What is Decentraland (MANA)? All information about MANA

After Facebook changed its name to Meta, the official announcement of entering the Metaverse game made this keyword hotter than ever in the technology investment world. Decentraland became a name that many people mentioned when it was launched early and became one of the games leading this trend. In this article, let's find out “what is Decentraland” (MANA) with Market247.io? The formation of this ecosystem over time.

What is Decentraland?

First, let’s find out “What does Decentraland mean?”

Decentraland is a decentralized virtual reality platform built on the Blockchain of Ethereum. Decentraland provides the infrastructure to support the Metaverse world. Users can build apps and content here, enjoy it, and make money off of it.

The platform's major feature allows users to purchase land in virtual reality and start building on it. The community in Decentraland permanently owns the property, giving them complete authority over their creative efforts. Users of Decentraland can sell digital properties while engaging, exploring, and playing games in this virtual world.

Peer-to-peer communication, payment, and interactive apps for users are now implemented on the platform thanks to its evolution throughout time.

Decentraland includes:

A Decentralized Ledger for Land Ownership.
A protocol for describing the contents of each parcel of land.
A peer-to-peer network for user interactions.

What is Decentraland’s mechanism?

The world is created by users

The goal of Decentraland is to create a society where people may produce content on their own property and profit fully from it. Users can personalize their avatars with distinctive wearable devices and fill their personal area in Decentraland's Metaverse virtual world with games, activities, and artwork for others to connect with. The Decentraland Marketplace is where players may buy and sell any collectibles made using NFT for this game. These digital assets can be made, purchased, or sold by anybody.

Economics activities Users can exchange NFT assets, pay for entertainment services, invest in real estate, and sell their assets when land values rise significantly in Decentraland.

The secret to valuing Decentraland is similar to that of real estate. The position of LAND is determined by factors like proximity to a road, distance from the city center, proximity to districts, etc. Everyone is rushing to determine how much to charge for their land.

Decentraland can be used for a variety of purposes including content management and advertising. But getting started with NFT presents a lot of challenges for new players. The cost of some cosmetics is nearly double that of Ethereum gas expenses. Due to the high cost of land, some gamers are prohibited from owning it.

Token of Decentraland

Two different types of tokens in Decentraland:

LAND - NFT is used to determine ownership of land parcels representing digital real estate. LAND is a must-have asset if you want to build a world in Decentraland.

MANA - is an ERC 20 standard token. MANA powers Decentraland's economy. All Decentraland assets and services (land, furniture, avatars, equipment, names, etc.) are valued in MANA.

What is MANA? - Token of Decentraland

MANA Key Metrics

Token Name: Decentraland.

Ticker: MANA.

Contract: 0x0f5d2fb29fb7d3cfee444a200298f468908cc942

Blockchain: Ethereum.

Token Standard: ERC-20.

Token type: Utility Token.

Total Supply: 2,194,102,327 MANA.

Circulating Supply: 1,327,372,145 MANA.

MANA Token Allocation

Crowdsale (ICO): 40%.

Decentraland Foundation: 20%.

Team & Early Contributors: 20%.

Community & Partners: 20%.

MANA Token Release Schedule

The annual increase in the MANA supply will be 8% for the first year and a lower rate in subsequent years until reaching 60% of the remaining MANA tokens.

MANA Token Sales

Between August 16th and 18th, 2017, an Initial Coin Offering (ICO) of Decentraland raised initial financing of about $26 million. ICO Token Price: MANA = 0.024 USD

MANA Token Use Cases

MANA is the native currency in Decentraland. It can be used to purchase Decentraland real estate as well as other items in the virtual world.

Where to buy MANA Token?

You can buy MANA in many places. So where to buy MANA is the most prestigious and easiest. Users can earn MANA by buying and selling tokens on Decentraland Marketplace, or buying on exchanges.

Roadmap

In 2015: Decentraland was founded.

In August 2017: $20 million raised in an Initial Coin Offering (ICO).

In December 2017: The first “LAND” auction was held where developers pick prime virtual property locations.

In March 2018: After becoming a priority due to demand, a Decentraland land marketplace opened.

In June 2018: Developers begin to build their creations and LAND sales for the month are double CryptoKitties volume.

In April 2019: Customizable avatars with passports are unveiled and will be available soon. Decentralized is expected to go live in Q2.

The ultimate goal is for Decentraland to have its own in-game economy, where people can rent land to others, put up advertising billboards for products and services and create gathering places inside the game for users to spend time in.

Team, Investors, and Partners

Team

Ariel Meilich and Esteban Ordano, who created Decentraland together but have since stepped down from key positions, continue to serve as advisors.

Entrepreneur Ariel Meilich has founded several companies and served as a venture capital analyst.
Esteban Ordano has experience in the cryptocurrency industry as a software engineer, advisor, and owner of a business that develops smart contracts and a company that supports blockchain technology.

Investors

Decentraland has raised $25.5M in funding from investors over the duration of three rounds. Their most recent funding came from a Venture-Series Unknown round, which was raised on January 1, 2020.

Digital Currency Group, Animoca Brands, Boost VC, Fabric Ventures, Genesis One Capital, Fundamental Labs, George Burke, and others are some of the major investors.

Partners

Binance: By collaborating with Decentraland, Binance is promoting blockchain-based game developments. In accordance with this partnership, you can utilize Binance Coin (BNB) to take part in the forthcoming LAND sale on Decentraland.

Conclusion

Decentraland is undoubtedly a wise investment due to its early launch strength and Metaverse trend-setting position. Land from Decentraland consistently ranks first among the most popular NFT assets. Market247.io hopes that by reading this post, you have learned the most recent details on “What is Decentraland?”. What do you think about the Metaverse platform's potential in the future?

What is Decentraland (MANA)? FAQs

Is Decentraland an entirely free game?

For PC and Mac browsers (running Chrome or Firefox), Decentraland is a semi-free-to-play virtual environment that uses blockchain (Ethereum), NFT, and cryptocurrency (MANA) technology.

What makes Decentraland so unique?

Decentraland has opened the path for a completely new type of metaverse with its decentralized architecture. You now have the ability to directly transfer the value you generate in the virtual worlds you live in to the real world and claim ownership of it.

About Market247

Market247.io is a place for sharing information, experience, and earned contracts with the community of crypto market players. It furthermore provides news updates on the cryptocurrency industry and blockchain technologies.

Twitter: https://twitter.com/Market247_io

Telegram: https://t.me/Market247_news

Community: https://t.me/market247news

Facebook: https://facebook.com/Market247.io

What is Decentraland (MANA)? All information about MANA - Market247.io