Decentraland is a virtual reality platform using the Ethereum blockchain. Users can create, experience, and monetize content and applications. MANA is the native token for all transactions on the Decentraland platform.
Decentraland uses two tokens: MANA and LAND. A percentage of the token is burned every time someone buys an NFT.
The NFTs can be virtual land, digital clothing for your avatar, or interactive installations sold as an NFTs.
In addition to burning or spending MANA in exchange for LAND, users can trade MANA with other users in exchange for goods and services hosted within Decentraland.
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.
Decentraland is a metaverse and a next-generation virtual world. Learn everything about the metaverse by reading this article.
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?
Meet the team
In 2015, a group of friends posed the question: What happens when a single entity controls the future of virtual reality?
The next question was more powerful: Do we want a centralized gatekeeper dictating prices, levying taxes, censoring users, managing content, and monetizing our data?
From this, Decentraland was born and created by Ari Meilich and Esteban Ordano and is now overseen by the nonprofit Decentraland Foundation.
Moreover, as a virtual world platform powered by blockchain technology, the actual team at Decentraland are the players and creators.
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 Estee 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.
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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
MANA Price Statistics
- MANA Price Today: $0.82
- Market cap rank: #38
- All-time high: $5.85 on Nov 25, 2021
- All-time low: $0.009 on Oct 31, 2017
Raises
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.
Animoca Brands is a leader in digital entertainment, blockchain, and gamification that is working to advance digital property rights and contribute to the establishment of the open metaverse.
With a growing portfolio of more than 340 investments, including Colossal, Axie Infinity, OpenSea, Dapper Labs (NBA Top Shot), Yield Guild Games, Harmony, Alien Worlds, Star Atlas, and others, Their involvement with Decentraland is a positive.
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 86,800 MANA, or around $80,000.
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
What can I do with my MANA now?
Players need MANA tokens to participate in the blockchain version of the game, trade assets on the marketplace, and buy land NFTs, which are digital plots of land in the game. 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.
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.
