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Decentraland (MANA) is a blockchain-based play-to-earn metaverse. Users can explore the 3D virtual world and interact with other players in real-time. The goal of the project is to enable users to purchase digital plots to develop into their own micro-gaming experiences. The project has seen considerable growth lately as more people have begun to delve deeper into the concept of metaverses.
A metaverse is simply an immersive and interactive 3D world comprised of other 3D worlds. Decentraland began as a simplistic 2D pixilated grid when it launched in 2017. At that time, you could purchase a plot of land for as little as $20. Today, there are properties selling for millions. This year saw one piece of real estate sell for $2.4 million.
What Problems Does Decentraland (MANA) Solve?
Decentraland helps to solve a lot of problems faced by gamers. The game enables users to take real ownership over their digital assets. In the past, gamers would lose all the time and effort they put into their games. Countless hours and even funds spent on upgrades were never recovered. Play to earn titles like Decentraland enable users to unlock these funds and convert their digital assets into other cryptocurrencies such as Ethereum via DEXs.
New User Onboarding
Decentraland was made to be simple. It alleviates blockchain adoption for many due to its gamified approach and free startup. Anyone can join Decentraland, regardless of their location, and communicate, play, and earn rewards securely.
Benefits of Decentraland (MANA)
Decentraland is an open-source protocol that has had its code vetted by members of the community and third-party auditors. The protocol provides gamers with a secure way to create and monetize content in the form of NFTs (non-fungible tokens). NFTs are blockchain assets that can represent individual items.
How Does Decentraland (MANA) Work
Decentraland operates on the Ethereum blockchain. It leverages the security and functionality of the network to provide a unique gaming experience. All land ownership is kept on the Ethereum mainnet where it cannot be altered or censored.
Users can create, play, explore, and interact with games and activities throughout the digital landscape. The game's first community was called, Genesis City. It is comprised of 90,601 parcels of land. Each piece of land operates as a user-relevant NFT. User-relevant NFTs are more advanced than game-relevant NFTs.
The main difference between the two types of tokens is that users can improve the value of user-relevant NFTs through gameplay and customization. In the case of Decentraland, everything can be customized from your avatar to your land. Each addition adds to the scarcity of your tokens.
Create Your World
Decentraland allows you to build custom environments, marketplaces, and applications. Share your creativity and ingenuity with the rest of the community and earn. There are Decentraland plots that utilize animations and interactions to provide another layer of entertainment and draw more users to their products.
There is a lot of flexibility in Decentraland. Almost everything you can build in the real world, you can find here. There are all types of virtual vegetation, vehicles, and buildings. Create something truly unique to draw in a crowd and secure some rewards in the form of the network's native cryptocurrency, MANA.
Decentraland users can combine their properties to make districts. Once a district is formed the members utilize a community governance system called the Agora protocol. This voting mechanism ensures that all parties have the ability to put forth proposals regarding changes to the virtual land.
The Decentraland marketplace is a critical component of the network. This open, peer-to-peer exchange enables users to trade their NFTs with others. Users can swap land, estates, avatars, and more using the exchange. The Decentraland marketplace is an ERC-20 compatible exchange that also enables users to trade their NFTs for ETH.
MANA is the main utility token within the Decentraland ecosystem. You must hold MANA to conduct transactions within the platform. MANA is an ERC-20 token that can be traded on any Ethereum-based DEXs. Users also receive their rewards in MANA. Interestingly, MANA holders can earn extra rewards by lending out their tokens using protocols like Gemini Earn, Celcius, and Binance.
History of Decentraland (MANA)
Decentraland was an early pioneer in the GameFi sector. GameFi is a term used to describe the merger of gaming and cryptocurrencies. The GameFi sector is one of the fastest-growing in the market thanks to a combination of new titles and rising NFT values. Decentraland’s co-founders Argentinians Ari Meilich and Esteban Ordano were ahead of the curve when they first started sharing the concept in 2015.
It would be another 2 years before the team was able to bring the concept to the market. The Decentraland mainnet officially entered service in February 2020. The project has the full support of the Decentraland Foundation which is a non-profit dedicated to expanding the network's community and ecosystem.
The group has made some major strides. It was reported in January of this year, Barbados signed an agreement with Decentraland to create the world's first virtual embassy on the platform. Additionally, there are a variety of major global brands already present in the game. When you combine these developments with a steady increase in celebrities joining in on the fun and it’s easy to see why the price for these virtual properties continues to rise.
How to Buy Decentraland (MANA)
Decentraland (MANA) is available on the following exchanges:
Uphold – This is one of the top exchanges for United States & UK residents that offers a wide range of cryptocurrencies. Germany & Netherlands are prohibited.
Uphold Disclaimer: Assets available on Uphold are subject to region. All investments and trading are risky and may result in the loss of capital. Cryptoassets are largely unregulated and are therefore not subject to protection.
Kraken – Founded in 2011, Kraken is one of the most trusted names in the industry with over 9,000,000 users, and over $207 billion in quarterly trading volume.
The Kraken exchange offers trading access to over 190 countries including Australia, Canada, Europe, and is a top exchange for USA residents. (Excluding New York & Washington state).
WazirX – This exchange is part of the Binance Group, which ensures a high standard of quality. It is the best exchange for residents of India.
Decentraland – A New Gaming Experience with Crypto
Decentraland is doing its part to drive crypto adoption via its fun and immersive metaverse. The game is free to join and you can spend hours just walking around and exploring the sights. Notably, you will need to put forth some MANA if you want to buy land and become an official resident.
You can expect to continue to hear a lot about Decentraland as companies like META (formerly Facebook) move forward with their own metaverses. For now, Decentraland remains a pioneer in the market and is sure to be many gamers' first foray into the decentralized economy.
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