Decentraland (MANA): game and cryptocurrency overview

Decentraland has developed and launched a virtual reality gaming platform based on Ethereum blockchain. The app allows the creation of any kind of software. They can be used in game reality, monetized. The project has virtual LAND plots on which users build objects and live in an artificial world. MANA cryptocurrency has been developed to serve the platform.

History of Decentraland (MANA)

The platform was created in 2016. Before its launch, the development team held an ICO in 2017, which raised $24 million.

In early 2020, the creators opened the game to users. In 3 years since the ICO, competitors have appeared (Fortnite, Axie Infinity, Cryptovoxels). However, the developers managed to bring the project to the forefront of the gaming segment. The description of the creation is made with the use of terminology.

Decentraland is the first virtual reality platform on the Ethereum blockchain. It is wholly owned and operated by users, as the developers claim to have destroyed the key.

Decentraland project team (MANA)

Ariel Meilich is the project leader;
Esteban Ordano – Technical Director;
Manuel Araoz – Manager.

The founders of Metaworld are far from new to programming. They worked on BitCore (Bitcoin wallet and client for connecting to the Bitcoin network), Stremium (streaming TV). Ordano also created Smart Contract Solutions (a blockchain network application).

Decentraland cryptocurrency (MANA) is provided to serve the project. Users use the token to purchase land, pay for clothes, accessories, and other gaming artefacts in the virtual world. The digital asset can be purchased on major exchanges.

Features of Decentraland Cryptocurrency (MANA)

There are 2 digital assets created for the game:

LAND is a land plot with fixed dimensions (10X10 meters), which makes up the world of Decentrlaland. Technically, these are non-interchangeable tokens of the ERC-721 standard. There are 90,601 land plots in the virtual world. All LAND tokens have unique coordinates.

MANA is in-game money that gives users the ability to monetize, purchase items and land plots.
The review of the cryptocurrency will break down the technical characteristics, the principle of operation.
The plots are grouped into districts based on the common interests of the owners. The largest one is Aetheria, the theme is cyberpunk. More than 8 thousand plots are united in this district.

What Decentraland is in simple terms

Platform users in the Meta-Universe can do whatever they want:

Buy plots of land.
Build them up.
Develop software.
Go to shops, museums.
Having fun with friends.
They need currency – in this case MANA.

At the heart of the Metaworld is the structure of the DAO, a decentralised, autonomous organisation. Token owners participate in the management and development of the project. They vote on the content of updates, the results of land auctions. Users also control the further development of virtual reality.

In addition to the right to vote, the token allows you to buy and sell different items on the trading platform in the game. Monetisation of the site, income from advertising, rent and other services is received by the user in the platform’s internal currency.

Characteristics of Decentraland token (MANA)

The performance of the coin, according to CoinMarketCap resource, as of July 2021 is shown in the table below:

Initial supply 2,805,886,393 coins
Current total supply 2,194,916,827 coins
1,578,126,313 tokens in circulation
ERC-20 standard

The initial supply and current volume of digital assets differ by 600 million tokens, which were burned during land auctions.

During the ICO in 2017, 40% of the altcoins were sold. The rest of the volume was distributed in shares:

Community Incentive Reserve – 20%.
Development team – 20%.
Platform – 20%.
Principle of operation.

Decentraland cryptocurrency (MANA) is an ERC-20 token based on the Ethereum platform. The altcoin serves as the in-game money of the Metacomplex.

Transactions are verified by the Ethereum network and registered on the blockchain. Tokens spent on land purchases are burned after the sale. Removing game currency from circulation ensures deflation.

Decentraland transaction speed (MANA)

The specifics of transaction execution, the speed of transactions are entirely driven by the rules of the Ethereum network. Transaction times depend on the amount of commission – the “gas” that the user puts up to make the transfer.

Features of Decentraland (MANA)

Features of the altcoin:

Uses the Ethereum blockchain.
Enables the platform – any digital asset, land, software products can be bought or sold with the token.
It can be exchanged for fiat money or other cryptocurrencies.
Issued in limited quantities, the main purpose is to provide a game.
How many coins are in circulation: 2,193,886,727.32

Decentraland technology

The developers have combined virtual reality, similar to Second Life (an iconic entertainment of the early 21st century), with blockchain. The coin allows owners to vote on the gaming and organisational policies of the DAO community.

In addition to money, the Metaworld uses NFTs. They are used to buy:

Clothing.
Real estate.
Accessories.
Artwork.
Land (LAND token).

NFTs are stored in users’ cryptocurrency wallets. They can be sold on the internal marketplace.

To vote for the development of the project, to participate in the management of the DAO, users must convert the game tokens into wMANA (wrapped) and locked. This gives one vote. DAO has a treasury through which the processes are funded.

Decentraland capitalisation (MANA)

Capitalisation of Decentraland (MANA): 6,618,947,205.32

Decentraland (MANA) coin issue

Decentraland’s crypto was issued 2.8 billion by developers after an ICO through a pre-mining procedure. Assets were reduced by 600 million units – they were burned through transactions. The destruction mechanism is designed to combat inflation. As of mid-2021, the total offerings stand at 2.19 billion, of which 1.5 billion is in circulation.

Collateral

Cryptocurrency is used to meet the needs of the inhabitants of the largest virtual world for 2021. The development of the platform is done by the users by participating in the DAO organization.

The popularity of the Decentraland universe ensures a steady demand for MANA. The tokens can be bought on cryptocurrency exchanges and earned through trading. The coins themselves are not backed by real assets (gold, stocks) or fiat money (rubles, dollars, euros, etc.). Only user demand influences the value of the token.

Use of Decentraland (MANA)

The coin has the following uses:

Provides users with the right to vote in DAO.
The basic unit of calculation in the game.
A trading object in the trading process.

How to get Decentraland (MANA)

Because the issue of tokens was done in full before the ICO, there is no provision for mining in this project. Therefore, there are ways of obtaining the tokens:

For selling land, virtual reality artefacts.
Buying on cryptocurrency exchanges.
Income from a deposit, the interest is small (1% per annum on Binance Earn).

MANA mining

There is no mining procedure for the cryptocurrency. The developers of the project recommend the MetaMask wallet for storing digital assets.

You can monetize anything in the game. In the virtual world you can start a business, create paintings, music and shoot movies. The project allows you to create objects that exist in real life.

Where can I buy MANA DECENTRALAND token?

The cryptocurrency MANA DECENTRALAND can be purchased at the following exchanges:

Binance.
OKEx.
Coinbase Pro.
Huobi.
Bittrex.
Liqui.
DragonEx and others.

The coin is traded in pairs with BTC, ETH, USDT and others.

MANA (Decentraland) earning methods

You can make money with MANA through trading. Cryptocurrency investments are allowed. The virtual world has a lot of potential, so the price of the token is expected to rise. The cryptocurrency completely follows the movement of the digital asset market and there is relatively little volatility. The advantage in this case is the low price.

Investing, trading MANA (Decentraland)

Investing in a gaming token will help preserve assets. The low volatility reduces the risks in the short term, while the development of the project increases the chances of earning in the future.

A review of the Decentraland crypto coin (MANA) shows that some traders are using it to make money from pumps and dumps. Targeted Telegram channels are spreading information about possible manipulation of the crypto-asset. The price falls and a buying spree begins, thereby ensuring that the value rises sharply. The one who bought early at the lowest price and sold on time at the peak earns.

What affects the exchange rate of the cryptocurrency MANA (Decentraland)

The Decentraland coin is used to provide the game. Its popularity and exchange rate are directly related to the demand for the virtual world. The metaworld allows users to monetise items that they have created and structures that they have built on their plots. This distinguishes the platform from other games.

The popularity of the virtual world attracts advertisers. Large companies place posters in its locations, providing currency, development of the project.

Where to store MANA cryptocurrency (Decentraland)

The developers of the project recommend the web wallet MetaMask, which exists as an extension for popular browsers. It works with the Ethereum blockchain and tokens on the ERC-20 protocol.

Any wallets adapted to Ethereum blockchain can be used for storage, including Ledger hardware wallets.

Future and prospects for Decentraland (MANA)

The coin belongs to the fast-growing assets in the category of decentralised autonomous organisations. It uses the Ethereum blockchain to track digital property rights. The development team has begun implementing solutions from Polygon. Such a move increases the speed of transactions and reduces the price of commissions.

Polygon takes all transactions off the Ethereum blockchain while retaining access to the infrastructure. The move is necessary to address high transaction fees and to improve speed.

By the end of 2021, it is planned to migrate to Polygon’s solution, which should increase the project’s appeal to potential users.

MANA (Decentraland) analytics and forecasts

In early 2021, LAND is the 3rd largest NFT coin by volume. Analysts predict further growth in the value of LAND, for which MANA cryptocurrency is being burned.

The project is unique, users can create any items in the virtual world and sell them on the internal marketplace. The resulting in-game currency is exchanged on the exchange for other digital assets, fiat money.

Should you buy MANA (Decentraland) in 2022?

The price of the currency is low. The prospectivity of the project makes the investment worthwhile. Low volatility, active participation of the development team in promoting the virtual reality world, and user interest in the economic aspects of the game increase the attractiveness of the asset.

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