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- Decentraland is a cryptocurrency based on the ETH blockchain.
- It has two types of tokens: MANA and LAND.
- Different types of wallets are used by investors to store these tokens.
Decentraland is a cryptocurrency majorly used in the gaming industry for creating open-world gaming platforms by players. It is based on the Ethereum network and has two types of tokens; MANA and LAND. OKX is considered a great wallet because of its solid Web3 offering. Zengo’s next-gen security is unmatchable.
What Is Decentraland?
Decentraland is a cryptocurrency that runs on the Ethereum network and allows users to interact on an open-world gaming platform. Here, players and users can buy NFTs, known as LANDs. It was created because it strives to give players full control and ownership over their virtual assets and no one has the power to modify the software rules or economics.
MANA’s earlier version was available in 2015 but launched to the public in 2020. It is the ERC-20 token that serves as the currency of Decentraland. There is a fixed supply of MANA tokens, 2.6 Billion, and currently 60% (1.49 Billion) tokens are in circulation. 40% of the supply was sold during the initial ICO in 2017 and there are around 90,601 parcels of LAND available. Decentraland has a very active and vibrant community in the game and fans also connect via the Decentraland Discord Community.
MANA tokens are mainly used in the Decentraland game to buy land and tokens. MANA cannot be mined as it is not a proof-of-work cryptocurrency. However, it can be purchased via different wallets, such as the Zengo wallet. The most expensive tract of land sold in Decentraland fetched nearly $1 Million. MANA tokens facilitate trade, land purchases, and access to various services. The Decentraland platform introduced two tokens; MANA and LAND.
5 Best Decentraland Wallets For 2023
The best Decentraland wallets include YouHodler wallet, Coinbase wallet, Wirex wallet, OKX wallet and Zengo wallet.
- YouHodler Wallet
Here, MANA can be used as collateral for loans and then borrowed funds to build the portfolio. It allows for storing digital assets. Its pros are earning interest on a user’s crypto, and it supports over 50 crypto assets. It is not available in the U.S.
- Coinbase Wallet
It enhanced security features. The transfer is easy and there is a possibility of a large selection of supported cryptocurrencies. It has limited support for NFTs. The transaction fees are high.
- Wirex Wallet
It does not require the filling of information. It has certain vulnerabilities, such as seed phrase phishing, seed phrase theft, and seed phrase misplacement. It manages digital and traditional currencies in one place. Users can access decentralized apps like AAVE, Compound, etc. It works on ETH, Polygon, Avalanche, Arbitrum, and BSC chains. The only con is that new users are required to pass KYC.
- OKX Wallet
It is a user-friendly web3 portal that does more than just keep the coin safe.
- Zengo Wallet
It has an easy-to-use interface. It is very simple to set up and has an advanced Web3 firewall. The recovery file needs to be stored in the cloud.
Conclusion
Decentraland is a cryptocurrency based on the Ethereum network. It has two types of tokens; MANA and LAND. Investors use wallets to store these tokens. There are different types of wallets, such as Zengo. OKX, Coinbase, etc. have their pros and cons.
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