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NFT Market Boom Is The Main Driver Behind MANA’s 100% Rally

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Stefan

The NFT market boom seems to be behind the latest Decentraland’s MANA 100% as well as because of the new features and increased digital land sales so let’s read more in today’s altcoin news.

Over the past year, the NFT market boomed as it gained some ground with the digital art market exploding and the developers experimented with a variety of use cases. The data from NonFungible shows that over the past 30 days, there were about 58,400 NFT sales and about $12.7 million worth of volume. In the same time frame, MANA is the token behind the blockchain-based virtual world Decentraland which totaled about $636,000 in NFT Trades. The virtual reality platform is built on the ETH blockchain and it provides a digital landscape where the players are able to explore, interact with other players and purchase land plots with the other items.

Decentraland marketplace daily transaction history. Source NonFungible.com

The sector is dominated by crypto-collectibles with games such as Sorare, Cryptopunks, Art Blocks, and Axie Infinity with these collectible NFTs ranging from virtual cards of professional soccer players to arts. In the first weeks of 2021, MANA rallied by 68%while other positive news include the authors that entered the industry and put a heft behind the latest rally. The creator of Rick and Morty also auctioned off some of the digital artwork a few days ago. Over the past 30 days, MANA traded at $368 million in transparent volume and according to the data from Nomics, it represents a 257% increase from the past month. The average value and number of trades in the Decentraland marketplace dropped to about 20 per day and 70% of the sales are virtual land properties.

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MANA Twitter user activity vs. price (USD). Source The Tie

The NFT LAND tokens represent an individual’s ownership of land parcels with these tokens containing data like the coordinates for these properties. Over the past few months, the biggest transaction was worth about $150,000. It is worth noting that the MANA tokens are used to buy in-game goods and services are also used to settle the fees generated by LAND transactions. The DAO governs Decentraland and all changes of the code are enacted via a collection of smart contracts. The token allows holders to vote on policy updates, subsidies, and land auctions for new developments.

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MANAUSDT 4-hour chart (Binance). Source TradingView

What’s interesting is that joining a virtual world doesn’t require downloads as the platform is web-based. Decentraland evolved in the past few months and implemented interactive applications like payments and P2P communication. Decentraland launched its LAND API 2.0 version and it focused on improving marketplace metadata access as well.

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