What Is Decentraland (MANA) How It Works & Where To Buy It?

Decentraland is a virtual reality platform built on the Ethereum blockchain. The project facilitates actions like buying land, which users will later be able to earn yields on.

A list of major companies and names have already purchased plots of land in Decentraland’s virtual world – including financial heavyweight JP Morgan.

The metaverse sector of crypto has escalated in popularity over the past few months – exciting projects like Decentraland and The Sandbox have attracted a lot of attention in the crypto space.

Decentraland (MANA) is currently the 2nd largest metaverse project in the world by market cap with the 35th largest market cap overall.

 

How Decentraland (MANA) Works

The scope of the Decentraland project positions itself towards developing the virtual reality space. Multiple metaverse projects have garnered significant followings in the crypto space – the potential is infinite considering other virtual worlds’ progress already in the blockchain space.

The premise of the game is to allow users to create unique user avatars, purchase virtual real estate and interact in a 3D virtual world. The concept has seen extensive development in recent years, and major brands like Coca-Cola have endorsed the metaverse.

Essentially, users can purchase 33ft x 33ft land parcels on the land marketplace – they’re free to utilize the land in an array of innovative ways.

When they purchase land they could choose to build things that will add value, and make it more appealing to other virtual participants. Some land examples are apps, futuristic 3D scenes, and even gambling services.

It’s a new world that people are now being exposed to – an opportunity for innovation and transformative thinking. The Decentraland marketplace is at the core of transactions facilitated in the virtual world.

As a user, you can buy land, sell land and transform the area to your liking. This plays a great part in people’s interest in metaverse projects and their potential.

 

What Is Decentraland (MANA) Used For?

To purchase land (digital real estate parcels), users need to pay in MANA tokens. The virtual reality is built on the Ethereum blockchain and participants in the ecosystem are required to hold MANA tokens in their digital wallets.

The real-time layer aspect of Decentraland makes it appealing for users to engage continuously – the market is constantly live.

The architecture Decentraland has built gives the project an abstract and new way to grow, through user adoption and a flourishing in-game economy, which ultimately further propels advancement in the Decentraland project.

The land is sold in the shared virtual world, and any user has multiple ways to earn yields in the metaverse. Some of the most common ways to earn yields are through buying and selling land.

The MANA tokens are also frequently traded on multiple centralized and decentralized exchanges. Traders exploit the price volatility to earn profits through swing trading or arbitrage trading.

 

Where To Buy Decentraland (MANA)

Decentraland (MANA) has recently risen in popularity and its trading volumes on exchanges have seen a significant surge in the past few months. MANA has quickly grown to become a well-known metaverse-based cryptocurrency. It is also the 35th largest cryptocurrency in the world by market capitalization.

On most crypto exchanges, MANA tokens are commonly available and frequently traded. If you’re new to the world of cryptocurrencies and trading, before you can buy MANA, you’ll need to deposit fiat money onto an exchange. Then, you can purchase MANA tokens which will be credited to your MANA digital wallet on the exchange.

The crypto exchanges below are some of the safest places where you can buy, sell, and store MANA tokens.

1. Kraken
2. Coinbase
3. KuCoin
4. HTX
5. BitHumb

 

Decentraland (MANA) FAQs

How long has Decentraland (MANA) existed?

Decentraland was publicly launched on the 20th of February 2020. However, around 2017, land parcels were being sold for around $20 – the MANA ICO (initial coin offering) was held in 2017.

Decentraland’s development was originally started in 2015 by Esteban Ordano and Ari Meilich, two Argentinian developers. Nowadays, Decentraland has an average of 300,000 – 500,000 monthly users but is looking to elevate this to 600,000,000 monthly active users in the next few years.

Are there any controversies about Decentraland (MANA)?

In the fast-paced and ever-expanding crypto market, there are frequent controversies surrounding companies, and Decentraland is no different.

Here are two of the top controversies associated with Decentraland (MANA):

• No user interactions – Decentraland has quickly become one of the most popular metaverse projects, attracting hundreds of thousands of new users. But, without soliciting investment advice, why are people purchasing land in a metaverse where users can’t interact with each other?

  The recent rise in the number of metaverses being released has made it evident that user interaction is a top priority for people wanting to get into the metaverse. Metaverses like Bloktopia, are offering a much more enthralling experience to users.

• The terrain is all the same – When designing a metaverse, there are endless options available – it could literally be anything.

  However, Decentraland has the same terrain throughout the entire metaverse. Many people have added that this is slightly boring and not very well thought out. A true depiction would have been imitating the vast types of terrain our planet is already home to.

How many Decentraland (MANA) tokens are there?

At the time of writing, MANA has a circulating supply of 1.84B MANA

The total supply of Decentraland (MANA) is 2,193,695,427.

Can Decentraland (MANA) be mined?

Decentraland (MANA) is not a mineable cryptocurrency. Individuals mainly earn revenue from trading MANA tokens on exchanges or buying and selling land for profits on the Decentraland marketplace.

Some centralized exchanges also offer rewards for MANA holders that lock up their tokens for a certain duration.

What is the market cap of Decentraland (MANA)?

The market cap of Decentraland (MANA) is $3,81 billion. This is calculated by multiplying the total amount of coins in circulation by the current market price of MANA. The market cap fluctuates according to circulating supply and market price.

Although Decentraland (MANA) has been around since 2017, it only recently saw a significant price appreciation, after it was launched to the public in 2020.

It’s a project that has prioritized architecture – Decentraland provides a new and captivating experience for users that are entering the metaverse for the first time.

It is currently one of the top 40 cryptocurrencies by market capitalization and continues to grow in popularity as the metaverse project attracts more investment and users.

 

Biggest Competitors Of Decentraland (MANA)

There are a substantial amount of metaverse projects entering the crypto space. The competition for the top spot is extremely tough.

Here are the 5 biggest metaverse projects currently:

• ApeCoin ($APE)
• Decentraland ($MANA)
• The Sandbox ($SAND)
• Axie Infinity ($AXS)
• Illuvium ($ILV)

However, MANA’s market cap is higher than most of the other projects besides The Sandbox (SAND) which is currently the 3rd largest metaverse cryptocurrency in the world by market cap.

 

What Are The Future Plans For Decentraland (MANA)

The future looks bright for Decentraland – its metaverse continues to increase in user adoption, major brands are investing and the MANA token has seen a rapid rise in price since its launch.

However, the road ahead is going to require the perfection of Decentraland’s decentralized distribution system, possible adjustments to the land content layer, and some innovative work from the Decentraland team.

The competition to become the top metaverse is heating up, and many individuals think MANA is going to be the top project at this rate – only time will tell.

 

Pros And Cons Of Decentraland And MANA Token

Pros:

• Decentraland Marketplace is well-equipped – People can easily buy and sell digital land and items on the marketplace. It’s easy to navigate and its simplicity makes it appealing.
• Major brands buying land in Decentraland – Some major names have purchased land in Decentraland, including the likes of Coca-cola and JP Morgan.
• MANA is the 2nd largest metaverse token – There are several new metaverse projects entering the space but MANA is the 2nd largest of all the metaverse tokens. Its market capitalization is $3,81 billion.

Cons:

• No user interactions – There are no user interactions in Decentraland. Many people consider this to be the biggest downside to the Decentraland project.

  It’s become evident that people want to interact and have social engagements in the metaverse. And many other competing metaverse projects are creating metaverses that support social interactions and interactions.