What is MANA Token, and how does it work? If these questions are on your mind, this quick guide is an excellent place to start. You will learn from it what the price of MANA Token is, where this cryptocurrency came from and what it can be used for.
MANA token (also known as Decentraland) is one of the more famous tokens supported by the Ethereum ecosystem (ETH). It is mainly used as a currency in the Decentraland metaverse and is interchangeably referred to as such. It allows users to buy and sell in-game goods and serves as a currency exchangeable with other ERC20 tokens. Want to know the Decentraland token price and where to deposit the DecentralandToken? Below we publish a short guide on Decentraland tokens.
From this article you will learn:
Table of contents:
What is MANA (Decentraland)?
MANA is a token that runs on the Ethereum blockchain. It is a non-fungible native token of the Decentraland platform and a unit of account.
Decentraland provides users, in addition to the LAND token and the Decentraland token, non-tradable LAND tokens. They preserve each parcel’s data and represent individual ownership of the parcels—the master register stores smart contract ownership data. Users need to burn ERC20 MANA tokens to get LAND, and MANA tokens allow you to purchase in-game items and services.
What Does MANA Token Do
Platform users use it to buy plots of land and other virtual assets in the system. MANA tokens, backed by the Ethereum blockchain, can also be used to pay for goods and services in the real world. All because the MANA token belongs to the group of ERC20 tokens. That means that users can exchange for other tokens in this group.
MANA Token Price
- The MANA token price is $0.4483 at the time of writing this article (November 15).
- MANA’s initial coin offer (ICO) was 1000 MANA = USD 24 in August 2017.
- Returns since ICO were, according to icodrops.com, 18.83x for USD, 4.37x for ETH, and 4.6x for BTC.
- Market capitalization is $820,364,705.
- The Decentraland coin reached its historical maximum on November 25, 2021, with a price of USD 5.85.
- The lowest recorded value was USD 0.00923 on October 31, 2017.
MANA Token Price Predictions
According to CoinsKid, the token could close in 2022 at around $0.652 and could be sold for $0.8025 in October 2023. A year later, MANA could be worth around $1.03.
The website also presented a price forecast for 2025, according to which MANA will start the year at USD 1.45. It will potentially hit $1.70 in October and close the year at $1.56.
Decentraland token price predictions for 2022, according to DigitalCoinPrice, is an average of USD 0.64 throughout the year. In 2023 MANA could average $1.04, then $1.34 in 2024. MANA token price predictions for 2025 are potential $1.65.
According to the same website’s MANA token price predictions for 2030, the token could trade for an average of $3.46 this year.
How Many MANA Tokens Are There
- There are 1,855,084,192 MANA in circulation as of November 15, which is 84.6%% of the total supply of the Decentraland token.
- There is a total supply of 2.19 billion Decentraland tokens.
- 20% of the token supply goes to the Decentraland Foundation, which manages and monitors the project’s progress.
Where To Deposit Decentraland Token
You can deposit the Decentraland token on some cryptocurrency exchanges, such as SimpleFX, as a deposit currency for crypto or fiat.
There is currently a New Tokens Bonus Offer on SimpeFX. You can deposit a Decentraland token and keep the bonus on your MANA live account.
How To Deposit MANA Tokens on SimpleFX?
How to deposit MANA Tokens on SimpleFX? All you need to do is register on the platform, for which you will need to provide your email address. Then, open a live account for MANA deposits:
- Unreel “MENU” In the upper right corner.
- Select Accounts & Deposits.
- Click Add Account (lower left corner), then select Live.
- Expand the Currency list, type MANA or Decentraland token, or select MANA from the suggestions.
- Click the blue Create account button.
- Now appears the notification that you have created your account.
- Click the blue Yes, make a deposit button and then the green Deposit button.
- Verify your profile as instructed.
- Once verified, you can deposit MANA Tokens at SimpleFX.
Decentraland – What Is It?
It is a virtual reality platform supported by the Ethereum blockchain. It is a system where users can create applications, games, and interactive content. Users can earn real money by implementing their ideas and sharing them with others.
Decentraland is a decentralized virtual reality system that allows interaction and communication between users and gives ownership of virtual land in the Decentraland metaverse. Owning LAND is like owning a piece of the virtual world. We can trade them, hoping for an increase in their value in the future.
In addition, Decentraland creates a dynamic, fast-growing environment where users can expand their LAND plots purchased through MANA while operating the system and using its features – without a central authority.
The co-founders of the Decentraland metaverse are Ariel Meilich and Esteban Ordano. The platform as we know it showed up in August 2017. When Decentraland debuted, digital lots cost around $20. Meilich and Ordano Duet have gained support from companies like Binance and Samsung. The duo is no longer leading the project but remains in advisory positions.
When Decentraland debuted, digital lots cost around $20. Genesis City, the game’s starting map, consisted of 90,601 plots. Since its beginnings in 2016, the platform has grown from a basic 2D experiment into a large 3D world.
What Are Tokens – Quick Reminder
Let’s quickly remind you what tokens are. A token, such as a MANA token, is a virtual currency representing cryptocurrencies. It is a unit of value that the community accepts and is usually generated using blockchain technology.
How are tokens different from cryptocurrencies? Tokens, such as a Decentraland token, are cryptocurrencies built on top of existing blockchains. On the other hand, cryptocurrencies operate independently and use their platforms.