Humans have been exposed to digitalization for over a decade now, and the outcome has not been disappointing. We have progressed beyond creating games on the internet to practice creating a digital existence for ourselves.
We already know that existing in an alternate world is far from being “simply fiction” because of the buzz around the metaverse. Augmented and virtual reality fusion has enabled a seamless digital existence. A virtual area where you may move around, interact with others, buy or sell goods, and do many other things. The largest virtual real estate parcel in the metaverse was purchased on December 8, 2021, for $4.4 million by a developer named Republic Realm.
One such virtual environment based on blockchain technology is Decentraland. The platform for three-dimensional virtual reality hopes to succeed in the expanding metaverse. It allows users to join its online community and buy digital goods, including plots of land, collectibles, artwork, and NFTs.
Decentraland (MANA) Fundamental Analysis
Decentraland is an Ethereum-based software platform that aims to motivate a global network community to manage a shared virtual environment.
Users of Decentraland can trade digital goods while interacting, exploring, and playing games. Peer-to-Peer (P2P) communication for users, interactive apps, and in-world payment have all been implemented by the platform throughout time. In Decentraland, two types of tokens control daily operations. These are:
- A Non-Fungible Token (NFT) called “LAND” is used to identify who owns the land parcels that serve as a representation of the virtual property.
- MANA is a cryptocurrency that makes buying LAND and other virtual goods and services easier.
Through a network of blockchain-based smart contracts, changes to the Decentraland software are performed. Participants who own MANA can vote on policy updates, land auctions, and subsidies for residential development.
Creation
Esteban Ordano and Ariel Meilich established the Decentraland Foundation, the company responsible for creating the Decentraland software, in 2015.
In order to fund its upcoming activities, the Decentraland team performed an Initial Coin Offering (ICO) in 2017 and raised 86,206 ether (worth around $26 million at the time). The intellectual property rights and website maintenance belong to the Foundation, which keeps 20% of the original token supply.
Decentraland established a decentralized autonomous organization (DAO) before launching its platform in order to give users control over the initiative. The founding team also asserts that the private key that managed the smart contract for Decentraland was destroyed.
How Does Decentraland (MANA) Work?
The Decentraland app is made to track the whereabouts of land parcels identified by LAND tokens.
The program uses the Ethereum blockchain to keep track of who owns what digital property. To interact with its ecosystem, users must hold their MANA token in an Ethereum wallet.
Additionally, developers are allowed to innovate on the Decentraland platform by creating animation and user interfaces for their digital properties.
Architecture
Ethereum smart contracts were used to build the numerous layered components of Decentraland.
The consensus layer keeps track of who owns which land parcels in a ledger. Each LAND parcel has a specific virtual world position, an owner, and a link to a description file that describes the parcel’s contents.
Each parcel’s operation is governed by the content layer, which also contains the numerous files needed to render them:
- Content Files: References all static audio and graphics
- Interaction Definition: Peer-to-Peer interactions, including gestures, voice chat, and messaging
- Script Files: Describing the positioning and behavior of the linked material
The real-time layer also enables voice chat and messaging through user avatars, facilitating social interactions inside Decentraland.
Marketplace
The Decentraland team has also made available a marketplace and a drag-and-drop editor that users can use to create scenes outside of the game environment.
Participants can trade and manage LAND tokens that are valued in MANA on the market. Owners may exchange or trade packages as well as other in-game products like wearables and special names through the marketplace. It should be noted that as all transactions are resolved between Ethereum wallets, they are all confirmed by the Ethereum network and recorded on its blockchain.
With the help of Decentraland’s construction tools, owners can design a special environment inside their LAND parcels. Interactive scenarios are developed through its editing tool, which gives developers access to customization libraries and payment implementations.
Decentraland (MANA) Price Analysis
Decentraland (MANA) went live in 2017 with a trading price of $0.009. Since then, the coin has increased gradually and reached $0.07 in 2018. This price remained stable throughout the next two years.
In 2020, MANA started to experience a bull run and reached nearly $0.10. This bullish run followed Decentraland throughout 2021, when the coin reached its new high for that year, trading at $1.48. Not long after that, in November 2021, MANA reached its all-time high of $5.90. The coin did not get to enjoy the success that much because right after, the coin started to decline. This year, because of the whole crypto market crash, MANA experienced a major fall and is currently trading at $0.90.
Furthermore, MANA has a market cap of $1 billion, a circulating supply of 1 billion MANA coins, and ranks #33 in crypto market rankings.
Currency Prediction Decentraland (MANA) Price Prediction 2022
Decentraland started this year on a good note with a trading price of $2.62. Quickly after one month, the price increased and reached $3.47. Because of the whole market crash, the price of MANA declined and is currently trading at $0.90. By the end of the year, we expect that MANA might reach a maximum price of $1.52 and a minimum of $1.25.
Currency Prediction Decentraland (MANA) Price Prediction 2023
As of 2023, we expect the crypto market to start increasing. Currency Prediction suggests that MANA might reach a maximum price of $2.34, a minimum of $1.96, and end the year at an average of $2.02.
Currency Prediction Decentraland (MANA) Price Prediction 2024
If the market becomes bullish and in MANA’s favor, the price might surge and reach a maximum of $3.40 by the end of 2024. We predict that Decentraland can end the year at an average of $2.97.
Currency Prediction Decentraland (MANA) Price Prediction 2025
Decentraland seems to have a lot of support from the community. As such, we predict its price could reach a maximum of $5.00 by the end of 2025. On the other hand, the coin can trade at an average of $4.38 and a minimum of $3.84.
Currency Prediction Decentraland (MANA) Price Prediction 2026
2026 might be the year that MANA breaks all previous all-time highs and reaches new ones. Therefore, we predict its price might reach a maximum of $7.31, a minimum of $5.32, and an average of $6.12.
Decentraland (MANA) Market Price Prediction
Wallet Investor
Wallet Investor is a reliable source when it comes to checking price predictions. Therefore, their experts predict that the price of MANA might increase in the future. For 2023, they suggest that MANA might reach a maximum price of $2.18. By 2025, a price of $4.85, and by 2027 a price of $7.46, reaching a new all-time high.
PricePrediction.net
PricePrediction.net suggests a bullish rise for MANA by the end of the decade. This year they expect the price to reach a maximum of $1.09. By 2026, a price of $5.19, and by the end of the decade, a price of $34.40.
How To Buy Decentraland (MANA)?
Decentraland (MANA) is listed in many cryptocurrency exchanges. This article will show you how to buy MANA in Huobi Global.
Step 1: Open An Account
The first step you need to take if you want to buy MANA in Huobi Global is to open an account. For this step, you must provide an email address, create a username, and choose a strong password.
Next, you will be required to verify your account. All you need to do is provide your name, birth date, country of residence, and phone number, along with your ID.
Step 2: Fund Your Account
The next step is to fund your account. To do so, you need to deposit in fiat currency or cryptocurrency. After choosing your funding method, check the encrypted address on Huobi Global and send the funds there.
Step 3: Buy MANA
The third and final step is to buy MANA. Once the funds are deposited in your account, you can start buying MANA.
Frequently Asked Questions (FAQs)
Is Decentraland A Good Investment?
It might be. However, it would be best if you still processed with caution. Prices for cryptocurrencies can fluctuate dramatically, and they may go up and down. Do your research before investing; never invest more than you can afford to lose.
What is Decentraland Used For?
You can play, explore, and engage in activities in Decentraland. Additionally, you can buy land parcels on which to build your own settings, markets, and software.
Is Decentraland Free to Play?
Yes, Decentraland is free to play. The world can be easily explored by visiting its webpage in a browser. The game is not entirely free, though. In the sense that you may freely explore its universe and make use of some of its features, it is free to play. However, you will need to link your account with a digital wallet to use the most crucial features of Decentraland.
Takeaways
- Decentraland is an Ethereum-based software platform that aims to motivate a global network community to manage a shared virtual environment.
- Users of Decentraland can trade digital goods while interacting, exploring, and playing games.
- In Decentraland, 2 types of tokens control daily operations, LAND and MANA.
- Esteban Ordano and Ariel Meilich established the Decentraland Foundation.
- MANA is currently trading at $0.90.
