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Cryptocurrency

MANA Coin: Decentraland’s In-Game Currency

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Metaverse and MANA coin is the concept behind the virtual universe. The idea has gained popularity after Facebook rebrand its name to Meta. The idea consists of online gaming, social media, virtual reality, digital currencies, and augmented reality. With this technology, people will interact in a digital space.

Since Facebook announced that they had rebranded themselves to this concept, the community has looked at creating the virtual world. Also, the crypto community and investors have started embracing this idea in their portfolios. In this transition, metaverse did not leave Mana, a token utility for decentralization.

Decentraland refers to the blockchain technology used to create a 3D metaverse that will enable people to sell their LAND in the virtual world. Here people will buy and own avatars in the virtual terrain. Here some of the money or coin involved in this transaction for the decentralized fraternity will be MANA coin.

What Is Decentraland?

It is a virtual reality space that Ethereum boosts. It enables people to buy Land, build and monetize it in the virtual platform. Its platform is interpreted into a three-dimensional platform or environment. It is the next logical step that the AI base technologies will power.

How Do The Decentraland Work?

Here the Land will be non-fungible digital assets that you can purchase. The location on this platform will be a virtual space where you will interact. Once you possess the Land, you can do whatever you want with it.

You can build a 3D environment, apps, games, and many other services on your location. Since it is your place, you can also provide high-demand services like tourism, education, and other professional services.

Each plot of Land on the decentraland measure 33 by 33 feet, but it does not have a limited height. The Land can be managed well and connect with other Land nearby yours through the Estates features. There is also a district where individuals live close to each other and have the same or common internet. The district user might have their own set of services or applications that work best.

The decentraland has an app that you can use to vote or raise any issues within your district. Here the voting power is directly proportional to the size of the LAND you own. You can use the app to off influence whatever might occur in a given district, and it can use it to collect people’s opinions.

You can sell or buy Land, wearable, names, or in-game characters through the decentralized marketplace. The products are in the form of NFTs. There is a decentraland builder that use can use to customize your piece of Land. Remember to give your avatar’s names and clothing; Land you purchase using MANA coin.

Mana Coin

The decentraland currency is MANA which is an ERC20 token. MANA will buy various virtual entities like arts, tickets, and other virtual services. Here the MANA holder will be able to suggest any changes that you can do on the virtual space like adjustment of cost, approval of NFTs, land parameters, and many other things.

When you purchase the LAND, the decentraland automatically burn the MANA coin you used to buy with on your side; however, in the second market, the price of the LAND might change based on different parameters on the marketplaces. The currency value could have increased.

Technology Architecture Of Mana Coin

The decentraland use three protocol layers which include:

  1. Consensus layer. It helps to track the land content and ownership using Ethereum smart contracts.
  2. Land content layer. It is the layer that uses a distribution system that you can use to render or download assets to and from the Land.
  3. Real-time layer. It is a layer that connects users helping them to interact on the decentraland platform.

Here the virtual platform is created through an A-Frame. To design or build your model, you have to do it using a platform like Blender or SketchUp and import the artwork and upload it to the platform.

Where To Buy MANA

You can buy the MANA coin from a different platform. However, it is advisable to buy it on a major platform like Ethereum, Binance, or Bitcoin because they have a large volume of exchange and are legit and trustworthy platforms. Even if you do not know these coin platforms, they have a user-friendly interface. You can follow through with their guides, and you can buy the MANA within seconds.

Where To Store MANA

You can store MANA coins in different wallets. For reliable, secure, and recommended wallet options, you can use ledger Nano S or trezor. They are good because they can keep your funds in offline mode, making your wallet less susceptible to malicious activities. Also, you can opt to use MyEther, a good and popular option if you spend your money using your wallet.

Decentraland Use Cases

From the beginning of the decentraland development, cases of blockchain have been utilized. Here are some five decentraland use cases.

  1. Applications. Here users of the virtual platform can create 3D scenes and apps with the decentraland programing language to ensure they have rich interactive content.
  2. Content curation. Here, the neighborhood is designed to attract and promote the growth of like-minded individuals.
  3. Advertising. One can create a branding advert and set up billboards in the neighborhood on the platform.
  4. Digital collectibles. Here NFT is created, collected, and traded on the marketplace to change ownership.
  5. Social. The social medial will promote a more interactive way for people to socialize, even offline groups.

Top Metaverse Coins Other Than MANA

Metaverse coins are virtual currency tokens that you can use for digital transactions on the metaverse. On the metaverse, other cryptocurrencies can be used and exchanged with one another. You can find coins on the large Cryptocurrency platform like Coinbase, Binance, WizorX, and many others.

SAND (Sandbox)

You can get a token or a digital currency after completing a given task or quest. Sandbox is well known for being a virtual platform where players can earn SAND as a token whenever they complete an activity.

Therefore the model used here is first played then you get awarded SAND coins. With the SAND tokens, you will buy objects or even Land.

AXS – Axie Infinity

It is another token, or you can earn it in a virtual space. Here you will play a game where you have to breed, sell, trade, battle, or buy monsters to be awarded AXS tokens. Axie Infinity has gained popularity, and its value is increasing very fast.

GALA – Gala Games

It is another virtual gaming space that is powered by Ethereum token, which is called GALA. Multiple users can use GALA; it does not expire once someone uses it to buy something. It means that you can use the token in various games.

ENJ – Enjin Coin

Enjin can allow an individual to create and manage your NFTs. The token used is Enjin Coin is integrated with the metaverse project. You can use the token in decentraland and other activities like metaverse games or NFT.

Conclusion

MANA’s metaverse token has gained popularity and value since Facebook rebranded its company to Meta. Though the decentraland has been there for a while now, it is still in its early stages. The concept of decentraland and its coin has been undermined for a long time. There is a high likelihood that it will be the future—the decentraland relay on the developer and the decentralized community to grow.

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