Renewed interest in the Metaverse sends Decentraland (MANA) price 75% higher
The influence of blockchain technology on the ongoing digital revolution cannot be overstated as the rise of the Metaverse and the integration of virtual reality is transforming the way humans interact on a global scale.
One project that is beginning to gain traction in its effort to bridge the old world with the new is Decentraland (MANA), a virtual reality (VR) ecosystem built on the Ethereum network that allows users to create, engage with and monetize digital content through a variety of interactive experiences.
Data from Cointelegraph Markets Pro and TradingView shows that over the past two weeks, the price of MANA has climbed 70% from a low of $1.70 on Jan. 22 to a daily high of $2.90 on Feb. 1 as the wider crypto market struggled under bearish pressure.
MANA/USDT 1-day chart. Source: TradingView
Three factors that indicate a positive future for the Decentraland ecosystem are the integration of real-world companies into its virtual landscape, a growing ecosystem of celebrities and influencers that are building on the protocol and improvements to the user interface that helps improve the overall user experience.
Merging physical and virtual worlds
“If you build it, they will come,” is a well-known phrase from the movie Field of Dreams and it appears as though the old adage has begun to work for Decentraland as its not just everyday users, but established, globally recognized brands that are laying claim to virtual real estate.
As nonfungible tokens (NFTs) exploded in popularity in 2021, some of the digital collectibles found their way into auctions at established auction houses like Sotheby’s where they fetched multi-million dollar bids.
Old Master in a new world: To celebrate the once-in-a-lifetime sale of Sandro Botticelli’s ‘The Man of Sorrows,’ we built it a chapel in @Sothebys HQ in @decentraland. https://t.co/xe68T1S7ie
Livestream of the #SothebysMasters auction TODAY at 10am ET. pic.twitter.com/DFlnT7xH3k
— Sotheby’s Metaverse (@Sothebysverse) January 27, 2022
Sotheby’s has now become a fixture in the digital crypto ecosystem by establishing a virtual auction house in Decentraland where they continue to break down the barrier between the physical and the digital world.
And it’s not just auction houses that are buying up virtual land, businesses from various sectors are following the trend to remain relevant with the younger generations as the Metaverse becomes a reality.
The Meta Lite Bar is opening its doors in Decentraland soon! Head to https://t.co/1iCBk8zRTQ to sign up for updates. pic.twitter.com/Fdsl89DDrB
— Miller Lite (@MillerLite) February 2, 2022
Celebrities and influencers embrace the Metaverse
Another reason to be bullish on the future of virtual land projects like Decentraland is the adoption of celebrities and influencers who are looking to establish their brands in VR.
Want a guided tour in @decentraland ?
Book a date: Tue, 1 Feb from 5-6 pm UTC
You’ll visit the coolest show in town, Man vs. Machine, with art by @trevorjonesart @icecube built by @V_A_L_I_A_N_T Parkour to the top – get a reward Details below https://t.co/9TXo6BoXs7 pic.twitter.com/v6oshtVjVp
— Ice Cube (@icecube) January 31, 2022
As well-known artists and creators build out their presence in the virtual world, their fan base will be increasingly exposed to the possibilities of blockchain technology and VR, which has the potential to usher in a new wave of adoption.
Proof of this comes from events like the Metaverse fashion week in Decentraland, which attracted the attention of companies like Vogue Magazine for its ability to showcase the latest trends in fashion to audiences around the world.
Related: Rise of Web3: Metaverse tokens surge as Meta’s share price plunges
The “user experience” continues to improve
A third factor helping to attract users to Decentraland are the improvements to the users’ experience and an increasing number of cross-platform integrations.
Easily navigate between realms within the #Decentraland start menu.
Click your menu at the top right, open the realms UI at the top left, and choose the realm you wish to appear! pic.twitter.com/nlNlznTs3w
— Decentraland (@decentraland) January 19, 2022
The protocol has also added a “My Store” section that allows all users to manage and track their collection and build their personal brand.
According to the most recent update from the developers behind the project, some of the future updates for 2022 include the release of a desktop client, social and voice chat improvements, linked NFTs as wearables, tokenized emotes, smart wearables and a mobile app prototype VR client.”
VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for MANA on Jan. 22, prior to the recent price rise.
Data from Cointelegraph Markets Pro is also painting a bullish picture for MANA.
The VORTECS™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.
VORTECS™ Score (green) vs. MANA price. Source: Cointelegraph Markets Pro
As seen in the chart above, the VORTECS™ Score for MANA hit a high of 81 on Jan. 22, around one hour before the price increased 70% over the next two weeks.
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