Udemezue John
Introduction.
It all started with Bitcoin, first introduced as a white paper in 2009 as Peer-to-Peer Electronic Cash System.
Since then, various types of digital currencies have been added, with the market cap reaching $ 2.65 trillion.
Now cryptocurrencies have evolved from just buying and holding in hope of appreciation to having to build a whole virtual world with it.
Manna is one of the many altcoins trying to gain a footing in the cryptocurrency industry. It came into prominence via the creation of its Metaverse called Decentraland.
What is Decentraland?
Decentraland is a form of an online game that brings together virtual reality with blockchain technology. Participants in this world have a freehold of the rules of the project.
Users collect or buy non-fungible items such as real estate, clothes, art, and other valuable items and store them in their digital wallets.
They can then sell the items when they increase in price to other participants at the Decentraland Marketplace.
Why Should I Join Decentraland?
Decentraland began in 2016 as a 2D experiment but has since transformed with time into a 3D large virtual world with a huge cryptocurrency ecosystem. Here are some reasons why you need to join Decentraland.
1. Decentraland have practical use cases.
There are so many cryptocurrencies now since the inception of Bitcoin, but very few have practical use cases.
This however makes them volatile and even used as a pump and dump to harvest money from potential investors, and then disappear into thin air after a while.
With Decentraland you dont have to worry because It is among the few that have practical use cases. Some of these use cases include;
Community members on the Decentraland platform can develop apps and create 3D scenes using the scripting language.
There is also content curation where members have developed neighbourhoods attracting other users and slowly growing organic communities.
Advertising is also deployed which allows the community within the virtual neighbourhood to grow, brands are taking this as an opportunity to set up billboards and buying spaces within these virtual communities.
In addition to advertising, there is the aspect of users having ownership of NFTs or (Non-Fungible Tokens). These are digital assets that represent real or physical assets like buildings, art, music, and other items.
Users can buy and sell these online and make profits from the same, without ever touching the physical items. Looking at this it is safe to tell that Decentraland has not only come, but it is here to stay.
2. Decentraland Runs on a Credible blockchain platform.
Ethereum is an established platform that allows users to develop smart contracts and decentralized applications.
The Decentraland platform runs on a special Ethereum platform called DAO software called Aragon.
It has agents that enable the platform to connect to Ethereum’s smart contracts. Smart contracts are ideal for ensuring transparency and enabling peer-to-peer exchanges.
3. Decentraland Has a High Market Capitalization.
Market capitalization is the total value of a particular cryptocurrency. You arrive at this figure by multiplying the price of a single token at a particular point in time by the total number of those tokens in circulation.
The higher the market capitalization, the more stable digital currency is likely to be. MANA is the official token fuelling the Decentraland has a market capitalization of more than $ 5 Billion at the time of writing this article.
Just like a big ship is more likely to withstand a storm as compared to a smaller one, a digital coin with a bigger market capitalization is likely to withstand any negative effects that hit the market.
This makes it more stable than other currencies without real value as it will not be affected in the same way one with a smaller one will be affected.
4. Decentraland Total Number of Land is Capped.
Decentraland as a Metaverse platform allows its players to own plots which are powered by an ERC-721 token called LAND.
These tokens have unique characteristics and hence cannot be interchangeable like the MANA tokens. They represent virtual parcels of land measuring 16 by 16 meters and use NFTs to represent them.
As a community member of this protocol, you can use MANA to purchase LAND from other owners or sell yours for the same. One parcel of LAND costs about 6,900 MANA which translates to about $5,500 at the time of writing this article.
There are also common spaces like roads, plazas, and shops that are commonly owned. No one has the authority to buy or sell these common spaces
The parcels in the whole community are capped at 97,100. The more they are bought the fewer they become and the higher their prices become.
5. Decentraland has cooperation with major companies across the world.
Anyone whether an individual or an institution can own and develop LAND on the Decentraland platform.
This has made it attractive to top organizations around the world. Major investors are taking significant portions of LAND, and developing institutions such as gaming arenas that are attracting more members into this community.
6. Decentraland offers competitive social connections.
Social connections are now more on the internet than in physical interactions. With this in consideration, you can expect more and more people to join such metaverse communities for such activities for their entertainment.
Such activities are bound to add to the value of MANA, the currency used in Decentraland. Also, big companies such as Atari planning to establish a virtual gaming arena where gamers will have access to games such as Break-out, Pong, Asteroids, Centipede, and Missile Command among others.
This makes it easier to make a life-changing connection with people from various parts of the world.
7. Decentraland High Liquidity.
A liquid market is one where numerous traders including buyers and sellers are willing to either buy or sell their assets.
The cryptocurrency industry is currently a very liquid market. A liquid asset is one you can easily convert into cash. You can determine the liquidity of an asset by looking at its trading volume.
MANA, the token that runs the Decentraland platform has a significant volume of trade and this volume shows you that the token is fairly liquid.
If you wanted to sell tokens, you would find a buyer easily, without hassle. There have to be willing buyers. Without the buyers, you would remain stuck with the asset you were intending to sell.
8. Decentraland is Listed in Major Crypto Exchanges.
MANA is listed in a variety of established exchanges. These include Binance, Bit-Z, Kucoin, and OKEx among others.
The exchange on which a token is listed is just as important a consideration as understanding that token. There are a lot of cryptocurrency exchanges, and not all of them are as reliable or secure.
Some have already established themselves in this industry, and are trusted by most developers. If a crypto coin is listed on one most of these exchanges, then you can consider it a viable investment.
How Do I Make Money Online With Decentraland?
Decentraland has an impressive business model that will see the project grow in value significantly.
One, the project is working with the gaming industry which is now worth billions of dollars. Various entrepreneurs are developing innovative games within this platform to complement its environment and give community members a source of entertainment.
Do you want to tap into this amazing opportunity presented by Decentraland? Here is how it can be done.
1. Understand how Decentraland Works.
You need to understand how Decentraland works before thinking about monetizing it. Decentraland is the main stage to connect users to a new virtual world.
An entire setup of a virtual system has been created where different users can buy or sell their property, play games, exchange collectables, socialize, interact and explore.
Getting started on Decentraland requires you to play using the two options such as playing as a guest or playing using a wallet.
Decentraland has been using the Ethereum blockchain to record the ownership of all digital assets and items that are tradable. This allows you to explore the platform and have better opportunities to make real money.
2. Buy and Hold MANA Token.
MANA is the official Decentraland token and can be used to purchase Parcels, Names, and Wearables on the platform.
MANA, the currency of Decentraland, is what players can use for goods and to engage in activities such as ticket purchases and gambling.
MANA is an ERC20 token based on the Ethereum blockchain that can be used to purchase cryptocurrency.
MANA holders have the right to vote on certain issues in Decentraland. MANA is not required to be earned by playing the game. You can buy it using any Ethereum-compatible wallet. It works the same way as real money.
You must spend money to purchase anything. The currency is required if you need to purchase a plot of land or other services in Decentraland. Finally, You also have the option to buy MANA tokens and wait for them to appreciate.
3. Make and Sell Clothing on Decentraland.
Decentraland offers a marketplace on its platform that allows you to design and sell clothing and other wearables. You can personalize your avatar to reflect your personality. Many body parts can have wearables added.
You will need to invest 500 MANA per piece to make wearables. You can market your designs well and create hype around them to guarantee more customers.
Social platforms such as Reddit and Discord can be used to inform people about what you are selling and in the end get them to purchase it.
4. Become a Freelancer on Decentraland.
Just like in real life, services can also be offered on Decentraland such as freelance and other services.
Opportunities to do 3D modelling, marketing, coding, making videos, art and wearables are all possible job opportunities.
I wrote a comprehensive guide on this blog on how you can become a successful freelancer. Check out the link to the article to learn more.
5. Buy Real Estate (Land).
Decentraland is a virtual simulation of real-life, so therefore it comes with an opportunity to do what real people are doing such as owning real estate.
One of the best ways to make money in Decentraland is by investing in LAND early on and then selling them at a profit when its value increases.
When you purchase a land parcel, your ownership is stored and verified by the Ethereum blockchain. This works just like NFTs.
You can’t play a metaverse NFT without having a limited supply of land. There are many ways to purchase or sell land parcels in Decentraland.
The first one is available from the Decentraland Marketplace, while the second is available via third-party NFT using OpenSea.
Real Estate has the best advantage of being able to increase its value. A key feature of this Estate is the ability to combine parcels of land from adjacent parcels into one.
I wrote a comprehensive guide on this blog on how to develop a successful real estate business, though its talks about physical real estate, it can be applied to Decentraland. Check out the link to the article to learn more.
6. Develop games in Decentraland.
Just like in real life, people need a place to relax, the same can be applied in the Metaverse.
You can create and design mini-games in the Decentraland virtual universe. These games can earn you points that can be used to win NFTs and wearables. These assets can then be sold for profit.
You can develop a play-to-earn game inside Decentraland. The points you earn from these games can be used to win NFTs and other assets.
These assets can then be sold to make money. It will take longer to earn points for assets, but it will be worth it if you have fun.
Decentraland has many pay-to-earn opportunities, but you can also purchase land with MANA to create your shops, games, and museums.
Decentraland’s Software Development Kit allows developers to create games that increase the value of their land. Whac-a-mole is one of the most loved games.
I wrote a comprehensive guide on how to become a successful game developer. Check out the link to the article to learn more.
7. Add value to your Decentraland Land.
The Metaverse is a new big tech project nowadays. The purpose is to create a fully digital world that parallelly exists beyond our world.
Next up is to add value to the land you have acquired in Decentraland, and this can be anything from Creating Clubs, Creating Casinos, Art Galleries and even many more.
Landowners in the game can control policies and determine how the world behaves – in other words, this online game is a virtual world where users make the rules.
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