Decentraland MANA
Decentraland (MANA) was trading at $0.0740, ranked #203 by market cap at $145.01M, with 24h volume of $20.54M.
Data snapshot: 2026-09-02 12:15 UTC.
Decentraland is a browser-based virtual world where the land itself is an NFT, so parcels can be bought, sold and built on by their owners rather than rented from a company. It is governed by a DAO that controls the land contract and the treasury, which makes it one of the few metaverse projects where users can actually vote on the rules — though concurrent user counts have stayed far below the attention the sector received in 2021. Decentraland was the earliest of the virtual-world land projects and is governed by a DAO that controls the platform's parameters and treasury — an unusually thorough attempt at community ownership of a virtual space. It became known outside crypto partly through reported concurrent-user figures that were far lower than its land valuations implied, a discrepancy that was widely covered. That is the useful thing about it on a market map: it is a documented case of asset prices and usage diverging by orders of magnitude within a single platform.
How is Decentraland governed?
By a DAO in which MANA and land holders vote on platform parameters, policy and treasury use.
What was the criticism about user numbers?
Reported concurrent users were far lower than land valuations implied, a gap that was widely covered and became emblematic of the metaverse cycle.
What is MANA used for?
Purchasing land and items within the platform, and voting in the DAO.
What does the case illustrate?
That asset prices within a platform can diverge from actual usage by orders of magnitude, and that market cap is not evidence of engagement.
Market cap decides how big a bubble is drawn, so rank is what places MANA on the map relative to the rest of its sector.
| Rank | Coin | Market cap |
|---|---|---|
| #109 | Pudgy Penguins (PENGU) | $383.93M |
| #193 | Axie Infinity (AXS) | $160.23M |
| #203 | Decentraland (MANA) | $145.01M |
| #210 | Chiliz (CHZ) | $138.78M |
| #212 | ApeCoin (APE) | $137.12M |
