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2 Feb 2022

Decentraland (MANA) Cryptocurrency Explained: Everything You Need To Know

Devansh Sinhal

MANA is a cryptocurrency that serves as the native token for Decentraland, a metaverse that allows users to engage and interact in a virtual world. Here, one can build homes, casinos, concert halls,  art galleries, and much more. Users can also buy LAND parcels in the form of NFTs, which they can then use to develop and sell for a profit.

Decentraland enables players to buy or sell LAND with MANA, which are NFT tokens that represent pockets of real estate in the metaverse.

In this blog, we will explore the history, possible future, and functionality of the MANA token. We will also discuss the benefits of investing in Decentraland, and how you can do so via CoinSwitch. 

Key Takeaways

  • MANA is a cryptocurrency that serves as the native token for Decentraland, which is a metaverse that allows users to engage and interact in a virtual world.
  • The Decentraland Foundation developed the Decentraland software. The Foundation was itself created by Esteban Ordano and Ariel Meilich in 2015.
  • MANA is an ERC20 token that leverages Ethereum’s infrastructure to provide security and functionality to the platform.

History of Decentraland

The Decentraland Foundation developed the Decentraland software. The Foundation was created by Esteban Ordano and Ariel Meilich in 2015. When the coin was first launched in 2017 through an Initial Coin Offering (ICO), it raised 86,206 ETH in funding, which is equivalent to $231 million today.

Before the Decentraland project was launched, the development team behind the platform launched a Decentralised Autonomous Organisation (DAO) to turn the management of the entire thing over to the users and make everything permissionless. Additionally, the team also claims that the private key that controlled Decentraland’s smart contracts has been destroyed permanently. Apparently, this has been done to ensure that the project remains completely decentralized in every aspect.

How Does Decentraland Work?

Decentraland works around the concept of buying and selling real estate parcels called LAND tokens, which are NFTs that users can buy and hold. These LAND pockets can be treated just like physical real estate, in that they can be developed by constructing valuable buildings and increasing overall revenue. 

The Decentraland software itself uses the Ethereum blockchain to track ownership of these NFTs and verify MANA transactions between users. Players also have the option of using an Ethereum wallet to hold MANA and engage with the metaverse directly.

The Decentraland metaverse also has a marketplace where users can trade in-game items like avatar clothes, and unique names. The marketplace is also the platform where users interact with each other and buy or sell LAND in exchange for MANA.

LAND parcels on Decentraland can also be leveraged to curate a unique user experience. Interactive scenes can be designed through the inbuilt editing tool in the virtual world, where developers can access customization libraries and payment implementations.

Future of Decentraland (MANA)

The concept of the metaverse has just started to gain some momentum in 2022. With several other projects propping up and millions being poured into R&D, virtual reality and artificial intelligence could very well be our future. As the native token of Decentraland, one of the biggest metaverse platforms out there, MANA has the potential to grow well in the coming years.

Analysts predict that the coin could reach $20 levels by the end of 2025.

Benefits of Investing in Decentraland (MANA)

Here are some crucial benefits of investing in MANA.

  • LAND parcels are excellent investment vehicles, with LAND sales in history valued at more than $1M.
  • MANA has provided great returns to investors- more than 5,300% year to date with no end to the bull run in sight.
  • With the increased development in the Metaverse, experts predict that the coin, at current levels of $2.8 each, is highly underpriced.

How To Invest in Decentraland in India

If you want to buy Decentraland (MANA) in India, the best platform you can use is CoinSwitch Kuber. CoinSwitch Kuber is India’s most popular crypto platform, with more than 14 million users using the app actively! The exchange supports Cardano, Ethereum, Bitcoin, and 80+ other coins and tokens that you can buy, trade, and sell.

If you’re a believer in the Decentraland narrative and want to bet on its long-term growth, here are some steps you can take to set up your CoinSwitch account and get started.

  • Step 1: Open CoinSwitch – The first step is to, of course, download the CoinSwitch Kuber app on your Android or iOS mobile phone. You could also visit our website and enter your phone number, potent, and we’ll SMS you a link to the app!
  • Step 2: Register and open an account – Once the app has been successfully installed, you will be asked to enter your mobile number for OTP verification. Once the OTP has been received and entered by you, you will be asked to set a PIN on the app for added security.
  • Step 3: Complete your KYC – To complete this step, head on to the ‘Profile’ section of the app in the bottom right corner and click on ‘User Verification’. Enter your name, PAN number, date of birth, and email address for primary verification of your identity. Once this is done, you will be asked to upload your PAN card’s picture along with a picture of a government-issued ID card to complete the verification. On CoinSwitch, the KYC process is completed within 2 minutes!
  • Step 4: Add your bank account details – To transfer funds from your bank account to the CoinSwitch app, you need to provide the app with the relevant information. These include your account number and IFSC code only. The app sends Re. 1 to your account to verify if the details are correct and if they are, the account is linked to your profile.

You’re now free to use the CoinSwitch wallet to buy, sell, or store Decentraland (MANA) coins. Investing in the coin is also very easy. 

All you need to do is:

  • Click on the currency you want to buy (in this case, MANA)
  • Enter the amount, and click Buy. 

That’s it! The corresponding amount of cryptocurrencies gets credited to your CoinSwitch crypto wallet, which can then be monitored under the Portfolio section of the app. Click on the link if you want to directly convert Decentraland into INR.

What is Decentraland (MANA)

Frequently Asked Questions

Why would you use Decentraland?

Decentraland is a very popular metaverse where users can interact with each other digitally. MANA tokens, the native token of Decentraland, can be used to trade LAND parcels and exchange in-game articles in the marketplace.

Is it good to invest in Decentraland?

MANA, just like any other cryptocurrency, is a volatile asset that is subject to market fluctuations. Investors should invest in the coin only if it suits their risk profile and appetite.

Is Decentraland safe?

Decentraland or MANA is a great investment vehicle for investors who want to diversify their portfolios by investing in digital assets. However, before investing, we encourage you to conduct thorough due diligence to figure out if this investment suits your risk appetite as an investor.

Disclaimer : Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. The information provided in this post is not to be considered as investment/financial advice from CoinSwitch. Any action taken upon the information shall be at user's own risk.

writer

Devansh Sinhal

Content Writer

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