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What Is Decentraland Mana Crypto?

Decentraland has its own cryptocurrency called MANA. It is a form of digital asset token, similar to the Brave Browser's BAT coin. Users can use MANA to purchase in-game digital assets, as well as vote on key project proposals. However, they cannot sell MANA to others, since they are burned when they buy LAND in the Decentraland marketplace. For this reason, it is important to understand how MANA works before attempting to trade it.

Decentraland uses the Ethereum blockchain to power its virtual reality experience. The virtual world allows users to purchase plots of land, which they can later navigate and build upon. The first public Decentraland experience was launched in February 2020. Since then, many users have built unique experiences in the virtual world. There are many benefits to owning LAND on the Decentraland platform. These advantages include: Purchasing LAND on the Decentraland website, transferring it to a local computer, and more.

The MANA token is an Ethereum-based digital asset. It is used in the Decentraland platform to pay for GAS fees. The MANA coin is also a governance token that allows users to vote on updates in the virtual world. The MANA token is backed by smart contracts, which are agreements on blockchains that don't require a third party to work. If certain conditions are met, a smart contract is executed.

Timecodes
00:00 - Intro
01:01 - What exactly is decentraland (and What Can You Do In Decentraland)
01:57 - The Role of LAND and MANA
02:21 - What is Decentraland’s LAND?
03:57 - What is Decentraland Mana

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