Decentraland (MANA) is a virtual reality platform that operates on the Ethereum blockchain, enabling users to create, experience, and monetize content and applications. In this digital environment, users can purchase plots of land to explore, develop, and monetize. Decentraland was initiated following a $24 million initial coin offering (ICO) held in 2017. The virtual world launched its closed beta in 2019 and became publicly accessible in February 2020. Since its launch, users have developed numerous experiences on their parcels of LAND, ranging from interactive games and expansive 3D scenes to various other engaging experiences. The platform utilizes two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to obtain non-fungible ERC-721 LAND tokens. Additionally, MANA tokens can be used to purchase avatars, wearables, names, and other items in the Decentraland marketplace. Decentraland is a decentralized virtual world platform operating on the Ethereum blockchain, where users can create, experiment, and monetize their content. Users purchase virtual plots of land as NFTs using MANA tokens on the Decentraland platform. Advancement within the platform relies solely on the players, their efforts, and their creativity. The platform is fully owned by its users. In the Decentraland metaverse, participants can explore the virtual world, buy monetizable plots of land, create artworks, own non-fungible tokens (NFTs), and participate in the decentralized autonomous organization of the platform, Decentraland DAO. Through the DAO, the community can influence the project's development trajectory. Users also have access to interactive applications, in-world payments, and peer-to-peer communication. The 3D world appeals to many participants due to its numerous applications, catering to both entertainment for gamers and business for investors. Operations in Decentraland are governed by two tokens called MANA and LAND. These tokens enable users to interact with the platform. MANA is the primary currency of Decentraland. As an ERC-20 token, it powers the Decentraland platform, allowing users to buy plots of LAND and pay for in-game items and services. MANA holders have voting rights in the Decentraland DAO. MANA can be acquired on cryptocurrency exchanges or by selling collectibles on the Decentraland Marketplace. Token owners convert their MANA into wrapped MANA, or wMANA, and commit it to the DAO, where one wMANA corresponds to one vote. MANA can be exchanged for fiat currency and other digital assets. LAND, on the other hand, is a non-fungible token (NFT) based on Ethereum (ETH) used to manage the ownership of digital real estate. Like MANA, LAND is integral to the protocol, providing voting rights; however, LAND does not need to be staked in the DAO. One LAND equates to two thousand votes. Players have the freedom to decide what to do with their land. Owners store tokens in crypto wallets and use MANA tokens for necessary purchases on the Decentraland Marketplace. Furthermore, participants can manage or exchange LAND tokens (valued in MANA) on the marketplace. The marketplace facilitates in-game item transactions and transfers. All transactions are executed, regulated, and recorded via the Ethereum blockchain. Decentraland merges online gaming with blockchain technology. Players have full control over the rules and policies, with token holders voting on both in-game and organizational policies. Although the initial aim was the creation of a decentralized virtual reality, Decentraland has evolved into a substantial NFT marketplace. NFTs, including collectibles, virtual equipment, and real estate (LAND), play a significant role in Decentraland. However, new players aiming to join and acquire NFTs face a high entry barrier. The Decentraland protocol is constructed on three levels using Ethereum smart contracts. The consensus layer manages and tracks LAND ownership. The land content layer presents the content of the Decentraland virtual world. Finally, the real-time layer facilitates participant interactions. Co-founded by blockchain experts Ari Meilich and Esteban Ordano in 2015, the platform was officially launched a year later and became fully accessible in February 2020, transitioning from a 2D experiment to a fully developed 3D environment. In summary, Decentraland is a decentralized gaming and 3D virtual reality platform where players own lands and engage in limitless creation. The Decentralized Autonomous Organization (DAO) software is central to its operations, with community governance. Through the native token MANA, players can engage in proposal processes for managing and enhancing the ecosystem, auction systems, and in-game policies.

Decentraland was co-founded by Ariel Meilich and Esteban Ordano, who have both stepped down from major roles within the project. However, they continue to contribute to Decentraland as advisors. Ariel Meilich served as the project lead at Decentraland from 2017 to 2020. He is a serial entrepreneur who has established several startups, including an online translation agency and a CRM platform. Additionally, he worked as an analyst at Charles River Ventures, a notable venture capital firm in Silicon Valley. Esteban Ordano, the former tech lead at Decentraland, has extensive experience in the cryptocurrency sector. He previously worked as a software engineer at BitPay, Inc., served as an advisor to Matic Network, and briefly ran his own smart contract development firm, Smart Contract Solutions. Esteban is also recognized as a co-founder of Zeppelin Solutions, a well-regarded blockchain technology infrastructure company. Despite Ariel and Esteban no longer being at the helm, the development of Decentraland continues under the guidance of the recently established Decentraland Foundation.

Decentraland is designed for content creators, businesses, and individuals seeking a new artistic medium, business opportunity, or source of entertainment. The Decentraland virtual world, known as the "Metaverse," is divided into 90,601 individual parcels of LAND, each represented by an ERC-721 non-fungible token. Each LAND measures exactly 16m x 16m (256 square meters) and is located at specific coordinates within the Metaverse. While LAND holders have the freedom to develop their plots as they wish, much of the Metaverse is broadly divided into various districts, each with a unique size and theme. These districts were established through individual crowdsales for MANA tokens, and parcels of LAND within these districts are non-transferable. As of January 2021, Aetheria, which is cyberpunk-themed, is the largest district, consisting of 8,008 LAND. Decentraland is also among the increasing number of projects utilizing a decentralized autonomous organization (DAO) structure for governance decisions. Consequently, MANA token holders influence the governance of the Decentraland world by proposing and voting on policy updates, specifics of forthcoming LAND auctions, and the types of content permitted in the Metaverse. In addition to serving as a creative platform, many Decentraland users currently monetize their LAND through leasing, advertising, and paid experiences. Similarly, other users earn income by creating and selling items on the Decentraland marketplace in exchange for MANA tokens.

As of January 2021, just over 1.49 billion MANA tokens were in circulation, representing approximately 68% of the current total supply of 2.19 billion MANA. The initial total supply was set at 2.8 billion MANA, which has been reduced by more than 600 million MANA due to burns resulting from LAND auctions. Additionally, there are several burn mechanisms designed to further decrease the circulating supply of MANA, including a 2.5% MANA burn on transactions within the Decentraland marketplace. MANA was originally designed with an inflation rate of 8% in the first year, which would gradually decline to reduce the inflation rate over time. However, inflation is currently disabled. According to the Decentraland glossary, there are no plans to implement this inflation "until necessary." In total, 40% of the MANA supply was sold during the initial coin offering (ICO) in 2017. Moreover, 20% was reserved to incentivize the community, another 20% was allocated to the development team and other early contributors, and the remaining 20% was retained by Decentraland. Project lead tokens are no longer subject to vesting.

MANA is an ERC-20 token, meaning it is built on the Ethereum blockchain. The Ethereum blockchain is protected by a large decentralized network of miners, who collaborate with thousands of nodes to safeguard both the Ethereum blockchain and MANA tokens from potential attacks. As a highly scrutinized and reliable blockchain in contemporary use, Ethereum is presently the most popular network for cryptocurrency tokens that do not have their own native blockchain.

The MANA token enjoys substantial liquidity and is accessible for purchase, trading, or sale on approximately 100 different exchange platforms. As of January 2021, Binance, OKEx, and Coinbase Pro are ranked among the most liquid exchanges for MANA tokens. A comprehensive list of available markets can be found in the "Markets" section on Eulerpool. Currently, MANA can be traded against Bitcoin (BTC), Tether (USDT), and Ethereum (ETH), and it is available for purchase with several fiat currencies, including KRW and USD.