While the metaverse is still in its early stages of development, several projects are vying to be the go-to platform for users. The trends in the industry seem to be moving towards decentralization and away from the walled gardens of major tech companies. One of the projects leading the charge in decentralization is Decentraland.
Decentraland is a decentralized virtual world that is built on the Ethereum blockchain. It is a 3D interactive world that users can explore, build, and experience. One of the unique aspects of Decentraland is MANA crypto. If you want to learn more about MANA and Decentraland, you’ve come to the right place.
What Is MANA?
In Decentraland’s virtual world, players buy and sell real estate using non-fungible tokens, or unique digital assets stored on the Ethereum blockchain. These digital assets are called LAND and to buy LAND, players need to use Decentraland’s in-game currency, MANA.
MANA is an ERC20 token created to fund the project’s development. It is used to purchase land in Decentraland and pay for goods and services within the world. The total supply of MANA is 2,644,403, 343 and the circulating supply is 1,490,833,343 (as of writing).
How Does MANA Work?
When a player wants to buy LAND in Decentraland, they need to use MANA to do so. The amount of MANA needed to purchase LAND varies depending on the location and popularity of the area.
Once a player has purchased LAND, they can build whatever they want on it, within the guidelines set out by Decentraland. Players can also buy, sell, or rent their LAND to other players.
What Is The Benefit Of MANA?
MANA provides many benefits for users of Decentraland. It is used to purchase LAND within the world. LAND purchasers receive a permanent, immutable record of their own on the Ethereum blockchain. They can develop their land however they see fit.
Another benefit of MANA is that it can be used to pay for goods and services within Decentraland. This includes things like in-game items, experiences, and even tipping content creators so they can continue creating great experiences for other users.
Lastly, MANA can be traded on cryptocurrency exchanges, providing users with a way to liquidate their holdings if they need to convert them to fiat currency or other cryptocurrencies. This makes it a key piece of the puzzle in Decentraland’s quest to become the leading decentralized virtual world.
Why Is Decentraland So Unique?
Decentraland is one of the only virtual worlds that is built on a blockchain. This gives it a number of advantages over traditional virtual worlds. First, it means that users own their data. This is in contrast to traditional virtual worlds like Second Life, where the company that owns the platform also owns all of the user data.
Secondly, it gives users complete control over their experiences. They can create whatever they want without worrying about censorship from a centralized authority. They can also interact with other users directly, without having to go through a centralized platform.
Lastly, because Decentraland is built on the Ethereum blockchain, it has the potential to integrate with other decentralized applications (dApps). This opens up possibilities for what users can do within the virtual world.
At its core, Decentraland gives users the power to create and experience whatever they want. The use of MANA is a key part of this vision, as it allows users to buy and sell land, pay for goods and services, and trade their holdings on exchanges.
Decentraland is still in its early stages of development, but it has the potential to become the go-to platform for users who are looking for a decentralized, censorship-resistant virtual world. The use of MANA in Decentraland provides a number of advantages over traditional, centralized platforms and gives users a way to monetize their content and services.
With the recent introduction of the Decentraland SDK, we will likely see a surge in the number of user-created experiences and services. This, in turn, will likely lead to an increase in the demand for MANA. So, if you’re looking for a virtual world that you can truly call your own, keep an eye on Decentraland.