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What is Decentraland (MANA)?

By Amy Luong
July 06, 2021

If you are a fan of the idea of participating in a 3D virtual platform where you can build a whole new world of yourself, you should not miss this article! In this article, Tokenize Xchange will bring you some basic understanding of Decentraland and its token MANA. 

What is Decentraland?

Decentraland is a virtual reality platform powered by Ethereum blockchain. Decentraland allows you to create a new economy, build, and monetize virtual reality applications. Divided into 90,000 parcels of LAND, measuring 16m x 16m of each, Decentraland gives its users the ownership over their land and applications they create within their land. 

Decentraland virtual reality

In Decentraland, you can freely create and build anything you want when you own a piece of land there. You can go to casinos, attend seminars, attend music concerts, go shopping with friends, drive your dream car, and even start a business. With just a virtual reality headset or a web browser, you can enjoy a 360-degree virtual world.

History of Decentraland

Created in early 2015 by Ari Meilich and Esteban Ordano, Decentraland was originally a pixelated grid that assigned pixels to users, using a proof-of-work mechanism. In June, Decentraland took its first steps by creating an algorithm to accept Bitcoin (BTC).

In March 2017, Decentraland was officially launched and took a new step forward with 3D sketching, under the connection and support of Blockchain technology. In 2018, Decetraland made an outstanding milestone in its development journey with its first auction in January. Decentraland has been open to the public since Feb 2020.   

Blockchain Decentraland

A virtual land parcel in Decentraland was sold for $20, following with the 2020-2021 explosion in NFT, one of the most desirable digital real estate in Decentraland costed more than $100,000. 

To maintain the network and attract new users to Decentraland, its developers have hosted numerous contests to create art, games, and applications with handsome rewards as a result. Also, new users receive allowances of Decentraland MANA tokens which improve their interaction experiences with the virtual economy.  

What is Decentraland MANA token?

MANA token is a virtual currency that can be used in the Decentraland world. Also, users can use MANA to trade land, wearables, and unique names in the marketplace. Used Decentraland MANA tokens will be burned when users buy LAND, as well as make in-world purchases of services and goods.  

Furthermore, MANA gives holders power for voting on the DAO (Decentralized Autonomous Organization), take part in LAND auctions, and contribute to improving the platform. They can also contact other users and explore its metaverse. 

What is Decentraland price
Decentraland MANA price 

Below are some MANA tokens data from Coinmarketcap:  

  • Market capitalization: $834,900,054
  • Circulating supply: 1.58B MANA
  • Total supply: 2,194,276,127
  • Price (Jun29): $0.53

How to buy MANA tokens

Investors and traders can easily trade MANA Token on the market as it can be exchanged with many digital currencies such as BTC or ETH. 

>>>Buy Decentraland MANA Token on Tokenize Xchange. 

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