A key player within the ever-growing metaverse, the Decentraland platform is a blockchain-driven 3D virtual reality space allowing users to purchase, manage, and trade virtual plots known as “LAND.” Governed by the Decentraland DAO, all interactions, from acquiring LAND to obtaining goods and services, utilize its native cryptocurrency, MANA.
In this guide, we take a close look at MANA wallets. Here’s where to safely store your tokens and access them conveniently.
What is MANA?
MANA, an ERC-20 token, serves as the lifeblood of Decentraland’s vibrant digital ecosystem. As the primary currency of this virtual world, it facilitates trade, land purchases, and access to various services.
“Decentraland is the only platform that gives VR developers and users what they really want: full control.”
Yemel Jardi, Decentraland board member: Medium
While Decentraland positions itself as a go-to destination for content creators in a decentralized VR environment, it’s MANA that powers the transactions within. Moreover, the platform also introduces a second token type, LAND.
Unlike the universal value of MANA, each LAND token is unique, with its worth influenced by its distinct attributes and the community’s perception.
Top Decentraland wallets
The leading Decentraland wallets provide solutions to safeguard, store, and even stake your MANA. Here are our top picks:
1. YouHodler Wallet
Built on the YouHodler crypto lending platform, the YouHodler wallet allows you to store digital assets, including MANA. YouHodler has a crypto hot wallet available for iOS and Android worldwide, except for in the U.S.
With YouHodler, you can use your MANA at any time to obtain a crypto loan. Additionally, you can use MANA as collateral for loans and then utilize the borrowed funds to build your portfolio or buy LAND. To earn interest on your funds, you must own crypto worth $100 for each coin. Note that you cannot earn interest on your MANA if it is worth less than $100.
Pros
- Earn interest on your crypto
- Supports over 50 crypto assets
Cons
- Not available in the U.S.
2. Wirex Wallet
You can buy, store, and manage your digital assets like MANA in a Wirex Wallet. Additionally, as a multisig wallet, your MANA tokens are secure, as you need more than one private key to grant access.
Moreover, Wirex does not require you to fill in all your information. The wallet only requires your email to set up biometrics. Wirex also utilizes the Multi-Party-Computation (MPC) technology to keep the seed phrase secure from any of the following vulnerabilities:
- Seed phrase phishing: Where a malicious party tries to trick you into sharing your seed phrase
- Seed phrase theft: When a hacker, someone close to or a stranger gets access to your seed phrase
- Seed phrase misplacement: When you lose the notebook, piece of paper, or phone notes where you wrote down your seed phrase
Pros
- Manage digital and traditional currencies in one place.
- Works on Arbitrum, Avalanche, BSC, ETH, Fantom, and Polygon chains.
- Users can access DApps like Nereus, AAVE, and Compound.
Cons
- Requires new users to pass KYC
3. Coinbase Wallet
Coinbase Wallet makes it easy for you to store digital assets, including MANA, and access them when you want to swap, stake, or trade. As a secure self-custody wallet, your private keys are stored directly on your device (as opposed to on the Coinbase exchange).
The wallet also provides a number of resources and is perfect for beginners. It takes you through every step, from demonstrating how to set up a crypto wallet to helping you stake your coins and secure a passive income. The wallet is generally considered to be well-protected and offers enhanced security features such as security locks, biometrics, and passwords.
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The wallet aims to elevate your cryptocurrency ownership experience in several notable ways. Firstly, it proactively notifies you if any potentially harmful DApp attempts to access your crypto assets.
Coinbase offers a preview of your MANA token balances for transparency when initiating a transaction. For those seeking heightened security, it connects with secure cold wallets, including Ledger, ensuring an added layer of protection.
Pros
- Easy transfer from Coinbase
- Large selection of supported cryptocurrencies
Cons
- Limited support for NFTs
- High transaction fees
4. Zengo Wallet
Zengo is a non-custodial wallet enabling you to store MANA safely. What’s notable about Zengo is its 3FA security features, making the wallet and your crypto highly protected. The advanced security leverages MPC cryptography rather than using a seed phrase or a private key.
Zengo supports 120 cryptocurrencies, including MANA. Furthermore, Zengo’s customer service is widely considered good; if you have a problem with your Zengo wallet, a support team is available 24/7 to assist you.
Pros
- Easy-to-use interface
- Simple to set up
- Advanced web3 firewall
Cons
- The recovery file (part of the 3FA) needs to be stored in the cloud.
5. OKX Wallet
The OKX wallet does more than keep your coins safe, it is also a user-friendly web3 portal. You can accumulate interest when you deposit your MANA into the “save” account. Choosing the high-yield “vault” account can further amplify your returns. Moreover, supporting the security of the Ethereum blockchain via staking your MANA will also earn you rewards.
Pros
- User-friendly wallet
- Hundreds of trading pairs
- High-interest staking opportunities
- Users can access 70+ decentralized networks
Cons
- Not available to users in the U.S.
Which is the best Decentraland wallet?
The best Decentraland wallet will depend on your individual requirements and what you plan to do with your MANA. For a solid web3 offering, OKX is a great option. Coinbase is perfect for beginners while also offering a strong non-custodial offering. Meanwhile, Zengo’s next-gen security model will prick the ears of those looking for a safe hot wallet option.
Regardless of your requirements, always prioritize crypto wallet security. Always download a wallet from trustworthy official channels and take all the necessary actions to safeguard your MANA tokens against potential risks.
Frequently asked questions
There are different wallets you can use to store your Decentraland tokens (MANA). Those we recommend include YouHodder, Wirex, Coinbase, Zengo, and OKX wallet.
Yes. To fully engage in the Decentraland ecosystem, whether you’re buying, selling, or trading, a dedicated wallet for tokens like MANA is required. Our recommended MANA wallets include Zengo, Coinbase Wallet, OKX Wallet, and the Wirex Wallet.
Decentraland (MANA) runs on the Ethereum blockchain. This makes it an ERC-20 token. With this metaverse focused ecosystem, users can buy, own, and sell virtual pieces of land as NFTs using the native token MANA.
According to internal Decentraland Foundation data, the daily active users (DAU) are around 8,000. As an innovative metaverse focused DApp, Decentraland has the potential to be significant once the crypto winter thaws. This does depend on the growth of the overall web3 ecosytem and expansion and commercialization of metaverse as a whole.
Our preferred digital wallets for MANA include YouHolder, Wirex, Coinbase, Zengo, and OKX. Each of these wallets offers a strong blend of good security features, user interface design, and transactional capabilities.
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