The second biggest gainer on Crypto.com today is Decentraland’s MANA. Up over 20% at the time of writing, MANA is currently trading at $3.28, which is 69% of its all time high. Let’s take a closer look at Decentraland / MANA and see what all the hype is about.
What Is Decentraland / Mana?
As the name suggests, Decentraland is a virtual reality platform powered by the Ethereum blockchain. Users can use MANA to purchase virtual plots of land and other goods on the platform.
Decentraland is a fully functional universe that’s full of players and activities. If you haven’t check it out yet, I highly recommend you to explore their universe.
Why Is MANA Price Rising?
Other than the fact that MANA has a fully functional product, Coindesk reported today that Sotheby’s will allow Live Bidding in Ethereum in an upcoming virtual exhibition on Nov. 18 to be held at its “headquarters” in Decentraland.
Sotheby’s is a high end Fine art store selling high value artworks, jewelry, watches, and more. Their previous sale for their NFTs generated over $16.8 million in sales. If the upcoming event goes anything like the NFT sale, there’s going to be some crazy bids on their art.
While the upcoming auction is sure to generate some hype regarding MANA, in my opinion the real reason for Decentraland’s huge price gains is due to the increased userbase on its platform.
Looking at Decentraland’s Alexa rankings, we can see that over the past 90 days there’s been a constant influx of users joining the platform.
Source: Alexa
The biggest driver in price and valuation for any project is user adoption. If the team has a working product and the users embrace it, that’s the key to success.
With the Crypto market maturing, there’s no longer room for projects that don’t have a working product or an app at launch. It’s great to see Decentraland’s popularity rise amid the Metaverse and virtual properties hype.
MANA Price & Tokenomics
With a market cap of $5.8 billion, MANA ranks as the top 39th largest cryptocurrency on the market. Moreover, with a $6.1 billion 24 hour trading volume it’s clear that the market is excited about the project.
With an ROI of over 12,000%, it’s surprising to see MANA continue its astronomical price hike. However, with the increase adoption and the hype surrounding Metaverse type projects, I wouldn’t be surprised if MANA continues its bullish trajectory throughout this month.
This is not trading or investment advice, always do your own research before buying any cryptocurrency.
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