The 100 percent surge in MANA is due to Decentraland’s innovative capabilities, increasing digital land sales, and a thriving NFT market. Even as the interactive digital marketplace increases and programmers explore such a range of use cases, non-fungible coins, or NFTs, have gained traction over the last year.
According to Non-fungible, there have been 58,400 NFT transactions and $12.7 million inactivity in the last 30 days. In the very same time frame, MANA, the token underpinning this same ledger digital environment. This environment is known as Decentraland. It had $636,000 in NFT exchanges. An interactive virtual platform is based upon this Ethereum network and offers players a business transformation in which they may explore, communicate with other individuals, and buy parcels of land and other commodities.
Crypto controlled Market
Cryptocurrency goods and activities such as Cryptopunks, Sorare, Art Blocks, and Axie Infinity control the market. The valuable NFTs include everything from digital soccer tickets to cryptocurrency artwork and cryptocurrency animals. In addition, some encouraging news about real-world authors joining the sector has bolstered the current upswing. On Tuesday, the creator of Rick and Morty, for example, sold off a few of his digital artworks.
According to Nomics data, MANA transacted $368 million in transparent turnover in the last 30 days. It represented a 257 percent increase over the previous month. The average price and quantity of deals on the Decentraland marketplace have lately dropped to around 20 per day. The land and virtual properties accounting for 70% of all sales.
LAND Tokens
LAND tokens are non-fungible and indicate a person’s ownership of land parcels. These tokens contain information such as geographical coordinates and virtual characteristics. The largest transaction in the last four months was approximately $150,000. It’s worth mentioning that MANA tokens can be used to buy in-game products and services, as well as pay for LAND transaction costs.
Decentraland
A decentralized autonomous organization governs Decentraland. All software updates are implemented through a network of smart contacts. Owners of the MANA token can vote on policy revisions, land auctions, and new development subsidies.
The fact that this virtual world is web-based means that there are no downloads required to participate.
Decentraland has grown in recent months to include interactive applications such as transactions and peer-to-peer messaging.
Decentraland is also developing a noncustodial, open, and auditable Virtual Casino. Players can utilize MANA tokens or Dai stablecoins in this arena. Moreover, a distinctive aspect is that there are no Ethereum gas fees because transactions are on a second layer through the Matic network. Poker and more complicated games are in the process of designing. This is despite the low number of games already accessible.
A voice chat option was implemented on December 17, 2020. This enables users to communicate with one another while scrolling around the virtual world. As a result, simulating the social interaction that gamers have come to expect from big companies like PlayStation and Xbox.
On January 20, Decentraland released version 2.0 of its LAND API. It concentrates on increasing marketplace metadata accessibility. For those designing tools that require data about land parcels and estates, the update provided endpoints that provide more consumable data.
NFT art
Finally, NFT art shows have been gaining some traction in the MANA ecosystem, and the new function. It is due to the popularity of NFT art, which may attract more users to the platform. The portal also sponsored a few real-world live music events. It was a smart choice especially that outdoor activities like concerts halted during the COVID-19 outbreak.
Despite the fact that there are many accomplishments, certain key features will still incorporate. A smartphone version of the service, as well as technology for micropayments and interoperability with virtual reality platforms, are among them.
According to data from The Tie, a social analytics company, the improved social network activity foreshadowed the latest price rise. As a result, individuals wagering on MANA token growth should keep an eye on social network activity statistics.
Decentraland has incorporated a number of new features to improve the user experience and serve the growing NFT collectibles and digital real estate industries. The additional features under development also appear promising, but because MANA is still in its early stages of adoption, participants should conduct their own study before deciding whether or not to invest in it.
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