How to Earn Mana in Decentraland Platform? 3 Best Ways
Decentraland is a virtual reality platform built on blockchain technology. In this article, you can learn how to Earn MANA in Decentraland.
Decentraland is an online reality in which consumers can purchase, create, and sell The land, a non-fungible ERC-721 voucher that represents virtual landholdings. Each parcel of LAND is unique, and owners can publish content ranging from a simple, static scene to an interactive game on their portion of land. MANA, a fungible ERC-20 token, can be used to buy LAND and all other goods and services in Decentraland.
Decentraland is an ability to share online reality, comparable to the Metaverse mentioned in Neal Stephenson’s science fantasy book Snowcrash or the OASIS explained in Ernest Cline’s Prepared Player One. It enables users to communicate and interact with one another create content and play games.
Decentraland seems to have a virtual economy wherein users can conduct various in-world money activities as well as monetize the content and applications those who create. It is not managed by a single organization or company, unlike other digital environments such as Second Life.
Table of Contents
How do you Earn MANA in Decentraland?
The only way to earn MANA is to buy it from one popular cryptocurrency exchange. Users will be able to trade MANA with other users in exchange for goods and services hosted within Decentraland, in addition to burning MANA in exchange for LAND.
Buying MANA: A Step-by-Step Guide
Want to purchase MANA tokens but don’t know where to begin? The purchasing process is broken down into three simple steps:
Step 1: Join an exchange that trades MANA.
Find a list of exchanges that offer MANA in one or more currency pairings. Choose the best platform for your needs, then fill out an application to open an account.
To comply with Know Your Customer (KYC) requirements, many exchanges will also require you to provide your personal information and proof of ID.
Remember to enable two-factor authentication (if available) on your account for added security.
Step 2: Deposit into your account.
There are currently no exchanges to buy MANA with Indian rupees (INR). Instead, you must first obtain a digital currency listed in a trading pair with MANA, such as bitcoin (BTC) or Ether (ETH), and then exchange it for Decentraland’s native token.
If you already have BTC or ETH tokens in your exchange account, proceed to step 3. If they’re in a separate wallet, go to your account dashboard, find the Deposit link, and copy your wallet address. After that, you can send the desired amount of BTC or ETH to that address.
Step 3: Purchase MANA
Once tried to log in, navigate to the “Marketplaces” or “Swap” tab and search for your preferred exchange rate, including such MANA/BTC. You can then enter the amount of MANA or BTC you want to spend in the Buy field. Before completing your purchase, take a moment to review all of the transaction’s details, including any fees that may apply and the total cost.
What to consider when Purchasing MANA?
Cryptocurrencies are complicated and speculative, with numerous factors influencing their value. With this in mind, make sure you thoroughly weigh the benefits and drawbacks of each project before deciding whether or not to purchase any coins or tokens.
If you’re thinking about purchasing MANA, keep the following points in mind:
MANA is traded on the majority of major exchanges. At the time of writing (April 2018), the circulating supply of tokens was 1,050,141,509 MANA out of a total collection of 2,644,403,343 MANA, according to CoinMarketCap.
To claim LAND on the Decentraland platform, MANA must be burned. You can also use the tokens to purchase goods and services in this digital world, giving the token utility value.
Global VR revenues are expected to hit nearly US$75 billion by 2021 as VR technology becomes more affordable and widespread, and Decentraland intends to capitalize on this burgeoning market.
The Decentraland structure and the MANA token’s achievement would be determined by just how they match up to numerous different projects. Decentraland will face competition not only from other cryptocurrency VR projects like Cappasity but also from large tech companies like Facebook and Microsoft that are trying to expand into the VR space.
Still in the works
Decentraland’s alpha software design kit was released on April 23, 2018, so the project is still in its early stages.
As a result, whether it will be able to fully deliver on its promised potential and achieve widespread adoption remains to be seen.
What are the Factors Increasing the Value of MANA?
MANA crypto’s value, like that of other altcoins, MANA crypto’s value can fluctuate due to four major factors. This included the influence of the media, the world economic context, supply and demand law, and current legislation.
How to Keep MANA Tokens?
MANA tokens can be stored in one of two ways. The first is hardware wallets, which are especially recommended if you intend to store MANA for an extended period of time. Because they are offline wallets, they are extremely secure and impossible to hack. The Ledger Nano S and the Ledger Nano X are the best hardware wallets on the market that support MANA. Because they are offline wallets, they are highly secure and impossible to hack.
Software wallets, suitable for short-term stockpiling, are the second option for storing MANA tokens. While many wallets support MANA tokens, the Coinbase wallet is best.
Which wallets are suitable for storing MANA?
If you plan on keeping your MANA tokens for an extended period of time, stockpiling them in a swap wallet creates a risk of hackers and theft. As a result, it’s generally a good idea to keep your tokens in a secure, private wallet that gives you access to your private keys.
Because MANA is an ERC20 token on the Ethereum blockchain, you’ll need to use a wallet that supports these tokens. MyEtherWallet, Ledger Nano S, TREZOR, and Eidoo are just a few of the options.
Is it a Good Time to Invest in MANA?
MANA is built on the Ethereum blockchain network, ensuring security, dependability, speed, updates, and protection thanks to many contributors. Decentraland is having its best time and many analysts believe it has only just begun. The token has bullish trends while also reasonably priced.