Decentraland’s MANA looks very bullish right now, in an up-trending market.
With some slight dips here and there, the virtual world’s currency is holding the .90 cents level quite remarkably well.
Meanwhile, upward movement has been capped under $1.4. On the downside, support has been established at the 50 Simple Moving Average (SMA) on the 4-hour chart. An upswing is likely to come into the picture in the event MANA closes the day above $1.1.
It looks like Decentraland’s MANA could be eying for new all-time highs in the very near future! With the NFT scene getting bigger and bigger and attracting more investors by the day, the near-medium term outlook for MANA looks very good to me.
A lot of investor’s eyes, big and small, are looking at the potential of NFT and blockchain technology right now, and what it can bring to the world
Decentraland’s mana is a clear example of the power of non-fungible tokens and the implications of them. In the virtual world, you can buy and trade wearables, which are cosmetic elements for your avatar that are owned by you, secured in your wallet by your seed phrase.
You can also buy and trade LAND, which are virtual plots of lands in Decetraland, each owned by individuals, who can upload graphics 3D scenes to them for people to observe and interact in.
Both MANA and LAND are valuable in Decentraland, and by looking at the Opensea’s market, the investor’s interest is clearly there, and as of March 22nd, Decentraland’s LAND is holding the 8th spot in terms of trading volume of the NFT market over there, for a total of 158 768,38 ETH of LAND exchanged between hands since it’s traded on the Opensea market. For a total value of over 277 million USD traded.
In this market, one plot of LAND is selling for a minimum of 6000$ USD, up from 500-1000$ barely a year ago, and up from around 10$ when LAND was first made available to grab!
On the other hand, Decentraland’s wearables are holding 51st place right now on the Opensea market, for a total amount of 8.6 million traded.
To put it simply, Decentraland Wearables are the items that your Decentraland Avatar wears while exploring the virtual world. Decentraland avatars come preloaded with a number of free wearable options to dress your avatar which is free for everyone to use and cannot be transferred. But there is also a large number of wearables that can be acquired for a price either in MANA or in DAI or ETH from other users or from Decentraland directly through a pre-sale.
What makes those wearables unique and valuable?
To put it simply, scarcity, supply, and demand. Each wearable is only minted a defined amount of times. Ranging from 10 000 for uncommon items down to a maximum of 10 of the same item, for the mythic class of wearables. Those items are minted on a first-come/first-served basis and are often all scooped up within minutes from being released.
Let take the example of the Purple RTFKT X Atari Sneakers, which were released in the game a little more than a week ago, while 1000 of them were available to be minted, they were all gone within a few hours, even the 100$ USD of Ethereum gas fees didn’t scare them.
You might be wondering how much are those virtual sneakers selling right now? Well, looking at the price history on OpenSea, you can see that most of the shoes haven’t sold below $400. That is around 400% profits for this investment, a pair of sneakers, in a virtual world! I would love to know what you all think about this? Is this the future? just a craze? We will see.
Big players are entering the game
There are already numerous players within the cryptocurrency space located on Decentraland’s virtual world, Binance, Kraken, or even Coingecko. And more recently, a building with the Winklevoss’s brother’s name appeared in-game, a very beautiful and well-made piece of LAND, more than likely a professionally commissioned piece! And 5 days ago, Greyscale, one of the biggest cryptocurrency investment funds, active in Bitcoin and Ethereum, has announced the launch of a Decentraland MANA fund, actively investing in the virtual world’s currency… needless to say… the future for Decentraland looks bright! At the time of this writing, MANA is trading at .90 USD.