CRYPTOCURRENCIES associated with the metaverse – a virtual universe – saw huge gains at the end of October 2021 after Facebook’s announcement that it would rebrand as Meta, with a mission to “bring the metaverse to life”.
So what is Decentraland which led the pack and will it reach $10?
What is Decentraland?
Decentraland is a 3D world built on the Ethereum blockchain, similar to The Sandbox, and governed by a decentralised autonomous organisation (DAO).
Decentraland is split up into 90,000 units of LAND (non-fungible tokens, or NFTs).
Using Decentraland’s MANA cryptocurrency, you can buy in-game items such as LAND or a name.
However, users don’t need to spend a penny or download anything to explore Decentraland.
The platform is web-based but doesn’t yet work on mobile devices.
To visit Decentraland, go to the Decentraland site, agree to the T&Cs, and click “start exploring”.
When you arrived in the virtual world, a flying robot will explain the basics.
Your keyboard’s W, A, S and D buttons control movements, the mouse moves your eyes and the space bar makes you jump.
You can also switch between first and third-person by pressing V.
What is MANA and how do I buy it?
MANA is Decentraland’s cryptocurrency token.
It’s an ERC20 token which you can use to purchase plots of LAND and in-world goods and services.
When you buy LAND, Decentraland burns the MANA that you purchase it with.
Decentraland originally sold each plot of LAND for 1000 MANA but the prices now vary on the secondary market.
Currently, the cheapest plot of LAND is 11,750 MANA while more popular areas cost millions.
MANA is listed on cryptocurrency exchanges such as Binance, Coinbase and Gemini.
You will also need a MetaMask wallet to store your MANA, which will enable you to buy and sell items in Decentraland’s marketplace.
What Is LAND?
In Decentraland, the spaces you interact with are LAND – non-fungible digital assets you purchase in the game.
Once you own a plot of LAND, you can do whatever you want with it.
You can create games, applications, gambling services, dynamic 3D scenes and more.
The number of LAND is capped, and each plot is 33 feet by 33 feet, however, there’s no limit to its height.
Groupings on LAND make up districts.
Districts are essentially communities which share themes, for example, there could be a district for crypto enthusiasts with cryptocurrency apps and services.
You can vote on district issues through Decentraland’s voting dApp, Agora.
The amount of LAND you hold in a specific district adds weight of your vote.
Decentraland created Agora to give users more control over what happens in each district and to enable users to feedback on the platform.
MANA price prediction 2021, 2022, 2023, 2024, 2025
Forecasting site WalletInvestor predicts MANA will finish 2021 trading at around $0.92.
By the end of 2022, they predict MANA will reach $1.70, $2.47 by the end of 2023, $3.25 by the end of 2024 and by December 31, 2025, WalletInvestor predicts MANA will reach $4.
Meanwhile, DigitalCoin predict MANA will finish 2021 trading at $4.18, $4.82 by the end of 2022, $5.87 by the end of 2023, $6.49 by the end of 2024 and $8.09 by the end of 2025.
