How To Buy Decentraland (MANA)?
A common question you often see on social media from crypto beginners is “Where can I buy Decentraland?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Thanks to its massive popularity, you can now buy Decentraland on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.
Step 1: Create an account on an exchange that supports Decentraland (MANA)
First, you will need to open an account on a cryptocurrency exchange that supports Decentraland (MANA).
We recommend the following based on functionality, reputation, security, support and fees:
Fees (Maker/Taker) 0.1%*-0.1%*
Available for Trade 400+
15% reduced trading fees & up to $30,000 sign-up bonus*
Europe, Asia, Oceania, Africa
Fees (Maker/Taker) 0.075%*-0.1%*
Available for Trade 500+
10% reduced trading fees*
Europe, Asia, Oceania, Africa
In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.
Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.
Step 2: Deposit funds into your account
Many cryptocurrency exchanges will allow you to purchase Decentraland (MANA) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.
Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.
Step 3: Buy Decentraland (MANA)
This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Decentraland (MANA) or Decentraland (MANA) trading pairs. Look for the section that will allow you to buy Decentraland (MANA), and enter the amount of the cryptocurrency that you want to spend for Decentraland (MANA) or the amount of fiat currency that you want to spend towards buying Decentraland (MANA). The exchange will then calculate the equivalent amount of Decentraland (MANA) based on the current market rate.
Note: Make sure to always double-check your transaction details, such as the amount of Decentraland (MANA) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.
For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out.
What Is Decentraland (MANA)?
Decentraland (MANA) defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetize content and applications.
In this virtual world, users purchase plots of land that they can later navigate, build upon and monetize.
If you’ve ever played Second Life and traded cryptocurrency, then you might be interested in Decentraland. From its beginnings in 2016, the platform has developed from a basic 2D experiment into a large 3D world.
How does Decentraland work?
Decentraland is an online space combining virtual reality with blockchain technology. Unlike most online games, players have direct control over the rules of the online world. The DAO allows token holders to vote directly on in-game and organizational policies. This mechanism affects everything, from the types of items allowed to investments for the DAO’s treasury.
Non-fungible tokens represent in-game collectibles, including clothes, items, and the game’s virtual real estate, LAND. Users store these tokens in their crypto wallets and sell them to other users on the Decentraland Marketplace. To buy yourself a new facemask, for example, you’ll need to get your hands on some MANA, Decentraland’s native cryptocurrency.
Besides trading items and property, players can fill their personal space with games, activities, and artwork for others to interact with. There’s also the option of monetizing your LAND. It’s totally up to each player to decide what to do with their plot.
Decentraland has a lot of use cases, including advertising and content curation. But for new players looking to get started with NFTs, the barriers to entry are high. Ethereum gas fees make purchasing some cosmetic items almost twice the price. Land prices also run into the thousands of dollars, making ownership too expensive for some players.
What are LAND and MANA?
As mentioned, MANA is Decentraland’s native cryptocurrency. It not only functions as a digital currency but also provides each MANA holder with voting power in the Decentraland DAO.
To take part in the DAO’s governance, users convert their MANA into wrapped MANA (wMANA) and lock it in the DAO. Each wMANA represents one vote in governance proposals. You can get MANA on exchanges or by selling collectible items on the Decentraland Marketplace. The DAO also has its own MANA treasury to fund its decisions and operations.
LAND is a non-fungible token that represents the plots of land owned by players in the community. Similar to MANA, it also provides voting power as part of Decentraland’s governance protocol.
However, LAND doesn’t need to be locked up in the DAO and provides two thousand votes per LAND token. Players with numerous plots can tie them together into a single Estate token, with voting power equal to the plots contained.
What is the Decentraland DAO?
One of the interesting aspects of Decentraland is its focus on decentralization. As we’ve discussed, the community of players controls the land, digital assets, and developments of Decentraland.
Decentraland use cases
As with most games containing blockchain economies, there is the chance to make yourself some money. Speculation is common, with some pieces of in-demand LAND going for vast sums of money.
Decentraland development updates in 2023
Decentraland (MANA) has announced a series of exciting developments in 2023, positioning it as a dynamic and evolving virtual world. Here’s an overview of the most significant updates:
New Engines and Branches: By the end of 2023, Decentraland plans to formalize its protocol to accommodate alternative versions, possibly integrating new engines like Godot and Unreal Engine 5.
Performance Updates: The introduction of new cache/data flow systems in SDK 7 will improve scene rendering, providing a smoother and more seamless open-world experience with larger render-distances.
Rise of the DAO: Decentraland’s DAO (Decentralized Autonomous Organization) is expected to significantly increase its activity and influence in decentralized decision-making in 2023.
Immersive In-World Marketplace: A plan to virtualize all of Decentraland’s dApps and integrate them into Genesis City is underway, with expected completion by mid-2023.
Public Land DAO Strategy: There’s an ongoing development of a governance framework for the use of public land in Genesis City, aiming to bring life to Plazas and Roads by the end of 2023.
Metaverse Music Festival and Events: Decentraland plans to host and organize various events, including the Metaverse Music Festival and events by MetaTrekkers with artists from the music industry.
Mental Health in DCL: A pioneering Mental Health First-Aid experience is in development, focusing on groundbreaking updates throughout the year.
Dynamic Architecture and Music NFTs: Expect more immersive and reactive builds in 2023, along with the integration of music with NFTs.
Gaming Developments: Decentraland is set to enhance its gaming aspect, with updates in P2E racing games and RPGs like Dice Masters.
Map Updates and Wilderness P2E: The map of DCL is set to become more immersive, and RPG game Wilderness is expected to make significant strides with AI and Web3 integrations.
Self-Service Audio & Video Streaming: Solutions to streaming services issues are expected to be introduced in early 2023.
In-Person DAO Meetup and Side-Event Strategy: There are plans for the first in-person DAO Meetup and a strategy to have a presence at key conferences worldwide.
Retro 2D Client and Metaverse ATMs: A retro-style 2D client for Decentraland and the rollout of Metaverse ATMs are anticipated in 2023.
Reformed Grant System and Treasury Diversification: Expectations are set for a new grant system and steps towards asset diversification and revenue generation for the DAO’s treasury.
Decentraland Reporter and Operation Population: A focus on content creation in reporting and a plan for increasing the population and engagement within Decentraland.
2023 is dubbed as “The Year of Creators” in Decentraland, emphasizing the growth of its creator community. The platform aims to make content creation more accessible, provide better tools for creators, and introduce improvements for a more user-friendly experience. Additionally, there’s a focus on monetizing content, including payments in both MANA and FIAT currencies. These efforts aim to remove barriers to creativity and ensure that creators’ work is discoverable and easily monetized.
Official website: https://decentraland.org/
Best cryptocurrency wallet for Decentraland (MANA)
There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.
HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Decentraland (MANA)?
Deciding which type of wallet to use depends on a variety of factors, including:
- How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades.
- What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
- Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
- How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
- What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.
For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.
Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).
Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).
Coinmarketcap will be your cryptocurrency go-to for just about everything. Here you can see the following: