What is Decentraland (MANA)? Should I invest in Decentraland following the Metaverse trend?

Real estate has long been a profitable investment channel favored by many people. However, not everyone can participate in this type of investment because of complicated legal procedures with high requirements.

Thanks to the rise of VR and AR, these new technologies have brought the virtual world closer to our physical world. The Decentraland project is developed to create a world where users can do everything with limited land, just like in real life. Each land in the game is a unique and high value NFT. For example, in June 2021, Decentraland sold $913,000 on 259 in-game lots to a virtual real estate developer. So what brings such high value to the land in the game? Let’s go with GTA to find out what Decentraland is and should invest in Dencentraland.

What is Decentraland?

Decentraland is a virtual reality (VR) platform developed on the Ethereum blockchain platform, allowing users to create a simulated economy based on tokens to own land in the virtual world with 3D interaction.

Decentraland offers players ownership of virtual real estate on the platform. When players buy land, they can do whatever they want with their land. Players can create, build to their liking and have full control over the land. Players can enter casinos, attend seminars, watch live music, go shopping with friends, visit underwater resorts, drive their dream car, start a business and more. so more. All actual activities will be experienced inside a 360 degree virtual world. In short, Decentraland is a parallel world to the one we live in, a “Matrix” world built on Blockchain and VR technology.

How does Decentraland work?

Decentraland is an online space that combines virtual reality with blockchain technology. Unlike most other online games, the player has direct control over the rules in this game. The DAO allows MANA token holders to vote directly on in-game policies. This mechanism affects everything from what types of items are allowed to invest to the DAO’s treasury.

NFT (Non-fungible Token) represents in-game collectibles; including clothing, virtual items and real estate, LAND. Users store these tokens in wallets and sell them to other users on Decentraland Marketplace. To buy a game item such as clothes, masks, etc., users will need to have some MANA – Decentraland’s original token to trade on the marketplace.

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Besides trading items and assets, players can participate in games, activities, and artwork, and interact with other players. In addition, players also have the option of making money from LAND. Each player is completely free to decide their own plot.

Gameplay

LAND is an NFT of Decentraland. Anyone can own LAND by purchasing it and have the right to do with that LAND depending on the needs of the user. Each LAND will have a coordinate address (x, y) and once the player owns the LAND, it will be worth forever unless the player sells it.

If a player uses MANA to buy LAND, they become a builder – someone who builds, adds scenes or entire environments to LAND. Players do not need to know how to code; Decentraland has a large amount of pre-built scenes that can be applied to any LAND for players to choose what they want. Thanks to Decentraland’s open source technology, it’s all contributed. There are thousands of scenes to choose from, ranging from the most basic sketches to fully developed forests, buildings, and even mansions.

Players can buy/sell anything on the marketplace, such as items for avatars or even LAND and Estates. Players can also go to the marketplace to buy names or buy a variety of wearable items for their characters.

Development roadmap of Decentraland

To create a more vivid, realistic world, Decentraland has been built according to the periods corresponding to the real world, including many different stages.

At the beginning of 2015, Decentraland with its virtual reality platform created the opportunity for users to generate income even beyond expectations. In June of the same year, Mana took its first steps by creating an algorithm to accept Bitcoin (BTC).

  • Bronze Age
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In 2017, the land at the Decentraland virtual reality platform took a new step forward when sketching the 3D space under the connection and support of Blockchain technology.

In Q4/2017, Mana Token with ERC20 technology allows users to receive parcels of LAND land and interact with other lands. Thanks to that, it becomes extremely easy to market the land according to the user’s wishes.

In 2018, Decetraland made a major turning point in its development journey. 3D virtual world with VR glasses, resonant physical law, added to Blockchain allows all communication to be very simple.

Development team

Ari Meilich and Esteban Ordano created Decentraland in 2015. The project started from a pixelated grid and distributed pixels to users through a proof-of-work algorithm. Decentraland has since evolved into a 3D world, open to players in February 2020 and overseen by the Decentraland Non-Profit Foundation.

Esteban Ordano – Advisor: He was the founder of Decentraland until April 2020.

Ari Meilich – Advisor: He was a former Project Manager at Decentraland. Currently, he is the founder of Big Time Studios – a new game company dedicated to creating online adventures through space and time.

Xiaolai Li – Advisor: He is the founder of INBlockchain Inc – a venture capital fund focusing on Blockchain Assets.

Justin Waldron – Advisor: Justin Waldron is Co-Founder & President of Playco and formerly Co-Founder/EVP of Zynga – the world’s largest mobile game company. Zynga IPO in 2011 with a valuation of $10 billion and over $1 billion in annual revenue.

Jake Brukhman – Advisor: Currently Jake is the Founder and CEO at CoinFund, a New York-based fund platform focused on investments in blockchain technology and cryptocurrencies.

Investors – Investors

According to information from Crunchbase, Decentraland has gone through 3 rounds of funding. At Venture Round, Digital Currency Group invested in the project for an undisclosed amount. The project then received $500K in Seed Round from Animoca Brands – A global developer leveraging popular brands, gamification, AI, blockchain and mobile technologies. This VR Blockchain Project Raised $25 Million in New Funds During the ICO; Some of the key investors include Fabric Venture, Genesis One Capital, Basic Labs and George Burke – COO at FounderPool.

Token Economics

Token distribution

  • Ticker: MANA
  • Contract: 0x0f5d2fb29fb7d3cfee444a200298f468908cc942
  • Decimals: 18
  • Blockchain: Ethereum
  • Standard Tokens: ERC-20
  • Token types: Utility Token, Governance
  • Total Supply: 2,194,090.627 MANA
  • Circulating Supply: 1,327,372,145 MANA

Token Utility

MANA is the utility token and “local currency” used in the game, playing a key role in Decentraland operations. The MANA token used in Decentraland is as follows:

  • In-game currency: MANA acts as an In-Game Currency in Decentraland. Players can use MANA to buy LAND, with the value of each LAND being 1,000 MANA at the time of ICO. This price may increase depending on the rarity of the land.
  • Governance: MANA holders have voting rights in the Decentraland DAO. To participate in DAO governance, users convert their MANA to wrapped MANA (wMANA) and lock it in the DAO. Each wMANA represents one vote on governance proposals. Players can buy MANA on exchanges or get it by selling collectibles on Decentraland Marketplace. The DAO also has its own MANA fund to fund its decisions and activities.
  • Discord: Decentraland – There are over 47,181 active members.
  • Medium: Decentraland – Last posts since 2018.
  • Reddit: Decentraland – Regularly posts updates on project progress and gameplay guides.
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Conclude

If you are a big fan of Minecraft, then Decentraland is for you. The biggest difference compared to games of the same genre is the Play-to-Earn mechanism, which makes playing games not only for entertainment but also for high profits. However, with the current trend of Game DeFi and Metaverse exploding, you should consider and learn carefully before participating to avoid losing money. Happy gaming guys!

Here is all the information GTA Research team researched the Decentraland (MANA) project and is not investment advice. Hope this article will help you get the necessary information and give your personal opinion about the project.

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