Decentraland is the fastest-growing, crypto-based virtual world that has been grabbing a lot of eyeballs in the crypto market lately. Unlike other cryptocurrencies, Decentraland is a unique project. It is an established multiplayer metaverse built on the Ethereum blockchain.
With the popularity of NFTs (Non-fungible tokens) rising over the past few months, the value and demand of Decentraland and its crypto token MANA have also blown up.
Experts say that if it continues to keep its momentum, this unique digital asset will create record highs by the end of this year. But why is Decentraland going to explode in 2023? Let’s see.
Looking At 2023: Is Decentraland (MANA) Price Set For A Massive Year?
Created in 2016 by a group of expert developers in Argentina, Decentraland allows its users to buy virtual property, develop them online, and create their own unique virtual business. Its UX is largely based on some of the most popular multiplayer games in the world, like Second Life and Minecraft.
But what makes Decentraland unique is decentralization, which makes it free from the control of any central authority. Users can build multiple buildings or any attractions on virtual land plots. They can also reap profit by simply monetizing them or selling them to other people within the land.
MANA, the governance token of the Decenetraland, has seen a high surge in its price lately. Let us dive a bit deeper into some of the factors that drive the value of MANA to explode in 2023.
#1: Its Unstoppable Growth
By providing complete ownership to the users, this project aims to enable a relatively low-cost payment mechanism and disrupt the world of internet commerce. The purported goal of the virtual metaverse is to boost the value of the MANA token and establish its own space in the crypto market. With more and more users visiting the platform for its unique and attractive features, it will ultimately fuel the price of MANA.
The price of MANA token has risen beyond the threshold of $5 in 2021, hitting a record high of $5.90 on November 25, 2021. As of writing, the token trades at $2.91 with a market cap of $5.3 billion.
#2: Unique Features That Sets Decentraland Apart
What differentiates Decentraland from other VR platforms is that it gives its users full ownership access. Though centralized platforms have a large community of users, they leverage it to extract revenue for themselves. But Decentraland aims to solve it with decentralization.
The key idea behind developing Decentraland was to create a network that offers content creators full power over their content. With this digital asset, content creators and users can now transact directly without any third parties or centralized body.
Therefore, it is web-based, straightforward to access, and provides several options to help users earn from the platform. Yet another significant factor is that users can build their own digital business within the Decentraland world and monetize it with MANA cryptocurrency. Later you can also cash out it into fiat currency.
#3: Importance Of Owning An “Estate” In Decentraland
There are various ways to generate cash flows and earn potential income from this virtual metaverse platform. One significant way is to purchase adjacent parcels (land) and create an estate. Owning an estate means users can build larger developments and eventually earn more.
People across the globe can attend virtual gaming conventions, gather in virtual space to watch real-world sporting events, and even pitch ideas to potential investors in a virtual Silicon Valley, known as Crypto Valley inside Decentraland.
This is why it is crucial to own many adjacent parcels. Further, users can also rent out the land and reap profit from them.
#4: Significance Of Land In Decentraland
Virtual land is just as valuable in the metaverse as is real land in the real estate business. Both location and development plans of these virtual lands play significant roles in fueling the price of the MANA token.
An exciting game, interesting content, digital art to look at, and new people to interact with are necessary to attract more users to the virtual land. If the number of people using and visiting the metaverse increases, it will eventually boost MANA token to explode soon.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Recent Collaborations
The development team behind Decentraland is planning to expand its branches by collaborating with several established real-world brands and gaming platforms.
Recently, Atari, an established name in the virtual gaming sector, has announced its collaboration with Decentraland. They have planned to take up a large estate in the metaverse, where players will be able to play some of Atari’s iconic games like Missile Command, Centipede, Pong, Break out, among many others.
Decentraland Tokens
The Decentraland has two primary tokens to which users can access and use for multiple purposes within the platform. MANA is the Ethereum based ERC-20 token that allows users to buy, build, and monetize applications. They are highly interchangeable with one another and have no specific individual characteristics. This makes MANA an ideal token to be used in the virtual economy of Decentraland.
MANA is also used to pay for multiple ranges of avatars, wearables, names, and many others in the Decentraland marketplace.
The next token is LAND which is an ERC-721 token. Unlike MANA, these are non-fungible tokens that possess individual characteristics and thus are not interchangeable. Though they cannot be used as a currency, they are instrumental in creating several avatars, wearable items, and unique parcels of land within the Decentraland.
Owning a LAND token will give users complete ownership and control over the environment and applications built within their land.
Why Is Decentraland Going To Explode In 2023?
The future of Decentraland ultimately depends on its users showing up and making use of the platform. If it successfully evolves beyond just a virtual curiosity to develop into its complete form, Decentraland could become the market leader of the crypto world.
The concept of MANA cryptocurrency is quite exciting as it seeks to develop a virtual world that allows users to create, develop and innovate new things. You can even create your own buildings, purchase a virtual estate, and leverage all the benefits of decentralization in a virtual metaverse.
With the booming interest in NFTs in the crypto space, Decentraland can explode by the end of 2023. Experts also have a bullish opinion of MANA crypto, predicting that the price of Decentraland can go up to $6 by the end of the year.
The Bottomline
Several investors are viewing metaverses like Decentraland as new investment opportunities with high potential. With its unique features, decentralization, and tokens, Decentraland is the best place to start a new virtual business.
For content creators, businesses, and individuals looking for a new artistic medium, business opportunity, and a source of entertainment, this is the right platform. Considering all these factors and analyst predictions, Decentraland could explode in 2023, making it a potential investment opportunity.
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Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.