MANA is one of the most popular metaverse tokens
MANA is the native cryptocurrency of Decentraland, a virtual world that runs on the Ethereum blockchain. Decentraland enables users to create, experience, and monetize content in an immersive 3D world. As the primary token for all transactions on the platform, MANA plays a crucial role in enabling decentralized ownership, governance, and trade within the metaverse.
First of all, what is Decentraland?
Decentraland is a metaverse and a next-generation virtual world. Users purchase plots of land in the Decentraland virtual world they can later utilize, build upon and monetize. The platform 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 various other interactive experiences.
Decentrland timeline
- Decentraland company launch: May 15, 2012
- MANA token launch: October 28, 2017
- First LAND auction: December 2017
- Decentraland Marketplace release: March 2018
- Closed beta launch: February 2019
- Public launch: February 2020
If you’re new to the metaverse, the following video provides a comprehensive introduction and overview of this next-generation virtual world.
MANA powers Decentraland
MANA is the native token of the Decentraland virtual world platform. The token is used as the currency for buying and selling virtual land, known as LAND, as well as other virtual assets within the ecosystem.
MANA also serves as a governance token, allowing holders to vote on proposals related to the platform’s development and management.
MANA can be staked in some centralized exchange platforms. If you don’t mind locking up tokens, you can lend MANA for fixed periods between three and six months and earn around 2% per annum.
Overall, MANA plays a critical role in facilitating the decentralized, user-driven economy and community within the Decentraland metaverse.
MANA Price Statistics
- MANA Price Today: $0.66
- Market cap rank: #38
- All-time high: $5.85 on Nov 25, 2021
- All-time low: $0.009 on Oct 31, 2017
MANA was trending
At the height of the bull run in 2021, MANA and Decentraland were buoyed by Facebook’s rebrand announcement to Meta and a sudden spotlight on metaverse platforms.
On Wednesday, October 20, 2021, the token price of MANA was $0.77. By November 25, 2021, it had hit $5.85. A whopping increase of more than 659% in less than a month.
Most importantly, Decentraland development and hype around the metaverse (which hasn´t subsided) drove the gains, and those reasons remain valid today.
Additionally, the involvement of a leader in the blockchain gaming and NFT space in Animoca Brands adds serious weight to the team and outlook.
Can MANA get back to its high of $5.85 and beyond?
Decentraland ecosystem overview
Decentraland has raised a total of $25.5 million in four funding rounds. In total, Decentraland is funded by ten investors, including Animoca Brands, Broslyn Capital, and Digital Currency Group.
Notable Partners
In late 2021 and early 2022, notable brands appeared in Decentraland or bought land in it. These include Samsung, Adidas, Atari, PricewaterhouseCoopers, Miller Lite, and world-renowned auction house Sotheby’s held its first metaverse auction in Decentrlaand.
In March 2022, Decentraland hosted Metaverse Fashion Week in which major fashion brands appeared, including Dolce & Gabbana, Tommy Hilfiger, Elie Saab, Nicholas Kirkwood, Perry Ellis, Imitation of Christ, and Estée Lauder.
Furthermore, music artists including Deadmau5, Paris Hilton, and Grimes held concerts on the platform, with over 80 artists performing at the Metaverse Festival in October 2021.
NFT Sales
Decentraland has already carved a space in the metaverse by selling virtual land plots to the public and it has attracted some pretty big buyers.
For example, JPMorgan, the largest bank in the US, created a lounge in Decentraland called Onyx Lounge, making it the first lender to enter the metaverse.
Additionally, players can create and sell lower-value, in-game NFT items on the Decentraland marketplace. The most expensive LAND sale in the last 30 days was for 250k MANA or around $165.39k.
Latest developments
Browse through more than 100 articles covering news and happenings from Decentraland on the DappRadar blog. The latest developments are below:
- November 2021 – Virtual Real Estate in Decentraland Sold for $2.42 Million
- February 2022 – Vice Media Group Unveils HQ in Decentraland –Metaverse Land in Decentraland Ahead of Bored Apes – Samsung Unveils New Galaxy S22 Phone in Decentraland
- June 2022 – NFT Financed Movie The Infinite Machine Will Premiere in Decentraland
Summary
Decentraland saw significant gains in value last year, however, the increases may not be over. That’s because Decentraland and the metaverse concept are still in the early stages of their growth story.
As such, research MANA as you would any other long-term investment — look at whether you think a lot of people will use it, whether you understand its management, and how it stacks up against other virtual world platforms.
Perhaps the most exciting aspect of Decentraland is that players and investors alike can buy virtual real estate. Like ordinary real estate, some plots are much more valuable than others, each having pros and cons.
In summary, Decentraland is a solid metaverse play with more than five years of hard work behind them already. Strong partnerships with real-world brands and significant investment from leading company Animoca Brands should see Decentraland remain an essential player in the space.
Newsletter
