Decentraland was launched in 2017 with the unique premise of offering users with an entirely virtual world that they can own, operate, and trade.
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Choose your quick section of our Decentraland review below.
A Quick Overview of our Decentraland Review:
Decentraland is based on innovative blockchain architecture that uses virtual reality (VR) along with open-source technologies that empower its users.
Decentraland Live Price
What is Decentraland?
Decentraland was launched in 2017 with the unique premise of offering users with an entirely virtual world that they can own, operate, and trade. Decentraland is based on innovative blockchain architecture that uses virtual reality (VR) along with open-source technologies that empower its users.
Key Features and Takeaways of Decentraland
Decentraland is one of the top 100 cryptocurrency projects and its native token, MANA, is one of the most popular cryptos in the industry. Decentraland has the following key features and takeaways:
Decentraland aims to recreate a free-market economy that is based in virtual space by using blockchain technology. For instance, It contains Decentral Games which is a metaverse casino, owned and monetised by its users.
Decentraland has avatars which can be customised, and users can choose between hundreds of free outfits as well as accessories. Every avatar is given a passcode which allows it to explore the world of virtual reality and to interact with other users through purchases and trades.
The passport of the avatar is connected to a cryptocurrency wallet; however, users cannot upload custom 3D models as avatars on Decentraland.
Users are also given the ability to build scenes and complete environments on Decentraland, with the platform offering users with a Scene Pool that contains various contributions from members.
The Decentraland marketplace offers users with a variety of different wearables (outfits) for avatars in addition to blocks of real estate.
At launch, tradable real estate was one of the primary use cases for Decentraland.
All the items featured on Decentraland are perishable and come with a pre-assigned expiry date.
Decentralised autonomous organisations (DAO) further reinforces the free-market structure that Decentraland is known for. It introduces a governance system which enables the community access to funding, grant proposals, and community voting.
Decentraland offers a fully virtual universe that makes it possible for users to create, inhabit, and earn VR assets along with services which are offered.
Decentraland also offers users with a variety of events including launch parties, casino nights, virtual gallery launches, and more.
Another unique feature of Decentraland is that it is a peer-to-peer (P2P) and scalable platform that uses multiple servers, making it the perfect solution for enterprise use.
Companies that want to simulate real-world communication dynamics in virtual space have access to in-game advertising, property allocation, monetising, and more, when they use Decentraland.
MANA, the native token for Decentraland, is used to buy LAND for community parcels, or they can be used in the Genesis City auction. Plans are that MANA can be used to buy land either directly from Decentraland or from other users in addition to making real-world purchases.
The game world of Decentraland is divided into 90 000 units of LAND, which was purchases when they were auctioned off at launch. However, it can be bought and sold in the marketplace.
When users purchase LAND, they are purchasing a non-fungible token (NFT) that goes directly to their cryptocurrency wallet. This token grants the user with ownership to their LAND parcel, which is like a deed. The game can read the tokens that the user has in their wallet and therefore knows what the user owns.
The price on LAND will depend on the size and where it is positioned in Decentraland.
The platform also features a web-based Builder tool that has a variety of Asset Packs that users can use to construct items for their plots.
Decentraland Mining
Decentraland’s native token, MANA, cannot be mined. MANA can be purchased or traded on a variety of cryptocurrency exchange trading platforms such as Binance, Gate.io, and several others.
Pros and Cons
| ✔️Pros | ❌Cons |
|---|---|
| Decentraland’s community governance is backed by the Security Advisory Board (SAB) | There is a great lack in engaging content |
| There is the option for auctioning of NFTs and selling of LAND for MANA | Lack of variation in the terrain in Decentraland |
| There are several use cases for Decentraland tokens | Users do not come across others and when they do, there is no interaction |
| There are constant upgrades to ensure that new features are being introduced to the protocol | Risk of exploitation as result of the risk of cyberattacks |
Transaction Fees
| Type of Fee | Information |
|---|---|
| LAND bid start | From 8 500 MANA |
| Withdrawal Fees | 8.3 MANA |
Should you buy Decentraland?
Virtual Reality may not be an entirely new concept and it is growing in popularity, especially in gaming on blockchain. Decentraland may become more valuable in future and the ability that it has in combining VR with cryptography makes it unique, providing it with a significant amount of uses in a decentralised virtual reality, without the limits that a controlling organisation can put in place.
Decentralise aims to grant developers and users with more freedom to try out new ideas and it could see substantial growth in offering entertainment to users, while simultaneously allowing owners of LAND to make a profit without intermediaries.
However, despite its use cases, investors must ensure that they are familiar with the risks involved with Decentraland including the risk of exploitation, associated with cyberattacks that frequently increase, resulting in the loss of millions.
Another risk to consider is that of regulation, with regulatory entities that can impose strict regulations on cryptocurrencies at any given time, limiting the ability that users have in accessing the Ethereum blockchain as well as Decentraland.
How to buy Decentraland (MANA)
Step 1 – Register an account with Gate.io
Navigate to the official Gate.io website and select the option to “Sign Up” from the homepage.
Complete the online registration form by providing country/region, a selected username, email address, and user-selected password. Read and accept the User Agreement and Privacy and select “Next”.
Create a fund password and select “Create Account”. Complete the “I am not a robot” reCAPTCHA. Check your email inbox for the activation email and click on the link in the email. If the link does not work, you can copy and paste the URL into your browser.
Log into your account using your credentials and complete the reCAPTCHA.
Check your email again for the verification email that contains the 6-digit code and click on “Confirm”. Enter the code that you received into the blocks provided and select “Log In” to proceed.
Before you can use the platform to purchase Decentraland/MANA and other cryptocurrencies on Gate.io, you must complete the “Know Your Client” or KYC procedure to verify your identity and your proof of residence.
Click on “KYC Now” at the bottom of the webpage to start the process.
Select whether you are an individual or an organisation by selecting “Verify Now” under the relevant option.
Select your country from the dropdown list, enter your full name followed by confirmation thereof. Select your ID document type and provide your ID Number as shown on your official ID Document.
Click on the first image to upload a clear photo of the front of your ID document followed by a clear photo of the back of the document.
Next, write your Gate.io unique ID on a piece of paper and take a photo of yourself holding up your identity document (front) and the paper containing your unique ID.
Once you have done this, click on “Confirm and Submit”.
Next, you must enable the Timed One-Time Password (TOTP) to be able to log into your account. This can be done by clicking on “Set Now” at the bottom of the page.
On the new page that loads, select “Click here” to set up Two-factor Authentication.
Download Google Authenticator onto your mobile device by making use of any of the abovementioned methods.
Follow the steps indicated to add your Gate.io account by scanning the QR code or entering your unique key.
Enter the TOTP, your fund password, and the code sent to your email address and select “Enable Two-factor Authentication”. With this setup, you must use the Google Authenticator app to sign into your account every time.
Step 2 – Deposit funds
You must note that Gate.io is only a crypto-to-crypto exchange which means there is no fiat gateway. The only way through which funds can be added, is to transfer an existing crypto into your Gate.io wallet.
MANA can only be bought through Tether/USDT or Bitcoin/BTC while it can be traded with USD as a futures contract.
Navigate to the deposit/withdrawal section by hovering over your account and selecting the relevant option. Choose from the list of coins in which you can make a deposit and select “deposit” next to the appropriate coin.
You will be redirected to a page which generates a deposit address for the coin that you wish to deposit.
Copy this address, or scan the QR code, into the wallet where you are making a withdrawal from and depositing to Gate.io and wait for the relevant blockchain to confirm your transaction. Once the transaction has been completed and verified by the nodes on the chain, the coins will be sent to the Gate.io wallet and you can start trading MANA.
Step 3 – Explore your trading options
Gate.io offers a variety of ways through which cryptocurrencies can be obtained. Each of these can be explored individually depending on your trading needs and objectives.
To start trading MANA, select the option from the “Trade” Menu. Enter “MANA” into the search bar to see which trading options are available.
For spot trading, for instance and as an example, select MANA_USDT or MANA_ETH. Once you have selected, you will be directed to the exchange page which corresponds to the cryptocurrency pair MANA/USDT or MANA/ETH.
Here, you will see that you have the option to buy or sell MANA either as a limit order, grid trading, or as a time condition. The most common trading method is that of limit trading and thus it will be used for this guide.
Step 3 – Buy MANA through via Limit Order
To buy MANA and create a limit order for it, you can enter the amount of MANA you want to purchase, and the price you want to buy it at in USDT. This tool will tell you what the overall cost is in USDT, or any other chosen counter-currency, which will be deducted from your wallet once the order has been executed.
Step 4 – Sell MANA through via Limit Order
To sell MANA, find the panel under the chart and create a limit order for USDT according to your own preferences. Note that with a peg to USD, MANA that you exchange for USDT will hold the flat value that it has despite market conditions in the cryptocurrency market.
Step 5 – Withdraw funds
To withdraw funds, you will use the same page in Gate.io which was used to make a deposit.
Click on the deposit/withdrawal option on your Account dropdown and find the wallet of the currency that you wish to withdraw. You can do this easily by using the search bar provided.
Instead of a deposit address being generated, you will do this on the exchange, or the wallet being used as the destination for withdrawal of funds from Gate.io. Paste the address of the receiving wallet in the field provided and provide your Gate.io fund password, email code, and TOTP before selecting “Submit Request”.
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Frequently Asked Questions
When was Decentraland first launched?
Decentraland was first launched in 2017.
Who founded Decentraland?
Decentraland was founded by Ari Meilich and Esteban Ordano.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was Decentraland’s ICO and how much did it raise?
Decentraland held an ICO in August 2017, raising 340 million ZAR.
Is Decentraland legit?
Yes, Decentraland is legit.
What is Decentraland’s total supply?
The supply of MANA was fixed at 2.6 billion, however, as it is used to buy LAND, MANA is burned, which results in the supply decreasing over time.
What is the purpose of Decentraland?
It allows for the creation of an economy with token-based transactions to either buy or sell LAND in a virtual world.
On which blockchain is Decentraland based?
Decentraland is based on the Ethereum blockchain.
Does Decentraland work with smart contracts?
Yes. LAND in the virtual world is a NFT which is maintained by Ethereum smart contracts.
Does Decentraland have potential to become more valuable?
As VR increases in popularity along with NFT, Decentraland has the potential to become more valuable.
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