Decentraland

The Decentraland cryptocurrency (MANA), designed for purchasing virtual real estate, has increased 400% in value as a result of Facebook’s rebranding and the development of a meta-universe.In this article, you will discover what exactly is Decentraland and its real practical prospects.  

What is Decentraland?

Decentraland is developed for use as a virtual reality platform. The Ethereum blockchain, in turn, powers the platform. Users can create, explore, and monetize content and software. Decentraland is wildly popular among the creative community, gamers, students, and online groups. Only open standards regulate the public digital world, there are no centralized organization’s regulations. Users have complete authority over the continent of land they own, and they keep any income generated by the value they create for other users. To accomplish these possibilities, Decentraland employs blockchain technology as a record of ownership.

What is a MANA token?

Decentraland cryptocurrency (MANA) is an Ethereum-based ERC-20 token. The Ethereum network verifies transactions and records them in the blockchain. Tokens used to purchase land are burnt after the transaction. Deflation is ensured by removing game currency from circulation. So, with this money, you could, for example, buy a plot of land, build a house, equip it, and it would all be yours. You can also earn this token within the Decentraland platform. There, you may do whatever you want with a 100-square-meter block of land, for example. The Ethereum system facilitates you to claim ownership of the virtual space, while additional land parcels can only be acquired adjacent to yours. You may also add your photo and video material, as well as different apps, and charge a fee for their use. The sole limitation of the game will be the player’s creativity. 

At the beginning of November 2021, the capitalization of the MANA coin was $4,648,316,684. In general, there is over 1.82B of MANA in circulation, according to CoinMarketCap. On October 28, MANA was valued at less than $1, but by October 30, the coin’s value had risen to $2. The next day, it hit an all-time high of $4.13, representing a 400% increase in three days. MANA began to increase immediately following the announcement of Facebook’s rebranding. When  Mark Zuckerberg revealed a new brand name META. Indeed, the term is associated with a new project, the meta-universe, on which they have been working for some years.

History of Decentraland

The platform was established in 2016. Before the debut, the development team launched an ICO in 2017, raising $24 million. The designers made the game available to players at the start of 2020. Competitors have emerged in the three years following the ICO (Fortnite, Axie Infinity, Cryptovoxels). Nearly 30 expert programmers created the meta-universe with its artificial world and actual components such as city streets, pleasant residences with waterfall views, and protected places. However, the creators were capable of driving the project to the forefront of the game industry. Metaworld’s creators are far from inexperienced programmers. They collaborated on BitCore (a Bitcoin wallet and client for connecting to the Bitcoin network), Stremium (a streaming TV service), and Smart Contract Solutions (blockchain network application).

According to critics, the initiative has a lot of potentials. To begin with, it is a novel approach to virtual reality that has already piqued the curiosity of many consumers. Again, we should not overlook the substantial incomes of creators in the game sector. Users have every opportunity to establish a successful, one-of-a-kind project with the right strategy. Furthermore, amid the various virtual currencies, this initiative distinguishes out, which is why it will not go overlooked. Cryptocurrency rates are primarily influenced by the overall market trend. The currency almost fully replicates market activity, with some volatility in specific local sectors.