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Is Decentraland(MANA) a Good Investment? Take Deep Dive into MANA coin

Decentraland

  • What is Decentraland(MANA)?
  • How Decentraland MANA coin works?
  • Key Attributes of Decentraland
  • Technical Indicators to consider before investing in Decentraland MANA
  • MANA Coin Current Price Trends
  • Where does MANA coin get its value from?
  • Where & How can you invest in Decentraland(MANA)?

If you ask your parents today about what’s that one thing you should always invest in, 9 out of 10 times the answer will be real estate. Real estate has long been a very profitable investment channel and is favored by almost everyone. However, not everyone gets to participate in this form of investment because it is a little complicated with legal procedural barriers. The more we thank the innovative technology of blockchain, AR, and VR the less it is. Decentraland, metaverse crypto was born in the same context. This blockchain game creates a world where we can do anything and everything with limited land just how we do in real life. Each land within the game is a unique and highly valued NFT(non-fungible-tokens)

Decentraland is an ambitious project bringing the cutting-edge technology of Virtual reality (VR) to the frontiers of Blockchain. This project wishes to create a metaverse that shall form the base for a whole world of trade and gaming. For instance, you would find it fascinating that the Australian Open 2021 was conducted virtually on the metaverse with the help of the Decentraland blockchain. Visitors could visit the stadium, see the athletes performing and also explore nearby restaurants, all virtually. Before we dive deep into Decentraland, let’s get on the same page to understand what Decentraland is, how decentraland works, and what are the key players for this blockchain protocol. 

What is Decentraland (MANA)

Decentraland (MANA) calls itself a virtual reality platform that is powered by the Ethereum network allowing users to not just create an experience but also monetize the applications and contents. 

It is a virtual world where users can purchase land and can later navigate to monetize it or build upon the same. It was launched back in 2017 with a $24 million initial coin offering (ICO). The beta of the platform was launched in 2019 and was 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.  The current price of MANA coin today, i.e. February 1, 2022  (3:30 PM IST) is $2.81 which is ₹219.40

Also Read: Top 6 NFT Tokens in 2022

Note: Watch this video for a Walkthrough of the Decentraland Virtual World 

How does Decentraland (MANA) coin work? 

MANA is a digital asset token that is used to pay for the services and goods in the metaverse of Decentraland. It is built on the Ethereum blockchain in accordance with the ERC 20 standard for tokens. In the Decentraland metaverse, there are 90601 individual parcels of LAND. Each LAND is represented by an ERC 721 non-fungible token. Each land can be located in the metaverse with a unique coordinate and each LAND parcel is exactly 16m X16m. Although the LAND owners can develop their plots into whatever they want, the entire metaverse has been broadly divided into several districts each having its own theme and size. The generation of these districts is from individual crowdsales for MANA tokens. The LAND parcels on these districts cannot be traded. 

Decentraland (MANA) also uses a decentralized autonomous organization (DAO)  for governance decisions. The MANA coin holders control the way the Decentraland world works. The MANA coin gives governance rights to the holders from voting on policy updates to deciding the types of content allowed within the metaverse and specifics of LAND auctions. Users often generate income by selling and creating items on the Decentraland marketplace using MANA tokens. 

Decentraland(MANA) Consensus Mechanism  Ethereum Smart contract 
Type ERC20
Use Case  It is built for businesses, content creators and individuals looking for a business opportunity, artistic medium or entertainment.  
Issue Date  2020
Website  https://decentraland.org/

Additional Read: Top 10 Metaverse Cryptos 2022 by Market Capitalization

Key Attributes of Decentraland (MANA) 

  • Architecture: Decentraland has layered components that are built using the Ethereum smart contracts. 
  • Built for creators and innovators: MANA allows users to interact with its platform by experiencing,  creating, and building content, applications, and more. The users can interact with each other, explore metaverse and even customize their avatars. 
  • Decentraland and NFT: Beyond the gaming environment, the Decentraland team has also built a marketplace where the users can access build scenes and sell their products for real-world value. The marketplace enables the participants to manage and exchange LAND tokens priced in MANA coins. 
  • Metaverse Gaming: The gamers might find the Decentraland ecosystem interesting as they can seek or earn real money that could be exchanged for real-life goods and services. 
  • MANA coin as governance token: Owing MANA renders power into the hands of the people. The MANA owners have the ability to vote on policy updates, decide on the type of content to be shared within the metaverse and also improve the LAND auctions and subsidies. 

Additional Read: Decentraland(MANA) vs Enjin Coin(ENJ) 

Where does MANA get its value from? 

MANA serves a very crucial role in Decentraland’s virtual proceedings. It is also used for transactions within the network and gives power to the holders to participate in the management of the software. Whenever LAND is auctioned, the MANA coins that were used for purchasing the parcels are burned or removed from circulation. This makes the value of the MANA coin deflationary. This puts pressure on the token value as the platform grows with new users thereby increasing its value. 

 Technical Indicators to consider before in investing in Decentraland MANA coin

In the short-term time frame, MANA is extremely bullish and the pointers indicate a buying signal.  In the mid-term time frame, if the asset continues to plunge, then the local supports may hold the price strong and also assist to trigger a flip. Yet in the worst condition, if it fails to hold at these levels, the strong support in the long term may do the job.  In the long term time frame, the RSI heads towards the lower levels hence indicating a bearish scenario. 

Additional Read: Decentraland MANA Technical Analysis 

MANA Current Price Trends (February 3, 2022, 6:50 PM IST)

ATH  ATL Market Cap Circulating Supply
$5.90 $0.007883 $4,810,103,604 1.82B MANA

Additional Read: Mana Price Prediction

MANA vs SAND: Comparative analysis 

Both MANA coin and the SAND crypto are metaverse tokens developed and built on the Ethereum blockchain. Although both these cryptos are based on ERC-20 their ecosystem and experiences are completely different. Both the sandbox crypto and MANA coin are promising contenders of the metaverse and have a lot to offer to both investors as well as players. 

Read a detailed comparative analysis between MANA coin and The Sandbox crypto

Where can you buy Decentraland MANA coin?

Investing in Decentraland MANA is as simple as shopping your favorite brands online with CoinDCX, India’s simplest and safest crpyto investment app. Beginner in crypto? Don’t worry, we have got you covered. 

  • Download the CoinDCX app
  • Sign Up. (Ensure the email and password are strong enough for no breach from your end.)
  • Complete the KYC (As simple as filling a Google Form).
  • Transfer your INR funds (Decide on the amount you wish to begin with and transfer using UPI, Net banking, or MobiKwik).

Voila! Begin your investment journey. 

*In case you are already a Pro trader using CoinDCX Pro, use the same credentials to Log-in to CoinDCX.


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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