Decentraland (MANA) has now become a well-known name in the Metaverse space, along with The Sandbox (SAND) or Axie Infinity (AXS), two other leading projects with their own ecosystem currency.
After a $24 million ICO in 2017, Decentraland was launched. However, Decentraland’s public version didn’t come out until early 2020.
Essentially, Decentraland is an Ethereum-based virtual reality platform that lets people interact together with avatars, along with participating in a wide range of activities such as buying and selling items, going to the casino, building art galleries and other facilities, and so much more.
Decentraland’s currency is called MANA and can mainly be used to purchase plots of land in the Decentraland universe. The Decentraland platform consists of 90,000 precisely-measured plots of lands whose price varies based on location: the more coveted the area, the more expensive the land, just like in real life!
Each of these plots of land are unique NFTs, meaning that their ownership is public and recorded on the Ethereum (ETH) blockchain. On top of being highly secure, this also makes the ownership of a Decentraland plot of land very exclusive, which contributed to the explosion in price for these virtual items throughout late 2021 and up until today.
Besides, on top of just buying and selling plots of land, users can also rent them or build houses or mansions upon them, making the Decentraland universe an easily monetisable one. Here’s another way to diversify your passive income streams!
MANA tokens can also be used within Decentraland’s marketplace in order to purchase avatars, clothes, items, names, and more. Naturally, the price of each item depends on its rarity. MANA is currently trading at $2.13, much lower than its $5.50 all-time high reached last November, despite the project still looking very promising.