Last year was the year of NFTs, and this 2022 everything points to it being the year of metaverse. More and more users are participating in virtual worlds. Decentraland has proven to be one of the most successful networks in this field, and has its own Blockchain-based economy. To participate you have to use your token, the MANA. In this post we will tell you everything you need to know about this cryptocurrency.
How can Decentraland be purchased?
In order to get around the worlds of Decentraland, you will need to get MANNAwhich is the token with which goods and services are exchanged in this metaverse.
The coins can be bought on a bunch of different exchanges like Binance, Coinbase or Kraken. To do this you will need to transfer FIAT money (euro, dollars…) or cryptocurrencies to these accounts. MANA is normally traded against the US dollar (also in its token versions such as USDT or USDC), Bitcoin and Ethereum.
Once you have bought your MANA, you will have to transfer them to your ERC-20 token wallet as Metamask to be able to use them in Decentraland. If you are going to transfer the MANA from another Ethereum account, you will also need some of this currency to pay the network fees. In case you do it from an Exchange, the service itself will indicate the price of the commission.
What exactly is MANA?
Image: Cointelegraph
MANA is a ERC-20 token. These types of tokens are the most common in the ethereum networkand are used to make transactions.
Within Decentraland, we will pay for products and services using this token. Also other users will pay us with MANA. Being a cryptocurrency, all our registration in the game goes through the Blockchain. This ensures that your in-game profits can be converted into real money, while ensuring that no one on the network can hack or artificially modify your balance.
Is MANA an NFT?
No. MANA is a fungible token. Basically, if I lend you 10 MANA, you can give me another 10 totally different tokens, since all the millions that exist are totally the same.
Nevertheless, LANDs are NFTs. Within Decentraland, MANA is primarily used for buy plots. Those plots are called LAND, and they are NFTs. There are a total of 90,601 LANDs with a dimension of 16 by 16 tiles, and each of them is totally unique within the game.
How many tokens are there? Is it a good idea to invest in MANA?
When we are going to invest in cryptocurrencies, a common piece of information that we usually consult is the total supply of tokens that are in circulation or that are going to be created. MANA has a total supply of 2.19 billion tokens, of which a total of 1.8 billion are circulating. In addition, the network has a capitalization of approximately 3,000 million dollars. The all-time high the coin has traded at is $5.90.
In general, you should only invest in cryptocurrencies if you have enough of them financial knowledge. In addition, you should only do it with money that you do not need in the medium term and assuming that you can lose it entirely.
As players, our recommendation is to acquire the tokens solely for the purpose of participating in the Decentraland metaverse, and not with the idea of using the currency for speculative purposes.
