Decentraland, the world’s first virtual world owned by its users experienced one of the strongest price surges in its history over the last weeks.
The protocol that allows users to own and develop a virtual piece of land according to their preferences had a flurry of activities around it. Keeping with the tradition of being pioneers, Decentraland is hosting the first-ever virtual music festival called “To the Moon”. The protocol will also play host to the launch of the TrustSwap’s virtual headquarters in addition to other developments that have shot the project to critical acclaim.
Recent Developments
Barely three weeks ago, Decentraland was in the limelight after a piece of real estate in the VR world sold for almost a million dollars.
The purchase was done by a real estate investment firm, Republic Realm, splashing a staggering $913,228 on 16 acres of digital land.
This purchase set a new record as the most spent for the purchase of an NFT land on the platform, surpassing the previous record of $704,000 bought by Boson Protocol.
On TrustSwap’s first anniversary, the team decided to splurge on the celebrations by unveiling the TrustSwap HQ in Decentraland. The headquarters was built by the Dapp Craft Metaverse Studio and this move provides more exposure to the Decentraland Project.
The Future
Decentraland is set to break another record by being the first to host a virtual music festival on the Ethereum blockchain. The music festival is the brainchild of a collaboration between KnownOrigin, Bear NFT, and Illumini NFT.
The event will take place at KnownOrigin’s spot in Decentraland and is scheduled to take place on the 11th of July. The festival will feature performances from Autograf, Fred Thurst, Snbrn, and Ookay.
The festival is part of the larger Decentraland Art Week that offers the community 10 days of digital art, music, and giveaways.
As part of the Art Week, users can expect the grand opening of the Sculpture Garden of the Museum of Digital Art, a presentation of the Miami Beach Art collection by Playboy, and the opening of INSIDE Boxhead, a mental health art gallery on July 14th.
These events have all played a major role in the recent upswing in prices for the project.
On the Flipside
- Decentraland’s rival, Sandbox is also picking up steam after its partnerships with brands like Square Enix and Binance.
- Although Decentraland surpasses Sandbox in market capitalization and other metrics, it has to maintain momentum to keep its distance.
Community
Apart from buying and developing parcels of land, Decentraland also provides users with the option to sell digital properties. The community can trade estates, wearables, digital art, and other paraphernalia on the platform, providing a means of making a profit.
The Decentraland community on Twitter has an impressive 146,000 followers that are buzzing with excitement over the recent developments and future events of the platform.
The native token of the project, MANA is trading at an impressive $0.639 amid trading volumes of over $288 million. In terms of circulation, there are 1,685,532,331 MANA in circulation which gives the project a market capitalization of over $1 billion.
