What is Decentraland (and also what is MANA)?

Decentraland is a metaverse. In this case, Decentraland is built on the Ethereum blockchain and has its native token which is called MANA. All trading activities that take place on this virtual 3D platform requires the MANA cryptocurrency.

Decentraland is managed by Decentraland Foundation, a non-profit organisation founded by Ari Meilich and Esteban Ordano in 2015. In 2017, the team held an ICO (definition) and it opened to the public in February 2020.

The two core elements in Decentraland, is the token which represents the currency, MANA, and the LAND and Estate tokens which are NFTs and are used to represent property in Decentraland.

How does Decentraland work?

In Decentraland, an NFT is used to represent virtual plots of land on its platform. To acquire property in Decentraland which are NFTs, a user needs the MANA token to buy the property. Those who do, go ahead to build different environments such as marketplaces, art galleries and even applications.

“NFTs are unique digital tokens that live on a blockchain, cannot be replicated and represent the ownership of something.”

Decentraland thrives on its gaming community. Users (Gamers) socialise and interact with one another through gaming and paying for goods and services. Goods are items such as player pieces and gaming elements. Users can buy and sell plots of land, avatars, wearable items, and also engage in activities. Just think that everything you can call a digital asset on the platform is a  virtual version of the physical world.

Notable residents of Decentraland

Meet some of the famous residents of Decentraland

J.P Morgan in Decentraland

In Feburary 2022, J.P Morgan opened a virtual lounge in its metaverse in Decentraland.

DeadMau5

DJ and musician DeadMau5 was one of the artists that played in the Decentraland’s Metaverse Festival in 2021. For DeadMau5, this is just the first step in his effort to transform music and the way that artists connect with their fans.

The metaverse presents an incredible opportunity for artists to promote their music directly to their fans without the need for intermediaries like record labels.

Fashion District in Decentraland

From the Metaverse Fashion Week to the nearly $3.5 million real estate purchase to establish the Decentraland Fashion District, suffice to say that the world of luxury fashion sees immense opportunity in the metaverse.

What can I do with Decentraland (MANA)?

Here are several ways you can use MANA:

Trading Use MANA as a currency in Decentraland

To buy digital assets like virtual goods and services in Decentraland. Examples include unique names, wearables, digital art, gaming components, avatars and lots more.

Use MANA to buy Property in Decentraland

You can use MANA to buy Lands and Estates (virtual plots of land in Decentraland)

Invest in MANA

Because of  the nature of Decentraland, you can buy and hold MANA  until it increases in value. As more users explore and build the Decentraland’s metaverse, more MANA will be needed for trading and acquiring properties. This possibly looks like a good investment.

How to buy Decentraland (MANA) in Australia?

You can buy Decentraland through any digital currency exchange. All digital currency exchanges in Australia are regulated by AUSTRAC.

Chillur is an Australian digital currency exchange, registered and regulated by AUSTRAC that simplifies the process of buying Decentraland in Australia.

You can buy Decentraland in Australia using Chillur in two easy steps.

Step 1: Create an account

Create your Chillur account using an email address and password. You will then need to verify your identity using either your passport or drivers licence.

Step 2: Transfer funds to your account

Use your banking app or web banking to transfer funds to your Chillur account.

Once the funds settle (1-2 business days), the system will automatically buy Decentraland (and 14 other NFT tokens).

Congratulations! You now own Decentraland in your Chillur account

How to invest in Decentraland (MANA)?

Investing in Decentraland is the process of buying Decentraland (MANA) today with the expectation that it will go up in value in the future.

You can invest in Decentraland using Chillur in three easy steps.

Step 1: Create an account

Create your Chillur account using an email address and password. You will then need to verify your identity using either your passport or drivers licence.

Step 2: Buy the NFT 15 bundle

Chillur offers bundles of cryptocurrencies. What this means is that rather than picking and choosing which cryptocurrency to buy and at what price, you are able to buy 15 cryptocurrencies in a go. Chillur handles how much and the purchase price.

If you buy the NFT 15 bundle, you are able to invest in Decentraland along with 14 other cryptocurrencies in the world of non-fungible tokens (NFTs).

Step 3: Track your investment performance

Simply login into your Chillur account and track the performance of your portfolio either through a laptop or your mobile phone.

Where do I store my Decentraland?

When you invest in Decentraland through Chillur, we will store your Decentraland (along with the other cryptocurrencies) for you.

How to store my IOTA - Chillur

If you invest in Decentraland on your own, you would need to store your Decentraland (MANA) in a crypto wallet. Examples of these wallets include: Ledger and Trezor (hardware wallets), MyEtherWallet or Atomic Wallet and Trust Wallet (online wallets).

What's next for Decentraland?

Decentraland has been performing well in the market with incredible returns since it went live and is currently listed as one the most promising NFT and Metaverse cryptocurrencies of 2022.

As more people spend more time in the metaverse creating, building, selling and socialising, it seems like Decentraland (MANA) will have a great future because of this uniqueness.

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