25 million for the Crowdsale round.

Token Sale

Price of MANA Today

The current live Decentraland price is $1.06 USD with a $204,860,764 USD 24-hour trading volume. Our MANA to USD exchange rate is constantly updated. In the past 24 hours, Decentraland has decreased by 3.53%. With a live market cap of $1,956,028,483 USD, CoinMarketCap now ranks #35. There are 1,852,424,697 MANA coins in circulation, and the maximum supply is unknown.

What is MANA Used For?

Users of the Decentraland platform require MANA in order to:

  • Operate a wallet: Decentraland connects a user’s digital wallet to Metaverse. The wallet stores digital assets in the cloud, not locally. All wallet transactions will use MANA.
  • Purchase wearables: On the Decentraland marketplace, wearables are among the most sought-after products. Customers can buy various hairstyles, eye colors, exterior items like tiaras and sunglasses, flags, surfboards, jewelry, and a wide variety of other add-ons for their avatar here.
  • Invest in property: Decentraland has hundreds of parcels for sale. Users require MANA to buy land. Investors pay millions for a single block or street in Decentraland. Future Metaverse users or event organizers can rent these properties.
  • Earn money: Decentraland offers a variety of ways to do so, including trading goods worth MANA. Users can purchase products and land for a relatively low price during market downturns to subsequently auction off on the Decentraland marketplace.
  • Get a mortgage: You can apply for a mortgage and buy real estate in Decentraland by making a minimum down payment of MANA. Users have the option to start with a small payment and eventually pay off the mortgage at a set interest rate.
  • Trade in cryptocurrencies: Purchasing and selling MANA is possible without using Decentraland. It is a well-liked asset class in and of itself, and cryptocurrency traders might include MANA in their bigger holdings. You can purchase MANA with or without a Decentraland account on all major crypto exchanges.

How to Buy MANA Tokens?

Many cryptocurrency trading platforms offer MANA, but Binance is recommended because it is more convenient (fees and funds are readily available). More than 15 exchanges list MANA, with Gemini, Coinbase,FTX and eToro being the most well-known.

You can buy MANA by following these simple steps:

  1. Go to an Exchange, establish a new account, accept the rules, and enter your email and a secure password.
  2. Check Your Email
  3. Add and then confirm your phone number.
  4. Remember to enable two-factor authentication to secure your money.
  5. Add money to the platform.
  6. Depending on the amount of money you have, select the Market option and browse for the MANA/BUSD or MANA /USDT pair.
  7. Purchase MANA for the chosen sum.

How to Store MANA Coins?

There are two ways to keep MANA tokens safe:

  • The first is hardware wallets, which are advised in particular if you intend to keep MANA for extended periods. Because they are offline wallets, they are extremely safe and impossible to hack. The Ledger, which comes in two models, the Ledger Nano S and the Ledger Nano X, is the best hardware wallet currently on the market that supports MANA.
  • Software wallets are an excellent choice for short-term storage and are the second alternative for storing MANA tokens. Even though several wallets support MANA tokens, the Coinbase wallet is one of the best. Besides, You can store your MANA tokens on Trust Wallet or Metamask.

Read more: What Is MetaMask Wallet & How To Use: A Full Guide For Beginers In 2022

Goals of Decentraland

Goals of Decentraland

Decentraland aims to build a virtual universe where users own their virtual assets. The virtual reality platform enables you to explore a changing world, design your sceneries and structures, and purchase and sell stuff.

Decentraland aspires to create a decentralized virtual environment where people can own, build, sell, trade, explore, and live. You can design and create your virtual universe.

Prospect Of MANA

The opportunities Decentraland has are both exciting and significant. In the area of blockchain virtual reality platforms, it has shown to be a fairly original concept. Users can use its advantages for nothing while picking up useful skills for the real world. This platform has established the bar for maturity in crypto compared to other projects.

The most amazing component a viable seed requires to develop into a wonderful tree is time. That is demonstrated through Decentraland. Keep a lookout on this platform for other fascinating updates regarding initiatives like this.

FAQs

FAQs

How to earn MANA tokens?

  • Participate in Decentraland Marketplace to get MANA tokens. Users can buy and sell virtual land on the Decentraland Marketplace.
  • Decentraland Community members can earn MANA tokens.
  • Decentraland Foundation participants can earn MANA tokens. The Decentraland Foundation encourages ecosystem development.

Should you invest in Decentraland?

This is a difficult question to answer. Some people may feel that Decentraland is a good investment because it is a new and innovative project with great potential. Others may be more hesitant to invest because the project is still in its early stages, and there is no guarantee that it will be successful.

Is investing in MANA risky?

Any cryptocurrency, including MANA, has risk. MANA may have distinct dangers than other cryptocurrencies. MANA’s value may depend more on the Decentraland platform’s success than other cryptocurrencies. Before investing in MANA or any cryptocurrency, do your research.

Decentraland’s popularity has several causes. First, the virtual world is built on Ethereum, which lets users own land and content. Decentraland uses MANA to purchase, sell, and trade land and virtual products. Decentraland’s team has built a solid community, which has boosted adoption.

Is it the right time to buy MANA?

This is not investment advice. Please consult a financial advisor before making any investment decisions.

What can I buy with MANA?

MANA can be used to purchase a variety of virtual goods and services, including but not limited to: in-game items, digital art, collectibles, and unique experiences.

How is Decentraland different from other blockchain projects?

Decentraland is a virtual world that runs on the Ethereum blockchain. Users can buy, sell, or trade virtual land on a decentralized marketplace. Decentraland is different from other blockchain projects because it is one of the first virtual worlds that allows users to own their land.

Can I convert Decentraland coins to other currencies?

Decentraland coins can be converted into other currencies.

How can I find more information about Decentraland?

The Decentraland website provides a lot of information about the project and a blog with updates. You can also find Decentraland on Twitter and Reddit.

Conclusion

The most recent details from Decentraland and MANA Token are what Cove Markets have given you. If you’re looking for a blockchain virtual reality platform, Decentraland is rather distinctive. How do you envision Decentraland’s future? To talk with Covemarkets, please leave a comment below.

Disclaimer: The information provided in this article is not investment advice from Cove Markets. Cryptocurrency investment activities are yet to be recognized and protected by the laws in some countries. Cryptocurrencies always contain financial risks.

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