Decentraland is an Ethereum-based blockchain platform where users can create unique game content in the form of NFT tokens and then monetize it. The built-in marketplace allows you to buy and sell content using MANA tokens. At the heart of the gaming ecosystem are land plots, designated as a LAND token and give users control over the created objects.
MANA is an ERC-20 token that is burned to earn LAND (1000 MANA = 1 LAND) and is also used to purchase various digital goods on the marketplace. The token has grown by 40% in the last month and is traded on the most popular exchanges.
How Does the Decentraland Platform Work?
As mentioned before, over 90,000 land plots represented as LAND tokens can be bought and sold by players using the MANA utility token. Plot owners can use them at their discretion:
- Place their own games on them.
- Launch apps.
- Create informational websites.
- Share artistic creations and more.
Each plot has a certain size: 33×33 squares (length and width), but there is no height limit. Several plots together form a district — in fact, a community of people connected by one topic, whether it be fantasy or gambling. The district’s management is decentralized, and MANA holders have the right to vote for changes. Thus, MANA is a key component of the ecosystem on which everything runs.
From a technical point of view, Decentraland is similar to other blockchain projects and works using smart contracts and a consensus protocol. The land content level is responsible for the visual component, and the real-time level is responsible for the peer-to-peer interaction of users with each other.
Creation and Sale of NFTs: Key Things to Know
Decentraland is an attempt to create a fully decentralized virtual market economy on the blockchain. Here are examples of tools provided to users:
An avatar is a visual representation of a user. Many free cosmetic items are available, but you can also buy unique items such as clothing with MANA. Each avatar (account) is connected to an Ethereum wallet (for example, Metamask).
Constructor — you can create your own objects placed on a land plot from ready-made components such as buildings, trees, decor, etc.
Marketplace — for those who do not want to create items on their own, there is an opportunity to simply buy them. In addition to items, land and nicknames are freely available.
Almost since its launch, Decentraland has been mainly managed by a DAO, which is responsible for the development of the project and can make changes to it. Decentraland DAO controls smart contracts and also owns 222,000,000 MANA (distributed over ten years).
Economic Component: MANA & LAND Tokens, Estate
The project operates an ERC-20 token (MANA) and ERC-721 tokens (NFTs — LAND and Estate tokens). The latter have individual characteristics, so each individual token is unique and cannot be replaced by another. Such assets are used to create and evaluate in-game objects — avatars, clothes, buildings, and land plots.
All 90,000 of the original land plots were auctioned off during the platform launch and are now available for purchase on the Decentraland built-in marketplace, along with other in-game objects. Smart contracts (MANAtoken, LANDregistry, EstateRegistry) are responsible for the characteristics of all types of assets used on the platform. It is noteworthy that the MANAtoken contract can never be changed — according to the developers, they destroyed a private key from it.
The ICO was held on August 8, 2017, at that time, 1000 MANA cost $24. Since then, the token has grown in price by 5900%, of which 4000% in the last year alone, which was especially successful for the crypto market.
Where to Buy Decentraland (MANA)?
If you’re wondering where to buy MANA, you should definitely think about buying it at Switchere. On our platform, you have an opportunity to buy MANA in the fastest and most convenient ways using any available payment method. Moreover, we offer some surprising bonuses! Users of our platform enjoy a 0% service fee for the first order.
How to buy MANA with USD? At Switchere, you can buy crypto for fiat money or swap crypto for crypto. In addition to traditional purchases with a bank card, you can use alternative payment methods available (SEPA, SOFORT, Asian local banks).
Here is an easy step-by-step guide on buying MANA at Switchere!
- Visit our website and log in to your account.
- Choose the currency pair for exchange as well as a payment method and enter the amount. Don’t forget to check the transaction details by clicking on ‘Details.’ Once you’ve done, click the ‘Buy’ button.
- Specify your MANA wallet address and click on the ‘Buy’ button.
- Enter your card details and click on the ‘Pay Now’ button. Please take into account that you have a limited amount of time to send your funds. Elsewise, the transaction will be canceled automatically.
- Once you send the funds and your transaction receives the required number of blockchain confirmations, the amount of purchased MANA will be sent to your provided wallet address accordingly.
- Congratulations! The transaction is completed, and now you can check your MANA wallet.
Usually, Switchere transactions take 5-30 minutes. If you have any troubles with the exchange process, let us know at [email protected]
Decentraland is a worthwhile gaming project that also allows you to earn income by creating demanded exclusive content. Blockchain games are a new generation of entertainment on the Internet. However, such solutions also have disadvantages — these are high commissions in the Ethereum network, making small transactions unprofitable.
Have you ever played Decantraland? Feel free to share your experience in the comments below!