Price of Decentraland (MANA) Surges by 75% Amid Fresh Interest In The Metaverse
Over 75,000 sales totaling more than $25 million have been generated by Decentraland’s property and other NFTs. The blockchain technology’s impact on the present digital revolution cannot be overempahized, given the incorporation of virtual reality and rise of the Metaverse are reshaping human interactions on a Woldwide scale.
Decentraland, an ecosystem of virtual reality (VR) established on the Ethereum network which enables users to engage with, monetize and create virtual content via several interactive experiences.
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Decentraland raised $24 million ahead of its February 2020 release, and Decentraland games’ casino earned $7.5 million in just three months. The metaverse project only began functioning properly in the fourth quarter of 2021, but it has experienced a tenfold increase in the last few months.
As more people become interested in the metaverse, the price of the virtual reality’s official currency (MANA) has risen. In recent months, the price of MANA has increased by 75%.
According to TradingView data, the price of MANA has risen 70% in the last two weeks, from January 22 price of $1.70 to February 1 price of $2.90 even as the broader crypto market battled with pressures from the bears.
In the last seven days, the price of Decentraland (MANA) has risen by 10.44 percent. In the last 24 hours, the price has risen by 3.16 percent. Even in a bearish market, MANA has managed to stay within its February high, trading at $2.652 per MANA on March 2.
Decentraland’s world is rapidly expanding and has become the latest buzz among metaverse investors, and this trend is likely to continue for a long time. Prices could skyrocket in the coming months as investors increase their participation in the virtual world.
Over the last year, the virtual world’s user base has increased by 3,300%, with a peak market capitalization of $12 billion. Many metaverse enthusiasts credit Mark Zuckerberg for Decentraland’s massive bull run.
The metaverse was recently named one of the top five emerging trends and technologies for 2022 by Gartner. According to Gartner, 25% of people will spend at least one hour per day in the Metaverse for work, shopping, education, social media, and/or entertainment by 2026.
In December, Disney announced plans to build a metaverse theme park. The company applied for a patent for a “virtual world stimulator,” which was approved on December 28, 2021. In Disney’s theme parks, the technology can generate and design special 3D effects on physical spaces, walls, and nearby objects.
Gucci has also expressed interest in the metaverse, opening “vault,” a metaverse concept store selling “Supergucci” NFTs. According to Mark Zuckerberg, the metaverse may be the next best thing to teleportation.
A good reason to also be optimistic about the potentials of virtual land initiatives such as Decentraland is its acceptance and wide embrace it has from influencers and celebrities ready to set up their brands in the virtual world.
American rapper and actor Ice Cube hosted a tour on Decentraland on January 31 and invited people to book through a link he posted on his Twitter wall.
As prominent creators and artists establish their virtual presence, their fanbase will become more aware of the potentials of VR and blockchain technology to usher this present era into a modern wave of adoption.
Another factor attracting investors to Decentraland is the enhancement of user experience and growing cross-platform integrations. The protocol now includes a section of “My Store” that enables users to track and manage their collections while building their virtual brand.
As with most crypto projects, the project’s growth and success are heavily reliant on its supporters. If this interest in the metaverse continues and Decentraland remains the solution for people who want to experience virtual reality, the project will likely skyrocket; if the opposite occurs, the project will likely sink.
With Mark Zuckerberg’s influence, many more people are expected to join the metaverse and this project. Celebrities and influential people who publicize their interest in the virtual reality project are also doing a lot of good for it.
