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Explained: Decentraland MANA Token

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DappRadar

Learn about the MANA token

Decentraland (MANA) defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetize content and applications.

In this virtual world, users purchase plots of land that they can later navigate, build upon and monetize. The virtual world launched its closed beta in 2019 and opened to the public in February 2020. Since then, users have created a wide range of experiences on their parcels of LAND, including interactive games, sprawling 3D scenes, and a variety of other interactive experiences.

Decentraland uses two tokens: MANA and LAND. MANA is the native ERC-20 token, and a percentage of the MANA gets burned every time someone purchases an NFT. This can either be virtual land, digital clothing for your avatar, or interactive installations sold as an NFT.

At the time of writing, the price of MANA has increased 462% from $0.08 to $0.45 since the start of 2021.

Decentraland is also one of the growing number of projects to use a decentralized autonomous organization (DAO) structure for governance decisions. As a result, MANA token holders are in control of how the Decentraland world behaves. They can propose and vote on policy updates, the MANA tokenomics, rules for content, or the development of new features. Users are invited to generate an income by creating and selling items on the Decentraland marketplace for MANA tokens. However, because of the open nature of Decentraland, other token projects (like Decentral Games’ DG token) have also emerged.

Investors can leverage their MANA via lending. Currently, there is 1 option to earn passive income and staking rewards with your Decentraland investment a summary of which is given below.

Source: Staking Rewards 

The MANA token currently benefits from excellent liquidity and can be purchased, traded, or sold on around 100 different exchange platforms. As of January 2021, Binance, OKEx, and Coinbase Pro are among the most liquid exchanges for MANA tokens.

MANA can be purchased with a range of fiat currencies, including KRW and USD. Exchanges usually offer several pairing options, giving token owners the chance to choose a pairing based on currencies they already possess. Below are the top 5 trading pairs for MANA.

Decentraland gives users the opportunity to generate an income by creating and selling items on the Decentraland marketplace for MANA tokens whilst also participating in the growing virtual world. 

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