Mana Coin

Decentraland is currently one of the largest online virtual reality platforms, with a market capitalization of $5.45 billion by 2022. Decentraland’s MANA coin is worth approximately $4.09 billion, making it the most valuable coin in the Metaverse cryptocurrency, second only to The Sandbox (SAND).

What is Decentraland?

Decentraland is a decentralized online virtual reality world. Decentraland is powered by the Ethereum blockchain and allows users to create, develop, store and sell virtual assets. Ari Meilich and Esteban Ordano, two blockchain experts, developed the smart contracts that run Decentraland. Both developers launched the project in 2020 and enabled a decentralized autonomous organization (DAO) to manage the project.

The platform has three native tokens, including real estate, ERC-721 tokens representing merged digital land, LAND, ERC-721 non-fungible tokens representing digital land, and MANA coins, which are an ERC-20 token. Coin is also the official currency of Decentraland. If Decentraland’s dream comes true, MANA coin could become a huge hit. The Decentraland protocol is divided into three layers, including the consensus layer, land content layer and real-time layer. The consensus layer contains Ethereum smart contracts that manage and track LAND ownership. The land content layer displays what users see on Decentraland, while the real-time layer allows users to interact with each other.

What is MANA Coin?

Decentraland uses two tokens, LAND and MANA, to allow users to interact with the platform. MANA coin is the currency used in Decentraland. Decentraland is made up of LAND, the irreplaceable digital part of the cyberspace (or land) that makes up the game. LAND isn’t the only asset available in the Decentraland world – people can also use MANA coins to purchase virtual goods in the Decentraland Marketplace.

MANA coin is the official currency of Decentraland. It is built on the Ethereum blockchain and is used to pay for goods and services in Decentraland. MANA can also be exchanged for fiat currency or other digital currencies. MANA holders can interact with the platform through their profile picture and be able to vote on policies that can improve the platform. If Decentraland continues to scale and become an important part of the emerging Metaverse, the price of MANA will likely increase. As of 2022, approximately 1.82 billion MANA tokens (82% of the total supply of 2.19 billion) are in circulation. With an average trading price between $2.79 and $2.93, the market size of the MANA token is approximately $4.09 billion, making it the 31st largest cryptocurrency. At Decentraland’s $24 2017 initial issuance of 1 million tokens, 40% of the 2.8 billion MANA tokens were sold. Of the remaining funds, 20% will be used exclusively to incentivize the Decentraland community, 20% will be reserved for early contributors and the development team, and the remaining 20% will be held by Decentraland. However, after more than 600 million MANA tokens were burned in the LAND auction, the original 2.8 billion MANA tokens were discarded. It is possible to employ additional burning mechanisms to reduce the current market.

How Does Decentraland Work?

Decentraland applications track LAND tokens that identify real estate parcels. Ethereum is the blockchain used here, and it requires players with MANA tokens to keep them in an Ethereum wallet if they want to participate in the ecosystem. Developers can innovate within the platform to design interactions and animations on their virtual real estate.

Decentraland maintains a ledger to track ownership of its parcels. Each LAND token has a unique coordinate within this metaverse, which is a reference to a descriptor file that represents the contents within the LAND batch. The platform also has a content layer that controls what happens in each LAND plot, including script files that define the behavior and position of referenced assets, and asset files that specify images and static sounds. Finally, the real-time layer enables social interaction through messaging, voice chat, and user avatars.

Decentraland also has a marketplace and drag-and-drop editor that players can use to access building scenes. In this marketplace, players can exchange and manage their LAND tokens. Players can also use them to purchase in-game items such as unique names and wearables. Decentraland’s extensive building tools allow users to create unique experiences within their LAND parcels.