Decentraland along with The Sandbox have been at the forefront of the Metaverse, both introducing the possibilities of a new form of investing into the crypto space.
On February 21, MANA celebrated its second birthday. If we look at the growth over the course of the year, we can get an idea of what’s to come.
Happy birthday, Decentraland!
In lieu of the celebration, Decentraland has announced a number of events. A big search, a montage of DCL Film Club entries, special prizes and a performance by DJ Akira.
This is in line with the virtual world platform’s efforts to be more involved with the community. Well, that’s been the goal since the Governance Squad’s inception. To promote the same, Transparency OS was also recently introduced to build trust within the community.
It is these companies that have supported MANA’s tremendous growth. Notably, after joining the metaverse, MANA is up 218% in the past 12 months, while Decentraland now has over 590k users.
Decentraland total number of users | Source: Dune – AMBCrypto
However, fluctuating market conditions have ensured that the activity is not exceptional. In February 2021, the network had an average of about 1965 active addresses. At the time of writing, the figure had a value of 1800.
This also affected on-chain transactions and the resulting statistics. The number of trades reached 22k in one day at its peak.
It is currently at the same level as it was a year ago. In addition, the pent-up bearish momentum of recent months has caused the asset’s market value to fall by 44%.
Decentraland active addresses and transactions counts | Source: Coinmetrics – AMBCrypto
Anyway, Decentraland brought about a change in the way people viewed investments. It made virtual land investments more popular than expected. With more than 22,195 lots sold since February 2021, the total sales value recently surpassed $151 million.
And, like NFTs, these virtual plots managed to pull an insane value. In fact, one lot sold for a whopping $2.4 million.
Sale of Decentraland plots over the year | Source: NonFungible
So it’s not surprising to see Decentraland’s token rise in a similar fashion. In the past 365 days, MANA’s price is up 899.87%, from $0.29 to $2.91 at the time of writing.
The altcoin maintained its support and resistance at USD 2.44 and USD 3.51 and has also seen recovery in the near term. In fact, it is up more than 8% in the last 24 hours.
Price promotion Decentraland | Source: TradingView – AMBCrypto
As more and more people become part of the Metaverse, Decentraland can be expected to see some insane growth this year.
This post Assessment of the mechanics of MANA’s >900% annual growth on its anniversary
was published first on https://ambcrypto.com/mapping-the-mechanics-of-manas-900-yearly-growth-on-its-birthday/
