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  • Matteo Poole

Decentraland - MANA

Updated: Jun 21

Market Discovery of the most influential markets in the cryptocurrency world.


Decentraland MANA market


What is Decentraland (MANA) and how does it work?


Decentraland is a virtual social platform built and governed by its users. Every day, users enter the world to meet up, play games, attend live events, trade in the marketplace, engage with brands, visit galleries, and much more.



Decentraland (MANA) runs on the Ethereum blockchain and is a network that seeks to incentivize its users to operate a shared virtual world, where one can buy and share digital real estate, while exploring, interacting, and playing games within this alternative world.


Mana Decentraland has two types of tokens to govern its own Metaverse:

  • Land - A Decentraland NFT (non-fungible token) used to define the ownership of land plots representing digital real estate;

  • MANA - A cryptocurrency that facilitates purchases of LAND, and other virtual goods and services used in the Decentraland Metaverse.

Changes to the Decentralised ecosystem are made via blockchain-based smart contracts, where users that own Mana, vote on policy updates, land auctions, and subsidies for new developments.


The Decentraland application tracks real estate parcels defined by Land tokens. The software leverages the Ethereum blockchain to track ownership of this digital asset, and it requires users to hold some of its MANA tokens within an Ethereum wallet, connected to the application, in order to engage with its ecosystem. Furthermore, developers can innovate within Decentraland by designing animation and interactions that can then be experienced in their own virtual real estate (land).


A great example of this are concerts, where several famous artists have already played their first live virtual festivals. Some big names such as Paris Hilton, Deadmau5, Alabaster dePlume, and 3LAU have all already performed in the Decentraland metaverse, attracting large crowds of fans to this first digital experience.


Similar to competitors like the Sandbox, Decentralised also has also released its own marketplace, together with a drag-and-drop editor that users can access to build scenes. In this marketplace, users can exchange Land tokens, priced in Mana, as well as to transact or transfer parcels and other in-game items such as wearables and unique names.


Additionally, Decentraland's builder tools help users to create a unique experience within their LAND parcels, by allowing interactive scenes to be designed through its editing tool, where developers can access customization libraries and payment implementations.

 

Coin Analysis

Last update 31/1/2022


The Decentraland Foundation, the company behind the development of Decentraland was originally established in 2015. However, it wasn't until 2017 that the team raised funds with an ICO (Initial Coin Offering), raising around 86,206 ether (about $26 million at the time) for the development of their platform and future operations.


Decentraland coin was initially listed on Binance in 2020 and started trading around $0.054, before spiking to over $0.12 in the following days. Decentraland price then fell all the way back to $0.06 in the following weeks and continued its sideways move between these ranges until early 2021.

MANA/BUSD weekly candles chart
MANA/BUSD weekly candles chart

The following year, 2021, Decentraland crypto saw major gains, growing exponentially and reaching over $1.65 in April, marking an over 17x price increase from the beginning of the year. After this move prices fell back down to below $0.50 before averaging out to $0.7 towards the end of the year. In November 2021 the Crypto's prices saw another major spike and raised to over $4.8 and then $5.50, making new ATHs, before correcting and dropping as low as below $2 in early 2022.


Decentraland price prediction would suggest that this crypto is still a really solid and promising project of 2022, mainly due to all the developments and use cases in the Metaverse. We saw prices drop below the 20EMA on the weekly, before rising and retesting the 50EMA. If prices manage to regain this level ($2.50) and hold above it over the next few weeks, it's likely that this resistance will turn into a support and see the price of MANA rise again. If this happens Mana is likely to retest the $5 level sooner than later.


MANA is available for trading on BmyBit.com dApp.


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Decentraland MANA coinmarketcap

Decentraland website


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