Decentraland (MANA): What is it?

In Decentraland, there are incentives for users to operate a shared virtual world using a global network of Ethereum computers.

Within this virtual world, users can discover, interact, and play games while buying and selling digital real estate. Users have since been able to download interactive apps, make payments in-world, and connect in peer-to-peer communication using the platform. 

The operations in Decentraland are governed by two types of a token.

These are:

• LAND 

You purchase non-fungible digital assets, LAND, in Decentraland, to interact with the game world. You own LAND once you purchase it, so you can use it however you wish. Games, applications, gaming applications, and even 3D dynamic scenes can be created. What’s the point of stopping there? LAND will also allow the creation of services related to education, professional development, tourism, and more.

Each of the LAND plots has a dimension of 33 feet by 33 feet, and its height is unlimited. Decentraland introduced LAND Estates recently, a feature that enables you to more easily associate adjacent plots so that you can better manage your land. The LAND marketplace is a resource that you should check out if you’re considering buying LAND (or just want to check out the map).

LAND is also divided into Districts. Communities centered on a particular theme are classified as districts. For instance, bitcoin enthusiasts may be able to find apps and services related to bitcoin in their own District. A voting dApp, Agora, is available for Decentraland Districts. A specific district’s number of LAND parcels correlates with its vote strength. Decentraland’s Agora platform enables you to streamline your district management and to provide feedback on general platform-related issues. The District may include cryptocurrency apps and services geared towards crypto enthusiasts.

• MANA 

A cryptocurrency token for Decentraland is called MANA. In-game goods and services can be bought with ERC20 tokens as well as plots of LAND.

In Decentraland, LAND is purchased with MANA, which is subsequently burnt. A plot of LAND that Decentraland originally sold for 1000 MANA was initially offered for sale for 500 MANA. The LAND prices are now variable since there is a secondary market. There are currently 11750 MANA plots of land available for sale; more popular areas have prices exceeding a million dollars. In March 2018, the most expensive plot sold for 2,000,000 Manana, or $175,579. With this amount of money, the seller would have made quite a profit on a virtual plot of land.

Founder:

In 2015, Esteban Ordano and Ariel Meilich founded the Decentraland Foundation to develop Decentraland software.

In 2017, the Decentraland team performed an Initial Coin Offering (ICO) to fund future operations raising 86,206 ether (approximately 26 million dollars as of then). The Foundation controls Decentraland’s intellectual property rights and maintains the website, plus it holds 20% of the token supply from the ICO.

A decentralized autonomous organization (DAO) was established before Decentraland launched its platform to allow its users to manage the project themselves. In addition, Decentraland’s founding team claims they lost the private key used to control its smart contract.

Decentraland’s  Three Layers:

A layer of consensus: Tracks land ownership and land content using Ethereum smart contracts.

Land content layer: Outputs virtual world content using a decentralized distribution network.

Real-time layer: Transmits information between peers to enable users to communicate with one another.

Team members are building A-Frame-based VR platforms. Creating a model first in SketchUp or Blender, then importing it into the world is the first step for building.

What Makes it Unique?

The mission of Decentraland is to enable the creation and dissemination of content and opportunities for businesses, artists, and individuals.

 There are 90,601 parcels of LAND included in the Decentraland gameworld, referred to as the “Metaverse”, each represented by a separate ERC-721 token. In the Metaverse, there are 16 LANDs, each measuring 16 m x 16 m (256 square meters).

Metaverse LAND owning members can develop their plots as they see fit, but many of the districts are divided into districts of a similar size and theme. A parcel of LAND within these districts cannot be traded since they are the result of crowdsales of MANA tokens.

The cyberpunk district Aetheria was ranked as the largest district as of January 2021, with a total of 8,008 lands.

The project uses a decentralized autonomous organization (DAO) structure for governance decisions, which is another growing trend in open source projects. Consequently, MANA toker holders can shape events within Decentraland, including changes to policies, upcoming land auction details, and the kinds of content allowed in the Metaverse.

Many Decentraland users make money from their LAND by leasing it, running ads, and selling other content. Decentraland’s MANA marketplace lets users create and sell items for MANA tokens.

Where Can You Buy it?

It can currently be purchased, traded, or sold on over 100 different exchange platforms, resulting in excellent liquidity. MANA tokens are available on Binance, OKEx, and Coinbase Pro as of January 2021. In the “Markets” section, you can find a complete list of available markets.

Current exchange rates for MANA include Bitcoin (BTC), Tether (USDT), and Ethereum (ETH) – and the currency can be bought with a variety of fiat currencies such as KRW and USD.

How it is being Secured?

The MANA token is an ERC-20 token. Ethereum is the basis of this cryptocurrency.

To ensure the Ethereum blockchain and hence the MANA tokens-is safe, a large network of miners and thousands of nodes have been created.

Currently, Ethereum is the most popular network for crypto tokens without its own native blockchain due to its battle-tested status as one of the most popular blockchains in use today.