Cryptocurrency

Decentraland (MANA) – What is it and why is it skyrocketing?

Decentraland could become one of the major gainers the next bull run

As the crypto space continues to grow and expand, there are several cryptocurrency and blockchain projects that are attracting the attention of users. One of these projects is Decentraland (MANA), a virtual reality platform and a blockchain network that is offering users a 3D experience. 

In the next few sections, we will be sharing with you all the information you should know about Decentraland and the MANA cryptocurrency that is among the 100-largest in the world. 

Read More: What is Crypto.com (CRO)?

What is Decentraland?

Decentraland is a blockchain network that is offering users the possibility to enjoy a 3D world. This 3D world is currently the first project in the blockchain space that is selling virtual land. Land is not only a piece of 3D and virtual land but it is also an ERC-721 token that provides users with real ownership of the limited land that is being sold in this 3D world. 

Companies such as Binance and even Tron (TRX) have already acquired LAND and developers are creating their own structures in this virtual-reality world. 

In order to acquire LAND, users will have to own the MANA cryptocurrency. This is one of the largest in the world and it has been growing over the last years. This virtual currency became the way users have to gain exposure to the Decentraland ecosystem. 

It is worth mentioning that users can acquire LAND using the marketplace that was launched for this platform. Users will be able to select the parcels that they consider to have the best location and start building their own world. 

The best places to buy land are those close to avenues and parks. This is because, in the future, the goal is to be as close as possible to the centres. Similar to how it works in a normal city, the closer to the centre and the main attractions, the higher the price users have to pay for the land. 

The cheapest LAND can be now acquired for 9,000 MANA, equal to $900. A year ago, there could be LAND parcels sold for as low as $300. This shows that as the crypto market continues to expand, there is going to be a higher demand for LAND which will drive higher the price of both MANA and LAND. 

Learning About Genesis City

The main city that has been built in Decentraland is called Genesis City. This has the size of Washington DC in terms of square footage. Users can start creating their own buildings, houses, avatars and enjoy a wide range of games, social life and more using the Virtual Reality platform. 

As we have mentioned before, there are several squares, parks, roads and avenues that would make the LAND more or less valuable, depending on the zones where users create their LAND. Everyone wants to be close to the main square considering most of the high-quality projects will definitely build their property there. 

Who would not want to have as a neighbour Binance or Tron? This could give your project great visibility or you can just acquire this land in order to be able to sell it later and speculate with the price of the virtual LAND. Someone may be interested in owning a piece of LAND close to the central area. 

MANA Cryptocurrency

The MANA cryptocurrency has been expanding over the last years and it was a token that didn’t disappear after the Initial Coin Offering (ICO) craziness. Indeed, it is still among the top 80 and it has been growing in price in recent weeks. 

At the time of writing this article, Decentraland has a price per coin of $0.098 and a market valuation of $141 billion. The circulating MANA supply is 1,440,725,483 and the total supply is limited to 2,195,722,066. However, every single time MANA is used to acquire LAND, it gets burned, reducing the total supply of MANA. In the long term, this could be a great way to increase the value of MANA tokens by reducing its total supply. 

Just to compare, one year ago, the total MANA supply was 2,644,403,343 meaning that it got reduced by 16%. During the same period of time, the price of the MANA digital asset grew by around 132%. This shows that there is a large interest for MANA and the entire Decentraland economy. 

In the future, this could become the main blockchain virtual reality world where most of the companies will have their own piece of land. 

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