Decentraland (MANA) The Future Of NFTs?! What Is Decentraland & Decentraland News (HUGE POTENTIAL!!)

Hey guys, welcome back to Crypto Clan. Today we will be talking about Decentraland. We’ll be going through Decentraland’s
use cases, its current market performance and what the future has in store for the cryptocurrency. If you’re new to the channel, don't forget
to like, subscribe and turn the notification bell on for daily crypto news! So what is Decentraland? Decentraland is a decentralised software on
the ethereum blockchain that seeks to incentivize global networks of users to operate a shared
virtual world. Decentraland allows users to purchase virtual
property and then develop them as an online, virtual business. There are a number of different buildings
or attractions that can be built on the plots of virtual land, and those can then be monetized
or simply sold to others for a profit.

The Decentraland software was initially founded
in 2015 by Esteban Ordano and Ariel Meilich. In 2020, the founders launched the Decentraland
mainnet and they both stepped back into advisory roles. The founders set up a decentralized autonomous
organisation or DAO, which was created to turn management of the project over to its
users. Furthermore, the founding members claim that
they have destroyed the private key they held which controlled the Decentraland smart contract. So how does Decentraland work? Decentraland works by allowing users to interact
with non- fungible assets known as LAND on the platform. There are 90,000 LAND assets on Decentraland’s
platform, which can be purchased and sold. As well as actively being able to buy and
sell the LAND assets, owners of LAND can create applications on them.

Applications can include games, 3D scenes,
information sites, there are many more features. The LAND units on Decentraland have a defined
size of 33 feet by 33 feet, Despite the limits observed in the length and width of each LAND
unit, there is no cap to the height of LAND, so theoretically an owner could build higher
forever. How is Decentraland governed? The ERC-20 MANA cryptocurrency is the native
token on Decentraland, MANA enables the facilitation of LAND purchases and virtual goods and services
used in Decentraland. MANA cryptocurrency holders are able to vote
on issues that affect districts as part of the DAO governance structure. The amount of MANA held determines the weight
of the vote. Each MANA token provides 1 unit of voting
power and each LAND unit provides 2,000 units of voting power. In order to vote using MANA, the MANA tokens
need to be wrapped and locked, this creates wMANA. MANA tokens cannot be transferred or spent
whilst they are wrapped So how has Decentraland performed on the market? Decentraland is currently the 82nd ranked
cryptocurrency with a market cap of over 1.2 billion dollars and currently has a circulating
supply of over 1.3 billion coins with a maximum supply of 10 billion coins.

After Decentralands mainnet became public
in 2020, its native MANA token ranged in price from 0.02 and 0.09 dollars. MANA experienced its first surge in price
during the February 2021 altcoin season, when its price hit 0.3 dollars per coin. MANA’s price went parabolic from February
to April, this explosion in price led to MANA hitting an all time high price of 1.55 dollars
per coin on the 29th April. These huge increases in price, potentially
led to some MANA holders experiencing a 77 x returns on investment. Since these huge gains, MANA’s price corrected
to 0.9 dollars at the time of recording. So what does the future have in store for
Decentraland? As well as Decentralands unique characteristics,
Decentraland overcomes scalability issues which are synonymous with ethereum systems. Decentraland is able to overcome these limitations
due to it being built on the layer 2 ethereum sidechain, polygon. With the advent and gaining popularity of
NFTs, Decentraland will continue to develop interest. With the potential for more individuals becoming
users of the decentraland ecosystem, decentraland’s assets, be it MANA tokens or LAND will continue
to increase in value and price.

The increased demand for Decentraland’s
assets will ultimately lead to investors in the blockchain technology to gain even bigger
returns. What are your thoughts on decentraland? What price will decentraland hit by the end
of the year? Thanks for watching the video, we hope you
enjoyed it. Don't forget to like, subscribe and click
on the notification bell. Let us know your views in the comments below. Thanks for watching and see you in the next
video..

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