Want to start investing in the metaverse? You can buy MANA tokens on Webull!
In November 2021, the company formerly known as Facebook rebranded to Meta Platforms Inc. (NASDAQ: FB). This move was to show the company’s support for the Metaverse, a virtual world, and the action greatly increased the interest surrounding other metaverse projects. One of these projects is Decentraland (MANA). Decentraland is a metaverse game that is based on the blockchain. Due to the novelty of both the metaverse and blockchain, many have questions surrounding Decentraland.
Overview of Decentraland (MANA)
Decentraland is a project based on the Ethereum network. It’s a virtual reality game that allows users to build, create and sell. Users purchase plots of land where they build and monetize their assets. Users lease and advertise their land, too.
The project uses the ERC-721 standard to verify ownership of land and items in the game. This standard is used for non-fungible tokens (NFTs). Users can buy and sell these in-game items for real money. Decentraland hopes to create a virtual world that is profitable and monetized through this feature.
Decentraland has a variety of uses ranging from entertainment to business. Gamers play the game for fun and to enjoy the sights and sounds of the in-game world. Businesses can invest in land and seek profits.
MANA is Decentraland’s native currency and has multiple uses. It is used as a governance token, meaning it can be used to vote on where the project goes in the future. This feature is possible through a decentralized autonomous organization (DAO). DAOs give owners of the token a say in a project’s direction.
Another use of MANA is for in-game purchases. Items for sale in the game can be bought with MANA, giving the token another use and incentivizing players to purchase the token.
Decentraland (MANA) History
Decentraland was first released in August 2017. Decentraland was co-founded by Ariel Meilich and Esteban Ordano, though the 2 have stepped down from their roles. Meilich has extensive experience with startups and entrepreneurship, while Ordano has a much stronger tech background. The 2 combined their unique skill sets to create a powerful project and attract partnerships from Binance and Samsung.
Since its launch, Decentraland has added key features, such as voice chat, graphics upgrades and improvements to the building interface. All these updates increased the usability of the game and attracted new users.
Is Decentraland (MANA) Useful?
As of right now, Decentraland’s main use is as a game. While there have been other uses, such as virtual business development, the primary use is that of a video game.
MANA is the same, as it is primarily used as an in-game currency. Users can buy and sell items within the game using MANA.
In the future, many speculate that the metaverse will become increasingly more useful. Things such as video calls and concerts could be held in a metaverse. Decentraland is hoping to bring its technology to a much broader consumer base and incorporate the project into everyday life.
Where To Buy Decentraland (MANA)
MANA has become increasingly popular since Meta’s name change. Many popular exchanges raced to list the token, and it is currently available on a variety of exchanges. Among the best are eToro, Webull, Voyager and Gemini.
These platforms are well known for their security, ease of use and low fees. It is easy to open an account and only takes a few minutes to begin trading.
If you want a more in-depth guide on how to purchase MANA, make sure to check out Benzinga’s tutorial for how to buy MANA.
1 Minute Review
Webull, founded in 2017, is a mobile app-based brokerage that features commission-free stock and exchange-traded fund (ETF) trading. It’s regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
Webull offers active traders technical indicators, economic calendars, ratings from research agencies, margin trading and short-selling. Webull’s trading platform is designed for intermediate and experienced traders, although beginning traders can also benefit.
Webull is widely considered one of the best Robinhood alternatives.
Best For
- Active traders
- Intermediate traders
Pros
- No charges to open and maintain an account
- No account maintenance fees or software platform fees
- Intuitive trading platform with technical and fundamental analysis tools
get started securely through eToro’s website
Disclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.
1 Minute Review
eToro, headquartered in Cyprus, England and Israel, has provided forex products and other CFD derivatives to retail clients since 2007. A major eToro plus is its social trading operations, including OpenBook, which allows new clients to copy trade the platform’s best performers. Its social trading features are top notch, but eToro loses points for its lack of tradable currency pairs and underwhelming research and customer service features
Best For
- U.S. based cryptocurrency traders
- Social and copy traders
- Simple user interface
- Community engagement and following other traders
Pros
- 25 cryptocurrencies
- Expansive network of social trading features
- Large client base for new traders to imitate
Cons
- U.S. traders can only buy cryptocurrency
1 Minute Review
Voyager is a leading name in the sphere of cryptocurrency investing, giving you access to over 50 tokens and coins. Buy, sell and swap assets using Voyager Crypto’s simple mobile platform available as a free download for iOS and Android users.
When you invest through Voyager, you’ll pay nothing in commissions, which is a major benefit when compared to other cryptocurrency brokers. Voyager is also one of the only brokers we’ve seen that allows users to earn interest on their crypto investments.
Though the broker could do more to improve its customer service, it’s an excellent option for beginner investors and seasoned professionals alike.
Best For
- Cryptocurrency investors looking for a wide selection of supported projects.
- Investors who prefer mobile trading.
- Anyone interested in earning interest on their crypto investments.
Pros
- Simple, straightforward and intuitive mobile platform
- Wealth of investment opportunities
- Allows users to earn interest on select crypto investments
Cons
- Only available for mobile users — no desktop platform
- Limited routes to contact customer service team
Decentraland (MANA) Blockchain vs. Other Blockchains
Decentraland is based on the Ethereum chain, which uses a proof of work (PoW) system to verify transactions. The PoW system is not ideal for a blockchain of Ethereum’s size, and other blockchains are experimenting with different forms of verification.
A PoW system has computers compete to solve math problems. The first computer to solve the problem is able to verify transactions and receive rewards. However, lots of computing power is needed to power the system of verification. In fact, Ethereum’s PoW system uses an amount of energy comparable to the entire country of the Philippines. This system is clearly inefficient and has forced many away from the blockchain. However, Ethereum has plans to unveil ETH2.0, which will use a more eco-friendly proof of stake (PoS) system.
Many other blockchains are using PoS and are seeing lower fees and faster speeds. While Ethereum may not be the most efficient blockchain right now, ETH2.0 may change this.
How To Store Decentraland (MANA) Safely
Crypto wallets are a place to hold custody of your cryptocurrency separately from an exchange. It gives the owner of the wallet full ownership of the funds inside.
Hardware wallets are a form of crypto wallet that store the private keys needed to send crypto on a physical device. Without the physical device, the crypto is locked inside the wallet and cannot be stolen. This method is often regarded as the safest way to store crypto.
Ledger is a leading hardware wallet brand that supports MANA. Users can choose from a Nano S or Nano X model. The Nano S is meant for beginners and only supplies the necessary features to keep crypto safe. The Nano X is more advanced and offers features such as a larger screen and bluetooth connectivity.
Decentraland (MANA) vs. Competitors
Decentraland faces major competition, primarily from the likes of Meta and The Sandbox. Meta has not yet released its metaverse to the public, so Decentraland has a competitive edge in that respect. However, Meta may release the Metaverse to the public in the near future. Because Meta is a much bigger company with a far larger user base, its Metaverse may become larger than Decentraland’s.
The Sandbox is another metaverse project, and it also involves blockchain. It is similar to Decentraland in that it has a native currency and is on the Ethereum chain. However, MANA has a higher market cap than SAND, which may be indicative of the markets favoring MANA. Regardless, the 2 projects are direct competitors and are constantly adapting to try and stand apart.
Benzinga crafted a specific methodology to rank cryptocurrency exchanges and tools. We prioritized platforms based on offerings, pricing and promotions, customer service, mobile app, user experience and benefits, and security. To see a comprehensive breakdown of our methodology, please visit see our Cryptocurrency Methodology page.