The Metaverse has become one of the biggest buzzwords of 2021 thanks to Facebook rebranding itself to ‘Meta’. Actually, numerous companies are already looking at the possibilities offered by the merging of the real, physical world with the virtual world. However, Decentraland is far ahead when it comes to building virtual worlds and promising the future Metaverse.
What Is Decentraland?
Founded in 2015, Decentraland is a software platform that runs on the Ethereum blockchain. If you fancy owning real estate without the upkeep and lawn mowing, Decentraland may be worth checking out. It allows users to purchase digital real estate in the form of non-fungible tokens (NFTs) and play assorted games within the virtual world it has created.
MANA is the cryptocurrency established for the Decentraland ecosystem. The token enables users to purchase goods and services available through Decentraland.
Decentraland and MANA
There are two coins that keep the decentralized universe running: MANA is the main token of the Decentraland network, the other is LAND. The latter is an NFT that defines the ownership of various digital real estate parcels. The former is the currency you’ll need to purchase LAND and pave your way towards being a digital real estate mogul.
MANA is unique in that it is fully decentralized and not overseen by a single governing body. The Decentraland DAO is a Decentralized Autonomous Organization where token holders can vote on decisions that affect the content and future operations of the platform. Token holders are tasked with all elements of the community including:
- Token economics
- Policy updates
- LAND auctions
As you might imagine, it’s going to be in the best interests of the token holders to make decisions that will increase the value of their tokens. If they do that successfully, MANA could be an excellent addition to any crypto portfolio.
MANA Price Action: How Far Has the Currency Gone?
Coinmarketcap.com shows MANA trading at $3.70. The token emerged in late 2017 through an initial coin offering (ICO) hosted by Decentraland. The offering earned around $24 million in ETH, which went towards future operations. The company still holds about 20 percent of the world’s MANA units.
When it first debuted, MANA was trading for just over one cent. It saw virtually no significant price action until January of this year when it hit the ten-cent mark. In March, the asset shot up to 90 cents, and by May, it was trading for more than $1.40.
MANA to USD Chart. Image via Coinmarketcap
The summer of this year saw MANA succumb to some bearish activity. It traded between 40 and 80 cents until late October when, practically overnight, the asset shot past the $3.50 mark. The following month saw it reach an all-time high of nearly $5.50. The currency has since calmed down somewhat.
Some Final Words
Buying real estate no longer requires getting a loan from a bank, a down payment, or bunches of binding legal documents. Decentraland makes owning digital real estate easy and accessible through its NFT marketplace and MANA token. At six years old, Decentraland is a platform that gives its users a say in all aspects of the company’s future. Those who hold its native token decide how the firm will operate.
If you’re interested in investing in MANA and getting involved in the exciting world of digital real estate, check out SMART VALOR’s dedicated metaverse section. The platform simplifies the process of crypto ownership and offers an assortment of promising digital assets to help diversify your portfolio.