What is Decentraland (MANA)?
Decentraland (MANA) is a virtual reality platform powered by the Ethereum (ETH) blockchain.
It allows users to create, experience, and monetise content and applications.
In this virtual world, otherwise referred to as a ‘metaverse’, users can buy plots of land that they can navigate, build upon and monetise.
MANA is an Ethereum based token that is burned to acquire NFTs in the platform’s metaverse.
They can also be used to buy avatars, wearables, names, and more.
Who created Dectrantaland?
Decentraland was co-founded by Ariel Meilich and Esteban Ordano – both have since stepped down from major roles, but still act as advisors.
Meilich is an entrepreneur who has founded several start-ups and was an analyst at a venture fund.
Ordano has a history in the cryptocurrency world working as a software engineer, an advisor and he operated his own smart contract development firm, and, also established a blockchain technology infrastructure company.
Decentraland was launched in 2017 following a US$24mln initial coin offering (ICO), before opening to public users in 2020.
What makes Decentraland unique?
Decentraland is built for content creators, businesses, and individuals that are seeking a new artistic medium, business opportunities, or a source of entertainment.
The Decentraland game world is divided into 90,601 individual parcels of LAND, each represented by an NFT.
Each LAND is 16 square metres (virtually) and can be found at a specific coordinate in the Metaverse.
LAND holders can develop their plot into anything, although much of the Metaverse is divided into distinct districts with different sizes and themes.
These districts were generated through individual crowd sales for MANA tokens.
MANA holders propose and vote on policy updates, the specifics of LAND auctions, and the types of content allowed in the Metaverse.
Many Decentraland users monetise their LAND through leasing, and advertising, while others create and sell items for MANA tokens.
How many MANA coins are in circulation?
There are 1.8bn MANA coins in circulation out of the current total supply of 2.2bn.
There are burn mechanisms to reduce the circulating supply of MANA, including a 2.5% MANA burn on Decentraland marketplace transactions.
40% of the MANA supply was sold during the 2017 ICO, while the remaining 60% was split equally between the company, community, development team, and early contributors.
On 4 November, the token’s market cap was US$4.6bn and it was ranked as #42 on Coinmarketcap.com.
How is the Decentraland network secured?
MANA is based on the Ethereum blockchain which is secured by a large decentralised network of miners which work together with thousands of nodes to ensure the blockchain, and hence the MANA tokens is protected against attacks.
Ethereum is the most popular network for crypto tokens that do not have their own blockchain.
Where can you buy Decentraland?
Major crypto exchanges facilitate trading in Decentraland tokens – including Coinbase Binance, Mandala Exchange, OKEx, CoinTiger, and FTX.
MANA can be traded against Bitcoin, Tether, and ETH, as well as being purchased with many fiat-currencies including USD.