- Decentraland (MANA) has jumped from approximately US$0.75 to US$2.76 in eight days
- Decentraland (MANA) is a virtual reality platform built for creators and businesses
- The market is screaming for that one NFT game which can blast crypto into the stratosphere and bring digital currency truly into the mainstream
It’s been a good few months for altcoins, which have made some consistent gains since the crypto market’s resurgence in August.
Many of these have been memecoins like Shiba Inu (SHIBA) and Dogecoin. But one which is gone largely unnoticed is a virtual reality cryptocurrency by the name of MANA – the native token of Decentraland.
What Is Decentraland?
Decentraland (MANA) is a virtual reality platform built for creators and businesses searching for a new artistic medium, business opportunity, or source of entertainment.
MANA jumped as high as US$4.14 on October 31 before sliding again to US$2.57 – where it sits currently.
Decentraland is powered by the Ethereum blockchain and allows users to purchase a plot of virtual land, which they can then build upon and earn money from.
Launched in 2020, by cofounders Ariel Meilich and Esteban Ordano, Decentraland has since been adopted by many users who enjoy the digital landscapes and libertarian lifestyle, which the platform provides. Indeed, Decentraland is like a libertarian Second Life, except players of Decentraland can not only create a digital alternate life, but also earn money.
Every piece of land, property and creation in Decentraland’s online universe, which they call “The Metaverse”, is owned autonomously by the players in the game and can be bought or sold to other players in the game. The currency they used to do this is called MANA.
If the name, “Metaverse” sounds familiar, it’s probably because just last week, Facebook founder and CEO Mark Zuckerberg announced his own Metaverse, only this one is part of Facebook’s vast empire - Facebook meets virtual reality, if you will. In a demonstration posted on both Instagram and Facebook (which Zuckerberg has rebranded as Meta) Zuckerberg meets with his friends in a virtual world where they are all floating, thanks to someone making the room anti-gravity. Zuckerberg and his friends are reimagined in this virtual world as avatars – some just digital, cartoon-like version of themselves and one who is some kind of giant alien cyborg-type creature.
They talk to each other in the virtual world just as they would if they were actually in the room together.
Interestingly, Zuckerberg’s announcement of his “Metaverse” hasn’t harmed Decentraland’s universe with the token experiencing a 340 percent rise in the days following Zuckerberg’s announcement.
Is MANA a Good Investment?
The question is whether MANA holds any value after the novelty effects of Zuckerberg’s announcement have worn off.
The answer to that is yes.
The market is screaming for that one NFT game which is going to blast crypto into the stratosphere and bring digital currency truly into the mainstream.
While Decentraland’s Metaverse is certainly vying for that position, it’s not the only blockchain offering a VR, NFT-run world.
Sandbox is another blockchain-based virtual world, which was launched some nine years before Decentraland in 2011. Its native token SAND has had a similar week to MANA as VR puts itself firmly at the forefront of the collective consciousness.
Decentraland’s LAND is currently valued at US$2.85, which represents a meteoric YTD spike of well above 3,000 percent.
Virtual Reality seems to be the next logical step for both technology and entertainment. Beyond that, VR can be beneficial for workplaces as the work-from-home movement, fuelled by the recent COVID-19 lockdowns, can be enhanced by employers to have employees at work “virtually”, saving overhead costs for employers and travel costs for employees.
Without a shadow of doubt, VR is happening. In terms of cryptocurrency, it’s going to be a question of: which virtual universe do I invest in?
All that can be said for certain is: Decentraland has positioned itself as a good option.