MANA is the cryptocurrency token from Decentraland. The Token is used to buy land in the virtual games offered by Decentraland. The only use for the token right now is to purchase land in the virtual games. If the land area in the virtual game is exhausted, users will have to pay more to buy the land, and the value of the MANA will not increase by anyway for now. The coin finds use only in the virtual game.
The token is purchased from several cryptocurrency exchanges using Bitcoin or Ethereum. It is not possible to buy Mana directly. Users can buy it only with Bitcoin or Ethereum. The token is an ERC20 token, and there are several wallet options to choose from. Hardware wallets like Trezor and Ledger Nano S are used to keep the funds stored offline to stay away from malicious actors.
MANA price trends were not encouraging; however, the coin did well compared to the rest of the market. The price of the token is maintained at 75% of its bitcoin value. However, the token mostly reflects the overall trend in the cryptocurrency market.
The Decentraland project is a virtual gaming world, which is built by users. In the virtual reality platform, users can acquire land from the parcels and estates and develop it using their imagination and creativity. The platform allows users to experience the idea of buying land, developing, and monetizing it.
Users populate the land purchased by the user. The community creates scenes. The Decentraland Art Team publishes several new asset packs and smart items. Each of these asset packs is used by the landowners in the virtual world to create scenes around their custom assets.
The landowner joins the land pool and creates a property. The land pool is an essential step in starting with a rental system for the land.
The DApp is used to call the “setUpdateManager” which further helps with land smart contracts and estate smart contracts.
Very soon, it will be possible for landowners to populate their land with specific scenes. The pool operator feature facilitates the publishing of content to the land. The land can be taken back from the pool anytime. The pool operator will not be able to transfer the parcels, and the user can take the land back anytime.
A finance graduate, Maheen Hernandez has been drawn to cryptocurrencies ever since Bitcoin first emerged in 2009. Nearly a decade later, Maheen is actively working to spread awareness about cryptocurrencies as well as their impact on the traditional currencies. Appreciate the work? Send a tip to: 0x75395Ea9a42d2742E8d0C798068DeF3590C5Faa5
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