What Is Decentraland (MANA)?

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Contributor, Benzinga
Updated: September 22, 2022

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In November 2021, the company formerly known as Facebook rebranded to Meta Platforms Inc. (NASDAQ: FB). This move was to show the company’s support for the Metaverse, a virtual world, and the action greatly increased the interest surrounding other metaverse projects. One of these projects is Decentraland (MANA). Decentraland is a metaverse game that is based on the blockchain. Due to the novelty of both the metaverse and blockchain, many have questions surrounding Decentraland.

Overview of Decentraland (MANA)

Decentraland is an open-world metaverse built on the Ethereum blockchain. Users can explore the virtual world by visiting Decentraland's website, and investors are able to purchase plots of land in Decentraland and monetize them how they see fit. So far, museums, games, commercial office space, and residential homes have been built in Decentraland.

The project uses the ERC-721 standard to verify ownership of land and items in the game. This standard is used for non-fungible tokens (NFTs). Users can buy and sell these in-game items for real money. Decentraland hopes to create a virtual world that is profitable and monetized through this feature.

Decentraland has a variety of uses ranging from entertainment to business. Gamers play the game for fun and to enjoy the sights and sounds of the in-game world. Businesses can invest in land and seek profits. 

MANA is Decentraland’s native currency and has multiple uses. It is used as a governance token, meaning it can be used to vote on where the project goes in the future. This feature is possible through a decentralized autonomous organization (DAO). DAOs give owners of the token a say in a project’s direction. Another use of MANA is for in-game purchases. Items for sale in the game can be bought with MANA, giving the token another use and incentivizing players to purchase the token.

Decentraland (MANA) History

Decentraland was first released in August 2017. Decentraland was co-founded by Ariel Meilich and Esteban Ordano, though the 2 have stepped down from their roles. Meilich has extensive experience with startups and entrepreneurship, while Ordano has a much stronger tech background. The 2 combined their unique skill sets to create a powerful project and attract partnerships from Binance and Samsung. 

Since its launch, Decentraland has added key features, such as voice chat, graphics upgrades and improvements to the building interface. All these updates increased the usability of the game and attracted new users. 

Is Decentraland (MANA) Useful?

As of right now, Decentraland’s main use is as a game. While there have been other uses, such as virtual business development, the primary use is that of a video game.

MANA is the same, as it is primarily used as an in-game currency. Users can buy and sell items within the game using MANA.

In the future, many speculate that the metaverse will become increasingly more useful, especially as it relates to marketing and building a brand. Things such as video calls and concerts could be held in a metaverse. Decentraland is hoping to bring its technology to a much broader consumer base and incorporate the project into everyday life.

Where To Buy Decentraland (MANA)

MANA has become increasingly popular since Meta’s name change. Many popular exchanges raced to list the token, and it is currently available on a variety of exchanges. Among the best are eToro, Webull, Voyager and Gemini.

These platforms are well known for their security, ease of use and low fees. It is easy to open an account and only takes a few minutes to begin trading.

If you want a more in-depth guide on how to purchase MANA, make sure to check out Benzinga’s tutorial for how to buy MANA.

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Decentraland (MANA) vs. Other Metaverses

While many metaverse games and virtual reality are still in their infancy, Decentraland is one of the oldest projects that aims to build out the metaverse. Facebook recently rebranded to Meta, and you can expect Meta to be a prime competitor to Decentraland. Although Decentraland is further developed than Meta, Meta has the resources to be a force within the industry. Another competitor to MANA is The Sandbox, which is another Ethereum based metaverse company. It has secured partnerships with big names like Atari and Snoop Dogg, and it's the 2nd largest metaverse crypto next to MANA token.

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How To Store Decentraland (MANA) Safely

Crypto wallets are a place to hold custody of your cryptocurrency separately from an exchange. It gives the owner of the wallet full ownership of the funds inside.

Hardware wallets are a form of crypto wallet that store the private keys needed to send crypto on a physical device. Without the physical device, the crypto is locked inside the wallet and cannot be stolen. This method is often regarded as the safest way to store crypto. 

Ledger is a leading hardware wallet brand that supports MANA. Users can choose from a Nano S or Nano X model. The Nano S is meant for beginners and only supplies the necessary features to keep crypto safe. The Nano X is more advanced and offers features such as a larger screen and bluetooth connectivity.

Decentraland (MANA) vs. Competitors

Decentraland faces major competition, primarily from the likes of Meta and The Sandbox. Meta has not yet released its metaverse to the public, so Decentraland has a competitive edge in that respect. However, Meta may release the Metaverse to the public in the near future. Because Meta is a much bigger company with a far larger user base, its Metaverse may become larger than Decentraland’s. 

The Sandbox is another metaverse project, and it also involves blockchain. It is similar to Decentraland in that it has a native currency and is on the Ethereum chain. However, MANA has a higher market cap than SAND, which may be indicative of the markets favoring MANA. Regardless, the 2 projects are direct competitors and are constantly adapting to try and stand apart.

Frequently Asked Questions

Q

Is buying space in Decentraland a good investment?

A

Buying space in Decentraland can be a good investment, depending on how much you choose to spend and how much that space appreciates over time.

Q

Is Decentraland good for marketing?

A

Decentraland is good for marketing because it allows businesses to create a dedicated space where their fans can interact with them, learn about new products and make purchases.

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