Decentraland Review: All You Need To Know

decentraland review

Decentraland Review: All You Need To Know

The news of a virtual world is no longer a secret especially with all the technological advancements we’ve seen in recent times. As the day goes by, we see advancements that tend to improve the living standards of everyone in the world. These advancements are targeted at getting everyone to a place where the real world and the virtual world coexist.

This review will give you proper insight into the virtual world called Decentraland. If you have heard of this virtual world before and probably have no idea what it’s about, then sit tight and have a good read.

 

What Is Decentraland?

Hearing the word Decentraland may bring to mind decentralized finance (DeFi). Now if DeFi comes to mind, you are in place since you understand what digital assets are. Just as decentralized finance handles financial matters away from the physical procedures, decentraland is quite away from the real world.

DECENTRALAND is a virtual world. This virtual world is made up of over 90,601 land spaces (parcels of land). At first, it was just a wide, open grid. As time passed, together with technological advancements, the once wide-open grid has become a virtual world with proper 3D (three-dimensional) experience. In comparison to reality, our physical (tangible) world was once an empty open space with no buildings, roads, and all other structures currently present.

It took a while, coupled with lots of development and advancements as well to make our world what it is today. The development of our world happened as people, companies, and organizations bought parcels of land and began erecting building structures on them. In like manner, people can buy parcels of land on Decentraland and then begin erecting structures with items purchased in decentraland. These things that are purchased and used for decorating their land spaces are in the form of Non Fungible Tokens (NFTs).

Decentraland was founded in the year 2015 by Ariel Meilich ( a Fintech expert from Argentina) and Esteban Ordano (a blockchain expert). With the growth of virtual reality, the two friends were concerned that there was only one company dominating the virtual space. They decided to create decentraland to help that company with the control of virtual space reality.

We know virtual reality space is growing, Decentraland is one way to help govern the growth and improvements, advancements happening in this space. The totality of all that has been said is the fact that Decentraland is a system in virtual space that allows people to buy parcels of land and decorate, erect structures which are also known as NFTs. The cryptocurrency that runs the Decentraland system is known as MANA.

To tell you how much of the advancements that have been made since the inception of Decentraland, just a few months ago in June, Sotheby’s (a London based auction house) was able to purchase a parcel of land on which they created a virtual, digital copy of their New York Bond Street headquarters.

This replica was created as a virtual gallery on Decentraland where they show/display digital arts. The New York-based digital real estate investment company wasn’t left out as they purchased parcels of land worth the equivalent of $913, 228. These parcels of land purchased on Decentraland will be turned into a virtual shopping district which is said to be styled after the Tokyo shopping district called Harajuku. This virtual shopping district will be called Metajuku, also named after the Tokyo shopping district.

 

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Top Features Of Decentraland

As we have earlier stated, Decentraland comprises vast parcels of land which exist in a three-dimensional platform in virtual reality. On these parcels of land, structures are erected, decorations are made to personal spaces with NFTs.

The Decentraland system allows users, owners of parcels of land to have full ownership, governance of their assets, properties in this virtual space. This virtual space (Decentraland) runs on the Ethereum blockchain ( it is eth blockchain-based). Because the assets are NFTs, changes in the Decentraland space are made using blockchain-based smart contracts.

As a way to make money off Decentraland, users, owners of parcels of lands, structures are allowed to sell their assets, create a business that allows them to earn money from other users of the Decentraland space. This tells you that the economy of the Decentraland space is controlled by the users.

One very notable feature of the Decentraland space is the fact that all the items found on the Decentraland space come with an expiry date. Just like in the real world, Decentraland offers its users opportunities to carry out virtual parties, virtual launches, and lots more

MANA is the native currency of the Decentraland space. MANA is the only currency allowed and is used for buying and selling items on the Decentraland space. The prices of the land spaces in Decentraland are dependent on the size and its position in Decentraland.

Decentraland Mining

Quick question – can Decentraland be mined? We will answer this question with all the knowledge we already have and will get. But what do you think? Can this awesome but costly virtual space be gotten for free? Let’s find out.

Kindly bear in mind that when we talk about mining Decentraland, we are talking about mining the native currency MANA.

So yes, Decentraland mining is possible. Users of Decentraland can mine MANA on their laptops. Let’s go straight into the mining. If you would mine any digital currency at any time, you must have a wallet where you can store your assets. For MANA, you should get an ERC20 wallet.

After which, get your wallet address through which your coins will be sent to your wallet. The next step will be to get a mining software like Unmineable  Miner. This mining software will allow you to obtain MANA for free after doing a few things.

Your next step? Run the Unmineable Miner software as administrator on your laptop, this will take you to another window which will request for your Decentraland MANA address and a referral code if you have one. After inputting the details, click on the start mining option and it will open another window that will display some zeros. This will begin reading from the last zero.

How To Buy Decentraland Mana

Even though we have a lot of platforms where we can acquire digital assets, you cannot get  MANA on all these platforms. I’ll show you the platforms where you can buy MANA.

One platform where you are sure to get Decentraland MANA is Binance. Here are the steps to buying  MANA on Binance using Bitcoin. Follow the prompts and steps you would be shown on Binance to open an account on the platform.

After the first step of opening an account on Binance, the next step is to purchase Bitcoin which you will later exchange for Decentraland MANA.

After the purchase of Bitcoin, trade the bitcoin for  MANA. This can also be done using USDT, BUSD, BNB, etc.

Another platform where you can buy  MANA is ok CEX.io

Where To Buy Decentraland Mana?

As we earlier said there are platforms where you can buy  MANA. One such platform is Binance, Cex.io, Kraken, Gate.io, Voyaga. These are the topmost platforms that you can easily buy  MANA from.

MANA Price Predictions

From the inception of  MANA, analysts saw and predicted a win-win for  MANA. The predictions for MANA show that it is on the rise and will remain so until it hits an all-time high just like Bitcoin. At the moment, there are over 1.8 billion  MANA in circulation with a total supply of about 2.1 billion  MANA.  Even though the cryptocurrency market is highly volatile, proper study and analysis of the  MANA show a lot of hope.

According to analysis, Decentraland aims at facilitating major METAVERSE projects. Earlier on we stated that on Decentraland you can buy land spaces and develop these spaces to your taste. In the virtual world right now MANA is gaining ground as it is the only currency in the virtual world that allows you to own a parcel, parcels of land in the virtual world.

Let’s hear from some market analysts.  MANA will hit $7 and above in five years according to Wallterinvestor.com while digitalcoinprice.com states that  MANA will hit $4.63 at the end of this year and rise to $8 and above by the end of 2025. Coinforecast.com has the highest predictions for the price of  MANA as it predicts that  MANA will hit $14 by the end of this year while price prediction.net says that  MANA will keep rising and hit about $83 in the next ten years.

Conclusion

The virtual world is a goal and is growing fast. Decentraland is one virtual space that is set to blow your mind. The predictions show that MANA will hit an all-time high soon. Amazingly more people are getting aware of virtual space, more investments are going on, so it’s major proof that no matter how the dip gets, the project will be standing tall.

The virtual world is an interesting space, getting a parcel of land on Decentraland won’t be a bad investment for the future if you know what I mean. If you’re reading this and smiling, then you get the point. This is one huge investment you can make which will get you a good profit in no time. Price predictions show that  MANA is going to keep gaining more ground as it is aimed at facilitating METAVERSE projects.

 

 

 

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