Decentraland (MANA) Live Price

What Is Decentraland (MANA)?

Decentraland, also known as MANA, is a virtual reality platform designed, created, and powered by the Ethereum blockchain to provide users with an excellent opportunity of creating, experiencing, and monetizing content and applications. Take a look at the virtual world scenario, where users are allowed to freely purchase plots of land, which could later be navigated, built upon, and monetized. That’s precisely how Decentraland (MANA) works. 

Initially launched in 2017 as a result of the $24 million initial coin offering, its closed beta version was launched in 2019. It became accessible to the general public sometime in February 2020 during the wave of the COVID-19 pandemic. Following its launch for public accessibility, users have enjoyed the incredible moments of creating a wide range of experiences on their portion of Land. Some of these incredible experiences the platform offers users include interactive games, 3D scenes, and a host of other mind-blowing experiences. 

Decentraland is configured to operate two different tokens; MANA and LAND. MANA, an ERC-20 token, can be used for several services but must first be burned to purchase non-fungible ERC-721 LAND tokens. Similarly, it can be used to make certain payments for avatars, names, wearables, and more on the Decentraland marketplace. 

As mentioned earlier, Decentraland, as the name implies, is a decentralized virtual world platform hosted on the Ethereum blockchain platforms. Therefore, users are allowed to create, test, and monetize content. In summary, plots of land are offered to users virtually as NFTs in which payments would be made with MANA tokens – all on the Decentraland platform. It may, however, interest you to note that progress in this game largely depends on the efforts of the individual players as well as their imaginations. 

The digital platform ultimately offers users complete ownership. You know how a decentralized metaverse works, where participants get to explore the digital world through virtual reality. They can also do other stuff like purchasing virtual plots of land that can be monetized, creating iconic works of art, acquiring NFTs, and maintaining roles as part of an organized decentralized autonomous organization known as DAO. Additionally, Decentraland (MANA) users are granted access to other services. These include interactive applications, peer-to-peer communications, and in-world payments. 

The Tokens That Govern Operation in Decentraland 

As mentioned earlier, MANA and LAND are the two major types of tokens governing the Decentraland platform, allowing users to maintain a smooth level of interaction within the platform. 

MANA is the official currency of Decentraland, and it is built on an ERC-20 token. Users can purchase plots of LAND with MANA and make payments for in-game items and other services. Holders of MANA are also allowed to vote in a Decentraland Decentralized Autonomous Organization (DAO). MANA itself is available for purchase on several cryptocurrency exchange platforms, or it could be acquired through the sales of collectibles on Decentraland Marketplace. After purchase, owners can convert MANA to wrapped MANA or wMANA and then commit them to the autonomous organization known as DAO. In this case, one wMANA is equivalent to one vote. Furthermore, MANA can be subjected to exchanges for fiat currencies or other digital assets. 

LAND, on the other hand, is a non-fungible token (NFT) with its host based on the Ethereum platform. The primary purpose of LAND is t track and monitor the ownership of land parcels in the virtual market, such as digital real estate. Similar to MANA, LAND also confers voting rights to use as part of the protocol. However, LAND doesn’t need to be a member of the decentralized autonomous organization (DAO). Unlike MANA, one LAND is equivalent to two thousand votes. 

The decision on what to do with the land purchased on the digital platform lies with players. However, there’s an avenue to store tokens in crypto wallets and purchase necessary items with MANA tokens on the Decentraland marketplace. Players and users can manage or exchange LAND tokens in the marketplace or even transact or transfer -in games items or other services. All transactions on the marketplace are conducted, regulated, and registered by the Ethereum blockchain network. 

Who are the Founders of Decentraland?

According to the Whitepaper, Ariel Meilich and Esteban Ordano are the cofounders of Decentraland. However, both have stepped down from their significant positions in the project but continue to work as advisors. 

Ariel initially held the role of project lead from 2017 to 2020. As an experienced entrepreneur, he has displayed an uncommon commitment to the development of several startups to success. Some of these include a CRM and an online translation agency, to mention a few. He had also worked as an analyst at a prominent Silicon Valley venture fund, Charles River Ventures. 

Esteban, on the other hand, handled the tech lead position. As a software engineer at BitPay Inc, advisor at Matic Network, and operator of a smart contract development firm known as Smart contract Solutions, Esteban boasts a long year of varied experience in cryptocurrency and the blockchain space. He was also a co-founder of Zeppelin Solution, a renowned blockchain technology infrastructure company. 

The fact that Ariel and Esteban have stepped down from their major positions in Decentraland doesn’t affect the progress in any way. The development continues growing with efforts being channeled towards the recently established Decentraland Foundation. 

Why Is Decentraland Unique?

Whether you are an individual, you own a business, or you’re a content creator, Decentraland is built for everyone in search of business opportunities, artistic mediums, or sources of entertainment. 

For instance, the emerging decentralized game world known as Metaverse is subdivided into about 90,60 parcels of LAND for individual projects, each represented by an ERC-721 NFT. Each LAND is 16m x 16m in terms of square meters and can be located based on one coordinate in the Metaverse. 

Decentraland is unique and incredible because it is one of the fastest-growing projects utilizing a decentralized autonomous organization, which serves as a governance structure and guides decision-making. In short, holders with MANA tokens take complete control of how the world of Decentraland operates. They often do this by voting on policy updates, participating in LAND auctions, as well as making decisions regarding the types of content featured within the Metaverse. 

Holders of MANA are also offered the opportunity to monetize their LAND through various means. These include leasing, advertisement, and paid experiences. In addition, users can also generate more income through creating and selling items on the Decentraland marketplace using the MANA tokens.