The metaverse refers to the theoretical idea of a new, all-digital reality. It’s a self-contained space where avatars can socialize, play games, and even earn money in the form of crypto. The decentralized currency can then be used to purchase in-game items like clothing for a virtual avatar or even entire digital properties as non-fungible tokens (NFTs). It’s an exciting concept, and there are already signs of its long-term viability – and profitability.
Decentraland (CCC:MANA-USD) is riding the metaverse wave right to the promised land — or if nothing else to another record-breaking high. For sure, the MANA crypto is up 24% as a couple large meta moves get the altcoin bulls out of bed. Decentraland is a decentralized virtual reality funded and filled by its local crypto, MANA. It’s likewise probably the greatest name in a rapidly developing field of metaverse cryptos. Since Facebook rebranded as Meta Platforms (NASDAQ:FB) last month, metaverse-related cryptos are on a fast-track to the moon.
Decentraland wins in large part thanks to the optimistic future prospects of a metaverse boom. Indeed, it is up around 400% this month and has caught the interest of some high-end crypto investors.
So what’s going on with Decentraland today?
2 main drivers of the MANA crypto boom today
On Monday, the Metaverse group, a subsidiary of Tokens.com (OTCMKTS: SMURF), purchased a large virtual property worth 618,000 MANA, or $ 2,428,740. According to Decentraland, this is the most expensive parcel of virtual real estate ever purchased on the platform.
The land is apparently located in the “Fashion Street” district of Decentraland, which is considered a very hot area. The area will be said to host major digital fashion events with world famous brands like Gucci. Users will be able to shop virtually and purchase clothes for their in-game avatars.
The land consists of 116 plots, each measuring the virtual equivalent of 52.5 square feet. Thus, this was a total purchase of approximately 6,090 virtual square feet.
The second reason for MANA’s boom has to do with the launch of another highly anticipated metaverse: Sandbox (CCC: SAND-USD). The Hong Kong-based platform is another game-to-win concept that will allow users to earn SAND when the game releases its Alpha Stadium on November 29. What do the metaverse developments mean for the MANA crypto?
While Sandbox is functionally a rival to Decentraland, the current meta-wave is inclusive enough that the big news for a crypto has ripple effects in the industry. Many suspect that as others gain traction, the entire market will continue to thrive as the concept as a whole gains in validity. Whether it’s correlation or causation, MANA lives up to these latest developments. In the past 30 days, Decentraland’s native crypto has broken its previous record three times. MANA is on a practically vertical trajectory well beyond its previous resistances and could easily finish higher than ever. It currently sits at $ 5.45 per token.
This comes from the fact that crypto flagships like Bitcoin (CCC: BTC-USD) and Ethereuem (CCC: ETH-USD), and even coins like Shiba Inu (CCC: SHIB-USD) and Dogecoin (CCC : DOGE-USD), have declined significantly in recent weeks. The crypto market has never been more complicated as the new VR game comes to terms with, well, reality.
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