What is a Decentraland (MANA) coin?
Due to the cryptocurrency trend, people are now buying digital real estate with MANA coins. You might find it odd, but you may earn a lot of money from this! Yes, people are now purchasing virtual worlds as an investment.
First, we will have to talk more about what Decentraland is and how it works. Then, we will explain the use of its native cryptocurrency, MANA tokens. More importantly, we will see if it’s a good idea to invest in it.
The cryptocurrency dream started with Bitcoin (BTC), letting us buy goods and services without “the man” watching. Now, people are becoming real estate investors in the digital world. Even if you’re not interested in crypto, you should see how it’s changing the world.
What is Decentraland?
Photo Credit: coinmarketcap.com
It’s a virtual reality platform powered by the Ethereum blockchain. A group of developers from Argentina started it in 2016. Everything in it is a non-fungible token or NFT.
These are digital assets that have their ownership recorded on the ETH network. This makes each one unique regardless of replicas. You may purchase them with cryptocurrency.
Everything in Decentraland is an NFT. This includes items, clothes, and especially real estate called LAND. When you play the game, you’ll have to buy stuff with MANA coins.
Parcels of LAND each have a set of coordinates in the virtual world. You may edit your plot of LAND with the drag-and-drop builder. Then, your LAND can earn you money!
What can you do with virtual land?
Announcing the beta of the In-World Builder,
giving LAND-owners the opportunity to see their creations come to life as they build inside Decentraland.
Get started!https://t.co/Sp3CrTYZwK pic.twitter.com/cVv7oWejjp— Decentraland (@decentraland) August 5, 2021
Your LAND in Decentraland could serve as some sort of tourist attraction for others. You have to make sure people have a reason to go to your area.
This means letting your inner artist out! Make your plot of LAND interesting by improving the scenery. You may also add the following activities for guests:
- Art exhibits – Host NFT artists to showcase their works in Decentraland. They get to promote their talents while you get more visitors.
- Music areas – People may attend concerts at your LAND. Invite musicians to play in your Decentraland area to attract guests.
- Game sites – Your place may also serve as an arcade. Let people play whac-a-mole and other fun games in your LAND. You may also add casinos where players may win MANA coins.
- Brand content – Decentraland may soon be the new place for sponsored content. For example, the old video game company Atari announced it would put games in Decentraland.
What’s the point of all this? Visitors and brands add value to your LAND. Similar to a real estate investor in real life, you may sell the property for profit.
A plot of LAND in 2019 worth $500 is now fetching upwards of $7,860 nowadays. Someone recently sold digital real estate for over $1.5 million!
How do Decentraland (MANA) coins work?
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Now, let’s talk more about the MANA coins themselves. We said that Decentraland runs on the Ethereum blockchain. This is why it’s more appropriate to call them MANA tokens.
To make it easier for all readers, we’ll just use the term “MANA coins.” As we said, you use these to buy and sell anything on Decentraland. But how do you get your first coins?
- Start by creating an account on a crypto exchange. You have a lot of choices, but the most well-known ones are Binance and Coinbase.
- Then, link your credit card, debit card, or bank account.
- Use it to buy Ethers (ETH) and MANA coins.
- Afterward, get a crypto wallet like MetaMask.
- Use your crypto exchange platform to transfer the ETH and MANA to the wallet.
Read More: Why Online Gaming And Cryptocurrency Are An Amazing Combo!
Are you wondering why you need Ethers too? It pays for GAS fees. Each transaction in Decentraland charges these. Remember, it’s built on the ETH network.
That’s not all MANA coins do, though. They also work as governance tokens. Holding MANA coins lets you vote on Decentraland updates. It’s made possible by smart contracts.
Those are agreements that run on blockchains. They don’t need a third party to work. Instead, they’ll execute automatically if certain conditions are met.
You could also vote on what happens to your LAND. Each LAND makes up a District that may have issues sometimes. The weight of your vote depends on how many LANDs you have.
Decentraland price, market cap, and more
The Decentraland Marketplace now supports primary sales for user-created wearables! Head to https://t.co/Jk3ENA7Mg0, select the Collectibles tab, and filter by "Store" to see new wearables on first-time offer. pic.twitter.com/ZaZtlmOenr
— Decentraland (@decentraland) August 4, 2021
At the time of writing, the price of MANA coins was $0.9688 each. It’s number 72 on the crypto market rankings. Decentraland’s coin has a market cap of $1,736,663,188.83
Its trading volume within the last 24 hours was $144,069,163.83. What’s more, the MANA coin price reached an all-time high this year at $1.63. You’re probably not focused on these, though!
Instead, you probably want to know if Decentraland is a good investment. If you’re planning to invest in MANA coins, this might be a good time. The crypto market is on a bull-run right now.
In other words, most of the coins are going up in value. Buying now could mean big returns. If you’re planning to build or invest in the platform itself, tread carefully.
While it’s true that some people earned millions from digital real estate, it’s not easy. You have to know much about cryptos and design. After all, the value of your LAND hinges on the guests.
Also, you must have money for your first investment. GAS fees on Ethereum are notoriously high. You will also have to spend time creating your Decentraland area.
Final thoughts
Note that this article is for educational purposes. Learn more about assets before investing in them. Only use the money that you are willing to lose.
If you’re still interested in cryptocurrencies, perhaps you’ll like our other crypto articles. Learn more about how crypto is changing the world. It also has overviews for other cryptocurrencies.
Why limit yourself to just cryptocurrency? Conventional assets are still here. You may diversify your portfolio with stocks, bonds, and real-life real estate!
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Learn more about Decentraland (MANA) coins
What is a MANA coin?
It’s the native cryptocurrency of Decentraland, a virtual reality platform powered by the Ethereum network. It lets you buy items, clothing, and digital plots of land in Decentraland. What’s more, holding MANA coins allows you to vote on changes to the digital real estate platform.
Is MANA coin a good investment?
You may earn a quick profit by investing in MANA coins. At the time of writing, the crypto market is undergoing a bull run. This means most of the cryptos like MANA are going up in value. Of course, you should plan carefully before investing in any asset, crypto or otherwise.
How do I get MANA coins?
1. Start by creating an account on a crypto exchange. You have a lot of choices, such as Binance and Coinbase.
2. Then, link your credit card, debit card, or bank account.
3. Use it to buy Ethers (ETH) and MANA coins.
4. Afterward, get a crypto wallet like MetaMask.
5. Use your crypto exchange platform to transfer the ETH and MANA to the wallet.
