What is Decentraland MANA? [A Beginners Guide]
Decentraland is a blockchain-based virtual world and community. Users create and own land plots, artwork, and Non-Fungible Tokens (NFT). Members are also involved in the platform’s Decentralized Autonomous Organization (DAO). In this article, we will learn all about Decentraland MANA in detail.
Decentraland, as a DAO, empowers its community to participate in project governance. The Ethereum blockchain hosts Decentraland’s native cryptocurrency, MANA, and all in-game assets.
If you’ve ever played Second Life or traded cryptocurrency, Decentraland may interest you. Since its inception in 2016, the platform has grown from a simple 2D experiment into a large 3D world.
Estaban Ordano and Ari Meilich, the creators of Decentraland, have created a virtual space with digital real estate parcels, items, and other customizable assets. These are available for purchase with MANA, Decentraland’s ERC-20 token.
Decentralanders can purchase MANA on several exchanges for either cryptocurrency or fiat currency. Decentraland’s unique assets, including LAND property, are represented by ERC-721 non-fungible tokens.
What Exactly Is Decentraland MANA?
The Ethereum blockchain powers Decentraland, a 3D virtual reality world. It will be open to the public in February 2020.
It enables users to create virtual structures such as homes, casinos, art galleries, concert halls, and theme parks and charge other players to visit them. You can interact with others and play games with them, even constructing entire villages together.
Users construct these structures on LAND, a non-fungible digital asset that can be purchased with MANA.
MANA is Decentraland’s Ethereum-based native token. MANA can be used to purchase LAND parcels and conduct in-world transactions. As Decentraland develops, MANA will become more valuable.
Decentraland burns a portion of the MANA when you purchase LAND, removing it from circulation for good.
The idea is to reduce the token’s total supply, thereby preventing inflation and increasing demand. Initially, a plot of LAND cost 1000 MANA. However, as the market evolves and changes, prices now vary. The highest recorded price for a sold plot was $175 578. (March 2018).
MANA is currently trading at $0. 041073, ranking #97 in the cryptocurrency market as of June 3, 2020. It has a $56 260 673 and a 24-hour volume of $21 332 526. The token has a circulating supply of 1 369, 781, 409 and a total supply of 2, 197, 526, 019. It has a lifetime high of $0.288857 and a lifetime low of $0.007883. (October 13, 2017).
Where to Purchase and Store MANA?
MANA can be purchased from various popular exchanges, including Binance, OKEx, CoinbasePro, HitBTC, Huobi, and HitBTC.
Because MANA is an ERC-20 token, you can use it in any wallet that supports Ethereum. MyEtherWallet, MetaMask, Guarda Wallet, Atomic Wallet, and hardware wallet favorites Ledger and Trezor are all available.
How does Decentraland work?
The Decentraland app is designed to keep track of real estate parcels defined by LAND tokens.
The software uses the Ethereum blockchain to track ownership of this digital land. It requires users to keep their MANA token in an Ethereum wallet to participate in its ecosystem.
Furthermore, developers have the freedom to innovate within Decentraland’s platform by designing the animation and interactions that users encounter on their virtual real estate.
Decentraland is made up of many-layered components that are built with Ethereum smart contracts.
The consensus layer keeps a ledger that tracks who owns which land parcels. Each LAND parcel has a unique coordinate in the virtual world, an owner, and a link to a description file that represents the parcel’s content.
The content layer governs what happens within each parcel and includes the following files:
- Content Files – all static audio and visuals are referenced in these files.
- Script Files – These files define the location and behavior of the referenced content.
- Peer-to-peer interactions such as gesturing, voice chat, and messaging are examples of interactions.
Finally, the real-time layer facilitates social interactions within Decentraland by utilizing user avatars, including voice chat and messaging.
Builder and Marketplace
Aside from the gaming environment, the Decentraland team has released a marketplace and a drag-and-drop editor that users can use to create scenes.
Participants can use the marketplace to manage and exchange LAND tokens priced in MANA. Owners can use the marketplace to buy, sell, or trade parcels and other in-game items like wearables and unique names.
It is worth noting that all transactions are settled between Ethereum wallets and thus are verified by the Ethereum network and logged on its blockchain.
Decentraland’s builder tools enable owners to create a one-of-a-kind experience within their LAND parcels. Its editing tool makes interactive scenes, and developers can access customization libraries and payment implementations.
Why is MANA Valuable?
MANA is essential in Decentraland’s virtual world, and it can be used for transactions within the ecosystem and participate in the management of its software.
Ownership of MANA, for example, allows the user to interact with the platform by customizing their avatars, interacting with the other users, and exploring its metaverse.
Furthermore, users who own MANA can vote on policy updates, LAND auctions, and subsidies to improve the platform.
How do you Get Started in Decentraland?
- Marketplace for Decentraland: The Decentraland Marketplace is the company’s internal market for exchanging LAND and Estate parcels, gadgets, and one-of-a-kind names.
- Decentraland Agora Voting: It is a method of voting. On specific topics, the public is polled, and people vote here along with MANA.
- Decentraland SDK: Decentralands SDK allows you to start custom building on land parcels.
- Decentraland Builder: An excellent drag-and-drop builder that allows you to quickly drag-and-drop spectacular creations. Decentraland has supplied an SDK and Builders, an in-app GUI that runs the SDK underlying the scenes.
- Avatars with Decentralization: Start creating your avatar because you must have one before you can travel the world! Avatars in Decentraland are visual representations of users. Because avatars are outside the scope of third-party development, they can only be changed in-app.
What is the procedure for blocking or reporting a player?
Click on another player’s Avatar to examine their card, then click on the tab block to see your options. By blocking a player, you will still be able to see them on screen, but they will be unable to communicate with you via the chat window. You will be able to bring a player’s behavior to the notice of Decentraland’s Community if you report them.
DAOs and Decentralization
Decentraland is unique among metaverses in that a centralized body does not govern it. Instead, it is run by metaverse users who own MANA and LAND via the Decentraland DAO. This means that the participants have complete control over everything from land to assets to governance.
They can also make polls and vote on policy updates, token economics, and LAND auctions, among other things. Depending on the token you have, you have the following voting power:
- MANA was completed — one voting power
- LAND – 1500 voting weight components
- Estate – 2000 units of the voting power
MANA would seem to always have a promising future with the recent improvements in the Decentraland ecosystem. However, considering the volatility of cryptocurrencies, investors should proceed with care and comprehensive research before taking the plunge.
Making a living with Decentraland
When you join Decentraland, you can earn money in various ways. Actual estate is gaining traction in the virtual world, just as it does in the real world. Many individuals feel that because LAND is a scarce resource, its value will rise with time.
When you purchase LAND, you could use it to server apps such as gameplay, betting, marketing, and playing games societies. You have the option of charging entrance fees for each application you design. Developers and content creators who wish to build on the LAND can also rent or sell it to you. You could also display and sell things such as digital collectibles.
Another way to make a lot of money is to play various casino games or play-to-earn games. In Decentral Games’ virtual casino, for example, you can earn $DG tokens in multiple methods, including affiliate bonuses and governance awards.
Furthermore, the metaverse is creating real-world career prospects. Tominoya Casino, for instance, has recruited at least 20 part-time attendants and a supervisor.
- The possession of MANA, for instance, allows a user to communicate with the framework by personalizing their personas, conversing with the other customers, and discovering its metaverse.
- Consumers who do own MANA can also vote on the latest updates, LAND auctions, and funding to help enhance the framework.
- When LAND is auctioned, the MANA tokens used to acquire the parcels are burned or removed from circulation, resulting in a deflationary supply of MANA. As the platform’s user base expands, the token’s value may suffer.
- The price will rise to $14.26 by the end of the year, according to coinforecast.com.
Why is it becoming more Expensive?
MANA’s spectacular increase in price just at end of October happened to coincide exactly with Facebook’s declaration that its holding company would be renamed, Meta.
CEO Mark Zuckerberg also addressed the metaverse, a digital universe that allows humans to interact as avatars, allowing people to work, shop, learn, and play in virtual reality spaces without physically being together.
Decentraland and MANA’s value skyrocketed due to one of the world’s most influential companies putting so much stock in the concept of the metaverse.
Whether that interest will last, especially given Decentraland’s lack of a direct link to Facebook remains to be seen. As a result, MANA is a high-risk investment.
How to Select a Decentraland Wallet
Because MANA is an ERC-20 token, it can be held in any wallet that accepts Ethereum-based tokens. The type of MANA pocket you select will most probably be determined by the purpose for which you plan to use it as well as the sum of money you have to hold.
Hardware wallets, also known as chronic wallets, such as with the Ledger or Trezor, are the most secure solution, as they allow for offline storage and backup. On the other hand, hardware wallets have a steeper learning curve and are therefore more expensive. As a result, more experienced people may be better suited to holding more MANA.
Another solution that is both free and simple used is software wallets. They are available as smartphone or desktop apps and can be custodial or non-custodial. The service provider manages and backs up your private keys when you utilize custodial wallets. While they are handier, they are less safe than hardware wallets and might even be better suited to lesser quantities of MANA or more inexperienced users.
In Decentraland, wearables, which are non-fungible commodities that people may purchase and sell on the NFT market, can be harvested.
Decentraland was built on Ethereum, a Proof-of-Work network being changed to Proof-of-Stake. In 2021, Decentraland launched the first step toward a layer 2 payment and processing solution by allowing users to move their MANA tokens from the Ethereum blockchain to Polygon, which the Proof-of-Stake network verifiers secured.
Is Decentraland (MANA) a good buy?
Decentraland is gaining traction among metaverse-friendly digitally aware users because the technology and its native cryptocurrency are designed to help users enter the digital world. Furthermore, several of the platforms mentioned above have predicted that the price of MANA cryptocurrency will rise shortly. As a result, cryptocurrency may be a good investment for those looking to invest their money for a more extended period of time.
Decentraland combines the concept of virtual gaming with blockchain. This means that no entity can censor your interactions in this virtual universe, and you own and control any proceeds from the game. It also means that developers can be more creative and provide more value to platform users. Decentraland may become a force to be reckoned with as it evolves, particularly after the Iron Age update, which includes new and exciting features. It’ll be fascinating to see where the project goes from here.