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Decentraland (MANA): Overview

Key facts about Decentraland (MANA):

  • Decentraland is a decentralised virtual world built on the Ethereum Blockchain.
  • Users can create their own environments, marketplaces and applications with the two native tokens of Decentraland: LAND and MANA.
  • MANA is the native token of Decentraland, used to buy, sell and trade digital assets in the virtual world.
  • Esteban Ordano and Ariel Meilich founded the Decentraland Foundation in 2015.
  • Decentraland has attracted much attention from the crypto community and the gaming industry in recent years.
  • Before it was accessible to the public, Decentraland established a Decentralised Autonomous Organisation (DAO) that handed the project's management over to the users.
  • In February 2023, Decentraland had an estimated market capitalisation of over 1 billion US dollars.

About Decentraland (MANA)

Decentraland is a Virtual Reality (VR) game that runs on the Ethereum Blockchain. Players explore a virtual 3D world and buy digital land with MANA, which they own permanently and all transactions are stored on the Ethereum Blockchain. Furthermore, players can also purchase other goods and services on the Decentraland marketplace as well as create their own content on the platform, including DApps (decentralised apps). Users have full control over their virtual properties, and MANA holders collectively make decisions within the Decentraland DAO regarding the virtual world's operations. It’s easy to buy MANA with Bitpanda. Sign up today and start building your personal crypto portfolio.

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What is Decentraland (MANA)?

MANA is a token designed to fuel the virtual reality platform Decentraland. With MANA, users can pay for virtual land and goods as well as services within the platform. On this decentralised 3D virtual reality platform users can create virtual structures like casinos, art galleries, concert halls or theme parks, and charge other players for visiting these structures. Decentraland was founded in 2017 after an Initial Coin Offering (ICO), an initial coin issue of 26 million US dollars, and available to the public in 2020.

How MANA works

In Decentraland, MANA works like a coin but is in fact a token. Players  can use MANA  to buy and sell virtual property and real estate, play games and use their land for whatever they wish. The explorable virtual space within Decentraland is called LAND, a non-fungible digital asset (ERC-721), which is divided into 16m x 16m parcels. These parcels are permanently owned by community members and are acquired with MANA. Some parcels are further organised into theme communities, called districts, that allow users to create shared spaces with common interests. Decentraland was built on the Ethereum blockchain that switched to a Proof of Stake (PoS) consensus mechanism in September 2022.

In 2021, Decentraland took the first step towards a solution for payments and transactions by enabling users to transfer their MANA tokens from the Ethereum Blockchain to Polygon. Polygon is secured by a network of Proof of Stake (PoS) validators.

MANA and LAND: One cryptocurrency, two tokens

In the operation and management of the Decentraland metaverse, two different tokens are used: LAND and MANA. MANA is the native token of the system, enabling the purchase of real estate and virtual assets developed and sold by users. Whereas LAND represents ownership of a metaverse parcel in the Decentraland ecosystem. The Decentraland application is based on the Ethereum network to track ownership of LAND and users must keep their MANA tokens in an Ethereum-based wallet for the process to work.

Decentraland has a multi-layer architecture to support the operations and functions of the VR ecosystem, where users can create and host applications, games and interactive content. The unique environments, marketplaces and applications are created with the two native tokens of Decentraland. ERC-721 tokens like LAND make each token unique. Because of this they are not interchangeable and are referred to as non-fungible tokens (NFTs). While they don't act as currency, they are used to create avatars, clothes and unique lands.

What makes Decentraland (MANA) unique?

Decentraland is the first decentralised virtual reality system, enabling interaction and communication between users and granting ownership of virtual plots in the Decentraland metaverse. Decentraland creates a dynamic, fast-paced environment where players can develop their LAND plots bought with MANA and use the system and its functions without a central authority. The value of Decentraland stems from its technical capabilities and potential. The project's uniqueness grants additional value to Decentraland and its two tokens, LAND and MANA. The price of MANA tokens on the market depends on the demand and the maximum supply, which is fixed and limited.

Important facts about Decentraland (MANA)

  • The virtual reality platform was co-founded by Ariel Meilich and Esteban Ordano in 2017 – both have since stepped down from their positions, but remain as advisors.
  • LAND owners develop their plot as they wish, but a large part of the metaverse is divided into several districts, each with a different size and theme.
  • As of January 2021, the cyberpunk-themed Aetheria is the largest district – with a total of 8,008 LAND.
  • At the Initial Coin Offering in 2017, there was a maximum circulating supply of 2,805,886,393 MANA – at the beginning of 2023, there were 1,855,084,192 MANA in circulation, with a trading volume of over 185 million US dollars.
  • In June 2021, the famous auction house Sotheby's opened the first-ever virtual exhibition in Decentraland.
  • With a market capitalisation of around 1.3 billion US dollars, MANA ranks 42nd among cryptocurrencies.

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Price history of the MANA token

MANA’s price has seen many highs and lows since its introduction in 2017. After an initial price increase in 2017, MANA saw a decline in 2018 that continued into 2020. In 2020, the price of MANA began to rise again, reaching an all-time high of about 5.88 USD per token by the end of 2021. Since then, the price of MANA has fallen again, a testament to the general volatility of the cryptocurrency market.

Key milestones of the Decentraland token

These are some of the key  events related to the MANA price:

  • 2017: the price per MANA token is at around 0.02 USD/ MANA
  • 2018 to 2021: the price for MANA tokens is between 0.02 and 0.17 USD / MANA
  • 2021: the MANA price reaches its first high of 1.63 USD / MANA in April and then drops again in June to around 0.46 USD / MANA
  • November 2021: the price for MANA rises to its current all-time high of 5.88 USD / MANA – driven by an auction of high-quality virtual land
  • 2022: In the wake of the crypto crisis, the price steadily drops and even falls back under 0.5 USD / MANA

A look at the price charts data shows: The MANA token has experienced some price fluctuations since its introduction in 2017. Initially, the token had a very low price and a low trading volume. Both, however, increased over time as interest in the Decentraland platform grew and more users and developers came to the platform.

Why did the MANA token start stronger than many well-known coins?

The idea behind Decentraland was innovative and forward-looking. The concept of a virtual world built on a decentralised blockchain platform appealed to many crypto enthusiasts who believed in the transformative power of blockchain technology. The MANA token was introduced in 2017 as part of a successful Initial Coin Offering (ICO), where the developers managed to raise around 26 million USD. This strengthened investor confidence in the Decentraland platform and the MANA token.

New investors strengthen the Decentraland token

In the first years after the introduction of the MANA token, the developers focused on further improving the platform and adding new features. This has helped make the platform and the MANA token more known and popular in the crypto community, which also impacted the price of the MANA token.

Investors have significantly influenced the success of MANA, especially in the early years after the token's introduction. Through the participation of these early investors (such as the well-known crypto companies Pantera Capital or Blockchain Capital) and their interest in Decentraland, the project could be financed and developed.

Coin crisis noticeably affects the MANA course

As was the case during the 2018 crisis, MANA has felt the effects of the 2022 crypto crash . Causes for the collapse of the crypto market include the crash of the crypto exchange FTX and the payment platform Terraform Labs – the latter facilitated payment with so-called stablecoins that were supposed to bring more security into the crypto market. This collapse, in particular, led to a loss of trust in cryptocurrencies. Additionally, negative economic developments due to the Ukraine war and the Coronavirus pandemic as well as the banning of cryptocurrencies in China have led to drastic losses in cryptocurrencies.

Current forecast of the MANA price

At the beginning of 2022, the MANA price suffered losses. Like many well-known coins, the MANA token also suffered from the crypto scandals and the critical reporting about cryptocurrencies. As of October 2023, the MANA price still hasn’t  recovered and the live chart shows a value of around 0.28 USD per token.

Factors influencing the price of MANA tokens

As with the more well-known coins, the price of MANA is subject to natural fluctuations and is influenced by various factors, including the general mood of the cryptocurrency market, the adoption of Decentraland and the developments in the project.

Fascination for the metaverse

The growing fascination for the metaverse has had a positive impact on the price of the MANA token. In the wake of the Covid-19 pandemic, many people have spent more time in virtual worlds, which increased interest in projects like Decentraland. The increasing demand for digital goods and virtual land has boosted the price of MANA. Several large companies such as Facebook (now Meta) and Nvidia have announced plans to invest heavily in the metaverse, which further increases interest in this technology. These developments could also  positively affect the growth of Decentraland and therefore the value of the MANA token in the long term.

Legal and economic influence on the crypto industry

The crypto industry – and thus the MANA course – is influenced by many factors, including laws and the economy. The regulation of cryptocurrencies varies by country and can have a significant impact on price development. Wider influences such as inflation, economic cycles and global uncertainties can also impact the value of cryptocurrencies. In addition, developments in technology and the acceptance of cryptocurrencies can have effects on the market.

Partnerships and events

In the past, partnerships and events have had a positive impact on the MANA price by increasing the public's interest in Decentraland as well as the MANA token. An example of this is the collaboration between Atari and Decentraland. Atari introduced a series of retro games in Decentraland, which led to a rise in the MANA price as players needed MANA tokens to play the Atari games within the virtual world. Another example is the collaboration between Nike and RTFKT, where users could buy virtual sneakers on the Decentraland platform. This collaboration also led to a rise in the MANA price, as there was high demand for these sneakers.

Frequently asked questions about Decentraland (MANA)

Let’s explore some common questions about Decentraland and  MANA tokens.

  • Where can you buy MANA tokens?

    Investors have various trading options for MANA, including brokers, crypto exchanges and derivatives. You can either buy Decentraland tokens directly or invest in financial products that are based on MANA. MANA-based financial products such as certificates and ETFs are subject to price fluctuations that are oriented towards the MANA course. With Bitpanda, purchasing MANA is simple and convenient.

  • Can you mine MANA tokens?

    No, MANA tokens can't be mined because the Decentraland network is based on the Ethereum blockchain. The tokens were issued during the Initial Coin Offering (ICO) and have since been available via crypto exchanges or other trading platforms. MANA is also not earned through staking, but serves as a utility token to acquire and trade virtual assets in the Decentraland metaverse.

  • How do I tax MANA?

    No taxes need to be paid when buying MANA. However, taxes are incurred when selling MANA for a profit. The taxation of profits depends on the individual tax situation and the country of origin. To determine the exact tax costs, the use of tax tools like can be helpful. However, to ensure safe taxation, it's recommended to consult an experienced tax advisor.

  • Do I need a special Decentraland wallet?

    Yes, to store and manage MANA and LAND tokens, you need a special Decentraland wallet. Decentraland supports various types of wallets, including hardware-based wallets like Ledger or Trezor as well as software wallets like MetaMask or MyEtherWallet.

  • What are the advantages and disadvantages of Decentraland (MANA)?

    Decentraland offers many advantages such as high user-friendliness, fast transactions, and a wide range of applications in the gaming and entertainment industry. However, disadvantages include the high volatility of the MANA price and its dependency on the development of the Ethereum blockchain.

  • What is the forecast for the future MANA price?

    It's difficult to make an exact forecast for the Decentraland token in the future as the crypto market is highly volatile and unpredictable. However, as a leading cryptocurrency in the field of virtual reality, the MANA price certainly has potential for further growth.

    It's important to emphasise, though, that past chart data and related performance do not enable an accurate prediction for future price development.

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