What is Decentraland (MANA)?

What is Decentraland (MANA)?

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Decentraland (MANA) promotes itself as a virtual reality (VR) blockchain-based platform that is powered by the Ethereum blockchain, on which it was launched. Ethereum is a programmable blockchain that allows developers and users to create, enjoy, and monetize content and apps.

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In the Decentraland metaverse, users can acquire parcels of land in this virtual environment. These virtual plots of land can be used to traverse, construct, and monetize their creations.

 

Component Decentraland (MANA)
Technologies Metaverse, Dual tokens, DAO
Market Capitalization +5.6 Billion+
Open-Source Yes
Consensus Mechanism
Smart Contracts Yes
Founders/Authors Ariel Meilich and Esteban Ordano
Launch Date 2020
Circulating Supply of Coins 1,824,532,935 MANA
Maximum Coin Supply None
Mining-based Coin? No
Is Decentraland a Stablecoin? No
Does Decentraland have a burn rate? Yes
Does Decentraland have a Whitepaper? Yes, the white paper can be viewed here

 

Evolution and Development of Decentraland

In 2017, Decentraland was launched. Ariel Meilich and Esteban Ordano co-founded it. However, both creators have since resigned and handed management over to the community.

They remain consultants to Decentraland, but the Decentraland Foundation is in control of all protocol updates and developments. Meilich is a technology entrepreneur with expertise in startup development. He developed an internet translation firm and a customer relationship management platform.

He also worked as an analyst at Charles River Ventures, a venture capital firm based in Silicon Valley. Meilich led Decentraland from 2017 until 2020.

Meanwhile, Ordano served as the organization's previous technology head. He is well-versed in the crypto space. He co-founded one of the top Bitcoin (BTC) infrastructure libraries, Bitcore, as a former software developer at BitPay (BTX).

 

What makes Decentraland unique?

Decentraland is composed of three layers: consensus, land, and real-time.

Smart contracts power the consensus layer. It keeps track of who owns what land and what is on it. When establishing a new LAND division in the register, the LAND contract consumes MANA.

The land layer functions as a decentralized storage facility. Users may download assets here using a decentralized method that distributes material across the metaverse.

The land layer is a critical component of the system since it contains all the information required by the platform to display a parcel of LAND, such as textures, 3D models, and audio files.

The real-time layer facilitates peer-to-peer communication, which enables users to converse in the metaverse. Developers may use this layer to create 3D situations without having to know how to code.

The metaverse of Decentraland is accessed by an avatar. In other words, Decentraland is a virtual reality environment built on the blockchain. While the bulk of the platform's users is blockchain and crypto aficionados, the protocol also includes users who have no prior experience of exploring its virtual reality environment.

Apart from games, the Decentraland team has created a marketplace and a drag-and-drop editor for users to create scenes.

Participants may use the marketplace to manage and trade LAND tokens, which are valued in MANA. The marketplace allows owners to trade and transfer packages and other in-game assets such as accessories and unique names.

Notably, all transactions are resolved between Ethereum wallets and are therefore validated and recorded on Ethereum's blockchain by the Ethereum network.

The building tools provided by Decentraland enable owners to construct a one-of-a-kind experience inside their LAND parcels. Through its editing tool, developers can create interactive scenarios and access customization libraries and payment solutions.

 

What are the main uses for Decentraland?

Decentraland's native tokens are the LAND, the MANA, and the Estate. The LAND and Estate coins are ERC-721 compliant. They depict plots that may be purchased via MANA.

MANA is a critical component of Decentraland's virtual world since it may be used to conduct transactions inside the ecosystem and to engage in the software's administration.

MANA is an ERC-20 token that is interoperable with other Ethereum Network coins. When users hold MANA tokens, they can connect with the platform by designing their avatars, engaging with other users, and exploring the platform's metaverse.

Additionally, users who own MANA have the power to vote on policy modifications, LAND auctions, and platform improvements.

When LAND is auctioned, MANA tokens used to acquire the parcels are destroyed or withdrawn from circulation, causing the overall MANA supply to deflate. This may exert downward pressure on the token's value as the platform gains additional users.

 In addition, Decentraland has the following direct uses:

  • Users can construct applications and 3D sceneries using Decentraland's scripting language, which enables deeper interactions.
  • Curation of Content: In Decentraland, neighborhoods have evolved, drawing like-minded followers and establishing organic communities.
  • Advertising: Neighbourhood traffic has resulted in advertising firms purchasing space and erecting billboards.
  • Users can interact with Digital Collectibles. In the Decentraland Marketplace, users can collect, develop, and trade a wide range of NFT goods, granting them ownership rights to those NFTs.
  • Social: Communities on social media platforms, as well as offline groups, may engage in more engaged social interactions with their peers.

 

What is the future potential for Decentraland?

Despite all the hype, Decentraland is still one of the most popular games and tokens in the industry. Decentraland has drawn immense attention over the last three months.

Overall, Decentraland has been one of the top-performing tokens in the previous year, offering investors returns of over 5,300% by the end of 2022. Looking out farther.

Decentraland is one of the most popular virtual worlds. Investing in a blockchain-based game could offer investors as much aggressive exposure as they could ask for to the metaverse's future.

Many investors are optimistic about the development potential of the blockchain, which is fuelling virtual reality's future in this early, fast-growing market.

 

Price analysis on Decentraland

Decentraland was officially launched in 2020, but the price on MANA goes back as early as 2017. These metrics are as follows:

 

  2017 2018 2019 2020 2021 to date
MANA Price High $0.019 $0.249 $0.066 $0.097 $5.47
MANA Price Low $0.008 $0.0437 $0.0208 $0.018 $0.079
Market Cap $45.35M $354.48M $69.43M $156.22M $10.00B

 

Price prediction on Decentraland

It is believed that Meta's dedication to building the metaverse will stimulate market interest and development in this area. The MANA coin price estimate has prompted some investors to be optimistic.

A more positive outlook for the long term was offered by Decentraland price predictions from crypto experts, who predicted that the average price would rise to $5.68 at the start of 2023, to $10.45 by the end of 2024, and to $12.8 by the end of 2025.

 

Which wallets are the best option for storing Decentraland?

Decentraland tracks the ownership of all digital content and marketable goods using the Ethereum blockchain. Digital wallets are technologies that act as a link between the blockchain and the decentralized application (DApp).

This implies that users must use a wallet to keep track of their available money, transaction history, and security settings. If users want to get the most out of their Decentraland experience, users are urged to get a digital wallet.

When users choose to participate in Decentraland without a digital wallet, the data of their progress will be stored locally. While users can interact with the metaverse of Decentraland, customize their character, and interact with other players, they will not receive any rewards. In addition, without a digital wallet, users cannot participate in any events or log in using the same Guest ID and Avatar as that on the device that they use.

The best MANA wallets are:

  1. Trezor One or Ledger Nano S
  2. Trust Wallet
  3. Atomic Wallet
  4. MyEtherWallet

 

1. Trezor One or Ledger Nano S: A secure hardware wallet, such as those manufactured by Ledger or Trezor, is one of the finest locations to store Decentraland (MANA).

Hardware wallets use the highest level of encryption to safeguard the assets from sophisticated network assaults or even basic phishing scams that users of software or website wallets may experience.

 

2. Trust Wallet: Trust Wallet is a software application backed by Binance, providing traders and investors robust technology to safeguard their MANA tokens. Trust Wallet is popular and offers some of the best features.

 

3. Atomic Wallet: Decentraland (MANA) may be saved in Atomic Wallet, a wallet that is accessible on Android, iOS, and a variety of PC platforms. Atomic Wallet is a multi-currency wallet that supports over 300 cryptocurrencies, including MANA and other ERC20 and BEP2 tokens.

Additionally, Atomic Wallet has Atomic Swaps and a built-in Exchange, allowing users to trade between any supported assets, including Decentraland.

 

4. MyEtherWallet: Additionally, you may store Decentraland (MANA) in one of the most reputable, proven, and tested wallets available: MyEtherWallet.

All ERC20 tokens, including Decentraland (MANA), can be held on the Ethereum blockchain when using the MyEtherWallet, which requires no specific terminal, client, or additional software.

 

Best Bitcoin Wallets are the same as Decentraland wallets.

Where can you buy Decentraland?

MANA can be bought, sold, and traded on the following popular crypto exchanges:

  1. Coinex
  2. Bitso
  3. OKCoin
  4. LBank
  5. DigiFinex

 

1. Coinex: Coinex has established a strong reputation as one of the most reputable cryptocurrency exchanges in the world. Coinex is a cryptocurrency exchange and a supplier of blockchain-based goods and services.

The exchange offers a variety of features that make it an appealing choice for a currency trading platform. Coinex's trading platforms handle many crypto assets and fiat currencies, providing consumers with a plethora of possibilities.

 

PROS CONS
The exchange is renowned for its low trading cost which is further reduced with high 24-hour trading volumes There are limited payment options offered
There are unique combinations of different crypto assets and fiat trading pairs There have been reports of delayed transactions
The exchange has large liquidity pools for every coin listed  
There is a range of comprehensive services and features  

 

2. Bitso: Established in 2014, Bitso is a pioneering Mexican crypto exchange trading platform, the first of its kind to offer Mexican Pesos as a supported fiat currency.

 

PROS CONS
The exchange offers dedicated customer support Only supports the Mexican Peso as a fiat currency
The fees on the exchange are low  
There is fiat currency support  
There is vast a range of crypto coins to choose from   

 

3. OKCoin: OKCoin is one of the world's most reputable fiat-to-crypto enterprises, established in 2013 in Beijing, China, by Star Xu. OKCoin enhanced the platform's capabilities by adding trading pairs with high liquidity supplied by the hot wallet, lucrative interest-earning programs, and many altcoin marketplaces.

 

PROS CONS
The liquidity offered by the exchange is above average Withdrawals are subject to KYC
The exchange offers margin trading and futures contracts There is a limited supply of digital assets
The exchange has competitive and low transaction costs The BTC trading volume is inflated artificially
The platform is robust and advanced  
Fiat currencies are available for withdrawals and deposits  

 

4. LBank: Since 2015, the Hong Kong-based cryptocurrency exchange has been operating. LBank's cryptocurrency exchange offers a diverse range of trading options for 97 different tokens, including Bitcoin, Ethereum, Litecoin, and Zcash.

Users can use the platform from anywhere in the world, although LBank avoids nations with severe regulations.

 

PROS CONS
The platform is user-friendly and has low trading fees and withdrawal fees The exchange is not available in all regions
There is an innovative mobile app offered Customer support is sluggish
The exchange offers advanced trading tools Limited funding options
The account creation process is quick and hassle-free The exchange is not regulated
There are robust security measures such as 2FA and cold-hot storage wallets  
There are several crypto assets offered  

 

5. DigiFinex: DigiFinex has made a name for itself as a leading cryptocurrency trading exchange platform. This online trading exchange platform makes use of native exchange tokens as well as the resources and capabilities of the DigiFinex Ecosystem.

 

PROS CONS
There are over 100 coins offered The exchange does not accept US or Singapore clients
Offers leveraged trading There are limited analytical and charting tools for high volume traders
The in-house token is an ERC-20 token  
There is no taker or maker fee  
There are low withdrawal fees charged  
The platform offers Flexi-Earn and Crypto loans  

You can buy Decentraland safely from these cryptocurrency platforms.

Does Decentraland use coin burns?

It is important for all Decentraland currency holders to be aware of the pace at which MANA is burnt (when a coin or token is burned, it effectively implies that it is destroyed and is no longer available for use).

According to its present configuration, the set of operating rules has been created to organically raise the value of the asset by continuously withdrawing even more from a total fixed supply.

The Decentraland community unanimously approved in November 2018 to eliminate the intended 8% inflation rate for the Decentraland currency, MANA.

The same decision established a 1% burn rate on all land deals conducted via the official marketplace. Since then, the ecosystem has been expanded to include avatars and wearables. When they are bought, a small amount of MANA is also burnt.

MANA, a fungible ERC20 token with a fixed supply, is used to purchase LAND. This token acts as a semblance of the expense associated with claiming a new parcel.

MANA is destroyed, and a new record in the LAND register is created via the LAND contract's burn function. New lots must be contiguous to an existing property that is not vacant.

The overall amount of MANA that has been burnt in auctions are as follows:

  • 1st Land Auction = 161,483,050 MANA
  • 2nd Land Auction = 109,500,000 MANA

 

In addition, the number of MANA that has been spent on the creation of the DAO is 333,000,000 MANA.

Some ongoing burn rates are as follows:

  • Land sold on the Decentraland Marketplace is burnt at a rate of 2.5% of the entire transaction price.
  • Land sold on OpenSea Marketplace gets burnt at a rate of 2.5% of the entire transaction price.
  • Selling of Avatar / Registered Initial Name – 100 MANA – 100% of the entire sale price is used.
  • Resale of Avatar/Registered Name – 2.5% of the total selling price is consumed
  • Selling of Wearables on the Decentraland Marketplace – 2.5% of the entire resale price is burnt
  • Resale of Wearables on OpenSea Marketplace – 5% of the total resale price is consumed

 

Users must note that the burn rates differ between the official Decentraland marketplace and other markets like OpenSea.

 

Are there criticisms against Decentraland?

Yes, there are criticisms against Decentraland and the risks that exist in joining this NFT game. 

As with any decentralized system, Decentraland has several dangers that should be considered before becoming involved. Among them are the following:

  • Exploitation risk. Data exploitation is not prohibited in Decentraland. As the DeFi sector develops, so does the amount of cyberattacks. If a malevolent actor discovers a flaw in the protocol, money and parcel loss are a certain conclusion.
  • Regulation. This is a danger that is also prevalent in the DeFi space. Cryptocurrencies may be subject to stringent regulation by regulatory organizations. These rules have the potential to have a significant influence on the price of Decentraland’s' tokens, as well as Ethereum. 
  • The risks associated with Ethereum's hard forks and upgrades. MANA is an ERC-20 coin, and Decentraland is an Ethereum-based system. As a result, any changes to the Ethereum network may influence the system.

 

What is Decentraland’s largest Competitor?

Sandbox is the largest competitor of Decentraland.

Pixowl released The Sandbox (SAND) in 2011, a blockchain-based virtual environment where users may create, trade, and acquire digital goods.

With the capabilities of non-fungible tokens and decentralized autonomous organizations (DAO), it has created a robust gaming community.

Sandbox crypto's main goal is to mainstream blockchain gaming. On the site, people can participate either as gamers or producers. SAND is the platform's utility token that facilitates transactions.

 

What can Decentraland smart contracts do?

The Decentraland DAO holds some of the platform's most crucial smart contracts. These include:

  • The DAO owns the LAND Smart Contract. This implies that any alterations or amendments to the contract must be approved by both the DAO and the SAB.
  • The Estate Smart Contract is also controlled by the DAO. This smart contract can only be updated by the SAB after approval by the DAO through a community vote.
  • POIs (Points of Interest) – The DAO also owns the list of Points of Interest (notable sites in Decentraland that are promoted to users as suitable places to start exploring the virtual environment). This list is maintained in a contract and may be amended only by the community via a vote that is then carried out on-chain by the DAO Committee.
  • Names – The DAO owns and controls the contracts used to generate the NFTs for Decentraland's unique avatar identities. The DAO must authorize any modifications to the names contract.
  • Banned Names are a list stored by the DAO containing banned clients. This list can only be amended following a community vote carried out on-chain by the committee of the DAO.
  • Catalyst Nodes – The DAO also owns and controls the list of Catalyst nodes that deliver content and build peer-to-peer connections required to keep Decentraland working. To change the list, the community must vote on-chain, which is then implemented by the DAO Committee.
  • Wearable Collections are classified before they are minted. The contracts used to administer the wearables collecting are owned and controlled by the DAO.
  • Marketplace Contracts – the Decentraland Marketplace DApp facilitates the process of selling and auctioning LAND, Estates, and other NFTs via the use of numerous smart contracts. Additionally, these contracts establish the marketplace costs, which can only be modified with the DAO's consent.
  • Grants – The DAO owns the vesting contracts used to provide recurrent payments as part of its grant mechanism. The DAO Committee creates these contracts on behalf of the DAO, and the SAB oversees them minimize financial loss due to Committee weaknesses or errors.

 

Is Decentraland a Good Investment?

Yes, Decentraland is a good investment.

Decentraland provides users with a gamified environment that is scarce and unrestricted. Users create their own experiences and profit from the value created.

Smart contracts are controlled by a decentralized autonomous organization (DAO) that allows users to vote on modifications. In the metaverse, users own their collections.

Republic Realm, a branch of Republic, paid $913,228.28 for 259 virtual plots in Decentraland. This is Decentraland's biggest LAND purchase ever. It reduced the MANA supply by 1,295,000 tokens.

With future LAND acquisitions, more MANA will be removed from the market. This reduces the circulating quantity of MANA and the number of tokens available for purchase. Scarcity may boost MANA prices to new highs.

Global digital asset management Grayscale Investments introduced Grayscale Decentraland Trust and four new virtual currency investment trusts. Grayscale presently manages $14.8 million in MANA assets. Even more astounding is their 218.73% ROI.

These figures are public and may influence other institutional investors. Large investments by established enterprises may boost asset prices and sustain MANA long-term.

With so many tools available, software engineers and developers are creating more interactive 3D games and apps. Decentraland (MANA) is valued third behind Chiliz (CHZ) and Enjin Coin(ENJ).

Many traders believe MANA is trading below its real value. As a result, value investors might profit from the discrepancy between market and intrinsic value.

However, despite this, the macro tailwinds for metaverse assets, on the other hand, seem to exceed the possible headwinds now.

Decentraland has grown rapidly in the last year, and this expansion seems to be just getting started. Decentraland has a lot to offer as part of a well-rounded crypto portfolio.

 

What is the supply and distribution of Decentraland?

The whole supply was originally 2.8 billion MANA. However, about 600 million MANA were destroyed in LAND auctions. A 2.5% MANA burn was initiated on Decentraland marketplace transactions to further decrease the circulating quantity of MANA.

MANA was initially meant to inflate at 8% for the first year, gradually reducing to lessen inflation. However, for now, inflation has been disabled until it is needed.

The 2017 ICO sold 40% of the MANA supply (ICO). A further 20% went to the project team and other early donors, with the remaining 20% going to Decentraland. Project lead tokens have expired.

 

What are the differences between Decentraland and Bitcoin?

One of the main differences between these cryptocurrencies is the purpose for which they were created, their architectures, and their objectives.

Bitcoin is a digital currency, a medium of exchange, and a store of value that is seeking widespread adoption as an improved, decentralized, permissionless currency that is not censored by intermediaries.

Decentraland is a Play-to-Earn NFT game that forms part of the quickly expanding metaverse world, developed to track real estate parcels that are defined by LAND tokens.

 

  Bitcoin Decentraland
Price change 20/21 +400% +2,200%
Market Cap $800 Billion+ $5.6 Billion+
Past Hacks None None
Popularity Very High High
Altcoin Rank #1 – Original Crypto #30

 

What are the differences between Decentraland and Ethereum?

When considering the programmable blockchain space, the decentralized software platform Ethereum is the biggest and most established. Ethereum allows the creation of smart contracts and decentralized apps (DApps) without any third-party intervention, fraud, control, or downtime.

Decentraland is such a DApp as a user-owned Ethereum-based virtual environment where you may play games and communicate with other users.

 

  Ethereum Decentraland
Price change 20/21 +880% +2,200%
Market Cap $460 Billion+ $5.6 Billion+
Past Hacks None None
Popularity Very High High
Altcoin Rank #2 #30

 

What are the differences between Decentraland and Sandbox?

MANA is a platform for companies, artists, and people seeking new business prospects, creative mediums, and sources of entertainment.

Decentraland is one of those burgeoning initiatives that govern itself via the use of a decentralized autonomous organization (DAO) framework.

MANA coin holders oversee the Decentraland world's government. The Sandbox(SAND) cryptocurrency is distinguished by the following characteristics:

  • Users may construct, generate, sell, and purchase digital assets in the blockchain-based virtual world.
  • It introduces the gaming business to blockchain technology.
  • Emphasizes user-generated material and establishes a Metaverse of active participants who contribute to the development.

 

  Sandbox Decentraland
Price change 20/21  +9,600% +2,200%
Market Cap  $4.1 Billion+ $5.6 Billion+
Past Hacks  None None
Popularity  High High
Altcoin Rank  #38 #30

 

What are the differences between Decentraland and Axie Infinity?

Decentraland was released in January 2020. It is a DAO that manages a virtual world based on Ethereum (DAO). It has three native tokens: LAND (ERC-721), Estate (ERC-721), and MANA (ERC-20), which is Decentraland's currency.

Players may gather and breed digital creatures called Axies, which can be used to participate in turn-based card games in Sky Mavis' Axie Infinity.

An ERC-721 non-fungible token, each Axie is a unique digital asset with unique attributes. Sky Maven states that the Axie Infinity game's structure draws a worldwide user base that has earned considerable metaverse income.

 

  Axie Infinity Decentraland
Price change 20/21  +11,300% +2,200%
Market Cap  $4.1 Billion+ $5.6 Billion+
Past Hacks  None None
Popularity  High High
Altcoin Rank  #37 #30

 

What are the differences between Decentraland and NFTs?

Nonfungible tokens (NFTs) are digital assets that each have a unique value, with no two NFTs holding the same characteristics or value as another. Decentraland, on the other hand, is fungible, which means that one MANA has the same value and characteristics as another MANA.

 

What are the differences between Decentraland and Enjin?

Decentraland is an online virtual environment where people may communicate and socialize. These are NFTs on the Ethereum blockchain. These may be purchased and traded on the original platform or third-party markets like OpenSea.

  • Enjin is a platform for minting, storing, and trading NFTs. The main emphasis is on gaming NFT projects. However, any developer may use the platform, expanding its potential beyond gaming if new uses for NFTs arise.
  • Enjin provides a complete NFT solution. Unlimited NFTs may be created, held on the platform's bespoke Ethereum wallet, or ‘beamed' to project supporters through QR codes.
  • Decentraland limits NFTs to about 90,000 units. Scarcity causes price appreciation.
  • Decentraland provides new ways to monetize digital real estates, such as product sales, land flipping, design services, and entry fees.
  • Decentraland's core service is digital real estate. Experts predict this area to develop rapidly in the future.
  • The Decentraland user interface is built on an online world. Enjin specializes in NFT. This provides Decentraland with a higher chance of surviving and surviving fresh project competition.

 

  Enjin Decentraland
Price change 20/21  +950% +2,200%
Market Cap  $1.8 Billion+ $5.6 Billion+
Past Hacks  None None
Popularity  Low High
Altcoin Rank  #64 #30

 

What is an ERC-20 token?

An ERC20 token is a blockchain-based asset that may be transmitted and received like bitcoin, ether, and bitcoin cash. To send and receive ERC20 tokens, users must utilize Ethereum addresses and transactions.

Because ERC-20 tokens are developed on Ethereum, they can be traded there. They may be stored in an Ethereum wallet and transmitted to other Ethereum wallets.

 

Will Decentraland always be an ERC-20 token?

Yes, MANA is a token that was created and launched on the Ethereum network as an ERC-20 token. Through the years, ERC-20 has become a renowned technical standard. It is a standard that is widely used to implement tokens in all smart contracts created on the Ethereum blockchain, and it also defines a set of rules that all Ethereum-based tokens must follow.

 

What can users get when they play Decentraland?

Apart from using Decentraland as a creative outlet, many users now monetize their LAND via leasing, advertising, and sponsored activities. Similarly, other users earn money by making and selling products on the Decentraland marketplace in exchange for MANA tokens.

 

Can anyone play Decentraland?

Yes, to start participating in Decentraland, users need a pre-installed digital wallet with a balance of at least 100 MANA. To get MANA, users can purchase tokens on crypto exchanges.