In our commitment to broaden our offerings continually, we are introducing a new project addition - Decentraland. Decentraland is a virtual world on the Ethereum blockchain that enables users (players) to explore, buy, build, and sell gaming assets with other players. Decentraland is a thrilling virtual world that gives users a gaming experience on the blockchain.
In this article, we will explore the virtual world of decentraland, LAND, which is an NFT that represents parcels of land in the virtual world, MANA token (the utility token of decentraland), its tokenomics and statistics. We will also explore the features of decentraland and finally how to buy and trade its native token, MANA.
What Is Decentraland Virtual World?
Decentraland is a 3D virtual world built on the Ethereum blockchain that allows users to own, create, and sell digital assets, such as virtual land, as NFTs (Non-Fungible Tokens). In Decentraland, digital assets are bought and sold using the native cryptocurrency, MANA.
Decentraland provides users, known as players, with a digital identity and enables them to engage in transactions with other players within the virtual world. Players can also purchase and list items, such as virtual land, smart wearables, and avatars, for sale on the Decentraland marketplace.
Recently, Decentraland has introduced some exciting features that enhance players' abilities, making it an exciting addition to the virtual world. For instance, smart wearables, such as clothing and accessories worn by player avatars, provide specific abilities to the players. For example, a pair of glasses grants access to an exclusive event map, and a jetpack wearable gives players the power of flight.
LAND
LAND is a Non-Fungible Token (NFT) in the Decentraland virtual world representing parcels of land referenced by Cartesian coordinates (x, y, z). Each LAND includes records of its coordinates in the virtual world, details about its owner, and a description file displaying its status (e.g., whether the LAND is listed for sale or bidding). LAND is completely owned by the Decentraland community, leveraging the smart contract functionality of the Ethereum blockchain. Players have the freedom to decide what to do with their LAND, which can be sold or developed into an Estate.
The Land Manager is a feature of LAND that allows players to manage their LAND and Estate assets. It enables players to name and rename their LAND, merge LAND parcels into Estates, dissolve Estates into LAND parcels, transfer their LAND or Estate to another player, and grant permissions to other players to edit their LAND.
It enables players to name and rename their LAND, merge LAND parcels into Estates, dissolve Estates into LAND parcels, transfer their LAND or Estate to another player, and grant permissions to other players to edit their LAND.
What Is the MANA Token?
MANA is an ERC-20 token native to Decentraland. It powers the virtual world by facilitating transactions between players. MANA has various utilities within the Decentraland virtual world. It is used as an exchange currency between players and as a currency to buy and list gaming assets like LAND for sale on the Decentraland Marketplace.
Holders of MANA tokens also have the right to vote in the Decentraland Decentralized Autonomous Organization (DAO). MANA can be acquired through cryptocurrency exchanges (both centralized and decentralized) or by selling gaming assets like LAND, Estates, and wearables on the Decentraland Marketplace. Tokens are converted to wrapped MANA (wMANA) by their owner before being committed to the DAO. Each vote requires one wMANA. MANA tokens can be traded with other cryptocurrencies or converted to fiat currency.
MANA Tokenomics
MANA Statistics
Token Symbol: MANA
Total Token Supply: 2,193,179,327 MANA
Market Capitalization: $869 Million
Trading Price: $0.459
Cryptocurrency Rank: #75
*Data source: The table above is real-time data from Coinmarketcap as of January 18, 2024
Features of Decentraland
Below are some of the features of Decentraland Virtual World
- Digital Assets as NFTs: In Decentraland players can create, own, and sell digital assets like wearables, LAND, and other assets as NFTs in the Decentraland marketplace.
- Digital Identity and Player Interactions: Users in Decentraland are given a digital identity and can perform transactions with other players.
- Smart Wearables: Decentraland offers smart wearables for player avatars, which are clothing and accessories that provide specific abilities to the players.
- LAND Management and Customization: LAND in Decentraland is a type of NFT representing parcels of land. Players can decide to do anything with their LAND, which includes building on the LAND, creating an Estate, or selling the LAND.
- Decentraland DAO: MANA token holders are entitled to vote in the Decentraland DAO and decide on the decision-making of the virtual world.
How to Buy and Trade MANA Tokens?
CoinEx is a global cryptocurrency exchange, trusted by 5+ millions of users worldwide with 100% reserve. With its 900+ tokens supported, including MANA, users can now trade easily and seamlessly. To purchase MANA cryptocurrency on CoinEx, follow the steps below.
- Create an Account: Start by signing up for a CoinEx account.
- Deposit Funds: After logging in, deposit funds into your CoinEx account using any supported cryptocurrencies or deposit methods available on the exchange. Having funds in your account enables you to execute trades seamlessly.
- Navigate to MANA Trading Page: Once your account is funded, go to the dedicated MANA trading page on CoinEx. You can find a search box and enter the term MANA to swiftly locate the trading pair associated with MANA tokens.
- Choose a Trading Pair: Select the trading pair MANA/USDT if you'd like to trade MANA against USDT (Tether).
- Specify the Purchase Amount: Determine the quantity of MANA tokens you want to purchase. Input the amount in the trading interface, which will calculate the corresponding cost based on the current market price.
- Execute the Trade: With the specified amount, proceed to execute the trade. Confirm the details, and if you are satisfied, submit the order.
By following these comprehensive steps, you can easily trade MANA tokens on CoinEx, taking advantage of the available trading pairs.
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