What is De central and (MANA): Cryptocurrency, Metaverse and Virtual Real Estate

Many cryptocurrencies are not only digital money, but also represent the basis for the development of decentralized applications. Such platforms with advanced functionality began to be called metaverses. A bright representative of the virtual world (metaverse) is Decentraland (https://decentraland.org /).

What is Decentraland and the MANA token

Decentraland is an ethereum-based virtual gaming platform. The project began to be developed in 2016. It is based on virtual land plots (LAND), each of which is a non-interchangeable (unique) token. In 2017, a closed version of the platform was launched, and in early 2020, the game became available to any users.

The project team includes Ari Meilah, Esteban Ordana and Jake Brookman. All of them have extensive experience in developing and promoting virtual applications. According to the developers, the game is completely controlled by users, since they destroyed their key. In 2020, all these persons officially left the project, but remained as advisors.

Decentraland cryptocurrency with MANA token was created for the project. Tokens can be used to buy lands, accessories and other objects of the game. You can buy tokens on many cryptocurrency exchanges (Binance, OKEx and others). There you can also exchange them for other types of cryptomonets or for fiat money.

Decentraland: features of the virtual world on the blockchain

Two digital assets have been developed for the game: LAND (land plots) and MANA tokens, which can be used to pay inside the game. Token holders can also vote for various options for the development of the project. The price of MANA when it appeared on crypto exchanges in 2017 was 2 cents. By the end of 2021, the value of the token exceeded $ 4 (in the ruble equivalent of approximately 320 rubles).

Tokens spent on the purchase of land are then burned. Mining of this cryptocurrency is not provided.

The owner of the land plot can develop his own projects on it without any restrictions and censorship. Developments can be monetized by selling them for game tokens.

Some sections combine to form roads. You can also create communities (districts) from several plots. Usually districts are united by a common theme. Individual plots from the districts cannot be sold.

The ownership of the plots and developments are confirmed using smart contracts on the Ethereum platform. The participants make decisions on the development of the project by voting in the Agora application.

How to become a member of the Decentraland metaverse

To make purchases and use all the features of the game, you need to have a cryptocurrency wallet. Without a wallet, you can get into the game in guest mode, but the settings will not be saved. It is not necessary to top up your wallet before starting the game.

When you first enter the metaverse, you need to choose an avatar. After that, you can travel around the virtual world. For example, go to the cinema and watch a movie or discuss news in the crypt world with other avatars or chatbots in the bar. All interactions are carried out in real time.

Decentraland: how to make money

Since mining of this cryptocurrency is not provided, you need to use other opportunities to earn money.

Cryptocurrency can be held on deposit at 1% per annum. The developers recommend storing coins in the MetaMask cryptocurrency wallet, which is easy to install as a browser extension.

You can make money on trading by buying coins at a lower price and selling at a higher one.

The owners of the plots can not only sell them, but also rent them out. You can also place billboards with ads.

How to buy land in Decentraland

You can buy land plots for MANA tokens, which can be purchased on cryptocurrency exchanges. You can also earn coins inside the project by creating various objects and selling them in the Marketplace.

To buy a land plot, you need to go to the game’s website, select the Marketplace tab, and then – LAND. A map of the plots will appear. The user can buy any vacant plot. The cost of land is quite high and can reach several hundred thousand tokens.

Decentraland cryptocurrency: forecast and prospects

Currently, the main disadvantage of the Ethereum platform is the low speed of transactions. The developers plan to soon use the capabilities of the Polygon platform, which is designed specifically for connecting ethereum-based blockchains in order to significantly increase the speed of transactions.

The cost of the MANA token is still low and is available to almost all users. Therefore, Decentraland can be used to explore the world of cryptocurrencies: to understand the features of cryptomonets, create your first crypto wallet, etc.

MANA course Schedule:

However, it is necessary to invest a lot of money in the project with caution. The competition in the field of cryptocurrency games is very big. Therefore, it is impossible to predict with certainty which project will survive and make a profit. The advantage of this project is a strong development team and low cost of entry. But any investments in the crypt have an increased risk.

Interest in cryptocurrency is growing all over the world. According to statistics, almost a third of wealthy families abroad keep savings in cryptocurrency, but the share does not exceed 1% of the total investment. Experts do not recommend investing more than this value in any cryptocurrency projects.

Published: 7 January, 2022