What is MANA coin? Learn what MANA coin is in one minute

MANA Coin is the digital currency of Decentraland, a virtual reality platform where users can buy and sell virtual real estate and assets, and participate in governance through staking and voting.

Oct 07, 2024 at 09:12 am

What is MANA Coin?

Definition: MANA is the native cryptocurrency of the Decentraland virtual reality platform. It is an ERC-20 token that runs on the Ethereum blockchain.
Purpose: MANA is used primarily to purchase LAND, the digital real estate parcels within Decentraland. It can also be used to buy and sell goods and services, participate in governance, and stake for rewards.
Use Case: MANA is used to facilitate economic activity within Decentraland. It allows users to:
- Acquire LAND to create and experience immersive virtual worlds.
- Trade and invest in LAND and other virtual assets.
- Purchase items and services from creators within the platform.
Governance: MANA plays a crucial role in Decentraland's decentralized governance. Holders can participate in the Decentraland DAO (Decentralized Autonomous Organization) by staking their MANA. This enables them to vote on platform policies, distribute grants, and shape the future of the ecosystem.
Value Proposition: The value of MANA is derived from its utility within the Decentraland platform. As the platform attracts more users and businesses, the demand for LAND and other assets within it increases, leading to a potential appreciation in the value of MANA.

Additional Information:

MANA was created in 2017 during Decentraland's initial coin offering (ICO).
The total supply of MANA is 2.2 billion tokens.
MANA is listed on major cryptocurrency exchanges, including Binance, Coinbase, and Kraken.
The value of MANA is volatile and fluctuates based on supply and demand, as well as general market conditions.

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