With the increasing interest in metaverse-based tokens, Decentraland has become a token of choice for many crypto-savvy investors who want to get a slice of the cake. So if you have always wanted to add Decentraland to your crypto portfolio, today’s guide will provide you with all the details you should know. We will also take things up a notch by bringing you up to speed on everything you need to know about this digital currency. Let’s cut to the chase and give you all the juicy details.
Decentraland is a leading crypto project powered by the Ethereum blockchain. This project enables users to explore a virtual world (metaverse) where they are able to buy land, create content, visit places and pay for goods and services using MANA, the utility token of the Decentraland ecosystem.
Think of Decentraland as SIM City 3000, but better as it has more real-world use cases. The Decentraland ecosystem allows users to build casinos, launch 3D applications, games, engage in businesses, travel, shop, and much more in a creatively virtual world.
Are you considering trading Decentraland on eToro?
If you’re planning to start trading Decentraland (MANA), it’s best to use a reliable exchange like eToro. We love eToro because it makes the entire process of trading MANA super easy. Plus, you don’t get to pay insane trading fees as eToro tries to create a level playing ground for all users.
But before you can start trading MANA on eToro, you’d have to open a trading account, which is a super easy process and only takes a few minutes.
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How does Decentraland work?
Are you fascinated about the Decentraland crypto project and wondering how it works? Read on as we break down all the details.
When a user purchases land in the Decentraland ecosystem, the Decentraland ecosystem is able to track this transaction via what’s called LAND tokens. Buying land within the Decentraland ecosystem comes with many awesome perks, including being a landowner. By owning land within the Dencentraland Metaverse, users have the freedom to build applications on the land they own. Not just that, they can also monetize it, which is the juicy part.
A piece of land in the Decentraland ecosystem is measured 16 by 16 and can be extended through time. Thanks to the impeccable use cases offered by Decentraland, it has continued to appeal to gamers, artists, programmers, online communities, and more who want a first-hand experience exploring a 3D world.
If you’re able to develop your land enough, you may begin to get inquiries from companies who would love to advertise on it. More so, if your land manages to become popular and enjoys digital foot traffic, it may become the virtual version of the New York Times Square, and we aren’t bluffing.
Recently, Blockchain protocol Bison splashed a whopping $740,000 to buy land in the Decentraland metaverse. They intend to use the land to create a virtual mall. Once completed, the virtual mall will allow players to buy digital assets they can trade for services and physical goods.
With the increasing attention that the metaverse is getting, blockchain projects like Decentraland are well-positioned to benefit from this evolving ecosystem.
History of Decentraland
Decentraland was launched in 2015 by Ari Meilich and Esteban Ordano. When the project kicked off, many people laughed at the idea of building a virtual world powered by the Ethereum blockchain where people could buy a piece of land using the project’s utility token, MANA. But with the advancement we have seen in the crypto space, particularly the metaverse, Decentraland has shown that it was ahead of its time.
The team behind Decentraland wanted to build a virtual world where content creators have absolute control over their creations without the control of third-party platforms or players.
Within the Decentraland ecosystem, users are able to transact with content creators directly, and they are able to do this through a cheaper payment mechanism. And since the Decentraland ecosystem allows users to communicate via chats and voice messages, it makes transactions on the platform seamless and hassle-free.
What is Dencentraland’s utility token?
Even though Decentraland has two distinct tokens, MANA is more widely used. The other token is an NFT token or LAND, which is used to classify the ownership of land purchased within the ecosystem). MANA is the utility token of the Decentraland ecosystem and powers transactions within the Decentraland metaverse. Every service and good available in the Decentraland ecosystem has a corresponding MANA token value.
In terms of circulating supply, MANA has a circulating supply of 2.6 billion tokens. And since MANA is listed across different exchanges, you can easily buy, sell and trade MANA tokens.
MANA is an ERC-20 token. This means it is powered by the Ethereum blockchain.
Can you use MANA to buy other things other than a piece of land?
While it’s true that MANA powers transactions within the Decentraland ecosystem, with more people using their MANA tokens to purchase lands, you can also use the MANA token to trade with other users within the Decentraland metaverse. Besides purchasing land, you can use MANA to buy goods and services hosted within the Decentraland digital space.
What validates MANA transactions?
Transactions within the Decentraland ecosystem using MANA are verified by the Ethereum Blockchain.
How LAND is Valued in Decentraland?
The value of Land within the Decentraland ecosystem is pretty much the same as in the real world. It all depends on how you develop your land in the metaverse. Assuming you build engaging content on your land, say a virtual art gallery, an interactive game, or more, more users will be interested in your land. Also, being located in a popular district will increase the value of your land. We hope this makes sense.
How can I buy Decentraland’s token MANA?
With Mana listed on several popular exchanges, including Binance, Bitfinex, Kraken, and more, it’s super easy to buy, sell and trade MANA tokens. And since today’s guide is carefully written to show you how you can buy Decentraland on eToro, we will be showing you how to go about that in a bit.
How to Buy Decentraland Coin on eToro
Now that you know what Decentraland is, it’s time to show you how you can buy its native currency on the eToro platform. Let’s get started, shall we?
Step 1: Open an Account
Before you can buy, sell, or trade MANA on eToro, you’ll first need to open an account on the platform, as only registered users are allowed to trade on the platform. Thankfully, the process is easy and only takes a couple of minutes to complete. To register an account on eToro, simply visit eToro’s official website, click the “Join Now” button, and enter your personal information.
Step 2: Complete the Account Verification Process
After completing the registration process, you should get a notification on your email address requiring you to verify your identity. This is a requirement of most FCA-regulated brokers as they are required by law to comply with KYC procedures. So to verify your newly created eToro account, you are required to submit proof of identity and proof of address. Once you upload these documents, your account should be verified.
Step 3: Add Funds
With your account fully verified, the next thing to do is add funds to your account. Also, keep in mind that eToro offers an unlimited demo account, a brilliant option for people who want to test and improve their trading skills before trading with real money. If you’re just starting, we strongly recommend you spend time on the eToro demo account, as it will help hone your trading skills.
When you are ready to make a deposit, you can click on the “Deposit” button on eToro’s trading dashboard. And since eToro supports multiple deposit options, including credit/debit card, bank wire transfer, Paypal, Skrill, and Netteller, you can always choose which payment option is suitable for you.
Also, remember that eToro has a minimum deposit of $200. So keep that in mind when funding your account.
Step 4: Buy Decentraland Coin
To buy the Decentraland token on eToro, simply navigate to the search bar and enter Decentraland or MANA. Now, click on the first result that appears in the drop-down menu. When the Decentraland instrument page loads, navigate to the “Buy” button option and input the amount you’d like to invest. With that done, you can click on the “Open Trade” button. Doing this completes your MANA token purchase. To set a stop loss or take profit order, you’d need to navigate to the portfolio section. Doing this helps you to manage your trades and mitigate risks.
Is it a brilliant move to invest in Decentraland
With the explosion of the metaverse, metaverse-based tokens such as Decentraland have grown in popularity. Being a highly volatile asset, the Decentraland native token grew in value tremendously between 2021 and 2022. While it has fallen significantly from its all-time high of $5.85, achieved during the bullish market, MANA still has potential for the upside.
If you missed buying MANA during its bullish move, now is a good time to get it for even cheaper following the current bearish winter rocking the crypto market. At the moment, MANA is trading for $0.45.