About Decentraland (MANA)
Decentraland is described as a virtual world that incentivizes users to build, establish, and share value within its Web3 metaverse iteration, built atop the Ethereum decentralized network. Decentraland’s virtual assets can be purchased, developed, and sold as NFT assets. These assets, which include virtual items like land, are established as ERC-721 tokens that can be transferred to and from unique individual owners.
The Decentraland whitepaper outlined this process, along with other ecosystem details, when it was released in 2017. Decentraland’s development is said to date back to as early as 2015, before it was made available to a closed group of participants in 2017 as part of its ICO. It was not publicly launched until 2020, by founders Ari Meilich and Esteban Ordano.
Decentraland’s native cryptocurrency, MANA, is an ERC-20 utility token that supports the network’s operations. As a result of the Ethereum Merge, it is now validated through a proof-of-stake (PoS) consensus mechanism. MANA price is updated and available in real time on Binance.