What is Decentraland( MANA)?
Decentraland is a blockchain-based virtual reality platform. Decentraland was first described in a white paper published in March, 2017. Decentraland is a virtual world where users can buy, develop, and sell LAND, a non-fungible ERC-721 token that represents the ownership of virtual land in Decentraland. Each parcel of LAND is unique and owners get to choose what content they want to publish on their portion land, which can range from a simple, static scene to an interactive game. Users can purchase LAND as well as all other goods and services in Decentraland with MANA, a fungible ERC-20 token.
Decentraland is a shared virtual world, much like the Metaverse described by author Neal Stephenson in his science-fiction novel Snowcrash or the OASIS described by author Ernest Cline in Ready Player One. It allows users to connect and interact with each other, create content, and play games. Decentraland has a virtual economy where users can engage in a myriad of in-world economic transactions as well as monetize the content and applications they build. Unlike other virtual worlds such as Second Life, it is not controlled by a centralized organization or company.
What Is MANA?
MANA is the digital asset token used to pay for goods and services in Decentraland. It is built on Ethereum in accordance with the ERC20 standard for tokens. MANA can be bought and sold for fiat currency or other digital currencies. The total supply of MANA tokens is fixed at 2.6 billion MANA.
5 Steps To Buy MANA:
Step 1: Compare and choose a cryptocurrency exchange
There are some popular platforms to buy metaverse cryptocurrency include Binance, FTX, Bitfinex and Coinbase. These exchanges will help you convert fiat currency into the metaverse crypto that you need.
Step 2: Create an account
Create an account£ºLinking a card to your account is a convenient way to top up your account
Cryptocurrency: You can usually purchase MANA by trading it for another cryptocurrency like Bitcoin. This varies between exchanges though, so you will need to search for MANA on the spot market to see what cryptocurrencies it can be traded for.
Step 3: Verify your identity with the exchange
An increasing amount of cryptocurrency exchanges will need to verify your identity before you can deposit funds and start trading Decentraland.
Step 4: Buy Decentraland(MANA)
You are now ready to purchase MANA. The easiest way to do this is by using the 'instant buy' feature to purchase it for a set price (if the exchange offers this feature) after comparing exchanges.
Alternatively, you can open a trade in the spot market which allows you to set your own price ¨C this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Step 5: Storing your MANA
You can keep your MANA on the exchange you purchased it on, or move it to a personal wallet.
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