What Is Decentraland?
MANA is the cryptocurrency on Decentraland - world’s first-ever metaverse built on Ethereum. It is a virtual reality where you can customize your appearance, explore and create, buy property and real estate. There are also plazas, art museums, and countless terrains to explore for hours on end. The interface is also quite intuitive so even children can give it a go. It is similar to a video game with the exception that it uses real money and requires a compatible crypto wallet to leverage ETH-based dApps.
Decentraland's initial coin offering achieved its goal in just one hour, raising nearly €22 million. Today, MANA is used within the platform for customizable units such as wearables, masks, or a custom name which are all available on the website’s marketplace. MANA coin is represented on exchanges like Binance, OKEx, and Huobi Global.
Pros and Cons of Decentraland
Advantages of MANA
Virtual Reality is still a technology in development and it is exciting to think about its growth potential if it decides to go hand in hand with the blockchain technology. The MANA team is very competent and shows a clear inclination towards decentralized environments, which is undoubtedly an important point to assess its development. MANA, as well as Decentraland are trailblazers and pioneers in the new world of virtual cryptoreality. The idea is brand-new and it makes MANA developers trendsetters in this field. It seems like good things always come from Ethereum, which inspires confidence in the future of MANA. It is also a good starting point for novices in the field of cryptocurrencies, as well as for digital creators and investors in digital content.
Disadvantages of MANA
Even though the idea seems appealing for the general audience, it is not necessarily the case with serious businessmen and cryptocurrency investors. Another complaint people have is high ETH gas fees when making transactions. It is also combined with the concern that the items are too expensive on the marketplace, especially if you spend real money to start with.