Decentraland – The Virtual World of Land

There are many games that are being made on blockchains. One of such platform is Decentraland. Decentraland is a game where people buy plots and later build, monetize or sell them further. This gives the players a real life kind of experience where the whole scenario is based on real life financial conditions.

The initial con offering (ICO) was conducted back in 2017 where Decentraland bagged about $24M. Decentraland launched their beta version back in 2019 and the whole platform for the public in 2020.

LAND and MANA tokens

The whole platform has two tokens. One is known as MANA and the other is LAND. MANA is an ERC-20 token that is burned to acquire LAND which in turn is an ERC-721 token. MANA can also be sued to perform a variety of other functions such as wearable, names and many more on their marketplace.

How does Decentraland Work?

Decentraland is a built for entertainment and is also a medium for investors to find new opportunities. In the game, Decentraland is divided into different plots known as parcels. Each plot has a similar size 16*16 and has a particular coordinate system.

The land owners can develop anything on their plots but in general there are districts having different sizes and themes. Currently Cyberpunk themed district known as Aetheria is the biggest and has 8,008 plots.

The Native MANA Token

Decentraland works on DAO model (Decentralized Autonomous Organization) and hence uses MANA as their governance token. They vote about new updates and new policies about the whole system. Users can generate income through monetizing their lands for different ads or by selling their assets in the marketplace and earn MANA tokens.

At the time of writing MANA is being traded at the price of $0.829. The price has increased by almost 4.41% in the past 24 hours. The daily trading volume has also increased by almost 104.74% in a single day. MANA achieved its all time high around the price of $1.670 in April 2021 before dropping down to the price of $0.3715 next month in June 2021 from where it showed reversal.

MANA is listed on coinmarketcap on the 78th spot and has a market dominance of about 0.06%. The total supply of MANA tokens is around 2.1B tokens and the circulating supply is around 1.82B MANA. It can be exchanged at a number of platforms such as Binance, OKEx, FTX, Huobi.