Could Decentraland Be A Millionaire-Maker Coin?
Virtual currencies are a new and often complex concept for several people. So what about the idea of a virtual city that you can only enter through a digital currency toll? Introducing Decentraland (MANA) - an exciting blockchain concept that gained massive traction in 2021 with its extraordinary features is Decentraland (MANA).
This coin started gaining much traction after the news that more people began banking profits of more than 500% from buying and selling digital land. Decentraland is creating a virtual reality world that will allow users to monetize their content within their metaverse.
It opens up the opportunity to create more money just by visiting a virtual city for various purposes like business, retail, entertainment, and playing games. Therefore, investors are curious to know whether Decentraland could be a millionaire-maker coin.
Decentraland: What Is It?
Decentraland is the first and most established multiplayer role-playing metaverse. It is a virtual world built on the Ethereum blockchain. It virtually enables users to purchase land, known as a parcel, sell it, and further monetize it to cash.
The details of the deal whenever a user purchases land on the Decentraland are accurately recorded on the blockchain for future reference. The creators of this virtual world believe that centralized platforms like Facebook hold too much control over user content and data. They eventually leverage it to extract revenue, leaving users with no or less profit.
This is what Decentraland aims to solve. It does so by creating a network where content creators will have complete control over their content.
Is Decentraland A Millionaire Maker Investment?
Decentraland is a unique virtual project that offers complete ownership to users and content creators where they can transact directly without the involvement of any third parties. It aims to disrupt the way the world of internet commerce operates today by enabling a low-cost payment mechanism.
There are plenty of buildings or attractions that can be easily built on virtual land plots. Users can profit from them by just monetizing or selling them to others through the virtual world.
With a splendid rally since the beginning of 2021, it surged to hitting an all-time high of $1.63 on April 17, 2021. MANA, the utility token of Decentraland, trades at $0.821100 with a market cap of $1,297,724,877 as of writing.
Users can make money by buying the land, building unique content on it, visiting places, buying goods and services, all in a single virtual world powered by the Ethereum blockchain.
The brainchild of the unique project is Ari Meilich and Esteban Ordano. They founded Decentraland in 2015, followed by a tremendous ICO.
The Decentraland project has also raised $25.5M in funding from six high-profile investors. They include Animoca Brands, Boost VC, Fabric Ventures, Genesis One Capital, Fundamental Labs, and George Burke, eventually making it a millionaire-maker investment with huge potential.
Factors That Could Make Decentraland A Millionaire Maker
Many unique features back up the prediction that Decentraland could be a millionaire-maker coin. Let's dive into some of them.
MANA and LAND
The Decentraland platform uses two tokens, and both play a significant role in its growth. MANA is an ERC-20 governance token of the network. It is often used to pay for a wide array of avatars, wearables, and names on the Decentraland marketplace.
While LAND is an ERC-721 token denoting the ownership right over the land bought. Once a user owns a LAND token, they have complete control of the contents they publish on the specific portion of the digital world.
Decentraland has a unique multi-layered architecture. It majorly consists of three components: the consensus layer, the content layer, and the real-time layer.
The consenus layer is where all the details about the ownership over the land are stored, while the content layer has complete control over the scenarios on the land. It also hosts the content that is supposed to be shared in exchange for payments. The last layer, the real-time layer, allows users within the virtual world to communicate via chat and voice message.
Multiple Ways Of Making Money In Decentraland
There are several ways to make money through this virtual platform which will boost its adoptions, turning Decentraland into a millionaire-maker coin. Some of the ways include:
Buying and Selling Parcels: There will always be many people who either want to get in or sell and cash out. Users need to find them, negotiate, and win a specific amount when purchasing from them.
Develop and Charge for Entry: Many users will enjoy creating innovations in the platform by building things that the whole community can visit, enjoy and purchase. Therefore it is easy to make new things and charge users a MANA token to enter and view them.
Renting Out: Users can easily rent parcels for MANA tokens and even work for parcel owners. This way, they can earn payments on the platform and increase the usage of MANA tokens.
Provide Services: You can quickly provide services for people by building games for them. People need a variety of services and templates. By creating it for them, you can earn money when they buy it from you and upload it to their parcel of land.
The total number of parcels in the Decentraland is limited to 90,000. Most common spaces, plazas, and roads are owned by the developers and cannot be bought or sold by users. This scarcity will eventually drive the value of LAND tokens, and owning real estate in this metaverse will become potentially valuable.
Can Decentraland Become A Millionaire Maker?
Today socialization has been confined to the digital space of the internet, and several individuals are turning to the metaverse for entertainment and interaction. The more the content for users to engage with, the more compelling and valuable the metaverse becomes, which will eventually attract more users and several corporate sponsorships.
With its array of features and multiple ways to earn money, Decentraland is slowly becoming the go-to metaverse for entertainment worldwide. With the increased adoption of MANA, analysts predict that it might be exchanged at $2.2 by the end of 2021.
Adding to this, various partnerships like collaboration with Atari will increase the value of the MANA token, which could, in turn, make Decentraland a millionaire-maker coin.
However, whether Decentraland will soar higher in the future will ultimately depend upon what new features the platform is offering and the rate of adoption.
But NFTs are a sector that is booming every single day. Art, music collectibles, and many more things are being repackaged as NFT today. With more people investing in NFT’s, they require a place to store and display these digital assets. Technologically advanced metaverse platforms like Decentraland are indeed the best choice for them.
Considering all the factors and MANA's massive adoption in the future, Decentraland could be the next millionaire-maker coin in the crypto space.
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