MANA Token (Decentraland)Admin
MANA is the native cryptocurrency of one of the most famous and unique metaverses – Decentraland. In this article, we will analyze the MANA token in detail and find out what benefits this asset can bring to you.
Just like SAND, the MANA token is an ERC-20 token running on the Ethereum blockchain. The daily trading volume recorded on September 1 on the CoinMarketCap platform is $117 million. The MANA token is linked to another element of the economic architecture of Decentraland – LAND land plots that can be combined, but more on that later.
Decentraland ICO was held back in 2017. 40% of the total supply of 2.2 billion coins was available for sale. To date, according to CoinMarketCap, 1.85 billion coins (82%) are in free circulation. This is a good indicator, it reflects the rather high transparency and activity of the MANA market. During the ICO, 40% of the coin offering was sold to crowdsale buyers, 20% was reserved to stimulate the community, another 20% was received by the development and advisory team, and the remaining 20% became the property of the Decentraland platform.
Since the Decentraland project has been around for many years, and it continues to captivate users with a huge and developed world, MANA is available on many platforms: Binance, Coinbase, Huobi, KuCoin, Poloniex, Bitfinex, etc. And you can store MANA on any wallet that supports the ERC-20 standard.
What is it used for?
Just like many of the native currencies of the metaverses, the Decentraland MANA cryptocurrency solves many problems. However, due to the unique architecture, we will consider the ERC-20 MANA token along with the ERC-721 non-fungible LAND token. So:
- Making transactions is a standard feature of any cryptocurrency;
- Trade in art, objects, and real estate on the Decentraland internal marketplace and on external NFT marketplaces. We are talking about various inventory items that change the appearance of your character, LAND plots of land, and other items;
- income for owners. With the ability to lease land (LAND), you can earn income from it in the form of MANA currency. Since a piece of land is an ERC-721 token, in no case will you lose ownership of this item in the event of a lease? In addition, you can place ads on your sites and earn income from them. By the way, LAND land plots can be mortgaged! To do this, you need to fill out a special application and leave a deposit equal to 10% of the land price;
- As with several other metaverses, MANA and LAND tokens give you a voice in the DAO of the Decentraland metaverse. The mere presence of the MANA token in your wallet, however, does not allow you to vote. To do this, it needs to be “packed”, that is, converted into a wMANA token and fixed in the DAO. Each token gives you 1 vote. And each LAND token gives 2000 votes. For convenience, you can combine your land plots and convert them into one ERC-721 ESTATE token. In this case, the number of votes is combined. Thus, the weight of your investments directly affects your success in making decisions within the platform.
Token exchange rate
The original price of one MANA coin was $0.024. And at the time of writing, the cost of MANA is $0.77. If we look at the overall graph of the MANA token, we will see similarities with another functionally similar SAND token.
It can be seen that the MANA cryptocurrency has also experienced the peak of its popularity and currently rests on the $0.7 support level, which is indicated by the red line. This means that the price of the token will try to bounce up from this level over a certain period of time. The peak of the price of the token was the mark of $5.48, reached on 11/25/2021. The lower limit can be considered the initial price of this token since it never went lower.
Since about mid-May, the price has been moving sideways near its support level. In general, the chart is very similar to the chart of the SAND token, we see a descending triangle from which the price has come out sideways. Probably soon we will see a change in the price of the asset.
Prospects for the MANA token
The course of any cryptocurrency depends on an open and well-developed project roadmap. And the Decentraland team has big plans for 2022. In addition to the desktop version and the VR client, which have already been implemented, albeit, with some bugs, a mobile version is expected to be launched. Technology improvements to some communication between users, such as improving the quality of voice chat. Of course, inventory is constantly updated on the marketplace, but in addition, the so-called Smart Wearables are expected to appear, which allow you to add gameplay, regardless of where you are in the metaverse. These can be jetpacks, portable radios, and so on. In general, Decentraland is already one of the most mature metauniverses today, access to which continues to be completely free.