Popularly known as MANA, the Decentraland (MANA) defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetize content and applications.
The decentraland experiences are currently being built by thousands of LAND owners. Once they are ready, you will be able to explore the world on your computer, phone or VR headset.
We know that in this virtual world, users purchase plots of land that they can later navigate, build upon, and monetize. In view of this, Decentraland uses two tokens: MANA and LAND.
MANA coin is an ERC20 token that must be burned to acquire non-fungible ERC721 LAND tokens.
Decentraland isn’t just sitting back and receiving investment, they are actively making investments of their own, mainly in the infrastructure which will drive the Metaverse (in-game, VR world) forward.
To encourage growth and innovation in decentralized online gaming, in July 2018 Decentraland announced a $5 million investment pot. Also, a partnership with GC NRP in South Korea sees Decentraland become the first company to partner with the South Korean government’s VR gaming accelerator.
In conclusion, the Decentraland Marketplace is a fully decentralized and open market where you can discover, buy, sell, and manage your parcels of LAND.
Why Binance Is a Great & Secure Place To Decentraland (MANA
In case you know about Binance then you can skip to How to buy Decentraland (MANA).
Commencing its exchange service in 2017, Binance is now the largest exchange in the world for the daily trading volume. One of their greatest advantages is that they list well 100+ different cryptocurrencies to meet the demands of the crypto market.
One interesting fact about Binance is that they transact well over $1 billion daily.
While you cannot deposit or withdraw using traditional payment methods such as a debit/credit card or bank account, nevertheless, you will not be charged to deposit using a cryptocurrency and withdrawing Decentraland (MANA) which is very reasonable. When it comes to trading fees, Binance’s stands at 0.1% for each trade.
Buying cryptocurrencies on Binance is simple as they offer users both BASIC and ADVANCED trading platforms, which makes it perfect sense for beginners, as well as more experienced traders.
To wrap it up, Binance has a very good record in keeping their exchange safe. Nevertheless, to further keep your account secure, it is well worth using their Google Authenticator feature, which will require you to enter a mobile code every time you log in.
How to buy Decentraland (MANA) Coin on Binance
In my step-by-step guide, I am going to show you how to buy MANA using the Binance exchange. Although they do not allow you to deposit using real-world money, they do have the largest trading volume, their fees are low and it’s really simple to use their platform!
Here is the first step to buying Decentraland (MANA).
Sincere disclosure: We earn a little commission if you end up buying through our referral links in this guide (at no additional cost to you). Thanks for your support. #Many Thanks.
Step 1: Create an account on Binance
The very first step in the process is to create your Binance account. The process is very simple.
The only requirement is to provide your valid email address and a password.
Make sure that you use a strong password when creating your account, since this is a place where you will be keeping your funds.
First, you will need to visit the official Binance website, which you can do by clicking this link.
2. In the top right-hand corner of the screen, click on Register.
3. Go ahead and enter your email address, choose a strong password and tick the terms and conditions box. Then click “Create Account”.
4. Solve the Security puzzle. (To verify you are human and not a robot) you will need to drag the slider across and match the jigsaw.
5. At this point, Binance will then send you an email. Go to your inbox and click the confirmation link.
6. Yes…Congratulations, as you now have a verified Binance account!
Kindly note that they may ask you for some verification documents such as national id, driving license and/or passport. Submit the required documents as it won’t take time.
Step 2. Deposit Funds into Binance
When once you have set up your Binance account, you now need to fund it in order to buy Mana All you need is your Binance deposit address so that you can transfer funds across. I will show you how to do that easily. Let’s see.
#1. Login to your Binance account, and go to Balance. To do that, move your mouse over WALLET (at the top of the page) and then click on SPOT WALLET
#2. You will now see your Balance. Click on “Deposit” on your left hand side.
#3. For this tutorial we will deposit BITCOIN (BTC) – the easiest for beginners, else, you will see a long list of cryptocurrencies that Binance support.
#4. Your unique Binance wallet address for BITCOIN (BTC) deposits is now displayed. Make sure you click on the Copy Address button.
Kindly note: as specified above, send only BITCOIN (BTC) to this deposit address.
Sending a coin or token other than BTC to this address may result in the loss of your deposit.
It’s time to successfully deposit Bitcoin to your Binance account.
Step 3. Fund your Account using Coinbase or Luno
To fund your Binance account, you will need to go to Coinbase or Luno and Paste the BITCOIN (BTC) address you copied from Binance.
I recommend you use Coinbase.com. You will get extra $10 if you open a new account and deposit at least $100. Click here to go to Coinbase.com.
To fund your Binance account, on your Coinbase account, Paste the copied Address from Binance, enter your account and click SEND.
Luno is a good exchange just as Coinbase. Only use Luno if Coinbase is not accessible or available in your region/country so that you won’t miss out on the $10 which will do you good.
To fund your Binance account, on your Luno account, Paste the copied Address from Binance, enter your account and click SEND.
Step 4. Buy Decentraland (MANA) on Binance Exchange
Believing that you have followed the above step-by-step buying guide, if yes then you should now have a fully funded Binance account.
Let’s hit the final part of the guide which is showing you how to buy Decentraland (MANA).
1. At the top of the page, move your mouse to TRADE and then click on Basic.
2. On the right of the screen, enter MANA into the search bar. MANA/BTC pair will show forth. Go ahead and click on it.
Click on the pair.
3. You are now on the main trading screen for the Decentraland (MANA) and Bitcoin pairing.
4. Scroll down below the chart and look for the Buy MANA trading box. Make sure that you click on the Market.
5. You now need to enter the number of MANA coins you want to buy. If you want to use all of your Bitcoin balance, click on 100%. And if you don’t, then you are free to enter your desired amount into the box. Finally, click on Buy MANA to complete your buying order.
That’s it, you’ve just bought your very own Decentraland (MANA)! Congratulations… 🙂
I’m optimistic you’ve enjoyed my “How to buy Decentraland (MANA) guide for beginners!.
At any point you are puzzled on what to do, just go ahead and read it once more for proper understanding
Have a nice crypto day.
Visit Luno (if Coinbase is inaccessible in your region/country)
Need a hardware wallet to secure your MANA? Check out the top 3 hackers crypto hardware wallets.
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