Decentraland

What is Decentraland (MANA)?

MANA is the native token of Decentraland, an open-source, decentralized metaverse. The platform is known as a virtual world that uses non-fungible tokens (NFTs). in its game mechanics. The platform offers a wide range of features that allow users to monetize their virtual experience.

Decentraland is powered by Ethereum (ETH) blockchain, and the MANA token was created using the ERC-20 standard. The token is used to purchase virtual land or other in-game assets, as well as to create mini-games and applications. The most current MANA pricing data can be seen above.

Who founded Decentraland?

Decentraland was founded by Ariel Meilich and Esteban Ordano. Meilich is an entrepreneur who has worked in the venture capital space and is a founder and co-founder of other blockchain-based companies. Ordano is a software engineer with many years of experience in decentralized finance and smart contract development.

Meilich and Ordano are no longer project and technology managers at Decentraland. They retired in 2020 and now serve as consultants to the project. The current CEO of Decentraland is James Ashton.

The platform is the next step in evolution of social networks and virtual entertainment. Users can interact with each other using digital avatars and purchase goods and services that can be transferred to the real world.

Decentraland was launched in 2017. Before the official release, the platform held Initial Coin Offering (ICO), during which the price of MANA was around $0.02. The volatility of the asset can be considered relatively low.

Since its launch, Decentraland has generally followed general market trends, which is reflected in its results. The second half of 2021 and the first half of 2022 saw a period of significant growth. Following Bitcoin’s then-record high recorded in November 2021, Decentraland’s price also peaked at $5.90 at the same time.

What are the key features of Decentraland?

The Decentraland cryptoworld uses two types of tokens: MANA utility token And non-fungible tokens known as LAND. Users can purchase LAND to create their own unique virtual space. As a utility token, MANA can be used to purchase LAND as well as other in-game goods and services.

Both MANA and LAND are deflationary tokens. New MANA tokens cannot be mined. MANA reserves are regularly burned to reduce the number of assets in circulation. This is to ensure that Decentraland prices rise over time and the rate of deflation remains stable.

The total metaverse supply is 90,601 LAND tokens. Each square of land covers 2,756 square feet. During the MANA crowdsale, it was decided that the entire Decentraland would consist of over 50 different districts. If a user buys LAND in a certain area, he cannot sell it.

Proof of ownership of LAND is recorded in an immutable ledger on the Ethereum blockchain. Users are limited to the amount of LAND they can own. ensure fair and equal distribution of virtual resources. However, there are no height restrictions for owners.

The coefficient of how many NFTs can be purchased using the native token is set at 1 LAND = 1000 MANA. This means that the price of MANA in the market determines how many non-fungible parcels a user can purchase.

The platform offers its own marketplace. Here, users can purchase items such as avatars, clothing textures, rare collectibles, and others. Services offered in the game include digital stores that allow microtransactions, virtual art exhibitions, and unique environments. Users can also purchase advertising space throughout the map.

MANA can also be used as a governance token as the ecosystem functions as decentralized autonomous organization (DAO). MANA token holders can vote on changes to the protocol and propose their own proposals to the consortium.