Decentraland MANA Explaind

Real estate investments are always considered as a lucrative investment,  and real estate has been the go-to choice for  most investors who are looking to earn a lot  of money in a short time span. However, with the rise of NFTs, we need a way to integrate Real estate and blockchain technology  to make even more money. So what if  you could buy and sell virtual properties 

as NFTs? Well, let's discuss that today.

Let talk about decentraland and the MANA tokens.notifications to stay updated!

With all that done, let's get started  2020 and 2021 won't be our favorite years due to the ongoing pandemic, but even when the stock  market crashed, cryptocurrencies and non fungible tokens base on blockchain technology continued to rise in popularity this year. Cryptocurrencies are no longer a strange topic for people to discuss, all thanks to the attention these currencies received from the media and certain influential Twitter accounts. NFT sales are rising as well compared to previous years.    For those of you who don't know, NFTs are short for Non Fungible tokens, and these are different   from cryptocurrencies because they are unique and rare assets, and you cannot trade one NFT for another one. This made NFT a very lucrative asset  for people to make money by selling their work or   

 assets as NFTs. NFTs also solve the problem with  ownership that digital collectibles always face.   

 Digital painting, for example, can have its  copies made in seconds, and there is no way   

 you can own a digital collectible before NFTs.  NFTs fix this issue by recording ownership data   

 in the blockchain. Now let's discuss a totally unrelated investment that is real estate. Real estate investments are often considered as a passive way to make money from rental income,  and people who flip properties actually make a really good income from it. But what if you are not a fan of visiting places to find properties and you want to do it in the comfort of your home.   

 It gets even better when you think about buying virtual real estate using cryptocurrency and  then selling them as NFTs. Yes, you heard it right because today, that is possible with Decentraland.  

 Alright, we know you are excited about this, 

so let's start talking about decentraland. As the name suggests, Decentraland is an entirely 

decentralized virtual world that is based on the Ethereum network where you can play, explore and 

also interact with others in the network by buying and selling virtual land. If you are a fan of 

the Tron movies and also ready player one movie, then what we are about to tell you will be highly 

relatable. But even if you didn't watch those movies, no worries because we got you covered. The 

reason why we are talking about decentraland is because of the rise in popularity of NFTs. We know 

that NFT transactions are primarily done on the ethereum network, and even the decentraland and 

its token are based on the same ethereum network. With decentraland, we have got three tokens, and 

they are called the LAND, ESTATE, and MANA tokens.   

 

 The LAND tokens are based on the ERC 721 protocol, and the same protocol is used for NFTs. The ESTATE token also uses the same protocol, and the estate is a group of digital land, and then we have MANA tokens which are based on the ERC 20 protocol, and these are fungible   

 tokens which means you can exchange a MANA token with another one of the same value. So why does the decentraland network require three different tokens? Well, in this virtual world, just like our   

 real world, the land is a scarce asset, and every land has got different properties depending on the   

 location of the land and the developments that are done to it. So MANA is the token that is running   

 the entire network because this is the currency of this virtual world that decentraland created.   

 Users can buy land using this MANA currency, so the entire virtual world is simulating the real world with assets to buy and currency to use. There are so many other games similar to decentraland, but

 

what makes this one special 

is that it is based on blockchain technology,  and also the entire economy of this digital 

world is run using a cryptocurrency. The value of the real estate is determined by the land's location and the scarcity of the land.  The other factor would be the degree 

of development done to the property. This is how real estate in the real world works, and what's exciting to know is that in this virtual world of decentraland, the prices are determined the same way, which is an incentive  for the users of this network to develop the land 

and sell them as NFTs. Due to the fact that these   LAND tokens are NFTs, the ownership is recorded 

on the Ethereum blockchain making the transfer  of assets a much easier task. The total number of 

LAND units is capped at 90,000, with each of them  being 33 feet by 33 feet in dimensions. So yes, 

the width and length of these LANDs are limited, but the height is not limited, which means 

the token owner could build much higher. Each land tokens have a different set of cartesian  coordinates, just like how we have it in the real world. Owners of the land can do anything with their land, and these can be used as a place to  engage, socialize, explore and build, just like 

 

how it's done in real life. That being said, the functionality of this network also lies in this interaction between the users of the virtual  world, where the virtual world also facilitates payments between users for the virtual land. 

The total supply of the MANA coin is 2.6 billion tokens, and on June 18th the price of the coin is at 0.67 dollars with a market cap of 1.49 billion dollars, 


Now the entire project was created in 2017 and attracted more than 20 million dollars for the initial coin offering. The project was formally launched and opened to the public on February 20, 2020. The future of this network will depend on the number of people actively engaging in this virtual world because where there will be people, there will be an economy surrounding the population, and the same is the case with this virtual world too. 

The network is still in its infancy,  and analysts are optimistic about the future of 

decentraland, considering the fact that everything  we do today is leaving some sort of digital footprint. Look at bitcoin, for example. Bitcoin  had humble beginnings and look where it is now and how it has grown over time. The same could happen  with decentraland, too but none of this success guaranteed as anything with cryptocurrency is not so easy to predict. Nevertheless, this is a cool concept, and there is no doubt about it. So to sum things up, virtual worlds are 

nothing new. Social media platforms like Facebook and TikTok are examples of he virtual world that we have today.But there is nothing out there that can mimic decentraland today because of how close it is with the real world in terms of the economy inside the virtual world. With how cryptocurrencies are performing today and the popularity of NFTs among blockchain enthusiasts, integrating something  like real estate could be the next big step for 

real estates, cryptocurrencies, and also NFTs. This is considering the fact that the best performing asset of the last decade was not apple, google, or amazon, but it was bitcoin. Today more people are aware of cryptocurrencies than ever before and with so many exchange platforms, buying cryptocurrency is a much easier task.   

 

Today the primary utility of the MANA token is to buy and sell virtual land in decentraland

 and apart from that, there is no other utility, and the project is still growing.  In a digital age like ours, decentraland will be able to position itself the way it deserves because of how this concept is neatly integrated with blockchain technology. And if you want to check it out, it's also free to explore, so you can try it out by checking out their website. Human interaction and socialization are moving 

away from face-to-face interaction to video calls  and text messages which means we are already accepting a completely virtual world. Businesses are done virtually, and the global pandemic acted as a catalyst to push our dependence on the digital world even more. These habits will stick with us whether  it be in our workplace, school, or even home. This 

is why the entire decentraland project is exciting   and why we are optimistic about it. Early  movers, especially in real estate, can  benefit from getting into decentraland by buying and holding it, but every risk that is present  with NFTs and cryptocurrencies is also present  with MANA tokens and the decentraland ecosystem. If you are looking to invest today, invest the money that you are willing to lose and invest in assets that you clearly understand and also, do not forget to diversify    your portfolio with other investments too.

 

Please note that the content in this Article   

 is for entertainment purposes only and hence  should not be considered financial advice.     All the financial decisions should  be made after doing your research.   With that, we have come to an end with our video. What do you think about Cryptocurrencies and their    future? Are you excited to be a part of a virtual  world like decentraland? Does virtual real estate   

 make any sense to you? We would love to hear  it from you, so Do let us know in the comment