Decentraland (MANA)

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Decentraland (MANA) in a nutshell

The Decntraland (MANA) serves as the native token of the Decentraland virtual universe. The Decentraland universe is a well-developed virtual empire where players can own land, carry out peer-to-peer communication, and exchange goods and services. Decentraland is considered the pioneer of the metaverse sector and is one of the strongest cryptocurrencies with many early adopters. MANA is an ERC-20 token that runs on the Ethereum blockchain. There is a secondary token called LAND that can be exchanged for MANA and is used for purchasing land inside the virtual Decentraland empire.

The MANA token also functions as a governance token inside the Decentraland ecosystem where hodlers can vote for policy changes and purchase land parcels. The land communities are organized into districts and are unique for each user.

At the launch, there were a total of 2.6 billion tokens.

Decentraland plans to become a fully-fledged virtual economy where users can own real estate and carry out business transactions in the future unleashing the full potential of the metaverse.

Tokenomics of Decentraland

The initial total supply of MANA is 2.6 billion tokens and the distribution is as explained below.

40% was earmarked for the crowd sale; 20% for the community and partners; 20% for the team and early contributors, and 20% was reserved for the Decentraland Foundation. Project lead tokens are not vested anymore.

Has MANA been audited and doxxed?

Yes. CCAR has been audited by Nomic Labs. The official site has a lot of information and the whitepaper is listed on the site. The developers also share a lot of information on social media channels such as Twitter.

Trust & Fairness: 5

Exchanges & Swaps: 4

Tokenomics: 4

Community: 4

Overall Rating: 4.25

Detailed Review of Decentraland (MANA)

The Decentraland virtual ecosystem is one of the first shining examples of the metaverse. The future economy is expected to be powered through a digital world and Decentraland has the first mover advantage with a fully functional gaming empire that is powered by a digital cryptocurrency called MANA.

Inside the Decentraland ecosystem, users can hold and identify as owners of properties that can be developed as per their own choices. However, the user interface of MANA at present is limited although the ecosystem is working on adding better features and a truly 3D experience in the future.

Each land parcel is 16m x 16m, or 52ft x 52ft. Users can also purchase two adjacent land parcels to form an estate. Users are free to monetize their land parcel by limiting the ability of players to view content or access features inside a land parcel.

Decentraland has an elaborate marketplace where users can view entire land parcels and also identify the owners. It can also be used to purchase and sell goods and services.

Where to Buy Decentraland?

You can buy MANA on almost all popular exchanges such as Binance, Currency.com, Coinbase, Woo network, eToro, WazirX, Bitbns, FTX, Gate.io, KUCoin, Hoo.com, and LBank. The token can also be purchased through decentralized exchanges such as UniSwap.

You can buy Decentraland either through cash via P2P (peer to peer), credit or debit cards, or through other cryptocurrencies.

If you already hold some crypto, then you can use the coins to purchase MANA directly through UniSwap. All you need to do is connect your wallet such as Metamask and select the appropriate coin pair that you wish to use for purchasing MANA (for example: BNB/MANA or ETH/MANA). The decentralized exchanges are a quicker and easier method that guarantees anonymity as you do not have to deposit fiat currencies or complete a KYC process before purchasing the Decentraland token. You can also use MANA for purchasing other altcoins through the decentralized route as explained above.

What Can you do With MANA?

Hodl as a long-term investor: The developers of Decentraland have introduced multiple benefits for their users. Players can own real estate and build their land parcels in any manner as they see fit. The players can also sell their properties and acquire avatars and other merchandise.

However, you can also simply hodl it and gain from its price appreciation in the long term. The Decentraland ecosystem also provides additional benefits to its users through staking ability.

Swap MANA to other ETH tokens: You can directly swap MANA to other altcoins on a decentralized exchange. The process is quick and simple and is described below.

How to Swap Decentraland to other altcoins

Simply head over to a decentralized exchange and connect your wallet. Then, select the amount of MANA you wish to spend (factoring in transaction fees) and swap it for another crypto token. You will receive the tokens in the same wallet.

Is MANA Legit? 

The Decentraland developers have an experienced team and unlike other tokens, they have not decided to remain anonymous. The founders communicate regularly through social media and provide regular updates. The coin is completely decentralized with no major whale able to dictate price movement. MANA functions through a DAO which is under the control of the Decentraland Foundation. Sufficient decentralization can ensure that there are no rug pulls. As the token gains more popularity and adoption in the future, the number of holders will also increase providing more stability to the price. The MANA coin has been properly audited by Nomic Labs and this speaks volumes about its legitimacy.

Upcoming Events/Launches

The Decentraland ecosystem is planning to usher in an entire economy inside its virtual empire where users can build properties, acquire merchandise and carry out transactions by selling goods and services.

The MANA token will have more use cases once the full potential of the Decentraland ecosystem is unleashed.

Price of Decentraland (MANA)

The all-time high price of one MANA was $5.85 on November 25, 2021. It is currently trading at $4.57 at the time of writing (Source: CoinGecko). The all-time low price was $ 0.00923681on October 31, 2017. Comparing the all-time low and all-time high prices, we get returns of about 49426% which are very impressive returns. The MANA token is a highly attractive investment instrument as it will power the metaverse economy in the future.

The MANA price can be checked on sites like CoinGecko and CoinMarketCap.