DecentralandPrice

(MANA)

Decentraland is a decentralized 3D virtual reality platform built on the Ethereum blockchain. It allows users to create, experience, and monetize content and applications within its metaverse. Users can own virtual land (LAND), participate in a digital economy, and engage in social activities. The platform's decentralized nature is ensured by storing data on multiple community-maintained servers. This design empowers users with ownership and control over their digital assets and experiences, fostering a truly open and user-driven virtual world.

MANA is Decentraland's native ERC-20 cryptocurrency, serving as the primary medium of exchange within the metaverse. It is used to purchase virtual LAND parcels, unique avatars, names, wearables, and access exclusive content. MANA also grants holders governance rights through the Decentraland DAO, allowing them to vote on platform development proposals. Additionally, MANA can be staked, integrating users into the protocol's stability mechanisms and potentially offering rewards for participation.

LAND represents ownership of a unique parcel of virtual land within Decentraland, implemented as an ERC-721 non-fungible token (NFT) on the Ethereum blockchain. MANA tokens are essential for acquiring these LAND parcels. When MANA is utilized for LAND purchases, it is "burned," meaning it is permanently removed from circulation. This burning mechanism influences MANA's supply dynamics, creating a direct economic link between the platform's native currency and its foundational virtual real estate.

Decentraland is built upon the Ethereum blockchain, leveraging its robust infrastructure for its core operations. It uses the ERC-20 standard for its native MANA token and the ERC-721 standard for its unique LAND non-fungible tokens (NFTs), which represent ownership of virtual land. Furthermore, the platform utilizes the InterPlanetary File System (IPFS) to efficiently host and distribute the interactive experiences and digital content that users create and deploy on their virtual land parcels.

Users typically access Decentraland by downloading its application to a computer, as mobile access is not yet available. While MANA is used for in-game purchases, users don't strictly need to own crypto or have a digital wallet to explore the metaverse initially. Purchases can sometimes be made using traditional payment methods like credit/debit cards through the marketplace. Accounts can be created by connecting a Google or Discord account, which automatically sets up a background digital wallet, or by linking an existing wallet like MetaMask.

Decentraland was co-founded by Esteban Ordano and Ariel Meilich. The overall development and strategic direction of the project are overseen by the Decentraland Foundation. This organizational structure ensures ongoing stewardship and advancement of the platform, guiding its evolution within the Web3 space.