What is Decentraland (MANA)?May 4, 2023
Decentraland (MANA) is a 3D, user-owned, Ethereum-based virtual reality decentralized platform or metaverse that allows users to create, monetize, and experience content. Unlike traditional metaverses that are controlled by a central authority, Decentraland is completely owned and governed by its users.
As it is said in the project's whitepaper "Decentraland began as a proof of concept for allocating ownership of digital real estate to users on a blockchain."
Within the Decentraland virtual world, users can purchase LAND and permanently own them in the form of NFTs. Landowners create and monetize their own Decentraland marketplaces, environments and applications.
MANA is the official cryptocurrency of Decentraland which is used to purchase LAND and other in-game items and services. Decentraland ICO was in 2017 for $24 million. An open beta version of the Decentraland was then launched in 2019. A year later, in February 2020, Decentraland was released. Since then, users have continued to create and trade, explore and monetize.
Purpose of Decentraland
The primary purpose of Decentraland (MANA) is to provide users with an immersive virtual reality experience while allowing them to be in control of their digital assets. Decentraland aims to create a decentralized virtual world that operates autonomously without any central governing authority.
|Source: Decentraland's Whitepaper
The platform provides a new dimension for creative expression and collaborative virtual interactions while enabling users to monetize their content. Additionally, Decentraland aims to promote NFT transactions and expand the use of blockchain technology by creating a new paradigm for digital ownership and providing a secure and transparent platform for creators and enthusiasts.
How Does Decentraland Work?
The world map in Decentraland (MANA) consists of minimal indivisible parts, which are called parcels. Each parcel is a square measuring approximately 16 by 16 meters and having its own x and y coordinates on the map.
The data of the current owner of each parcel is recorded in the LAND tokens. LAND is an ERC-721 non-fungible token, also known as NFT. Every NFT is unique so they're not interchangeable. This means that they don’t act as currencies but are used to create avatars, wearables, and unique parcels of land.
Users can change the appearance of their estates using the Decentraland Editor, which requires some knowledge of 3D modeling. In addition to landscape design, users can import any custom items as 3D objects into Decentraland, which provides a lot of scope for creativity.
Users can use Decentraland’s map and join in on scheduled community events, which can include concerts, movie screenings, and casino nights.
MANA token is the official cryptocurrency of Decentraland that serves as Decentrand’s digital currency. It is an ERC-20 fungible token used to buy LAND and pay for in-game items and services. MANA tokens help users to create decentralized games, apps, and other services and lets them monetize their creations.
How to Join Decentraland and Get Started
Users get onto Decentraland (MANA) by opening an account. To do so, they must have a suitable Ethereum cryptocurrency wallet, which securely holds funds. Take a look at Arctic Wallet! It is a multi-chain non-custodial crypto wallet that supports 250+ cryptocurrencies on 30+ chains.
You can buy Decentraland MANA tokens directly in Arctic Wallet using your credit card and exchange them from the other cryptocurrency with the built-in exchange feature.
|Source: Arctic Wallet App
The Bottom Line
Decentraland (MANA) is a 3D Ethereum-based virtual world platform that has no central authority. This digital game allows users to be part of a shared digital experience. With Decentraland, participants can play games, exchange collectibles, buy and sell digital real estate or wearables, socialize, and interact.