How to buy and hold MANA with Wigwam
1. Choose a token number that you want to buy
2. Create a wallet, where to store your crypto
3. Pay with credit card
4. Check your crypto in the created wallet
Why Wigwam is the best crypto wallet for Decentraland (MANA) storage
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Decentraland (MANA) Token Review
MANA is the native token of Decentraland, an Ethereum-powered virtual reality platform for gaming, socializing, creating, and trading digital items.
About the Decentraland Project
The Decentraland platform was introduced as a proof of concept for assigning digital real estate ownership on a blockchain in 2015. At first, it used pixels in an endless 2D grid to symbolize ownership in the digital environment. A year later, the platform transitioned into a 3D virtual world divided into land parcels. It introduced unique visual elements, customizable land, and engaging activities to improve users' experiences.
In 2020, the Decentraland platform went public, offering features that enabled users to design 3D scenes interactively and trade virtual LAND and accessories.
In 2017, MANA was launched as the native currency of the Decentraland platform. Holders use the coin for transactions and voting on policy updates in the ecosystem.
The MANA Token Use Cases
- Ecosystem interaction - MANA tokens are used to explore the metaverse, interact with other users, and customize avatars.
- Transactions – Using MANA tokens, users seamlessly buy or rent real estate and virtual assets, including parcels of virtual land (LAND) on the platform.
- Voting - Holders can participate in the governance of the Decentraland ecosystem by voting on LAND auctions, policy updates, and subsidies.
- Monetization: Content creators can earn MANA tokens by creating and selling content, experiences, virtual assets, or services within the Decentraland metaverse.
The MANA token has more than 1.8 billion coins in circulation out of a total supply of 2.19 billion and has a live market cap of $1,010,881,305. Decentraland burns some MANA tokens when people use them to buy and register LAND. It involves a 2.5% token burn for every transaction on the Decentraland marketplace, taking these coins out of circulation. This move aims to potentially increase the token's market value
Initially, the MANA contract disclosed that there would be an 8% yearly inflation rate, but the community voted to bring it down to 0%.
Here's the initial allocation of MANA coins: Crowdsale (ICO) (40.00%), Decentraland Foundation (20.00%), Team and Early Contributors (20.00%), and Community and Partners (20.00%).
MANA token holders can buy digital real estate and accessories on the platform and help develop the ecosystem by voting on changes. The coin's current price is $0.53, and its value is influenced by demand, supply, and investor sentiment.
Growing competition from similar projects like Sandbox (SAND) and dealing with the crypto market volatility are notable challenges. Also, the long-term functionality and value of the coin relies on how well the platform performs and succeeds.
This article is for informational purposes only and should not be interpreted as financial or investment advice. The views expressed herein represent solely the opinion of the author and are not intended to provide specific trading or investment recommendations. We do not guarantee the accuracy, completeness, or reliability of the information contained in this article. The cryptocurrency market is known for its high volatility and unpredictable fluctuations. Investors, traders, and anyone engaging with cryptocurrency are advised to conduct thorough research, consider a variety of perspectives, and acquaint themselves with applicable local regulations prior to making any investment decisions.
Use Wigwam wallet to buy MANA tokens in seconds. Also, crypto exchanges are reliable platforms to buy MANA tokens effortlessly. Visit Binance or KuCoin exchange, create an account, deposit funds, and purchase the coin. Also you can easily buy the coin on OKX, Kraken, or CoinEX exchanges.
You can't technically stake MANA in the traditional way as a PoS token. Instead, Crypto.com and Gemini allow users to lend MANA and receive incentives through the Earn feature. Also, Binance offers a way to earn passive income on MANA without a lock-in period. To get started on Crypto.com:
- Go to Crypto.com and sign up to create an account
- Use the deposit feature to transfer your assets or buy on the network
- Navigate to the finance section and click on the "Earn" option
- Tap the "+" icon to explore available earning opportunities.
- Search for MANA among the listed options
- Choose a desired lending period from the available options
- Supply your MANA tokens to start earning rewards.
To add MANA tokens, users should use crypto wallets that support the Ethereum mainnet, such as Wigwam wallet or Metamask. Install the wallet and go to settings, and select network. Once connected, click Add Token, search for MANA, and import your assets. If the coins aren't visible, follow the manual process. Click "custom token," enter a MANA token address. For Ethereum is: 0x0f5d2fb29fb7d3cfee444a200298f468908cc942. Then, input "MANA" for the symbol and "18" for decimals. Confirm the details, and your MANA assets will be visible in the wallet.
Market volatility is a problem for users buying MANA as the token price can change unexpectedly. A drop in the token value could pose potential financial risks. So, it's essential for users to research current market conditions before buying any token.