What is Decentraland (MANA) Increasing by 100% in 24 Hours? What Does It Do?

Decentraland (MANA) allows users to create, experience and monetize content and applications. It is powered by the Ethereum blockchain. Decentraland, the world’s first decentralized virtual reality platform, one of its main features is the ability to buy land and build on it in virtual reality.

Launched after the initial coin offering (ICO) of $24 million in 2017, Decentraland launched its closed beta in 2019 and went public in February 2020. The platform was implemented in partnership with Ariel Meilich and Esteban Ordano, who are known for their touches on Blockchain projects. While Meilich took care of the content and design of the platform, Ordano worked on its technological infrastructure.

According to CoinGecko data, Decentraland (MANA) has risen by 100% in the last 24 hours, trading at $3.23. Decentraland has a circulating supply of 1,327,372,145, with a market cap of $4,396.598,482.

Decentraland uses two separate tokens. These are known as MANA and LAND. MANA is an ERC-20 token that must be burned to receive non-tradable ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names and more in the Decentraland marketplace.

What Makes Decentraland Different From Others?

The game world of Decentraland is called the “Metaverse”, designed for content creators, businesses and individuals looking for a new artistic medium, business opportunity or source of entertainment. It is divided into a total of 90,601 individual LAND parcels, each represented by an ERC-721 non-tradable token. Each LAND is exactly 16m x 16m and can be found at a specific coordinate in the Metaverse.

While they are free to develop their plots as they wish, the LAND owners’ Metaverse is divided into several zones, each with a different dimension and theme. These counties were created through individual crowdsales for MANA tokens and LAND parcels in these counties are not tradable. As of January 2021, the cyberpunk-themed Aetheria is known as the largest region with a total of 8,088 LANDs.

It is one of the projects that uses the Decentralized Autonomous Organization structure for management decisions, such as a growing number of projects. With Decentraland, MANA token holders control the behavior of this world by recommending and voting on policy updates, features of upcoming LAND auctions, and content types allowed with Metaverse.

In addition to being a creative outlet, many Decentraland users currently monetize their LANDs through rentals, advertising and paid experiences. Likewise, other users generate income by creating and selling products for MANA tokens on the Decentraland market.

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