What is Decentraland?
If you’ve ever wanted to create your own virtual reality world, then Decentraland is the blockchain-based platform for you! It’s a digital gaming universe where users can create, explore, and interact with others in a 3D virtual environment. They can also earn rewards by developing applications and participating in activities within this virtual world.
Decentraland uses its own cryptocurrency called MANA which allows users to purchase land plots and other items within the game.
Who created Decentraland?
Decentraland was created and released in February 2020 by Esteban Ordano and Ari Meilich, two software engineers from Argentina. They wanted to create a blockchain-based virtual reality world that was decentralized and secure, allowing users to develop their own applications without having to worry about censorship or control from any single entity.
Who owns Decentraland?
Decentraland is an open-source project, meaning anyone can contribute to its development. The ownership of the platform lies in the hands of its users, who all have the ability to shape and develop the virtual world as they see fit. The team behind Decentraland also works hard to ensure that the platform remains secure and decentralized so that users have full control over their digital property.
What makes Decentraland Special?
Decentraland has several features that make it stand out from other virtual reality platforms. One of these features is its decentralized nature – no single entity controls or owns the network or its data. This means that each user contributes to the network’s overall security and functionality. Additionally, Decentraland operates on the Ethereum blockchain, allowing users to store their virtual assets in a secure and decentralized manner.
What is NFT?
Another unique aspect of Decentraland is its use of Non-Fungible Tokens (NFTs). NFTs allow users to own limited-edition pieces of digital property which they can trade or sell for real money. These digital items can be used within the game’s marketplace and have value in both the virtual world and outside.
What is the Metaverse?
Now that you know more about Decentraland and its use of NFTs, you may be wondering what the Metaverse is. The Metaverse is a decentralized virtual world that can be accessed by anyone with an internet connection. It’s powered by blockchain technology and allows people to create content, buy and sell virtual goods, and interact with others in the same way they would in real life. The Metaverse is a complete ecosystem where users can explore different realities, play games, purchase digital items, and much more.
Essentially, it’s a new type of online experience that blurs the line between the physical world and the digital world.
Decentraland Vs Metaverse
At first glance, Decentraland and the Metaverse may appear similar, but there are some key differences between them. The main difference is that Decentraland focuses on creating a virtual gaming universe, while the Metaverse is more of an open platform for creating digital content and experiences. Additionally, Decentraland has its own cryptocurrency, MANA, which users can use to purchase land plots and other items within the game. In contrast, the Metaverse isn’t tied to any particular currency.
Facebook and Decentraland
Recently the CEO of Facebook announced that the company would be rebranding as Meta, signaling its commitment to building out the metaverse. This is good news for MANA, as the Facebook platform could potentially boost the platform’s adoption. Additionally, it provides more legitimacy to the virtual world and blockchain technology which is a good sign for Decentraland and other projects in this space. Allowing users to access various digital experiences across multiple platforms will benefit both Facebook and Decentraland, as well as those interested in participating in activities within this virtual world.
Decentraland and The Sandbox
While Decentraland and the Metaverse have both been gaining traction, another virtual world called The Sandbox has also started to become popular. Unlike Decentraland, the Sandbox is focused on creating a gaming universe where users can create and monetize their own in-game experiences. The Sandbox is a virtual world running on the Ethereum blockchain that allows users to own digital plots of land known as LAND. The game enables players to create unique experiences on their LAND, which can then be shared with other users in the community.
Where can I buy Decentraland?
So far, Decentraland can be purchased from two different sources.
Crypto Brokers
The first is crypto brokers, who offer access to the MANA token, which is needed to purchase digital land in Decentraland. These brokers provide users with an easy way to buy and sell cryptocurrency without worrying about the more technical aspects of trading. An example is eToro.
Decentralized Exchanges
The second option is decentralized exchanges, which allow users to trade cryptocurrencies securely and transparently with each other. This type of exchange has become increasingly popular over the past year as they provide users with additional control over their assets and lower fees associated with trades.
How to buy land in Decentraland
1. Signup on Decentraland
Signing up for Decentraland’s Marketplace is a straightforward process for those who already have a digital wallet. Once signed in to Decentraland, you can click on the “Land” tab to be taken to the land parcels available for purchase.
2. Choose a Land to Buy
“When looking for a plot of land to purchase on Decentraland, there are two ways of finding it. Firstly, you can use the marketplace to view each parcel for sale individually or check out the entire map. Alternatively, you can use OpenSea and enter the coordinates in the search box in the marketplace.
3. Make the Purchase
Once you have found the exact land piece you would like to purchase, it is time to take the next step, make an offer, or buy it at its current listed value. You can do this easily by selecting the “buy” button displayed on the page. Decentraland uses either their native cryptocurrency Token MANA, or Ethereum, as the accepted payment currency for land purchases.
How to Buy Decentraland(MANA)
Here are 4 steps to buying Decentraland;
1. Select Exchange or Broker
When investing in cryptocurrencies like Decentraland, choosing the right crypto exchange that fits your needs is essential. When selecting an exchange, many factors should be considered, such as the available trading pairs, account minimums, and fees. Additionally, you should know whether they are charged additional fees or interest rates for using a credit card to purchase cryptocurrency.
2. Create a Trading Account
Once you’ve selected the exchange, you will need to create a trading account. This involves providing basic personal information such as your name, address, and email address.
3. Deposit Funds
Next, you’ll need to send funds to your trading account. Depending on the exchange, this can be done using various methods, including bank transfers, credit and debit cards, and cryptocurrency deposits.
4. Buy Decentraland(MANA)
Once you have deposited funds into your account, you can buy MANA. To do this, simply choose to ‘trade’ or ‘buy,’ then select MANA and specify the amount you wish to purchase. Once your order is filled, the tokens will be sent directly to your wallet address.
5. Secure Your MANA
After purchasing MANA, you should consider storing the cryptocurrency in a secure wallet. There are several types of wallets to choose from, such as crypto exchanges, hardware wallets, paper wallets, and software wallets. Depending on the chosen wallet type, you may need to make sure that their private keys are stored securely and backed up if necessary.
Is MANA a Good Investment?
MANA is a digital asset that can be used to purchase virtual land in Decentraland. This makes it an attractive investment for those seeking to diversify their portfolio and gain exposure to the growing crypto market. The fate of MANA is tied directly to the success of Decentraland, so investors should be aware of any news or updates in this regard.
As with any other cryptocurrency, investors should consider the potential risks before investing carefully. MANA may be a promising investment opportunity despite its current outlook and development progress.
Decentraland Price Prediction
Technical Analysis
Currently, MANA is trading below the 100 SMA at $0.450 on the daily chart, showing a strong downtrend. The MACD is also currently in bearish territory and looks set to continue heading downwards.
Fundamental Analysis
Decentraland is an innovative project that has made significant progress since its launch in 2017. It has multiplied, with innumerable parcels of land purchased on their virtual world map and new projects being built daily. Overall, several factors could contribute to a bullish outlook for MANA in the future, but current sentiments are bearish.
This bearish is likely due to the influence of the crypto bear cycle and the recent news in the crypto world.
If MANA can break above the 100 SMA and gain adoption, it could potentially be a promising investment opportunity. However, investors should consider the various risks associated with investing in cryptocurrencies and do their own research before making any decisions.
Conclusion
Decentraland (MANA) is an innovative digital asset that offers users the opportunity to purchase virtual land on the platform’s decentralized world map. It has made steady progress since its launch in 2017 and has seen increased demand as time passes. As such, MANA may be a potential investment opportunity for those looking to diversify their crypto holdings.
