What is MANA?
MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to purchase avatars, wearables, names, and more which can be found on the Decentraland marketplace.
MANA hit its ATH of $1.63 on Apr 17, 2021 and is currently ranked #65 amongst all cryptocurrencies.
What is Decentraland?
Decentraland (MANA) defines itself as a virtual reality platform. It is powered by the Ethereum blockchain and it allows users to create, experience, and monetize content and applications.
In 2017, Decentraland was launched with a $24 million initial coin offering (ICO). The virtual world launched its closed beta in 2019 and opened to the public in 2020.
Decentraland has 2 tokens; MANA and LAND.
MANA has to be burned, spent and exchanged in order to receive LAND, the game’s virtual real estate. Each parcel of land exists as a non-fungible LAND token on the Ethereum blockchain.
How Does Decentraland Work?
In the virtual world, users purchase plots of land that can later be utilised, built upon and monetized. Each parcel of land can be customized using the Decentraland builder which is similar to the building interface found in games like Sims.
Unlike most online games, players in Decentraland have direct control over the rules of the online world. The Decentralized Autonomous Organization (DAO) allows MANA token holders to vote on in-game changes including content moderation, token economics and even the building height limit and size of land parcels.
Many users have created a wide range of experiences on their parcels of LAND, including interactive games, 3D scenes and a variety of other interactive experiences.
MANA and NFTs
In September 2020, Decentraland introduced Smart Items, which made it possible to use external images, video, and audio in the virtual world. This has elevated Decentraland to become a platform for NFT art, as artists can set up their virtual galleries and people can browse and talk directly with them.
The virtual world also has features like friend requests and lists, and encrypted in-game chat, and teleportation ability directly to friends. The use cases of the network does not stop there as they offer many games like casinos, advertising opportunities and hold events like a virtual soccer tournament.
What’s New Coinhako
1. Trade MANA directly with Singapore Dollars (SGD) 🇸🇬
With MANA/SGD trading pairs available on Coinhako, our Singapore users will be able to buy & sell Decentraland in Singapore Dollars (SGD) when they fund their accounts with SGD.
2. Trade MANA directly with Vietnamese Dong Trading (VNDT) 🇻🇳
With MANA/VND trading pairs available on Coinhako, our Vietnam users will be able to buy & sell Solana when they fund their accounts with VND.
3. Trade MANA directly with US Dollars (USD) 🇺🇸
The MANA/USD trading pair Solana prices against the United States Dollar (USD), and our Singapore users will be able to buy & sell MANA when they fund their accounts with USD.
4. MANA swaps (Crypto-to-crypto trading)
Coinhako users will also be able to trade MANA with other cryptocurrencies that are supported in their countries, with our Swap function.
5. Get the latest MANA coin price news on Coinhako 🚨
As with every other supported token on Coinhako, we endeavour to update our users on key news about each project through our various channels.
The Coinhako platform also features a News Feed section where you will be able to receive all the latest updates on Decentraland Token, alongside on the other top crypto projects, like uniswap, polkadot, band protocol.
5. MANA wallet for all (coming soon)
With the wallet feature, Coinhako users can securely send (withdraw), receive (deposit), and store Decentraland.
6. Buy Decentraland Token (MANA) instantly with debit and credit card
Beat the deposit queue and buy Decentraland instantly when you pay by card.
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All opinions expressed here by Coinhako.com are intended for educational purposes, taken from the research and experiences of the writers of the platform, and should not be taken as investment or financial advice.