Are you wondering how to buy Decentraland (MANA)?
The world of cryptocurrency has taken everyone by storm. Every other day, it makes the headlines of financial news and more and more people are getting into crypto thanks to its rising popularity.
But what has really aided its growing demand? It is the high security that comes with this form of exchange due to the fact that it is backed by cryptography or encryption, making counterfeiting or double-spending practically impossible.
Starting simply with Bitcoin which ushered in a technology unlike any other, the realm of crypto has now diversified and introduced several other currencies operating on the blockchain technology.
And much like everything else, blockchain technology has been expanding itself in order to incorporate several other technologies in its field.
And with that, innovations like Decentraland were introduced.
In this article, we will be exploring in detail what Decentraland is and how to buy Decentraland. Keep reading to find out more!
What is Decentraland?
Before we learn all about how to buy Decentraland, it is important that you first grasp what the platform entails.
The idea of Decentraland was first conceived back in 2015 as a 2D platform with the name of “The Stone Age”.
Since then, the project has come a long way and has branched out to become something almost revolutionary in the field of crypto.
Today, it is essentially a virtual 3D platform where users can make content and monetize them.
The entire application runs on user-generated decentralized content and following the footsteps of games like Minecraft and Second Life, the platform aims to offer an immersive experience for the users.
The platform is basically a metaverse that runs on the Ethereum network where users share a world where they can interact and engage with one another.
It is true that Decentraland isn’t the first of its kind, but upon looking you will soon realize that the platform brings a new paradigm to the virtual world.
Inside the application, you can purchase and develop plots of land which you are allowed to own permanently as Non-fungible Tokens or NFTs.
These plots of land are called LANDs and they are ERC-721 tokens on which the users can develop anything they desire including interactive games, applications, and dynamic scenes.
As individuals spend longer in virtual realities for business and recreation, large centrally controlled companies regulate network regulations and content distribution.
In exchange, the authors and developers get paid relatively little.
To address this, Decentraland offers a decentralized architecture for people to congregate, exchange content, and enjoy games, as well as allowing artists to get the full amount of their contributions.
Advertisers may promote their branding on the site, and creators can put up virtual exhibitions for their virtual works, among other things.
When it comes to gameplay, each user must build an avatar before entering the digital world.
Avatars may be customized; users can modify their body shape, shoes, as well as accessories, among other things.
There are several activities available in digital reality, such as engaging with other users, visiting casino areas, listening to songs, attending events with other gamers, or just traveling.
What is MANA And How to Buy Decentraland tokens (MANA)
We have briefly familiarized ourselves with what the platform of Decentraland has to offer us but now we will go over the native coin inside the platform which is Mana.
It is an ERC-20 token needed for any kind of transaction inside the metaverse. With the help of this token, users can purchase LANDs and also purchase other items.
Alongside LANDs, users can purchase other in-game assets like wearables and distinctive names which are valued in MANA.
There exists an active and vibrant marketplace inside the Decentraland project where you can avail all these purchases.
MANA is an important component of Decentraland’s simulated space, and it may be leveraged for interactions within the network as well as to partake in the administration of its technology.
Ownership of MANA, for instance, allows the user to connect with the system by designing their avatars, engaging with other players, and discovering its metaverse.
Furthermore, users who own MANA have the option of voting on policy modifications, LAND auctions, as well as subsidies to develop the platform.
Before we go on learning how to buy Decentraland, it is important to learn that there is a slight difference between purchasing and trading MANA.
Buying MANA tokens is usually simple.
All you need to do is go to an exchange platform and either purchase the cryptocurrency with your fiat currency or trade it with some other cryptocurrency.
On the other hand, trading is a much more complicated process that calls for more expertise and knowledge. It is different from simply purchasing with your funds.
You need to be mindful of the factors you are trading with. If you are good at it, you might even take it up as a profession.
Where To Buy or Sell MANA?
If you are looking to buy or sell MANA, you should not run into any problems since the token is available on various platforms across the internet.
Exchanges, brokerage sites, and even wallets list MANA as one of their available coins.
Moreover, MANA is based on the Ethereum network which means once you do purchase it, you have to store it in a secure Ethereum wallet.
In such a case, it is best to go for a hardware wallet, since they are a better option than software ones.
Hardware wallets and cold wallets are terms used interchangeably in the cryptocurrency realm.
Cold storage or hardware wallets don’t really need internet servers and may store funds in wallets that are hardware objects.
The reason why they are safer is that they are encrypted by a key that only you can access.
Once you connect the device with your PC, you have to enter the key and that’s how you can gain access.
On the other hand, software wallets store their funds online and hence, the chance of cyber-attacks is heightened.
If you are looking to go for a hardware wallet, we suggest looking into Ledger Nano X, since it’s a pretty great bet for keeping your funds safe.
That’s all about digital wallets and how you can store your MANA coins but what about the exchanges where you can buy or sell them?
As already mentioned, there are plenty of platforms online where you get to have access to MANA owing to its rising demand. Some of them are as follows:
Coinbase is one of the secure exchange platforms out there if you are looking to buy or sell MANA.
Do note that the exchange fee imposed might be a little higher than the other platforms.
Regardless it is a good bet since not only do you get to purchase MANA here but you can even store them since Coinbase has a software wallet.
eToro is a trading platform. The service is FCA-regulated, it allows desktop as well as smartphone trading, the costs are really simple to understand, and you can also emulate skilled traders.
What else could we possibly want? However, note that the service works best if you are in the United States.
Users outside of the states have the chance of running into potential issues when using eToro.
There’s not much to say about Binance except that it is the largest and the most secure exchange in the entire world and that its service speaks for itself.
The platform has countless tokens listed, including MANA.
In this article, we will be demonstrating with the help of Binance, since it’s your best shot.
How To Buy Decentraland (MANA)
Binance is not only the safest option for you when looking to purchase MANA but it also has some of the lowest exchange fees compared to other platforms.
Keep reading to find out how you can buy MANA on Binance.
Method 1: Purchase MANA with Fiat Currency
Step 1: Establish a Binance Account
Before you start buying MANA tokens on the Binance platform, it is vital to configure your account.
Note that while attempting to acquire MANA, the website will prompt you to upload several documents including proof of address and driver’s license to verify your identification.
Fill in all the details as necessary and create an account on the platform.
Have you done it? Great, let’s move on to the next step.
Once you have set up your account, it’s time to buy MANA tokens with your Fiat currency. Navigate to the Buy/Sell crypto section on the platform.
Under the spend section, enter the currency of your choice and choose the amount you are willing to spend. Under the receive section, search for MANA and select it.
Step 3: Select a Payment Method
Once you have set up the transaction, proceed with the purchase. You will be required to enter a payment method where you have to provide the details for your card.
After the payment method has been verified, click on Buy and you will receive the MANA coins in no time.
Method 2: Purchase MANA with a Cryptocurrency
Step 1: Buy BTC on Binance
In this second method, you can exchange MANA coins with some other cryptocurrency. Here, we will be demonstrating with Bitcoin.
The first thing you need to do is fund your wallet on Binance with the desired crypto.
You can do that either by purchasing it on the platform by transferring it from an external address.
After you have funded your wallet, go to the required trading pair and you will see an overview of that pair.
Step 3: Confirm the Exchange
Now all you have to do is exchange your BTC for MANA. Enter the amount of BTC you want to spend and the site will inform you of the fees that will get imposed on it.
Confirm the transaction and you will receive the MANA coins in no time.
Which is Better: Coinbase or Binance?
It can vary on your requirements however, in terms of safety and fees, Binance is a better option.
We hope you are now clear on how to buy Decentraland or MANA tokens from our guide.