How many MANA are there in circulation and do they get burned?

The original supply of MANA was 2,805,886,393. This initial supply has since decreased through MANA’s token burn mechanism, effectively making MANA a deflationary asset. The token burn is directly linked to network activity. When a user in Decentraland sells an NFT, be that an item of clothing or a parcel of land, there is a 2.5% fee that is taken out of circulation forever. As network activity increases, the amount of MANA will commensurately decrease, which should positively influence its price. Importantly, because the keys to the smart contract with custody of MANA were destroyed in 2018, no more MANA tokens can ever be minted.

How do I use my MANA crypto?

If you are an active user of Decentraland, you can use MANA to buy digital assets such as land and wearables. You can also use your MANA to gain access to paid events, play games, and bet in casinos. If none of these is your thing, you can freely buy and sell MANA on numerous exchanges. The popularity of metaverses in 2021 and the rebranding of Facebook to Meta led to an explosion in the token price of many metaverse projects. Along with SAND, MANA was one of the beneficiaries of this hype, with many speculators profiting from the sudden price pump.

Which blockchain is Decentraland built on?

Decentraland is built on the Ethereum blockchain. MANA is the ecosystem’s ERC20 token and is a fungible token.

Home › Decentraland › How and where to buy Decentraland (MANA) in 3 steps

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How and where to buy Decentraland (MANA) in 3 steps

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Author: Matthew Pigott Updated: March 10, 2022

The hustle and bustle are apparently moving from the highstreets and buildings of towns and cities and into Decentraland—a virtual world where people can get together, game, gamble, go clubbing, collaborate in the same virtual room, and do…well…just about anything that doesn’t rely on the senses of smell or touch (at least for now).

That’s right, the metaverse is here, and in it, you need the right virtual currency. This is where MANA comes in. MANA is the native cryptocurrency of Decentraland that allows you to buy the things you want and need. What’s more, if you’ve got deep pockets, you can buy land in MANA to build upon and host your own events.

So, if you want to gain access to the next virtual festival showcasing your favourite artists and buy NFT swag to prove you were there, or you want to buy virtual real estate to throw your own superstar extravaganza, either way, you’re going to need a bagful of MANA.

This article shows you where to go to buy MANA, and how to do it.

Want to start buying MANA straightaway? Visit our preferred broker now to get started...

3 steps to buy MANA

Step 1: Sign up to a broker or exchange

Register with one of our recommended brokers or exchanges. You'll need to provide some basic documentation to get your account set up such as photo ID—passport or drivers licence—and a utility bill or something similar that shows your name and current address. Some exchanges also use biometric technology via mobile phone cameras as part of the standard account setup process.

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Step 2: Deposit funds

Once you’ve signed into your account, you’ll need to make a deposit to start trading or buying assets. Deposits can be done in multiple ways, from bank transfers to credit or debit card payments, and increasingly though PayPal. Once you’ve sent your funds via your chosen method check your change account. Your funds should be there. Though remember, if doing a bank transfer, your money may take a few days to hit your account.

Step 3: Buy Decentraland

After depositing some funds, head over to your chosen trading platform’s exchange page and search for MANA. The MANA coin will be denominated in various currencies. These include MANA, Ethereum and USDT. Choose the trading pair based on the current holdings that you have then enter the amount of MANA you’d like to purchase. Whenever you’re ready, click the buy button. Your coins should appear in your trading account within a few seconds.

Where to buy Decentraland (MANA)

You can buy MANA from various brokers and crypto exchanges. If you don’t already have an account with an exchange or broker, or perhaps you’re not happy with the one you’re currently using, below are some highly recommended options.

Why buy MANA?

Established in 2017, Decentraland is the most advanced and mature blockchain-based metaverse around today. It’s not a game per se, but a player-owned virtual world and decentralised autonomous organisation (DAO), meaning that the participants between them decide on Decentraland’s future.

This is where MANA comes in. By holding the token, players are not only able to buy things, they also have voting power within the metaverse depending on how much MANA they own. The more MANA held by an individual or collective, the greater their voting power.

Landowners, that is, people who have bought virtual real estate in Decentraland, also have voting rights. Still, MANA is the economy's primary fuel, enabling users to buy said 'land' and trade NFTs, wearable goods, and other in-world digital assets.

Decentraland is constantly evolving with new areas and venues in development. Exploration takes place by way of coordinates. This includes a teleport function that allows users to quickly get where they need to go. Each coordinate can generate a URL. So if you want to invite a friend to a seat next to you at the poker table, just give them the coordinates as a URL, and they can be there the time it takes to click on it.

To customise their avatar’s look in Decentraland, users can also invest in a new wardrobe. Each item of clothing, footwear or accessory has registered, verified ownership on the blockchain with its value denominated in MANA. These NFTs are stored in the user’s NFT backpack and can be used or traded with other people in the metaverse via their wallet.

Already, big brand companies are setting up headquarters in Decentraland. These include Atari, Tominoya Casino, Metazoo International Club Nights, Vegas Plaza and many more.

If you’d like to try out Decentraland, it’s free to explore, but if you want to become a serious player in the metaverse, load up your wallet with MANA tokens first.

Where to store your MANA

You can store your MANA in a non-custodial wallet. Although this is safer than keeping it on an cryptocurrency exchange, it still isn’t bullet-proof. To keep your MANA tokens completely safe, the best option is a hardware wallet. Below are two battle-tested options that hold the top slots in the hardware crypto wallet market.

Frequently Asked Questions

1. How many MANA are there in circulation and do they get burned?

The original supply of MANA was 2,805,886,393. This initial supply has since decreased through MANA’s token burn mechanism, effectively making MANA a deflationary asset. The token burn is directly linked to network activity. When a user in Decentraland sells an NFT, be that an item of clothing or a parcel of land, there is a 2.5% fee that is taken out of circulation forever. As network activity increases, the amount of MANA will commensurately decrease, which should positively influence its price. Importantly, because the keys to the smart contract with custody of MANA were destroyed in 2018, no more MANA tokens can ever be minted.
2. How do I use my MANA crypto?

If you are an active user of Decentraland, you can use MANA to buy digital assets such as land and wearables. You can also use your MANA to gain access to paid events, play games, and bet in casinos. If none of these is your thing, you can freely buy and sell MANA on numerous exchanges. The popularity of metaverses in 2021 and the rebranding of Facebook to Meta led to an explosion in the token price of many metaverse projects. Along with SAND, MANA was one of the beneficiaries of this hype, with many speculators profiting from the sudden price pump.
3. Which blockchain is Decentraland built on?

Decentraland is built on the Ethereum blockchain. MANA is the ecosystem’s ERC20 token and is a fungible token.