Crypto Academy Season 2: Week 2 – Non-Fungible Tokens (NFTs) – by @levycore

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Hi everyone, In this homework week 2 task post, I will be answering this week’s task on writing about a project that uses Non-Fungible Tokens (NFTs), a task by @levycore - I will be giving my opinion and writing about an NFT project known as Decentraland.

What NFTs are all About

NFT has seen a massive rise recently… it has been around for some time now but have gained massive recognition over the past few months. When we talk of NFT, it basically means the short form of Non Fungible Tokens. By non-fungible, it means each tokens are unique with their own identity. NFTs has been one of the main subjects of discussion all over the internet in the past few months especially in the area of digital art. All thanks to blockchain technology, digital artists have been able to turn their digital art pieces into NFTs and sell them for premium prices… some NFT arts have sold for jaw dropping prices. So far, NFTs have shown that there is still a lot to come.

NFTs are unique tokens that represents and identifies a digital asset on the blockchain. NFTs represents the ownership of unique digital assets and is stored on the blockchain. At the moment, the ethereum blockchain is the most popular blockchain for NFTs due to its features and functionalities. NFTs can basically represent any digital asset… Once the digital asset is turned into a non-fungible token, it becomes unique and has its own identity on the blockchain. They are like digital collectibles with certification of the digital assets or files.

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What is Decentraland (MANA)?

Decentraland have become very popular platform in the NFT space. Decentraland is an NFT platform that is powered by the ethereum blockchain where users can create, explore and trade in the virtual world. Users can purchase plots of land in the virtual world which can later be monetized. Decentraland (MANA) was one of the projects that held their ICO back in 2017 and raised a 24 million dollars in funding.

On Decentraland, there are two tokens; MANA and LAND. MANA is the main token of decentraland, an ERC-20 token on the ethereum blockchain. LAND is the NFT of decentraland broken up into virtual parcels, an ERC-721 token stored as NFT and maintained in an ethereum smart contract. Each land NFT has its own identity on the blockchain.

Use Cases and Benefits of MANA and LAND

Both MANA and LAND are the tokens of Decentraland and offer use cases and benefits. MANA is an ERC-20 token and LAND is an NFT on Decentraland.

• MANA tokens can be used to pay for items and assets on the Decentraland marketplace. One of the benefits of MANA is that it has a fixed supply which means that the more it is spent, the less it becomes in circulation. MANA can also be used to purchase LAND.

• LAND can be purchased for MANA. Also, LAND can be used to create content and connect with followers. The benefit of LAND is that it is finite in supply which means that when the demand is high, the price increases.

Where to Buy or Trade MANA

The MANA token is listed on a variety of the big centralized exchanges. MANA is currently listed on Binance, Coinbase pro, Huobi, Kraken, Gemini, Kucoin, Bittrex, Gate.io, OKEx, Uniswap, and more.

Screenshot of MANA/USDT trading pair on Binance

MANA Wallets

Since MANA is an ethereum-based ERC-20 token, it is supported by a variety of wallets that support ethereum-based tokens. Web wallets like myetherwallet, Mobile wallets like trust wallet, Desktop wallet like atomic wallet, Hardware wallets like ledger are all great wallets to store MANA token.

Decentraland (MANA) Statistics

Decentraland MANA currently has a marketcap of $2,147,303,977 and on number 58 on coinmarketcap, with current price of over $1.37. MANA has a circulating supply of 1,578,089,513 MANA, fully diluted marketcap of $2,985,998,524, total supply of 2,194,460,127 MANA.

Conclusion

Decentraland is an amazing project that focuses on NFTs, with the continuous rise in NFTs, decentraland has made a name for itself as one of the top NFT projects. Decentraland is an NFT platform that is powered by the ethereum blockchain where users can create, explore and trade in the virtual world. Users can purchase plots of land in the virtual world that can be monetized.