Besides cryptocurrency trading, blockchain technology facilitates the development of virtual worlds better known as metaverse. Over the past few years, several blockchain-powered metaverse platforms have been launched. Among them is Decentraland. In this guide, we will explore Decentraland and teach you how to purchase its native token, MANA.
Decentraland is an Ethereum-based virtual world that allows users to create and monetize digital assets. There are over 90,000 land parcels in this virtual world, each being an NFT. To buy land, you will need MANA. Once you own land, you can increase its value by creating 3D scenes using Decentraland’s Builder tool.
There are several things you can do on your land to earn money. For instance, you can host a casino game, sell virtual assets, or charge entry fees to those looking to explore your land.
Decentraland Tokens: ESTATE, LAND, and MANA
Besides MANA, there are two other tokens in the Decentraland metaverse. They include ESTATE AND LAND. These two are built using the ERC-721 standard, meaning they are NFTs. As for MANA, it is an ERC-20 token used to facilitate payments within Decentraland.
What Makes Decentraland Popular?
Unlike most traditional metaverse platforms, Decentraland allows users to retain ownership of the assets they purchase, which can be transferred to other platforms. Other reasons that make Decentraland popular include:
- It is governed by users, who influence its direction.
- Being an Ethereum-based project, Decentraland is considered secure and transparent.
- Decentraland offers a wide range of experiences, including e-commerce, social interactions, and gaming.
How to Purchase MANA
As of November 2023, MANA’s market capitalization stands at $817.70 million. It is ranked 63rd. There are about 1.84 billion MANA tokens in circulation, each trading at $0.442. The crypto asset’s total supply is 2.19 billion.
Here is how to buy MANA:
Open an Exchange Account
To buy MANA, you need to register with a cryptocurrency exchange that lists the token. You can purchase MANA from Binance, Kucoin, OKX, BingX, and Coinbase. We will use Binance in this guide. To Open a Binance account, go to binance.com and click “Register.” Next, use your email or phone number to sign up. You will get access to your new account after verifying your email or phone number. In order to buy MANA, Binance will ask you to complete the KYC procedure.
After Binance verifies your identity, deposit funds into your account. You can use your debit/credit to buy USDT or transfer the stablecoin from an external source. Also, P2P trading is another alternative for funding your account with USDT.
Locate MANA/USDT Trading Pair in the Spot Market
Before entering the spot market, ensure your USDT is stored in the spot wallet. Now, click “Trade” and research the MANA/USDT trading pair in the spot market.
Place Buy Order
Once you find the trading pair, press “Buy,” then enter the amount of USDT to spend on MANA and select the “Market” order type. After that, place a buy order. It will be filled almost instantly. Your MANA tokens will be available in your Binance account.
Transfer MANA to a Non-Custodial Wallet
Storing your MANA in an exchange account is not advisable. Therefore, you should consider transferring the crypto asset to a non-custodial wallet. Here are the recommended MANA wallets: Youholder, Wirex, Coinbase Wallet, Zengo, and OKX Wallet.
If you wish to earn passive income using your MANA tokens, you can stake them on various platforms.
MANA Staking on Binance
Staking on a centralized exchange is super simple. After depositing MANA in your Binance account, go to the “Staking” section and choose “MANA” as the crypto asset you wish to stake. Define the staking period and then lock your tokens to begin earning rewards.
MANA Staking on SushiSwap
Although riskier than centralized exchanges, staking on a decentralized exchange like SushiSwap offers more yield. You can access SushiSwap’s MANA staking pool using your non-custodial wallet. After that, deposit the amount of tokens you wish to stake to start earning daily rewards.
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