As virtual reality environments are growing in popularity, one particular platform stands out. Decentraland(MANA), known to be the world’s first Metaverse, is the largest in the sector. Let’s dive in to know more about its performance in this Decentraland price Prediction and forecast.
What Is Decentraland (MANA) ?
Decentraland (MANA) is the world’s first Metaverse built on the Ethereum blockchain. The three dimensional world lets users interact with each other through a combination of virtual reality, augmented reality and blockchain technology. Users can purchase land parcels on Decentraland to create unique experiences like games, events, tourism, and education.
LAND owners are at the forefront of Decentraland. They have the power to manage the worlds or experiences they create. However, the metaverse is a decentralised platform controlled by its community under a decentralised autonomous organisation (DAO) that consists of LAND owners and MANA holders. The Decentraland DAO makes governance decisions for the platform which is voted on by the community using MANA tokens.
The Decentraland protocol has three layers:
- Consensus Layer : Tracks land ownership and land content through a smart contract on the Ethereum blockchain.
- Land Content Layer : Uses a decentralised distribution system to deploy the content in the virtual world
- Real-time Layer : Provides peer-to-peer connections for users to interact with each other.
Users can model their virtual land on SketchUp or Blender and then import it to the metaverse.
What Is MANA?
MANA is the native platform token of Decentraland. The Ethereum powered ERC-20 token is used to purchase LAND and pay for goods and services on the metaverse. MANA can be bought on all major centralised and decentralised cryptocurrency exchanges and token swapping platforms.
Single parcels of land on Decentraland is 16 x 16 square metres in size and is called LAND. The Ethereum-powered ERC-71 or non-fungible tokens (NFT) can be purchased on the Decentraland marketplace or on secondary markets like OpenSea. Individual pieces of LAND can be combined to form a larger area or Estate.
When you buy LAND, Decentraland burns the MANA tokens that you purchased it with to maintain a token supply balance. In 2020, the Decentraland team sold a single piece of LAND for 1000 MANA, or $20 each. Currently, the floor or the cheapest available price of one LAND is 1.41 ETH or 3,151 MANA, which comes up to $2,305. The LAND prices are subject to market conditions and can vary.
The most expensive LAND parcel was purchased by Republic Realm in June 2021. The digital real estate investment firm spent 1.3 million MANA or approximately $913,228 to purchase 259 parcels or 16 acres of virtual land. Prior to this, the most expensive LAND purchase was made by blockchain company Boson Protocol for $704,000 to build a virtual mall on Decentraland.
MANA Price Analysis
At the time of writing, MANA is trading at $0.73 with a 24 hour trading volume of $267.7 million. The token’s price has not changed during the period. MANA is ranked #40 on CoinGecko with a total market cap of $1.3 billion. With a maximum supply of 2.1 billion tokens, there are 1.82 billion MANA currently in circulation. The token released in February 2020 reached an all-time high of $5.85 on November 25, 2021 during the crypto bull run. MANA was trading at its all-time low on October 31, 2017, at $0.009, when Decentraland was still under development.
The price of MANA is fluctuating between the support of $0.61 and $0.69 resistance level. The token’s performance since the turn of the year indicates that it is more likely to break out of the resistance and continue its uptrend. In the past week, MANA has seen its price increase by 4.4%.
Decentraland Price Prediction
According to Coincodex, the value of Decentraland is predicted to rise by 6.77% in the short-term and reach $0.78 by January 25, 2023. The current market sentiment for the asset is Neutral while the Fear and Greed Index also stands Neutral at 51. In the last 30 days, MANA was recorded green 67% of the time with a price volatility of 33.74%, indicating that it is a good time to purchase the token.
Decentraland (MANA) Price Prediction 2023
As MANA exhibits bullish signals, analysts predict that the token can reach a maximum price of $1.7 by the end of the year. However, MANA is expected to retrace slightly over the course of 2023 and could potentially trade at a minimum price of $0.90 and average price of $0.92.
Decentraland (MANA) Price Prediction 2025
The bullish momentum is expected to continue into 2025 as MANA is predicted to reach a maximum trading price of $2.18. The token will have a minimum price of $1.80 and an average forecast of $1.85.
Decentraland (MANA) Price Prediction 2030
The price of MANA will reach a maximum of $14.33 by the end of 2030 as the metaverse industry continues to grow. The token is expected to have a minimum value of $11.68 and an average forecast of $12.11.
Decentraland (MANA) is a virtual reality world on the Ethereum blockchain that was founded by Ari Mellich and Esteban Ordano in 2015. As the metaverse sector is projected to reach a valuation of $1 trillion by 2030, The future of Decentraland Price Prediction appears promising.
In the short-term, MANA’s prices may be impacted by its exposure to now bankrupt crypto lender Genesis. However, an overall bullish sentiment in the crypto markets is positive for the token. It is also to be noted that crypto markets are highly volatile, making it challenging to predict any particular token’s price with any accuracy in the short-term or the long-term. Moreover, it is important to understand a particular project and analyse its ability to serve users and influence the industry.
Decentraland is built on a solid platform and has many traditional players supporting the project.