Decentraland (MANA), the decentralized virtual world, is gaining traction with consumers and brands. The recent intersection of gaming and non-fungible tokens (NFTs) is finding expression at Decentraland, where brand events are showing a viable route to monetizing the emerging virtual world.
Which Cryptocurrency Will Explode: MANA
One cryptocurrency that is building momentum right now and primed for long-term growth is Decentraland’s MANA token. Facilitated by decentralized applications (Dapps) Decentraland, the virtual reality platform is the rave of the moment as people adjust to the effects of the pandemic. Decentraland, users can create a social experience in 3D with an economy focused on land ownership.
Built on the Ethereum-based platform, Decentraland enables users to purchase land known as parcels, build on it, and sell them whenever they want. It uses two digital assets: LAND, and MANA. Each LAND parcel is unique and limited in supply, making them valuable.
LAND is an ERC 721 non-fungible token (NFT) used to show land ownership rights on the platform while MANA is an ERC-20 token used in payment for goods and services in the virtual world.
Decentraland, founded in 2015, has seen a growing adoption as cryptocurrencies have boomed. With its capability of letting people create content and monetize them without a third party, Decentraland has become one of the go-to decentralized platform to connect people virtually, where you can use your avatar to explore the world.
Decentraland’s Adoption Wins
One of the areas Decentraland has facilitated connection in the post-pandemic era is in the travel and tourism industry. In a partnership agreement with crypto-friendly online travel agency Travala, MANA token was added to the travel website’s platform for its customers to use to book hotels and pay for flights across the world.
Top digital asset investment firm Grayscale also tapped into the virtual world after announcing the incorporation of a Decentraland Trust with the Delaware Trust Company.
Blockchain company Cheeze has also gone live on the virtual world platform by creating an NFT art gallery enabling users to influence, decide, and vote on how the world works.
South Korea tech giant Samsung also added the MANA token to its blockchain store.
Decentraland has also expanded its reach into entertainment through its virtual government decentralized autonomous organization (DAO) Decentral Games.
In a partnership deal with popular Ibiza club Amnesia, the community-owned metaverse jointly launched two virtual Amnesia dancefloors, dubbed “Amnesia Experience” and “Amnesia Hype.” This will enable users to virtually connect with the nightclub without being there physically.
MANA Token Price is Booming – Time to Buy?
Given the growing adoption of the metaverse platform, its ERC-20 token MANA has seen positive price action. Starting at a lowly $0.007883 on October 3, 2017, the MANA token has increased over 4,000% in the past four years, climbing to $1.49 on May 14, 2021.
The MANA token has dipped about 25.4% in a 14-day period, but the asset has continued to build momentum. It gained about 7.6% last week and has racked up another 3.5% on the 24-hour trading chart, per data from TradingView.
With the world pivoting towards a digitally connected experience, Decentraland’s MANA token may soon become a very hot property as more businesses move into the space.
If you are looking to diversify your crypto portfolio, loading up on some MANA tokens may be a good investment choice, especially if the crypto market is set for a new uptrend from the trough of the recent crash.
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