Altcoins: Decentraland (MANA), What Is It? A Deeper Look Into The Decentraland Platform| FXMAG.COM

Summary:

What is the Decentraland Platform and how does it work?
Advantages of the Decentraland exchange.
Decentraland’s past, present and future price positions.

The Decentraland platform

Decentraland defines itself as a virtual reality platform, it is powered by the Ethereum blockchain which allows its users to experience, create, and monetise applications and content. In this virtual world, users can buy plots of land and monetise them by navigating and building upon them.

The Decentraland platform was launched in 2017 which came in the wake of a $24 million initial coin offering (ICO) and opened to the public in February 2020. Since the platform became available users have shown creativity by creating a wide range of on their plots of land using interactive experiences, including 3D scenes and interactive games. Decentraland was launched with the unique premise of offering users an entirely virtual world that they own, operate, and where they can trade. The platform is based on innovative blockchain architecture that uses virtual reality (VR) along with open-source technologies that empower its users.

Decentraland uses two tokens, MANA and LAND. MANA is an ERC-20 token that requires being burned in order to gain non-fungible ERC-721 LAND tokens (NFTs). MANA tokens can be used by users to buy a range of wearables, avatars, names and more on the Decentraland marketplace.

Key features and takeaways of Decentraland

Decentraland is one of the top 100 cryptocurrencies in the world, and MANA, is one of the most popular cryptocurrencies in the market. Some of the features and key takeaways are:

Re-create a free-market economy that is located in virtual space through the use of blockchain technology.
The avatar passport is connected to a cryptocurrency wallet, however, it is not possible for users to upload 3D custom models as avatars on Decentraland.
Users have the opportunity to build completed environments and scenes on the Decentraland platform, with the platform offering its users with a scene pool that contains various members' contributions.
Tradeable real estate was one of the primary use cases for Decentraland.
All items that are featured on Decentraland come with a pre-expiry date, therefore, are perishable.

Decentraland’s Uniqueness

The Decentraland platform was built to meet the needs of content creators, individuals and businesses who are looking for a new artistic medium, business opportunity or source of entertainment.

The Decentraland gameword or the “Metaverse” is divided amongst 90,601 plots of LAND, each of which is represented by an ERC-721 non-fungible token. Each piece of land can be found in the metaverse using a specific coordinate.

LAND holders are free to design their plots as they please, however, most of the Metaverse is divided into districts, each with a different theme and size. These districts were generated through individual crowdsales for the MANA tokens, and plots in this LAND are not tradeable.

Decentraland is also one of the growing projects to use a decentralised autonomous organisation (DAO) governance decision structure. Therefore MANA token holders are in control of what happens in the Decentraland world through proposing and voting on policy changes, specifics on any LAND auctions and the type of content that is allowed with the Metaverse.

In addition to being a creative outlet, often Decentraland users monetize their LAND through leasing, advertising and paid experiences. At the same time, other users generate an income by creating and selling items on the Decentraland marketplace in exchange for MANA tokens.

Advantages of Decentralands Platform

The Security Advisory Board (SAB) backs the Decentraland community governance.
There is an option for users to auction NFTs and sell their LAND in exchange for MANA.
Decentraland tokens have several use cases.
The platform is being continually updated to ensure that there are new features being introduced to the protocol.

Past, Present and Future Prices

After the launch of the Decentraland network, the price took almost 3 years to take off, and has since risen quite substantially. The price rose substantially in the second half of 2021 and peaked at the start of 2022, however, has since fallen consistently.

Over the past few months, the markets have been facing strong investor risk-off sentiment in the wake of the geopolitical tensions, Covid-19 lockdowns in China and supply chain issues. The cryptocurrency market has followed the trends of the greater market during these times, therefore the price of most cryptocurrencies have been falling, Decentraland falls under this category.

According to some analysts the future price of MANA could reach up to $22.9 by 2026 and almost $100 by 2031. However, it is important to remember that this future price prediction is based solely on data and does not take into account factors such as investor sentiment and the ever changing market conditions, both of which make it difficult to make accurate future price predictions.

Altcoins: Decentraland (MANA), What Is It? A Deeper Look Into The Decentraland Platform - 1 MANA Price Chart