What is Decentraland (MANA) Crypto Currency?

MARKET HIGHLIGHTS

Currency in circulation: 1.6 Billion

Market Capitalization: $2.3 Billion 

Price per USD: $1.27 (19th April 2021)

OVERVIEW

Owning a piece of land has always been a matter of pride for human being for centuries. Land is seen as an asset that appreciates over time. Human being have gone as far as owning a piece of land on the moon, but what about owning a piece of land in the virtual world?

Some people might think of it as a senseless investment or some might see that as the future. That being said, the future is here, individuals can now own a piece of land in the virtual world through an Ethereum-based virtual world called 'Decentraland' 

Users in Decentraland's virtual world can buy and sell digital real estate while exploring, interacting and playing games within this virtual world. Its somewhat similar to the popular virtual world 'Second Life'.

Decentraland even has its own marketplace where users can buy and sell land & wearables amongst each others.

Operations of Decentraland are governed by two different tokens:

• LAND - A non-fungible token (NFT) used to define the ownership of land parcels representing digital real estate
• MANA - A cryptocurrency that facilitates purchases of LAND as well as virtual goods and services used in Decentraland

CRYPTOCURRENCY - MANA

MANA can be bought on cryptocurrency exchanges like BINANCE & Coinbase. As of 19th April 2021, MANA has been trading at US$1.27 per MANA with a 24 hour trading volume of US$404 Million. Currently there are 1.58 Billion MANA coins in circulation

FUTURE OF MANA

Coinquora predicts that MANA has a high possibility of surpassing $2.1 and can even reaching to $2.9 this year. 

Wallet Investor forecasts MANA to be at $1.988 for the year and $4.5 in five years time 

Fundamentally the future of MANA depends on the investments in the Decentraland virtual world, more investment would increase the demand for MANA which would in-turn cause the price to rise. It is also important to note that MANA is a non-minable coin which make the supply of MANA finite. 

Since its launch, there have been more than 50,000 secondary LAND sales in Decentraland totaling $30+ million. Today the total value of all the LAND is about $100 million and growing.

Given the growing interest in virtual world in recent times, there might be a possibility for the cryptocurrency to reach a high of US$10 per MANA in a few years time. Furthermore, it might also prove to be the best Cryptocurrency to invest in 2021.

Note: Price forecast are predicted using mathematical models and shouldn't be used for investment decisions.Trading decisions should not be based on the opinion in the article, investors should conduct their own due diligence before buying the cryptocurrency. This article is purely based on my own research and understanding of the cryptocurrency in the article.

If you liked my explanation of Decentraland, let me know in the comment which currency would you like to know about next.

HOW TO BUY CRYPTOCURRENCY/TOKEN

Buying a cryptocurrency/token has gotten really accessible to the general public. Its as simple as downloading the application on your phone, selecting the coin/token you are looking buy and place a buy order.

Binance is a the world's largest cryptocurrency trading application with a wide variety of cryptocurrencies to choose from. 

It is compatible with multiple devices and safe and convenient to trade using Binance.

Start your journey of being a cryptocurrency investor by registering with Binance today using the link below

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Happy Investing