What is Decentraland (MANA)? and How Does it Work? - MANA for Beginners

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Metaglobal

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I. What is Decentraland?

Decentraland is essentially an Ethereum-blockchain based virtual platform. Decentraland’s ICO (Initial Coin Offering) was held in 2017 and raised 86,206 ether (around $26M at the time of the ICO).

Decentraland is a virtual platform where users can buy and sell digital real estate. Users can also interact with one another, personalize their looks, their real estates, and curate experiences, games, and applications. The transactions on the platform are governed by two tokens:​
  1. LAND​
  2. MANA​
MANA is Decentraland’s cryptocurrency token. It’s an ERC20 token that you use to purchase plots of LAND as well as pay for in-world goods and services.

When you buy LAND, Decentraland burns the MANA that you purchase it with. The Decentraland team originally sold each plot of LAND for 1000 MANA. Now that there’s a secondary market, though, the LAND prices vary.

Currently, the cheapest plot of LAND is 11,750 MANA while more popular areas have price tags in the millions. The highest selling plot went for 2,000,000 MANA, or $175,578, in March 2018. This was quite a bit of money for a virtual plot of land and left the seller with a nice profit.

II. Is Decentraland Worth the Investment?

One of the most successful platforms of its kind in blockchain, Decentraland has attracted people and large firms from all over the world to build different virtual places, shopping districts, games and other things.

As its popularity increased, so did the demand for its MANA tokens. What’s more, the scarcity of MANA tokens means they could potentially represent a better long-term store of value than inflationary assets like fiat currencies.

This and the rising demand could make MANA an excellent instrument for investment. However, we do caution you if you decide to buy MANA. The cryptocurrency arena is still young and susceptible to massive price fluctuations. Do your own research before committing any money towards MANA.

III. Decentraland Wallet

Running on the Ethereum ecosystem, Decentraland’s MANA tokens are based on the ERC-20 standard. This means that the tokens can be stored in any Ethereum wallet that supports the standard. Some wallets that can easily store MANA are:​
  • MetaMask​

A browser-based extension, MetaMask is one of the most popular ERC-20 wallets and is even recommended by Decentraland. Users can access the Decentraland platform through the browser and connect their wallets directly to it.​
  • Trezor One​

Trezor One is a hardware wallet that allows anyone to store their MANA tokens on it and then disconnect from the computer. A physical gap means that once offline, the wallet is impossible to access by bad actors.​
  • Trust Wallet​

Available on mobiles, both Android and iOS, Trust Wallet is perfect for beginners as it provides a simple interface and has the convenience of always being available.​
  • Atomic Wallet​

With availability across a range of devices, both mobile and computer, Atomic Wallet supports around 300 different tokens including MANA. It also has an atomic swap feature which makes it convenient for people looking to immediately buy MANA.

IV. How to Buy Decentraland (MANA)?

1. How to Buy Decentraland (MANA) on a Crypto Exchange

  • Coinbase – Secure online platform for buying, selling, transferring, and storing cryptocurrency.​
  • eToro – Trade and invest in a diversified portfolio, starting at $10, or practise risk-free with a virtual portfolio.​
  • Bitfinex – Digital asset trading platform offering state-of-the-art services for digital currency traders and global liquidity providers.​
  • Binance – Low trading fees, a generously wide range of leverage, and high liquidity.​
  • KuCoin – A large cryptocurrency exchange offering the ability to buy, sell, and trade cryptocurrencies.​

2. How to Buy Decentraland (MANA) with Cash

  • Find a seller in your area who accepts cash.​
  • Select the amount of coins and place an order.​
  • Receive account number from the seller.​
  • Deposit cash into the seller’s account.​
  • Upload your receipt to prove you made the deposit/trade.​
  • Receive Decentraland (MANA)!​

3. How to Buy Decentraland (MANA) with Credit Card

Not all platforms will allow you to use a credit card to make your Decentraland (MANA) purchases. If you do choose a platform allowing such transactions, keep in mind that there may be extra fees associated with the purchase. Many credit card companies process cryptocurrency purchases via credit card as cash advances, which can incur high interest rates, among other fees.​

4. How to Buy Decentraland (MANA) with Paypal

  • Login to Paypal and Select Cryptocurrency​
  • Select ‘Decentraland (MANA)’​
  • Select ‘Buy’​
  • Choose How Much You Want to Buy​
  • Select Payment Method​
  • Hit the ‘Buy’ button​

5. Should I Buy Decentraland (MANA) In 2022?

Decentraland (MANA) has established a fast, reliable network and works with the user experience of the product. Based on our Decentraland price forecasts, these features can help the MANA token gain a much higher price of $6.7 in 2023. If the drive for functional crypto continues into 2023, the crypto may even see a paradigm rush as per our Decentraland MANA price prediction 2023.

Analyzing Decentraland MANA price prediction for the year. There are quite a few forecasts going forward for Decentraland (MANA). Especially keeping in perspective the technological announcements and progress the company has designs on, there are few decentraland forecasts that the MANA price may reach $8 in the crypto market.​

IV. Frequently Asked Questions

1. Can I invest in MANA for profits?

As a decentralized token, MANA can be bought by anyone. Profitability relies on several factors such as market sentiment and current demand. You should carefully review MANA and the market to make your own predictions.

2. How can I get MANA?

You can use any reputable crypto platform to buy MANA using your existing crypto or even fiat.​

3. I recently bought MANA through an exchange, but the total amount I received was less than what I should have. Why?

Platforms providing trading or buying services usually charge a small fee. It is best to look this up beforehand to know how much you will be charged.​

4. Does MANA have any staking pools for farming?

Decentraland is about creating a virtual world and as such doesn’t have any traditional DeFi income offers through staking. Other platforms however do offer staking and farming of MANA.​
 

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