Interested in – or perhaps confused by – the metaverse? Decentraland is one of the most talked-about developments in this space, along with its coin, MANA, and its price.
That makes it a good way of explaining a little about the metaverse concept. So, let’s look at Decentraland; coin, price, purpose, and all.
What is Decentraland?
The Decentraland platform launched in 2017, making it one of the earliest players in the metaverse.
It is an entirely decentralised, 3D virtual world where people can own and develop virtual land, as well as exploring and interacting with what other users have created.
The landscape includes 3D scenery, interactive objects, art, games, buildings, and even large-scale events that attract thousands of users.
Decentraland LAND
The idea of investing in physical property is understood and accepted. What you can do in Decentraland is buy virtual land on which to create your own interactive ‘world’.
Decentraland is divided into parcels measuring 16 metres by 16 metres, the smallest plot you can own.
Buy several next to each other and you can create an estate to develop.
Each parcel is represented by a LAND token on the Ethereum blockchain. That records all the parcel’s details and, as you’d expect, each is unique and cannot be replicated.
Decentraland is decentralised, meaning it is owned and governed by the community. Changes can only be made to Decentraland software through a collection of blockchain-based smart contacts, which permits participants who own MANA to vote on updates and developments.
Decentraland Coin
Users buy plots of virtual land on the platform as NFTs (non-fungible tokens), known as LAND tokens, with the cryptocurrency MANA.
Also on the Ethereum blockchain, MANA is used within Decentraland not only to secure parcels of ‘land’, but also to purchase virtual goods and services.
Decentraland Coin Price
As I write, CoinMarketCap gives the MANA prices as US$1.13, with a trading volume of US$294,239,481.32.
The price during 2021 remained relatively steady, and low, until late October, when it soared to an all-time high of nearly US$5.48.
Since then, it has lacked stability, with the price fluctuating day to day and notable lows in late January and early May.
Is Decentraland for You?
It depends, largely, on what you are looking for from the metaverse.
Decentraland is seen as being about interaction and socialising, making it a prime location for virtual events and for brands to use for marketing.
If that sounds good to you, you might want to get involved, explore the Decentraland world and maybe even buy your own land.
Cryptocurrency investors are definitely going to want to keep a keen eye on the Decentraland coin price to see if MANA can get back up to the highs of late 2021.
