What is Decentraland (MANA)?
Decentraland (MANA) is a virtual reality platform running on the Ethereum blockchain, letting users experience, create, and earn revenue through their content and applications. In this virtual reality platform, users can even purchase land that is later used to build upon or monetize.
It was launched back in 2017 with a $24 million initial coin offering (ICO). The platform’s beta was launched in 2019 and made public in 2020. Over time users have created a wide variety of experiences on the parcels of LAND available. The experiences range from interactive games, virtual interactions, and sprawling 3D scenes. The network has two tokens LAND and MANA. While MANA is an ERC-20 token that must be burnt to acquire another ERC-721 LAND token. MANA coin is also used to pay for various avatars, names, wearables, and other products available on the Decentraland (MANA) marketplace.
Additional Read: Is Decentraland MANA a good investment? Take a deep dive into MANA coin
What is Enjin (ENJ) coin used for?
Enjin is a company providing an ecosystem of blockchain-based gaming products that are interconnected. Enjin Coin is the project of this company. The offerings by Enjin under its flagship include Enjin network which is a social gaming platform allowing users to create clans and websites. Users can even host virtual item stores or even chat with one another.
Enjin even lets game developers tokenize their in-game items using the Ethereum blockchain. Enjin Coin, an ERC-20 token, is used to issue digital assets on the platform and also as a mode of payment for buying, trading, and selling these items for real value.
Although Enjin Coin (ENJ) was announced in 2017, it came into existence on the Ethereum mainnet in June 2018.
There are several benefits of minting blockchain assets with ENJ such as ensuring scarcity and transparency, providing utility within the game and in-app, anti-inflationary, etc.
Additional Read: Top Ethereum Blockchain Tokens and Applications | Beginner’s Guide
Key Takeaways of Top Metaverse Coins
The unique features of the Decentraland(MANA) are:
- Decentraland (MANA) is built for businesses, creators, and individuals looking for new business opportunities or artistic mediums and sources of entertainment.
- Decentraland is one of those growing projects that utilize an autonomous organization (DAO) structure for governance.
- MANA coin holders are in control of the governance of the Decentraland world.
The unique features of the Enjin Coin(ENJ)) are:
- Enjin blockchain’s goal is to offer software products to make it easy for every human to develop, monetize, trade and market with blockchain.
- Every token minted with the Enjin platform is directly backed by ENJ giving in-game items real-world liquidity.
- Enjin coin uses both on-chain and off-chain processes for conducting transactions.
Additional Read: Top 10 Altcoins under Rs. 1,00,000 to watch in 2022
Decentraland (MANA ) vs Enjin Coin (ENJ): Comparison Table
| Comparison Basis | Decentraland (MANA) | Enjin Coin (ENJ) |
| Launch date | 2019 | 2018 |
| Founders | Ariel Meilich and Esteban Ordano | Maxim Blagov and Witek Radomski |
| Blockchain protocol | Ethereum blockchain(ERC-20) | Ethereum blockchain(ERC-20) |
| Token type | Native | Native |
| Use case | Native token to buy land on the Decentraland metaverse | Native token backing every digital asset minted on the platform to give them real-world liquidity. |
| Market Cap* | $4,613,912,533 | $1,702,572,975 |
| Circulation Supply** | 1.82B MANA | 850,965,705.57 ENJ |
| Consensus method | Proof-of-stake (PoS) | Proof-of-work (PoW) |
Source: Coin market cap
Additional Read: Decentraland MANA Technical Analysis & Enjin Coin Technical Analysis
Decentraland (MANA) & Enjin (ENJ): Top Metaverse Coins Price Trends (Monthly)
Source: Trading View
Additional Read: Mana Price Prediction & Enjin Coin Price Prediction
Should you buy a MANA coin or Enjin coin
Non-fungible tokens have exploded in the first half of 2021 and the way the big NFT marketplaces are performing, there’s no doubt that NFT is here to stay. Decentraland and Enjin are primarily NFT based blockchains and are capturing the NFT market gradually. However, the question still persists which one is better?
Although Decentraland and Enjin both are great projects experts believe MANA coin to have a slightly greater edge than Enjin.
Both Decentraland and Enjin are similar in a few respects. Such as both the projects are non-fungible tokens focused which is quite advantageous for any crypto enthusiast since NFTs are currently riding a rocket ship to the moon and beyond. Both the projects have their marketplaces where users can list, search and trade NFTs. This allows easy monetization of digital assets and attracts loads of users to the platform. These projects have a long history and have developed products that have matured over time attracting a significant user base.
Also Read: What are Crypto Games?
However, despite being similar the projects have their own pros and cons. While Enjin offers an end to end set of NFT offerings, Decentraland has a harder limit on NFTs. Decentraland’s LAND token is capped at around 90,000 units driving more scarcity and price appreciation. Decentraland offers more options for on-platform monetization that includes land flipping, product sales, and design services. There are even entry fees to digital real estate. Digital real estate is at the heart of Decentraland and experts believe that this sector is going to see significant growth in the near future.
While Enjin focuses more on NFT services, Decentraland’s user experience is based on an immersive online world. This indefinitely provides Decentraland a better chance to sustain their community as well as resists inevitable competition from new projects.
Both Decentraland (MANA) and Enjin coin (ENJ) have their unique features. It’s always up to the investors’ discretion which appeals to them better. The investor must study the use cases of any crypto project before investing in it.
Additional Read: Decentraland Mana vs Sandbox
How to invest in both Decentraland (MANA) and Enjin coin (ENJ)
Investing in crypto is super simple, safe, and secured with CoinDCX. It doesn’t matter whether you want to invest in the MANA coin or ENJ coin, we have got you covered. Wondering where to buy Decentraland (MANA)? CoinDCX is India’s safest and simplest crypto exchange for your one-stop purchase of any cryptocurrency.
Here are the 3 simple steps to buy your first metaverse coin with CoinDCX app.
- Sign up on CoinDCX
- Link your bank details
- Buy Mana coin and Enjin coin
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Disclaimer: The above views, information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational/ educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, digital assets/ cryptocurrencies or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.
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