Decentraland

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Discover Decentraland's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Decentraland?

Decentraland (MANA) is an Ethereum-based virtual world where users can socialize, trade commodities, and interact within a blockchain-driven environment. It allows users to purchase and own virtual real estate (LAND) as non-fungible tokens (NFTs), which can be bought and traded using the native cryptocurrency, MANA. Users can build, customize, and monetize their digital properties, and participate in governance through voting with MANA tokens.

How is Decentraland used?

Decentraland (MANA) is used in various ways within the Decentraland virtual reality platform. Here are some key use cases:

  1. Virtual Real Estate: MANA tokens are used to buy and sell virtual land parcels, known as LAND, which can be developed and monetized by users. This allows users to create unique experiences, businesses, and communities within the Decentraland ecosystem.

  2. Digital Assets: MANA is used to purchase and trade digital assets such as artwork, wearables, collectibles, and in-game items, all secured on the Ethereum blockchain.

  3. Social Interaction: Decentraland serves as a social hub where users can interact, attend events, and participate in collaborative projects, fostering a vibrant and immersive virtual community.

  1. Governance: MANA is a governance token, giving its holders the right to vote on proposals that affect the operation of Decentraland. Users can purchase MANA tokens, convert them to wrapped MANA (wMANA), and commit them to the Decentraland DAO to participate in governance.

  2. In-Game Activities: Users can earn MANA through various in-game activities such as hosting events, creating content, participating in games, or trading virtual assets within the platform.

  3. Marketplace Transactions: MANA is used to purchase services, avatars, wearables, collectibles, names, and other items on the Decentraland marketplace.

Overall, MANA is the native token that facilitates transactions, governance, and social interaction within the Decentraland ecosystem.

How do I store Decentraland?

To store Decentraland (MANA) tokens, you can use a variety of wallets that offer secure and convenient management of your digital assets. Here are some options:

  1. Zengo Wallet: This wallet allows you to hold or HODL your MANA tokens securely for an extended period. It features threshold key signatures (TSS), 3-factor authentication, and facial recognition technology to ensure security. You can access your crypto portfolio at any time, and if your phone is lost or stolen, you can use trusted recovery methods to regain access to your coins.

  2. Wirex Wallet: This multisig wallet requires more than one private key to grant access, making it secure. It also utilizes Multi-Party-Computation (MPC) technology to protect your seed phrase from phishing, theft, and misplacement. You can buy, store, and manage your digital assets like MANA in a Wirex Wallet.

  3. Coinbase Wallet: This secure self-custody wallet stores your private keys directly on your device. It provides enhanced security features such as security locks, biometrics, and passwords. You can store digital assets, including MANA, and access them when you want to swap, stake, or trade.

  1. Ledger Wallet: Ledger offers hardware wallets like Ledger Nano S Plus and Ledger Nano X, which store your private keys and sign transactions offline, making them resistant to malicious attacks. You can manage your Decentraland on the go using the Ledger Live App, which allows you to buy, swap, and stake crypto.

These wallets provide a range of features and security measures to ensure the safe storage and management of your MANA tokens.

How to buy Decentraland?

To buy Decentraland (MANA) tokens, follow these steps:

  1. Choose a Crypto Exchange: Select a reputable crypto exchange that supports MANA tokens, such as Crypto.com, Binance, Kraken, or Coinbase. Each exchange has its own features, fees, and requirements, so compare them to find the best fit for you.

  2. Create an Account: Sign up for an account on the chosen exchange. This typically involves providing identification and verifying your email address and phone number.

  3. Fund Your Account: Deposit funds into your account using a bank transfer, debit card, credit card, or other accepted payment methods. Be aware that some exchanges may have minimum deposit requirements or different fees for various payment methods.

  1. Buy MANA: Navigate to the exchange's MANA market and enter the amount you want to purchase. You can often buy MANA paired with a stablecoin like USDT (Tether). Confirm your purchase and the MANA tokens will be added to your account.

  2. Store Your MANA: You can store your MANA tokens in the exchange's wallet or transfer them to a personal wallet like Zengo for added security and flexibility.

Remember to research each exchange's fees, security measures, and user reviews before making a purchase. Additionally, be aware of market risks and price volatility associated with cryptocurrency investments.

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History of Decentraland

Decentraland, a pioneering metaverse project on Ethereum, has a rich history that spans several years. Here is a summary of its evolution:

  • 2015: The project began as a Proof-of-Concept, allocating digital real estate ownership through pixels on a 2D grid. This was the first stage, dubbed the "Stone Age."
  • 2016: The team developed a 3D virtual world divided into parcels of land, marking the "Bronze Age" stage.
  • 2017: Decentraland officially launched with an initial coin offering (ICO) that raised $26 million. The project aimed to create a virtual universe where each parcel of land would be represented by a non-fungible token (NFT) called LAND. The native currency, MANA, was introduced as an ERC-20 token.
  • 2017 (continued): During the ICO, parcels of digital land sold for about $20, and MANA tokens sold for $0.02. The first map, Genesis City, consisted of 90,601 parcels of land.
  • 2019: The project went through significant updates, including the introduction of the Decentraland Builder, which allowed users to create 3D scenes without needing to own land. This feature marked a turning point for users who didn't know how to code or didn't have access to land.
  • 2020: Decentraland opened to the public in February, and its governance structure was established as a decentralized autonomous organization (DAO). The project saw significant growth, with major brands like Samsung, Adidas, and Sotheby's participating in the platform.
  • 2021: During a surge in popularity for NFTs, parcels of land sold for between $6,000 and $100,000. The community held votes on various issues, including banning certain names from the platform.
  • 2022: Decentraland hosted Metaverse Fashion Week, featuring major fashion brands, and music artists like Deadmau5 and Grimes held concerts on the platform. The project's market valuation reached $1.2 billion.

Throughout its history, Decentraland has faced challenges and criticisms, including technical bugs and a mostly empty virtual world. However, it remains a significant player in the metaverse space, offering users a dynamic environment to develop and interact with virtual content.

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How Decentraland works

Decentraland (MANA) is a user-owned, Ethereum-based virtual world where users can play, explore, and interact with games and activities. Here's how it works:

Tokens and Governance

Decentraland has three native tokens: MANA, LAND, and Estate. MANA is an ERC-20 fungible token that serves as the platform's digital currency. It is used for transactions and creating content within the virtual world. LAND and Estate are non-fungible tokens representing digital real estate plots and merged parcels of land, respectively.

The platform is governed by its users through the Decentraland DAO (Decentralized Autonomous Organization), which allows holders of MANA, LAND, and Estate tokens to vote on proposed changes to the protocol. Each wMANA (wrapped MANA) provides one unit of voting power, while every parcel of LAND and every Estate provides 2000 units of voting power each.

Virtual Real Estate and Content Creation

Users can purchase parcels of LAND using MANA tokens in the Decentraland Marketplace. These parcels can be merged to create Estates. Users can create unique environments, marketplaces, and applications by spending MANA tokens. They can also monetize their creations by charging other users to access or interact with them.

Virtual Experience

Users can log in to Decentraland using an Ethereum-compatible wallet, such as MetaMask. They can explore the virtual landscape, interact with other users, and engage in various activities like buying digital art, hosting events, and creating content. The platform is divided into themed areas, such as Vegas City and Fashion Street.

Security and Development

Decentraland has a Security Advisory Board (SAB) that oversees the security of the platform's smart contracts, reviews governance proposals, and responds to bug reports. The SAB is made up of five members voted in by the Decentraland community.

Investment and Market

MANA tokens can be purchased on cryptocurrency exchanges and have a market value. The token's value is influenced by the demand for virtual real estate and other digital assets within the platform. The Decentraland Foundation, a non-profit organization, continues to develop the blockchain and platform, which can impact the token's value.

Overall, Decentraland is a decentralized virtual world where users have control over their digital assets and can create, interact, and transact within a shared virtual environment.

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Decentraland's strengths

Decentraland (MANA) has several strengths that contribute to its unique virtual reality platform:

  1. Community-Driven Governance: Decentraland is governed by a decentralized autonomous organization (DAO), which allows users to vote on platform developments using MANA tokens. This ensures that the community has control over the platform's direction and decision-making processes.

  2. Virtual Real Estate and Asset Ownership: Users have full ownership of their virtual assets, including land and digital objects, which are stored on the Ethereum blockchain. This ownership allows users to create, trade, and monetize their digital properties.

  3. Interactive Experiences: Decentraland offers a dynamic and immersive environment where users can create and explore interactive experiences, including games, events, and social activities. This fosters a creative and engaging community.

  1. Decentralized and Transparent: The platform is built on Ethereum and utilizes the InterPlanetary File System (IPFS), ensuring that users have control over their digital assets and providing an open, transparent environment.

  2. Native Cryptocurrency (MANA): MANA serves as the primary currency for transactions within the Decentraland world. It can be earned by creating content, buying and selling virtual land, and participating in the platform's governance through voting.

  3. Token Burn Program: Decentraland has a token burn program, where a portion of MANA from transactions is permanently removed from circulation. This creates a deflationary effect on the value of MANA, potentially increasing its value over time.

These strengths collectively contribute to Decentraland's unique value proposition as a decentralized, community-driven virtual reality platform.

Decentraland's risks

Decentraland (MANA) is an Ethereum-based virtual reality world where users can buy and sell digital real estate and explore a new world. It operates using two different types of tokens.

Decentraland's risks are primarily related to market volatility. Trading Decentraland carries high risks due to unexpected changes in market sentiments, which can lead to sharp and sudden movements in its price. This volatility can result in significant losses for investors.

Additionally, the risks associated with Decentraland are not exhaustive and investors should perform their own research and due diligence before trading MANA.

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Did Decentraland raise funds?

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Decentraland’s team

  • Esteban Ordano: Co-founder and former Chief Technology Officer of Decentraland, now serving in an advisory role. He is a software engineer with a background in Bitcoin-related products and was an engineering intern at Google.
  • Ari Meilich: Co-founder of Decentraland, who has also stepped back to an advisory role. He studied neuroscience and economics at New York University and was involved in various startups before founding Decentraland.
  • Carl Fravel: Employee at Decentraland.
  • Juan Carlos Muñoz Zanella: Employee at Decentraland.
  • Bay Backner: Employee at Decentraland.
  • Justin Waldron: Employee at Decentraland.

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