Decentraland is a metaverse project, which saw an increase in the market cap. It’s coin, $MANA’s value multiplied 5 to 10 times.
What is Decentraland?
Decentraland is a virtual reality decentralized platform that runs on the Ethereum blockchain where the user can create, sell and monetize the content or application. Mainly, users who own a piece of “Land” can use it to monetize and earn from it.
This Land is a non-fungible digital asset, a property digitally owned by the owners. The owner would have the right to create applications and control the environment. Similar to Minecraft if you have played it.
One more important thing in Decentraland is their token $MANA which is used to purchase their precious Land and do various things. So $MANA acts as the currency for the digital world.
What is $MANA?
$MANA is the token name used in Decentraland to buy limited edition NFT that they call Land.
Mana tokens can also be used for governance. So, if you hold their MANA token, you can participate in the governance and vote for changes. But having Land that is their limited edition nft can also give you a chance to participate in the governance, but the rising price of Land and their token would make you think twice.
$MANA Coin Market Analysis
Currently, the $MANA token is in the top 100 crypto list. Its market capitalization is around 10 billion dollars, which is huge for any metaverse token. The credit for this goes to Mark Zuckerberg’s announcement about metaverse.
Let’s talk about their coin’s price. It sits around 4.68$ by the time of writing, which was around 0.7$ in October. However, soon after Facebook announced that they were changing their name to meta, its price pumped. Even its market capitalization, which was around 1.2 billion dollars, jumped from there and is now around 10 billion dollars.
$MANA Price Prediction
$MANA token showed significant momentum soon after the announcement.
It is currently lying above strong support, it might bounce from here, and we will see a further correction if it breaks down.
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The future of $MANA looks excellent, more development and integration are yet to come, and they would get enough competition from their competitors, and even Facebook would be entering there. So let’s see “everything will be fine in the future.” Thank you for reading the article, and have a good day.
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Nothing in this article is financial advice, and you should only invest in the market you believe is suitable for your portfolio.