What Is Decentraland (MANA)?
Decentraland (MANA) is a blockchain-based, virtual-reality (VR) world originally developed on the Ethereum platform. It’s an open-world game similar to Minecraft and Second Life that uses tokenized crypto assets in game. The SDK is publicly available, and several LAND auctions have already been held to kickstart development in Genesis City, the platform’s central hub.
MANA is the proprietary ERC-20 token used in Decentraland, and the world is divided into plots of LAND. These plots can sell for as much as a physical house IRL and creates a caste-like user ownership model. The platform acts as an OS to enter other games, and third-party developers are jumping on board. Genesis City is divided into districts, and each one has different
Who Is Decentraland?
Decentraland was created in 2015 by Esteban Ordano and Ariel Meilich. They since joined forces with other VR projects, like Aragon, Coral, and district0x, and built a larger team, with a Foundation and Board of Directors. While the development and investment is impressive, Decentraland still has pitifully low numbers, which is common for blockchain projects.
Use Cases of Decentraland and MANA
Virtual reality hit the market in 2016 (although mobile sets hit a year earlier), and approximately 40-50 million people are expected to play each month throughout 2020, according to eMarketer analysis. This is a small fragment of the estimated 2.5 billion gamers around the world, but it’s still an impressive market. What’s holding it back is the lack of decent games, which Decentraland hopes to fix.
In fact, blockchain-based gaming and in-game cryptocurrencies are two hot research tracks that are expected to gain momentum in the 2020s.
How to Mine MANA and Buy LAND
MANA is a fungible ERC-20 token, while LAND is a non-fungible ERC-721 token. MANA can not be mined, and it’s burned forever once used to purchase LAND, which starts at 1000 MANA per undeveloped plot. The initial MANA supply was released in an ICO on August 8, 2017, raising an estimated $25 million worth of ETH. LAND was sold during a series of auctions in 2018.
The total token supply is 2,644,403,343 MANA, and LAND in Genesis City is currently all owned. MANA reached an all-time high value of $0.288857 on January 9, 2018, according to CoinMarketCap. Meanwhile, plots of LAND near Genesis City’s central plaza sell for upwards of $200,000.
Learn More About Decentraland
If you want to learn more about the Decentraland, check out this comprehensive intro guide at Coin Central which is more reputable than many blockchain/cryptocurrency publications. Or check out this comprehensive analysis report on the Golem blockchain project on Thought for Your Penny.