Overview of Decentraland (MANA) and Its Future Prospects

Cryptocurrency Decentraland was created for virtual reality. It has its own platform, the operation of which is provided by the Ether blockchain. Users can create, explore, and monetize content and software. Decentraland is designed for creatives, gamers, students and online communities.

The Story of Decentraland (MANA)

After a $24 million Initial Coin Offering (ICO) in 2017, Decentraland was released. The virtual world’s closed beta started in 2019, and it opened to the public in February 2020. It has LAND sections, interactive games, large 3D scenes, and a lot of other ways to interact.

There are two tokens in Decentraland: MANA and LAND. MANA is an ERC-20 token that needs to be burned to get ERC-721 LAND tokens, which can’t be replaced. MANA tokens can also be used to buy avatars, wearables, names, and other things on the Decentraland marketplace.

Who Made Decentraland in The First Place?

Ariel Meilich and Esteban Ordano were two of the people who helped start Decentraland. They are no longer in charge of the project, but they still work with Decentraland as advisors.

Ariel Meilich was the project manager at Decentraland from 2017 to 2020. He is a serial entrepreneur who has started many other businesses, including an online translation agency and a customer relationship management platform. He also worked as an analyst at the well-known Silicon Valley venture capital firm Charles River Ventures.

On the other hand, Esteban Ordano was the former CTO of Decentraland. He has a long and varied history in the cryptocurrency space, having worked as a software engineer at BitPay, Inc., an advisor to the Matic Network (MATIC), and for a while running his own smart contract development firm called Smart Contract Solutions.

Esteban is also known for helping to start Zeppelin Solutions, a company that builds infrastructure for blockchain technology.

Even though Ariel and Estaban are no longer in charge of the project, work on Decentraland is still going on. The new Decentraland Foundation is now in charge of the work.

What Makes Decentraland Unique?

Decentraland is made for content creators, businesses, and people who are looking for a new way to make art, start a business, or have fun.

The game world of Decentraland, called the “Metaverse,” is made up of 90,601 different pieces of land (LAND), each of which is represented by a unique ERC-721 token. Each LAND is 100 square meters big and can be found in the Metaverse at certain coordinates.

Owners of LAND can build on their land in any way they want, but most of the Metaverse is split up into different districts with different sizes and themes. Individual crowdsales for MANA tokens were used to create these districts, and LAND parcels in these districts cannot be sold.

As of January 2021, Aetheria is the biggest area, with a cyberpunk theme and a total of 8008 LANDs.

Decentraland is also one of the projects that uses the structure of a Decentralized Autonomous Organization (DAO) to make management decisions. So, people who own MANA tokens can change how the Decentraland world works by suggesting and voting on policy updates, the details of upcoming LAND auctions, and the types of content that are allowed in the Metaverse.

Along with being creative, many Decentraland users are making money from their LAND by renting it out, putting ads on it, or offering paid services. In the same way, other users make money by making things and selling them for MANA tokens on the Decentraland marketplace.

How Many Decentralizedand (MANA) Coins are Out There?

As of January 2021, there were just over 1.49 billion MANA tokens out there. This is about 68 percent of the 2.19 billion MANA that are in circulation right now.

The initial total supply was set at 2.8 billion MANA, but since then, more than 600 million MANA have been burned in LAND auctions, causing the total supply to go down.