What is Decentraland ?
MANA is a cryptocurrency token powered by the Ethereum blockchain. It allows users to engage in a virtual reality world where they can build things like homes, casinos, concert halls, and art galleries and charge other people for visiting them. Users build these structures on plots of land called LAND, a virtual asset users can trade in using MANA cryptocurrency. These structures can be constructed using Decentraland, a platform where users interact with each other.
Decentraland is a decentralized virtual reality platform where users can “create, experience, and monetize their content and applications.” LAND, a non-fungible asset, is maintained using Ethereum smart contracts that allow ownership among community members. The platform gives users complete control over the kind of structures they build, limited only by their imagination.
Primary features of Decentraland
- Decentraland is an essential part of the metaverse – The metaverse is a currently-hidden and fast-growing space that could change how we interact with the world around us. Decentraland is the “first-ever virtual world owned by its users” and hence, is an area of great promise going forward.
- LAND sells for millions of dollars – LAND has been bought on Decentraland in multi-million dollar sales highlighting the potential value of owning such virtual assets. Decentraland’s token, MANA, gives the world many attributes similar to a free market economy, making it a place where users provide real utility to each other in exchange for real money.
- Decentraland has institutional backers – Grayscale, a prominent name in the cryptocurrency asset management space, launched its Decentraland Trust, giving more credibility to the platform than it had ever had before. It has now gone mainstream and is attracting significant institutional investments.
Is Decentraland a promising cryptocurrency?
After the December crash, MANA has created lower lows for some trading sessions. Although there has not been a significant increase in the bullish pressure, sell volumes have also lacked. A possible increase in the buying pressure could push the coin up to the upper $4 level in the next few weeks.
In the long term, MANA analysts predict that the coin could reach $20 levels by the end of 2025. This prediction is based on the increased adoption of metaverse projects like Decentraland in both the NFT and the crypto markets. MANA is still a staunch competitor in this space and will likely remain that way.
How to use Decentraland coins?
Investors can use MANA coins for:
- Buying and selling LAND – LAND can be traded on Decentraland in the form of NFTs.
- Trading in-game objects on the marketplace – The Decentraland marketplace is a haven for gamers looking for in-game collectables and unique objects.
- As a store of value – MANA is an excellent cryptocurrency and can be used as an asset class for the long and short term.
Pros & Cons of Decentraland coin
- MANA is the native token of one of the largest metaverse projects currently in development
- Decentraland witnessed one of the most significant LAND sales in history valued at $913,000, showing immense credibility
- MANA has provided great returns to investors – more than 5300% year to date with no end to the bull run in sight
- Experts believe that MANA is undervalued at its current price.
- You can convert MANA to INR directly on the CoinSwitch app!
- The platform is still in the early development phase and is not error-free yet.
- Cryptocurrencies are not regulated
Trade Decentraland coin on CoinSwitch kuber
- You can start trading on the app with only Rs 100.
- Enables immediate cancellation and deposit to bank accounts immediately.
- Trade at null fees on this safest Bitcoin exchange.
- Intuitive and easy user interface.
- Offers easy monitoring to beginners.
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.