Hello Publish0x community and welcome back in this new article of my “Easy & Short Cryptocurrencies Made Accessible” area.
With this article we are going to introduce the 30th cryptocurrency of this section with the 66th “E&S” article.
Today we will talk about Decentraland (MANA)!
Let’s see what Decentraland is, because it is famous mostly in these last weeks. Incredible, but true, Decentraland is nothing but a virtual game. To be precise, it is one of the very first cryptographic video games that is based on the buying and selling of digital land. A land for sale on Decentraland starts from the price of 4.4 ETH now. For this reason, the game has inevitably attracted all traders who operate on highly speculative investments.
Decentraland is a 3D metaverse. For those unfamiliar with these terminologies, we specify that, by metaverse, we mean a virtual reality in which physical persons can interact in different ways, through their own avatar. In detail, on Decentraland we manage properties of land and objects through NFTs that, in this case, are supported entirely by the Ethereum blockchain. Recall that a blockchain is nothing more than a public ledger in which digital transactions with cryptocurrencies are recorded. In Decentraland, all changes on the blockchain are made by the DAO (Decentralized Autonomous Organization). Also, all transactions take place using MANA which is Decentraland's cryptocurrency.
How does it work?
As with other activities related to the Ethereum blockchain, Decentraland is also based on smart contracts. A smart contract is defined as a digital contract that indicates specific requirements that must be mandatorily met before the transaction can be processed. The main advantage of smart contracts is that no third party is needed to enter them. A smart contract is then recorded on the blockchain and is verifiable by anyone.
Decentraland allows users to purchase plots of land and build unique items within them. Each user creates a unique avatar and can perform various activities, including buying and selling wearable NFTs. It is a very unique virtual experience that can correspond to incredible earning opportunities in real life as well. The use of Decentraland is completely free. However, some additional features come at a cost that you can pay for with MANA. Specifically, with MANA tokens you can buy plots of land, buy NFT, gamble and more.
The Decentraland project was born in 2015 from an idea of Ari Meilich and Esteban Ordano, two young Argentine entrepreneurs. After a long period dedicated to its development, the project was officially launched in 2017, with the first lots of digital land sold for just $20. In April 2021, the first real surge of interest in NFTs led to items sold on Decentraland being priced up to over 4 ETH. Currently, the Decentraland team has been enriched by other members with high-level creative and technical skills. Among the names of the team, in addition to the two founders mentioned above, we mention Manuel Araoz, Yemel Jardi, Dario Sneidermanis, Martìn Triay, Nicolàs Santàngelo, Franco Zeoli and Mariano Rodriguez.
At the same time, the MANA cryptocurrency, initially listed at $0.02, peaked at around $5.5. In detail, the Decentraland (MANA) ICO took place on August 18th 2017 and earned the project $24,140,000 out of $20 million. The token is of type ERC20.
After a little introduction about what Decentraland is, I invite you to follow me so you don't miss the second part of the article that will be released next Sunday.
We'll go more specifically into new features of this project!
Are you a Decentraland user?
Do you know some others interesting new metaverse?
Let me know in a comment!