Powered by the Ethereum platform Decentraland’s token – MANA is scaling the ladder of the booming, non-fungible token-based gaming arena, with a staggering 4000% surge over the last 12 months. In this article, we shall address 4 ways how to earn Mana on Decentraland platform, which in accordance with the future outlook is a big addressable market that is moving in the right direction in the domain of user growth and token price.
What is Decentraland?
Imagine a world where you could travel, socialize and create an alternate reality with thousands of other real-time users, within the same digital universe. Such a world is a reality, owing to the innovative creation of the metaverse, which refers to an amalgamation of augmented reality, virtual reality and the internet.
Decentraland is a booming product of such metaverse trends- it is a software that runs on the Ethereum platform where the users can sell, trade, and buy digital real estate (non-fungible unique digital assets) while playing and interacting with the other users in the virtual world.
Founded in 2015 by Esteban Ordno and Ari Meilich and launched in 2017. Decentraland runs on the Ethereum ERC-20 token known as MANA that lets the user buy plots of LAND, monetize them and create avatars, in-world goods and art that are NFT-based items unique to each user.
Land in Decentraland
The crypto asset LAND is the game’s real estate lots that are among the Non-fungible tokens(NFT) used to define the ownership of land parcels. The users can buy land lots in the game by using MANA and creatively construct whatever they can afford on them.
The economy of the game develops in the same way as the real world, with the increase in land valuation directly proportional to the purchase rate. A user can have their own games, stores and art that can be built on one’s own in-game land, just like the real-world ownership of real estate.
MANA in Decentraland
MANA is the cryptocurrency that helps to buy LAND, as well as goods and virtual services within the Decentraland. One can buy wearables, collectables and land lots with the help of MANA. Uniswap Exchange aids in converting MANA from other currencies.
Decentraland has various component layers built using Ethereum smart contracts.
- Consensus layer: It tracks LAND ownership and content through a smart contract.
- The Content layer: we find that this layer uses a decentralized distribution system to create content in the virtual world.
- The Real-time layer: It provides peer-to-peer interaction and connection with each other.
Each piece of LAND is marked by a distinct set of cartesian coordinates where the particular Land has a user claimed ownership through a blockchain-based ledger of encoded parcels. The content can range anywhere from a three-dimensional scene or an interactive game.
Marketplace and Builder
Decentraland outside the gaming environment has a marketplace and a drag-and-drop editor that can be used to build items and scenes in the game.
The marketplace aids the users to exchange and manage LAND tokens costing MANA. Users can use the marketplace to transfer parcels and in-game items such as art. Wearables and unique names.
The Decentraland’s builder tool helps to create and curate a unique experience within the LAND parcels. The developers can hold access to customization libraries to design interactive scenes with the editing tool.
How to earn MANA on Decentraland?
MANA is Decentraland’s native currency, which holds a staggering rate of growth and versatile use within the game. It can be used to purchase LAND, virtual goods and services used in Decentraland. Participants who own MANA can vote on policy updates, subsidies and land auctions for in-game development.
The following are the ways one can earn MANA in Decentraland:
Players can bet with MANA, while stocking in its game lobbies and playing using MANA, or earning currency from other players. The first casino in Decentraland, called Tominoya Casino, owned by Miles Anthony, started a fresh and innovative take on online gambling games. You can play a plethora of casino games available online. Out of which Poker is the most popular followed by Slots, Backgammon, Blackjack and Roulette. Instead of fiat currency, the games use MANA.
One can also earn by being hired as a staff member in the casinos.
There are a plethora of events in clubs that can be attended by the users; such events and clubs can be constructed on your own LAND and one can earn through the entry fee and other itineraries within the club in the form of MANA.
Owners can trade and exhibit Non-Fungible Token Artwork, such as Cryptokitties and Cryptopunks. One of the oldest auction houses, Sotheby’s opened a replica of its London art gallery. One can earn MANA by displaying their NFT art or by purchasing and selling art to other users.
Buying MANA with fiat currency
- Go to an Exchange and create a new account by entering your email and strong password and accepting the terms.
- Verify Your Email
- Add your phone number and verify it.
- For protecting your money, enable two-factor authentication.
- Deposit funds on the platform.
- Click on the Market menu.
- Buy MANA with the amount of your choice.
What are the Steps to buying MANA?
The following steps can be undertaken to obtain Decentraland coins known as MANA:
- Set up a Binance account
- You need to enter your email address and a strong password
- Click on the checkbox to confirm that you are above 18.
- The verification code will be sent to your email address; enter the code in the verification box.
- Enable two-factor authentication and make your account more secure.
- Once your account is secured, click on “security” on the dashboard and click “verify”
- On this page, you will see basic information. Click ‘verify’.
- Enter your address and name as it shows on your identification
- You will then be asked to verify identification and face.
- Start the verification. Type the identification you have and select your country
- You need to upload your picture or take a picture using the webcam to finish the identification process.
- Now you have to buy bitcoins by going to the top menu and clicking on “buy crypto” and “Credit/Debit card”
- You will be given the option of your preferred currency, the entire amount you would like to spend.
- Press “buy bitcoin”
- You may be told that your account is under review to assess if you are eligible to purchase crypto-currencies using a credit card or debit card.
- Now you can Trade bitcoin for Decentraland using Binance exchange.
There are two ways of buying MANA:
A ‘Limit’ order
- A limit order let’s one set the price manually at which one wants to buy Decentraland (MANA).
- Select ‘limit’ in the exchange section of the page.
- Now you have to enter the price you want to pay for Decentraland in the ‘price’ box.
- Enter the amount of Decentraland (MANA) you want to purchase in ‘amount’.
- You will now be told the total amount of Bitcoin the order will be priced at. Press ‘buy MANA’.
A ‘Market’ buy
- Market buy fills one’s order automatically at the very best price available.
- Select ‘market’ in the ‘exchange’ section of the page
- In the box marked ‘amount’ fill in how many MANA you would like to buy.
- Once you are happy with the amount you have allotted to buy, press the green button marked ‘buy MANA’.
- Your order will be filled immediately.
How can we mine MANA?
To mine mana firstly, you would need an ASIC mining rig which is a machine that is made up of a motherboard, ASIC chip and a cooling system. It is designed to only mine a specific cryptocurrency.
How long does it take to mine Decentraland?
The Decentraland block is mined by ASIC, but it is divided between all miners. It depends on the hash rate to find out how much time it requires to mine 1 block of Decentraland; it is heavily dependent on the mining setup.
How to mine MANA on pc?
You need to join a miner pool if you wish to mine on the computer but it is advisable to get an ASIC mining setup to usher the process and make it easier.
How to mine MANA on android?
You will need to install an application called MinerGate. After you have installed it from Google Play Store, create an account, and hence you are ready to mine on your android.
How to mine MANA on iPhone?
It’s not possible to mine Decentraland on an iPhone. Apple restricts it because mining causes damage to hardware. All the applications that were mining Decentraland drained the battery and generated excessive heat and strained the device.
How to become a Decentraland miner?
If one wants to be a serious Decentraland miner, the first step one must take is to join a miner pool. They will help you with your setup and guide you in the beginning.
How profitable is Decentraland mining?
It depends on variables like the cost of electricity, cost of mining setup, etc. You can check the Decentraland profitability charts.
The metaverse has turned out to be a complete game-changer, with Decentraland at its apex. The MANA has a positive outlook for growth in the coming times and such investment can lead to enhanced growth in one’s investment portfolio.
The article has summarized what Decentraland is and the 4 integral ways in which one can earn MANA in Decentraland. With the mining tips and ways to buy MANA, we are assertive that our readers are ready to traverse the world of Crypto gaming.