The virtual world based on blockchain technology, where users can buy land, build their own world on this land and profit from it, is called Decentraland, and the platform’s token for use is called MANA.
Decentraland is built on the Ethereum blockchain network. The Decentraland Foundation, the organization behind Decentraland software, was founded in 2015 by Esteban Ordano and Ariel Meilich.
What does Decentraland (MANA) do?
Decentraland is a decentralized virtual universe that gives its users full control over their land. In this universe, users can purchase land, in-game items and artworks, develop applications on their land, and set all the rules themselves. The fact that users can set the rules themselves also allows them to profit from their land if they wish.
Decentraland’s technical manual outlines five uses for the platform:
- Users can create their own application and 3D worlds.
- By creating “neighborhoods”, users with similar interests can form organic communities.
- Brands that want to benefit from user traffic can buy land and advertise.
- Users can create NFTs that grant ownership rights and trade them on the Decentraland Marketplace.
- Both online and offline communities can socialize in a much more interactive way.
Decentraland map. Source: Bitcoin.com
The world of Decentraland is divided into more than 90 thousand plots in total, 256 m2 each. LAND, an ERC-721 token, represents the title deed to these lands.
MANA is used to purchase all items in the universe, including LAND. When users purchase LAND, the MANA they used to purchase is burned, meaning it is destroyed and removed from circulation. MANA is an ERC-20 token.
You may be interested in: What is ERC-20? Why is the ERC-20 standard used?
MANA also offers users the ability to participate in the platform’s Decentralized Autonomous Organization (DAO) and votes on policy changes, land auctions, and subsidies for new developments.
Users who want to participate in DAO management should convert their MANA to wrapped MANA (wMANA) and lock it to DAO. Each MANA represents one voting right.
You may be interested in: What is a Wrapped Token? What does WBTC do?
Alongside MANA, LAND also gives users voting rights in the management protocol, but unlike MANA, they don’t need to be locked into the DAO and each LAND equals two thousand votes.
Curious about Decentraland (MANA)
According to Decentraland’s official website, the platform is currently only accessible from desktop computers. The Decentraland Foundation recommends using Chrome or Firefox browsers for optimal performance.
While the total supply of the platform’s utility token MANA was originally set at 2.8 billion, this supply has dwindled by more than 600 million over time due to the token being burned from LAND purchases.
As of May 27, 2021, MANA’s total supply is 2,194,363,127 and its circulating supply is 1,580,473,721. MANA reached its all-time high of $1.63 as of May 27, 2021, on April 17, 2021. Cryptocurrency can be stored in any ERC-20 compatible wallet.
How to buy MANA?
MANA is listed on the domestic exchange BtcTurk. In addition to this, it is possible to buy and sell cryptocurrencies on foreign exchanges such as Binance, Coinbase, Huobi, Kraken, KuCoin, Gate.io, OKEx and Crypto.com and through the decentralized exchange Uniswap.
You may also be interested in:
DISCLAIMER: The statements contained herein are not investment advice. Never make any trades without researching the markets thoroughly and getting comments from different circles. Read the comments of the investors you trust and consult their opinions. Remember that every investment involves risk. Make your own decision when taking any action. Cointelegraph cannot be held liable directly or indirectly for any damage or loss arising or alleged to arise from its investment products or services.