At the pace the world of technology is evolving and moving forward is incredible. But, you wouldn’t know unless you experienced and saw it up close.
The current age is an evolution of the internet, social media, Blockchain, decentralized currency, authentication of content through NFT, and most importantly, virtual reality and metaverse. Cryptocurrencies like Decentraland are a relevant part of this new digital ecosystem.
While cryptocurrencies like Sandbox offer an excellent platform for a decentralized virtual gaming community, Decentraland does similar ( monetizing content on a VR platform).
Virtual reality and Blockchain being groundbreaking digital innovations, are tempting to invest in through these notable crypto platforms.
In this article, you will learn what Decentraland is and its uniqueness.
So, let’s begin…
What Is Decentraland?
Co-founded in 2015 and launched in 2017 by Ariel Meilich and Esteban Ordano Decentraland, Decentraland is a VR and decentralized platform powered by the Ethereum Blockchain. This platform works to facilitate the monetization of content and applications on the blockchain platform. The cryptocurrency started with an initial coin offering of $24 million.
Users can create, experience, and monetize their content on this platform, similar to the APE ecosystem. A most exciting aspect of Decentraland is that you can purchase plots and lands on this virtual platform. You can later build upon that land and monetize and navigate through it.
This Crypto will be opened to the public in 2020. You can create 3d scenes and games that mesmerize. The platform surprisingly has two tokens, MANA and LAND. Users have to burn MANA, an ERC-20 token, to mint LAND, an ERC-721 NFT. Players and users can use MANA for avatars, wearables, and much more on the decentralized marketplace.
The virtual reality world built upon Decentraland has a limited amount of land the users can buy from. The virtual real estate properties available in this world can be purchased by minting LAND using MANA. Property owners can create a
MANA & LAND
MANA and LAND are the decentralized tokens in the Decentraland platform. Now MANA and ERC-20 token is secured by a large decentralized network of miners. This token works with thousands of nodes and ensures protection against all attacks.
Crypto tokens with no native blockchain currently rely on Ethereum and decentral and are an example of such. As of January 2021, there was 1.49 billion MANA in circulation. Currently, there is 2.19 billion MANA available.
600 Million MANA have been burned due to LAND auctions as of now. 40% of the MANA were sold in 2017, and 20% of them were retained for incentivizing the community. The rest of the total MANA is held by Decentraland.
One of the many unique qualities of the MANA token is its liquidity. Buyers can purchase these tokens from hundred different platforms. The most prominent exchanges like Coinbase Pro, Binance, OKEx have MANA for buyers. The current price of MANA is $0.98, according to CoinMarketCap.
Decentraland MANA Price Prediction
The all-time low price of the MANA token was $0.1, and the all-time high was $5.90. This token of the Decebntraland platform has a market cap of $1,787,851,875.39. The coin currently sits at a comparatively lower price of $0.98.
According to Decentraland Reddit predictions, the price is expected to reach $2 in 2022. In 2023, this price might go up to $2.5 in the coming year. In 2024, the price might go up to $3, and in 2025, it might reach $4. Now all of these are based upon speculations and rumors. Cryptocurrencies are volatile, and even a beginner investor does not need that reminder.
There are similar platforms like Sandbox and APE coin offering similar functions. The VR world is getting more and more competitive, and it is unsure how long Decentraland can hold its user base.
You can rely on algorithm-based predictions, but we always suggest you do your own research before any investment. It is important to understand the market trend before investing in any crypto tokens.
How To Make Money From Decentraland?
Of Course, you can purchase MANA and wait for its price to go up. But, there are other more interesting ways to make money from the Decentraland platform. Here are some suggestions –
Reselling
Decentraland has limited virtual lands. So, if you own land on this VR platform, you can resell it later when the platform grows in popularity.
Lease Your Land
Do you want to be a virtual landlord? Instead of selling your LAND, you can earn passive income by renting out your virtual property.
Place Advertisement
From the search engine to social media and now to the virtual reality platforms – you can now run advertisements on Decentraland. You can hang up a banner of your business.
NFT
Earning from NFT is one of many advantages of VR platforms like Decentraland. If you are a digital artist, you can open your NFT art gallery and sell your work there.
Frequently Asked Questions (FAQs) :
Some of these popularly asked questions will help you understand more about this Crypto–
Most unique cryptocurrencies have their unique level of popularity. There are more famous cryptocurrencies, but in the virtual gaming world, Decentraland ranks right after Axie Infinity and is the second largest gaming Crypto. So there is a potential for its token to rise in value.
MANA is the decentralized token of the platform named Decentraland. It is an ERC- 20 token based on the Ethereum blockchain. Users have to burn this token to buy LAND on the VR platform.
MANA is not an NFT, it is a token, and the users of the Decentraland platform can buy virtual properties in the form of NFTs using the MANA token on the Decentraland platform.
Final Words
With the power to allow users to develop, create, and monetize virtual digital assets, Decentraland opens up a great future. But whether it is a good investment or not is not easy to tell. It all depends upon the scale of the user community Decentraland is able to form in the coming years.
If you are into VR, metaverse, and the virtual gaming world, then this Crypto is worth checking out. I hope this article was valuable to you. For further information, you can comment below.
