MANA in Decentraland
Esteban Ordano Ari Meilich launched Decentraland in 2017. The 3D Metaverse, which runs on the Ethereum blockchain, allows users to design activities, paintings, and land. It intends to combine virtual reality and blockchain technology to encourage worldwide participation in a virtual environment.
A variety of compatible VR experiences such as gaming, events, simulations, and collaboration on Decentraland can be accessed by users. Users may also visit any of Decentraland’s spaces, which host events and activities, by logging in. Every item on the platform’s marketplace is priced in MANA.
Uses of Mana
Once you have registered to the Decentraland metaverse, you will have access to the LAND Store. With land, users can create buildings, landscapes, and more. You can also use LAND to purchase tickets for in-game items, services, or passive income through Renting out your planetary real estate! MANA powers all transactions on Decentraland MANA, and ETH power all transactions on Decentraland. ETH serves only as fuel for smart contracts on the Decentraland blockchain.
MANA is needed to:
- Create your crypto wallet
- Purchase wearables
- Purchase LAND or parcels of LAND
- Earn Money
- Trade in Cryptocurrency
- acquiring a mortgage
Decentraland burns the MANA that you paid for when you buy LAND. Each LAND plot was initially sold for 1000 MANA by the Decentraland team. Depending on the cryptocurrency market, MANA’s value fluctuates. After a significant occurrence on Decentraland, such as the acquisition of a valuable piece of property, MANA becomes more costly. MANA’s valuation responds to positive and negative developments in the Metaverse, much like a company’s share prices rise after a bout of good news.
MANA users can vote on policy changes, LAND auctions, and subsidies to enhance the platform by owning MANA. However, the MANA tokens used to purchase the parcels are destroyed or removed from circulation when LAND is auctioned, making the MANA supply deflationary. In addition, as the platform expands with new users, this might pressure the token’s value since MANA is less available to purchase new LAND.
As of August 8, 2022, Decentraland cryptocurrency stands at the value of $1.10 with a market cap of $1,992,456,889 with a 24 hrs trading volume of $168,379,095 with a circulating MANA supply of 1,810,770,761 MANA.
Is MANA a Good Investment?
Yes, is the short answer. MANA is a native currency of Decentraland that can be used to purchase land or make changes. Although, on CoinMarketCap, Decentraland is ranked 34th in market capitalization; it is ranked 2nd in the Metaverse category by daily trading volume.
