Blockchain technology has sparked quite a fuzz in the past months, being mentioned in the mainstream media numerous times. This is mainly because of its ability to provide a solution for nearly every problem posed. Lately, blockchain technology has touched upon the world of gaming.
Most games are centralized, and because of that, the community has nearly no say in the future developments of the game. Since there is one central authority, you may get kicked or even banned from different servers, resulting in you losing whatever you have achieved on that specific server. Worst case scenario, the server you spend most of your time in may close down, which would, again, result in you losing everything.
Throughout this article, we will talk about a project that involves both of the above-mentioned industries – gaming and blockchain. This blockchain-powered virtual world is known as Decentraland. Furthermore, we will do our best to explain Decentraland, how it works, what currency it uses, and what makes it unique.
Decentraland (MANA) Fundamental Analysis
Decentraland was created in 2017 by Esteban Ordano and Ari Meilich; however, the project was not officially launched until February 2020. Decentraland’s name is pretty self-explanatory, “decentra” as in decentralized, and “land” as in land, obviously. In more simple terms, the name suggests that Decentraland is a decentralized virtual world, meaning that the land of this world is permanently owned by the community. Each piece of land – also known as a parcel – is represented by (X, Y) coordinates on the map and by a LAND token on the Ethereum blockchain. On this decentralized virtual reality platform, users can experience, create, and even monetize their assets on the platform without a central authority monitoring their every move. This virtual world is aiming to build its economy and architecture as more individuals join in. This project is built on the Ethereum blockchain and utilizes two native tokens – MANA and LAND. To wrap it up, the platform is run by the community through an organization known as DAO.
There are three main layers to the Decentraland protocol:
- Consensus Layer
This is the layer where the system tracks the ownership of the land and its contents. In other words, this is where land ownership is established and where the content inland is referenced by a hash of the file’s content.
- Land Content Layer
In this layer, the downloading of assets using a decentralized system occurs. The file that is downloaded holds a detailed description of the textures, objects, sounds, and other elements that are necessary for a scene to be rendered.
- Real-Time Layer
The last layer is the one that connects everything, allowing users’ world viewers to interact with each other. This is where the Decentraland user, their nearby users, and P2P servers all connect using peer-to-peer connections – with the assistance of servers hosted by users who own land.
There are numerous use cases for this platform. First off, the scripting language of Decentraland allows developers to develop all kinds of games, applications, gambling systems, and 3D scenes that are pleasant to the eye. Secondly, everyone is eligible to advertise whatever they want; it does not matter if you are an individual or a business. Many people or companies are allowed to use billboards throughout the map to advertise their products or services. However, of course, the higher the traffic near the billboard, the higher the price you will have to pay. Moving on, users can publish, distribute, and collect rare digital collectibles. This will also be done by using the non-fungibility feature. Last but not least, we have the social benefits that this platform brings. Just as in every game, there are numerous online forums and chat groups dedicated to Decentraland, in which people tend to socialize and connect.
— LAND Bot (@dclandbot) March 14, 2021
What is MANA?
MANA is a native token to the Decentraland platform, and because Decentraland is built on the Ethereum blockchain, MANA is an ERC-20 token. The main purpose of MANA is to serve as an in-game currency to pay for goods and services in Decentraland. Furthermore, MANA can be traded even outside of the Decentraland platform, just like most cryptocurrencies. To store your MANA tokens, you need some type of wallet.
What is LAND?
LAND is also a native token to the Decentraland platform, however, unlike MANA, LAND is an ERC-721 token – making it a non-fungible token (NFT). One LAND represents ownership of virtual land in the Decentraland platform. Since LAND is non-fungible, one LAND cannot be traded for another LAND. Moreover, every unclaimed LAND is available for purchase at a fixed rate of 1 LAND per 1000 MANA. Nevertheless, parcels can be traded for prices other than that of 1000 MANA.
What is the Decentraland DAO?
The term DAO is short for a fully functional “Decentralized Autonomous Organization”. So, in Decentraland, DAO owns the most important elements on the platform, ranging from important smart contracts to other assets like LAND or Estate contracts that make up Decentraland. This includes the community voting power, which is done through MANA or LAND tokens. However, in order to be eligible to vote, you have to wrap your MANA, which would result in getting WMANA in return.
Decentraland (MANA) Price Analysis
As we mentioned before, Decentraland was created in 2017. According to Coinmarketcap, by the time Decentraland hit the market, it had a price of $0.02 and a 24-hour trading volume way under $1 million. The token experienced small price movements from September to December 2017, hitting a low of $0.007 and a high of only $0.024. During December, MANA experienced massive price movements, skyrocketing to $0.12 by the 13th of December. Moving on, the token concluded the year 2017 with a price of $0.10.
Yet, the growth the coin experienced during December 2017 was just the start of a higher spike that was about to be reached in January. The coin’s first bull run lead to the coin reaching $0.23 on the 8th of January. However, the coin fell back to the price of $0.09 only after one week and continued its downtrend until the end of April, concluding it with a price of $0.06. The year 2018 is characterized by bigger price movements for this cryptocurrency. MANA ended the year 2018 with a price of $0.04.
In 2019, MANA officially entered a bear market, experiencing smaller price movements than usual, with most of these price movements signalizing a drop in the trading value of MANA. However, MANA started the year 2019 with a price of $0.046 and ended it with a price of $0.031, experiencing a drop of only 31% on its price. MANA continued to experience small price movements throughout the year 2020 as well. Nonetheless, everything changed during August 2020, the month during which the coin experienced an increase of 145% in a matter of days. This indicated the beginning of another bull run for the coin.
By the 21st of February 2021, the coin had already set a new all-time high by hitting the price of $0.313. Its price fell to $0.23 shortly after, but this small dip was followed by the highest spike this cryptocurrency has ever experienced. On the 14th of March, MANA officially surpassed the $1 milestone by reaching a price of $1.02. Only one month after, on April 17th, MANA set its current all-time high by achieving a trading value of $1.63.
At the time of writing, MANA is trading at a price of $0.56 with a 24-hour trading volume of $70 million and a market capitalization of $957 million. It has a maximum supply of 2.19 billion, 1.69 billion of which are in circulation.
Decentraland (MANA) Market Price Prediction
Decentraland is still a project in its early stages, and because virtual reality has a long way to go before reaching its true potential, so does Decentraland. Even though this project has some major competition like Upland, its future is promising. If the team behind Decentraland manages to beat its competition, they would possibly boost this cryptocurrency to new heights.
There has been quite a big fuzz around Decentraland from the day this project was officially launched, with major mainstream media platforms even making short stories regarding it. The best example would be a video published by BBC Stories on which many investors and specialized people talk about the basics of Decentraland. This helped spread the word and reach new potential users for the platform.
There are many websites and experts doing predictions regarding the MANA token. One of these forecasts is that of WalletInvestor. According to them, MANA might be trading at a price of $1.46 exactly one year from the time of writing. Moreover, they predict that it is possible for MANA to surpass its current all-time high by the time it enters August next year.
On a bullish note, WalletInvestor claims that Decentraland may also surpass the $2 milestone by the end of 2022. As for the long term, WalletInvestor states that this cryptocurrency is likely to surpass the $5 milestone by the end of the year 2025. After exactly five years, MANA may have a trading value between $4.87-$5.98.
Another bullish prediction regarding MANA is that of CoinQuora which suggests that the coin may reach above $2.9 sometime during 2021. Moreover, they claim that if major investors decide that MANA is a good investment in 2021, this cryptocurrency may even reach a trading value of $4 per token during this year. They continue by claiming that MANA has a chance of potentially reaching and surpassing the $10 milestone in the near future.
One cryptocurrency Youtuber known as Top Coin claims that MANA is projected to reach a market capitalization of $10 billion by the end of this year, giving this cryptocurrency a possible price of just under $7.5.
Our Decentraland (MANA) Prediction
As for us at Crypto Academy, we believe in serious and credible projects; therefore, we believe in Decentraland as well. As long as the team behind this project focuses on outperforming the competition and constantly improve their platform, we believe that MANA is likely to move forward.
Decentraland (MANA) Price Prediction 2021
Our research shows that MANA is likely to reach its current all-time high again before September. We believe that the coin might start to experience smaller price movements after reaching its current all-time high. This year’s journey might end with MANA trading at a price right above the price of $1.80.
Decentraland (MANA) Price Prediction 2022
Moving on, the year 2022 may prove to be a slow year for Decentraland. This is because most people slowly lose interest in the market after a bull run is over. This year may serve as a good year for this cryptocurrency to recover and get back on track. We think that MANA may conclude the year 2022 with a potential price of $2.03.
Decentraland (MANA) Price Prediction 2023
As for 2023, the same can be said. This cryptocurrency is likely to continue its small price movements throughout this year too. This is a consequence of people losing interest in the cryptocurrency industry as a whole. Yet, our analysis shows us that MANA is likely to end the year with a price of $2.42, experiencing a yearly price increase of 19%.
Decentraland (MANA) Price Prediction 2024
The year 2024 is believed to be the year where Decentraland, together with nearly every other cryptocurrency, might start to see bigger positive price movements. As we move on towards the end of 2024, the price of MANA may continue to increase more rapidly, potentially hitting the price of $3.05 by the end of it.
Decentraland (MANA) Price Prediction 2025
This is believed to be the year when Decentraland might blow up and skyrocket like never before. By May 2025, we think that the price of MANA might reach prices as high as $6. Moreover, our analysis shows that this cryptocurrency may end the year with a price between $6-$8. This insanely huge price increase is believed to occur after the Bitcoin halving event scheduled for 2024.
Decentraland (MANA) Price Prediction 2026
Decentraland is one of the few cryptocurrencies that are on the right track to success. The more successful their platform is, the better the performance of MANA on the open market. On a bullish note, this year might be the year during which MANA surpasses the $10 milestone; while on a bearish note, we believe that 2026 may be concluded with MANA trading for $10.58.
How To Buy Decentraland (MANA)?
- First off, open an account on an exchange that lists the MANA cryptocurrency. Exchanges that you could use are Binance or Kraken.
- Complete the procedures required to start trading freely. We highly suggest verifying your account before depositing any amount – especially when using Binance.
- Locate the market pair that suits you.
- Choose your payment method.
- Either deposit fiat money on your account or buy MANA directly using your debit/credit card.
- Enter the preferred amount of MANA and click “BUY”.
Frequently Asked Questions
Where to buy Decentraland (MANA)?
Will Decentraland (MANA) ever hit $10?
According to our research and analysis, hitting $10 might not be that big of a problem for MANA. Yet, for MANA to hit $10 per token, it would need a market cap of roughly $16 billion. So, for this big pump to occur, MANA has to out-perform its competition and attract more users.
Is it still worth investing in Decentraland (MANA) in 2021?
According to many websites and cryptocurrency experts, investing in MANA today might leave you with enormous gains during the past year. However, never invest without doing your own research regarding the cryptocurrency of your interest.
- Decentraland (MANA) is a very good example of how blockchain technology can improve the gaming industry.
- Decentraland protocol has three layers: the Consensus layer, the Land Content layer, and the Real-time layer.
- This platform has two native tokens: MANA and LAND.
- MANA has a maximum supply of 2.19 billion, 1.69 billion of which are in circulation.
- An Estate worth more than $100k has been sold in March.
- This has been the greatest year MANA has experienced by far. From the beginning of the year until April, MANA went through a 2222% increase in price.
- You can store your MANA on cold or hot wallets. If you are planning to constantly use the MANA on the platform, use Metamask or Trustwallet to hold onto what you own. If you want to HODL you MANA, it is better to use a cold wallet like Ledger.
- According to us at Crypto Academy, MANA is a very solid project with real goals and a real function and this gives it the potential to be a very profitable long-term investment.