Decentraland Price Prediction – Will MANA Rise in Value?
In 2018, many people made a lot of profits by selling and buying land that didn’t even exist. According to MarketWatch, some investors banked more than 500% from Decentraland’s Digital land craze.
Decentraland came at a time when similar platforms like Fortnite had already amassed a massive following, and most gamers were beginning to understand the whole concept of investing in a virtual universe.
For this reason, Decentraland grew fairly fast and quickly got the attention of both the media and eager investors. For instance, according to NBC News, land parcels on Decentraland went for about $20 back in 2017 when it was launched.
Fast forward to mid-2021, and you may have to pay up to $100,000 for the same piece of virtual land. This inflation is inspired by both the widening virtual community and the recent NFT boom. The price of Decentraland’s native cryptocurrency, MANA, has also grown significantly over time, although it recently crashed.
Back in 2017, MANA was going for as low as $0.01 but quickly grew to over $1.5 in May 2021, making it one of the most valuable cryptocurrencies.
In this guide, we will be looking at some recent Decentraland price predictions and whether it is a good investment or not.
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- What is Decentraland?
- Decentraland in 2021: Everything You Should Know
- Decentraland Price History
- Decentraland Price History
- Decentraland Price Predictions for 2021
- Decentraland Price Predictions for 2022-2023
- Decentraland Price Predictions for 2024-2025
- The Future of Decentraland: Will the Value of MANA Rise?
- Conclusion: Is Decentraland a Good Investment?
What is Decentraland?
Decentraland is a cryptocurrency-based virtual world that is developed on the Ethereum platform. The platform was developed back in 2016 but was introduced to users in 2017, where its native token, MANA, also started trading.
Decentraland is very much like the earlier virtual worlds such as Minecraft and Second Life. The spaces in the virtual world, unsurprisingly known as LAND, can be sold, bought and developed by users just like in the real world.
Once you buy a piece of land on Decentraland, you can decide what content is published on it, or more simply, what virtual properties you want to develop. The most common content or properties include art galleries, casinos, game sites, music venues, real estate, etc.
The parcels of land are usually marked using the x,y cartesian coordinates, and each land is 16x16 meters. The LAND parcel is often represented by a non-fungible token (NFT). NFTs are units of data that represent unique digital items, for example, real estate on Decentraland. You can think of NFTs as some kind of blockchain-based digital certificates of authenticity that make it easy to identify the real owner of a digital asset.
To purchase LAND on Decentraland, you will need to have some MANA tokens. Fortunately, you can easily get it from such crypto exchanges as Coinbase and eToro. At the time of writing this article, MANA costs about $0.47 per token.
The prices of land parcels on Decentraland have been rising parabolically. For instance, back in March 2021, you could get a piece of land for roughly 6,900 MANA. Around Mid-April, Reuters reported that a patch of virtual land on Decentraland had gone as high as $900,000, which at the time was an equivalent of 588,235 MANA.
To buy a land parcel, you use Decentraland’s in-game marketplace or other third-party marketplaces like OpenSea. Currently, the number of parcels in supply on Decentraland is 90,000. These include common places that cannot be bought, such as roads.
Decentraland in 2021: Everything You Should Know
As we will see in the price history below, Decentraland has made big strides in 2021. Even with the current minor setback, we expect that the protocol will be achieving new milestones this year in its quest to become the go-to virtual gaming platform.
Of course, to achieve these milestones, Decentraland would have to implement a number of changes and introduce new features to make it more user-friendly and exciting to use.
Already, a number of projects have been rolled out this year to help push the platform forward. At the start of June, Decentraland introduced the Wearables Editor, which allows users to organize, publish and create wearables that they can then sell to the community.
Before you can publish and monetize your wearables in this manner, they’d first need to be approved by the Curation Committee, which was voted in place by the DAO. The committee helps to prevent offensive or buggy content from being published on Decentraland.
You won’t pay any gas fees for minting the wearables, but you will incur some fees for publishing in the Wearables Editor. According to Decentraland, the fees will reduce or discourage spammy wearables, which might affect the platform’s performance.
On June 21, Decentraland also announced that it will be accepting applications for community-based DAO grants. This is simply a funding initiative to help developers on a budget create their virtual products.
If, for example, you have an idea that can improve the platform but don’t have the funds to develop it, you can apply for a grant which usually comes in the form of MANA tokens.
Decentraland has also closed a number of partnerships in a bit to expound its reach. These include big platforms and other crypto protocols being part of its VR gaming.
For instance, just recently, Blockchain protocol Boson bought a plot worth $704,000 in Decentraland to build a virtual mall. The mall will allow Decentraland users to purchase digital assets, which they can then exchange for physical goods or services.
For instance, if you purchase an NFT laptop from Boson’s retail space, you can exchange it for a real laptop or something else of an equivalent value.
Decentraland also announced at the beginning of June that Sotheby’s, one of the world’s largest brokers of decorative and fine art, real estate, collectables and jewellery, had opened a virtual gallery in Decentraland. Sotheby’s virtual gallery, which is a replica of its iconic London-based New Bond Street Galleries, is located in Decentraland’s Voltaire Art District.
The addition of new features and high-profile collaborations will help Decentraland grow faster and hopeful rebound from its current downtrend. By the end of the year, we will most probably be seeing more exciting features and, for investors, a higher MANA price.
We will shortly be looking at some of the predictions for the end of this year and maybe the next five years. However, before that, let’s take a quick peek at Decentraland’s price history just for the purposes of technical analysis.
Decentraland Price History
In 2014, Decentraland had a successful ICO that brought in over $24 million in funding. In September of the same year, the protocol’s native cryptocurrency, MANA, was introduced to the market.
Around this time, most cryptocurrencies were spiking in value in what remains to be one of the biggest market-wide bull runs. However, MANA didn’t have that much growth. In fact, it mostly stagnated and kept fluctuating between $0.02 and $0.05 for the most part of 2018.
There wasn’t much growth in 2019 and 2020 either. Decentraland stuck to its drudgy growth with a few fluctuations on the way.
In 2019, there was a fairly flat trajectory, with the token bouncing between $0.02 and $0.06 in the course of the year. The same thing happened from January to around July 2020.
From August 2020, the price of Decentraland started rising steadily after being caught up in another market-wide bull. After missing out on the 2017/2018 bull run, Decentraland was better prepared this time and quickly hopped on the wild price ride.
It soon went to $0.09, and at the beginning of January 2021, it went to $0.1. This marked the beginning of an upward momentum that saw the token hit $0.3 by February.
Up until May, Decentraland had achieved a series of all-time highs, making it one of the fastest-growing cryptocurrencies. The most significant growth happened in February when MANA rose from $0.3 to $1 in just a few weeks.
On May 9th 2021, MANA reached its current all-time high of $1.6. While many people expected it to keep going up, the token met a major resistance point and couldn’t keep up with the uptrend momentum.
May was also around the time that the market-wide bull run fizzled out, causing many cryptocurrencies to drop. This was partly due to Tesla’s announcement that it would no longer be accepting Bitcoin due to the environmental implications of its mining process. ‘
Since Bitcoin informs the prices of most cryptocurrencies, this caused a market-wide crash that also saw MANA drop drastically.
Around 23rd May 2021, MANA dropped to $0.63. It then briefly went up to $0.857 at the beginning of June before dropping again and is currently trading at around $0.47.
After the May crash, MANA has had major difficulties going back to $1 and currently seems to be on a downward momentum.
Check Out: Is It Worth Investing in Decentraland?
Decentraland Price Predictions for 2021
With the current downtrend, Decentraland’s future prospects do not look so good. Already the coin has been dropping, and although most analysts expected that the token would finish the year above $1, the predictions have become less enthusiastic.
For instance, Digital Coin Price, which initially predicted that MANA would be worth more than $1 by the end of 2021, now predicts that it will end the year at around $0.7914. This comes after a gradual increase starting at $0.8439 in July.
DCP predicts a drop in August and November before the coin finishes the year at $0.7914.
Wallet Investor’s prediction for 2021 seems more orderly, with a linear uptrend till the end of the year. According to Wallet Investor, MANA will start July at around $0.5087 then gradually increase to surpass $0.6 in mid-July and $0.7 in early September. The token will then trade at this level until towards the end of October, when it crosses to $0. 8 then finish the year at $0.933.
While Wallet Investor is usually bullish with its predictions, it doesn’t see Decentraland reaching its all-time price again anytime this year. Trading Beasts also agrees.
According to Trading Beasts, MANA will be trading at an average price of $0.6589 in July then rise steadily to hit $0.7024 by December 2021. While these predictions are closely the same as those of Digital Coin Price, Trading Beasts doesn’t show much volatility over the course of the year.
In fact, it predicts that in most months, except December, MANA will trade at the $0.6 level. While Decentraland has shown subtle volatility levels in the past, you should be prepared for anything and not take these predictions as they come.
The most bearish predictions we have seen come from Gov.capital which predicts that Decentraland will be worth $0.6647 by the end of 2021. We call this most bearish in relation to the other predictions we have mentioned here.
However, if MANA doesn’t find a good catalyst soon enough, it might close the yeat at this price point. But according to most predictions, we should expect the end-year price to range from $0.7 to $1 or slightly above.
Read More: Decentraland (MANA) Price Predictions
Decentraland Price Predictions for 2022-2023
Just like with 2021, most price analysts don’t see much price activity from Decentraland in 2022. In fact, many still don’t believe that the token can reach $1. For instance, Digital Coin Price predicts that MANA will end 2022 at $0.9539 after starting the year at around $0.7651.
According to the site, Decentraland’s price will drug on throughout the year with little fluctuation along the way. On the other hand, Wallet Investor is much more optimistic and predicts that Decentraland will start 2022 at $0.937.
This is close to the prediction that DCP gives for the end of 2022.
Wallet Investor also believes that Decentraland MANA will reach $1 again towards the end of January 2022 then quickly grow to $1.863 by the end of the year. As usual, Trading Beasts is still fairly conservative.
Although it starts 2022 at $0.7120, it foresees a gradual drop in June 2020 that will see the token close the year at around $0.6399.
For 2023, Wallet Investor continues with its bullish momentum. It predicts that Decentraland MANA will start the year at $1.865 then grow quickly to cross $2 in mid-February 2022. After that, the growth will be a bit slow until around early March, when the coin picks up momentum again and hit $2.5 in Mid-August.
It will then stick to the bullish trajectory for the rest of the year to reach $2.791 by the end of December 2022.
Digital Coin Price is also a bit optimistic and predicts that Decentraland MANA will trade over $1 in February 2023. However, there will be several fluctuations with a series of highs and lows. For instance, the site predicts that the price of MANA will fall to $0.8 again in September and $0.9 in October before finishing the year at $1.08.
Trading Beasts is still pretty inflexible with its predictions. According to the trading analyst and adviser, Decentraland MANA will start 2023 at $0.6752 and finish the year at $0.7560. As usual, Trading Beasts doesn’t see much activity in the course of the year and also doesn’t believe MANA will be reaching $1 even in 2023.
Decentraland Price Predictions for 2024-2025
There is a small chance that any predictions going as far as 2025 might come true. However, for the sake of giving you an idea of how the price might behave in this time period, we are going to quickly look at a few predictions.
Let’s start with Wallet Investor, which is still pretty bullish about the future of Decentraland. According to the price analyst, MANA will start 2024 at close to $3. That is around $2.79. There will be a slow but steady growth that will take the price to $3 in early March.
From there, Decentraland will adopt another bullish momentum and cross $3.5 in mid-September. The upward trajectory might then continue until the end of the year where Wallet Investor expects MANA to be trading at around $3.723.
Wallet Investor predicts that Decentraland MANA will start 2025 with the same energy it ends 2024 with. At the start of the year, the coin will be at $3.7 but will quickly reach $3.8 towards the end of January. The price will then hit $4 in mid-March.
This will be followed by another inspiring growth until around June, when the token goes into a short consolidation mode. The price will start moving again in October, and by the end of 2025, Wallet Investor predicts that Decentraland will be trading at around $4.652.
Although Digital Coin Price is not as bullish as Wallet Investor, it still gives a pretty optimistic prediction for 2024 and 2025. According to the price tracker, Decentraland MANA will finish 2024 at $1.17 and 2025 at $1.45.
Still, Trading Beasts doesn’t believe Decentraland MANA will reach $1 in 2024. It predicts that the virtual reality coin will close 2024 at $0.9288, which is still a bit low for that far ahead.
The Future of Decentraland: Will the Value of MANA Rise?
While Decentraland’s underlying technology and the idea of virtual world’s gaming are highly attractive, the platform has not garnered enough following to drive it forward.
So, for the most part, Decentraland’s future depends on how quickly it will acquire new users who can actually use the platform for what it was created for.
Although virtual reality gaming is booming right now, the idea of a blockchain-based one is still alien to most people. So, for the moment, Decentraland is more of an experimental or virtual curiosity that is yet to attract serious members.
We believe that the concept of a blockchain-based virtual world is an exciting one. MANA allows players to easily develop a virtual world by purchasing virtual properties, creating a business and overall get to enjoy the benefits of decentralization.
So, while Decentraland seems to be dropping now, it has a big potential for growth since virtual reality gaming is expected to explode in the next few years. Specifically, the global VR and AR market is projected to grow as high as $209.2 billion by 2022. That is in the next few months.
Decentraland is still an idea in the development, and we expect it to pick up momentum with time.
However, it might take time before the platform is capable of entirely running on VR. The native token, MANA, although it is not currently looking good, seems to be set for a bullish future.
To get back on an upward trajectory and boost the growth of both the platform and price, Decentraland is implementing a few strategies. These include partnering with various institutions that will not only expound its exposure and help it to evolve faster but also fasten the adoption of MANA. This will consequently boost the token’s value.
Conclusion: Is Decentraland a Good Investment?
Unlike most other VR platforms, Decentraland gives its users full ownership of the virtual properties they buy. And since it is decentralized, it means that users are part of the decision-making process via the DAO.
As a member, you can easily own parcels of digital land and keep all the proceeds generated from the activities done on your LAND. In comparison, other VR platforms take a cut of your proceeds aside from not giving you full ownership access.
This alone makes Decentraland a good investment.
Secondly, as Decentraland widens its user base, its token MANA keeps growing. The token has already been above $1 and shows the potential of replicating that success by the end of the year.
We have also noticed that MANA is directly dependent on the price of Bitcoin. And since Bitcoin seems to be ready for an uptrend, we can expect MANA to also start rising soon.
Finally, if Decentraland were to focus on improving user experience and introducing more exciting features to the platform, it will not only become popular with users but also a good investment.
Keep in mind that Decentraland, just like any other cryptocurrency, is volatile, and you might want to be careful. As a rule of thumb, do your own research and never invest more than you can afford to lose.
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