With Facebook’s rebrand, many now consider the metaverse to be the newest, hottest subject of the cryptoverse. However, a lesser-known project, Decentraland, has been quietly building a metaverse since 2017.
At its launch, Decentraland proposed that an environment that mimics our daily interactions be built on blockchain technology. Since its launch, the project has recorded remarkable success. However, how have its recent performances been?
Decentraland (MANA): Price Updates
The popularity of Decentraland spiked as Facebook announced its entrance into the metaverse and rebranded as Meta. MANA experienced a rally in the wake of the news, as the coin gained more than 400% in value.
The October trading chart for Decentraland (MANA). Source: Tradin?gview
The rally helped MANA to hit a new all-time high of $4.69 on October 30th. The 400% rally saw Decentraland break into the top 50 crypto rankings. At its height, Decentraland commanded a market cap of $6.48 billion.
The days of pushing too fast, too furious seem to have come to an end with MANA, as the coin’s rally appears to have come to an end. MANA is now trading at $2.62, at the time of writing, dropping by 8.7% of its value over the last 24 hours.
The 48 hour trading chart for Decentraland (MANA). Source: Tradingview
MANA is currently trading 42% lower than its October 30th high. However, it maintains its top 50 rankings. Decentraland is ranked as the 40th largest project, as of this writing, with a market cap of $4.73 billion.
Recent Developments and Future Events
The Decentraland metaverse is built on a variety of applications and protocols. To make navigating the metaverse easier, Decentraland has announced support for WalletConnect and Native Polygon across all of Decentraland’s dApps.
In April, Polygon released a bridge for Decentraland, allowing users to quickly transfer assets between Polygon and Ethereum. However, users still needed to complete a “meta-transaction” anytime they wanted to use the Polygon Network.
By introducing native Polygon support on the Decentraland network, all of Decentraland’s dApps natively support interactions with Polygon. Now, users no longer need to submit a meta-transaction anytime they wish to use Polygon.
WalletConnect is an open protocol that allows the connection of mobile wallets to dApps. When Decentraland users log in to one dApp, they are given the option to enable WalletConnect to display a QR code, which then allows them to connect other supported wallets.
The Decentraland metaverse has been growing steadily, with the addition of new projects. The latest addition to the growing list of P2Es is “Golf Craft,” while “Vegas City “ICE Poker Lounge” continue to attract more users daily.
In celebration of the metaverse, Decentraland has organized its second NFT Decentraland awards. The awards ceremony is scheduled to be held on January 12th, 2022, and the NFT award nominees will be selected by community voting and submissions.
The award ceremony is designed to honor projects that drive the future of human experiences through NFTs. The Nomination and voting period is open and will run until November 26th.
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Community
Made up almost entirely of play-to-earn and dApps that support user participation, Decentraland currently has one of the broadest, yet most involved communities of any crypto project.
Decentraland operates as a blockchain-based cryptocurrency that models itself as a “world owned by users.” Finding smaller communities in Decentraland’s metaverse is a norm, as users migrate to P2Es that interest them.
However, all of these smaller communities are brought together by MANA – the native token that allows users to interact in the virtual world.
Decentraland community members are bullish about the future of MANA and were highly vocal as MANA surged to a new high. One user, @XXXMEEZY, shared his tales about investing in MANA;
Clearly pleased with the current performance of MANA, @ndw037
Another coin holder, Chas Latham,
At the height of Decentraland’s ascent, @KentStutzner
Why You Should Care?
While the likes of FacebookMicrosoft, and Nike are making plans to build a metaverse, there are those which already exist, such as in the case of Decentraland. Given the recent spike in interest in the metaverse, we could see Decentraland experience even more growth.
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