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- The metaverse, or the hyptonized digital iteration of the cosmos in which we exist, is the newest cryptocurrency buzzword
- Decentraland, on the other hand, was fast to follow in Axie’s footsteps. It also sold a piece of virtual real estate to Metaverse Group for $2.43 million recently
- MANA, Decentraland’s native crypto, has been enjoying the attention and traction that its network had been receiving until lately
The metaverse, or the hyptonized digital iteration of the cosmos in which we exist, is the newest cryptocurrency buzzword. Many people view the metaverse to be the successor to the social-media age, with Facebook being one of the most recent high-profile platforms to hop on board.
Users frequently interact with a system-generated environment in the metaverse. And it’s clear that buying land parcels is the most talked-about issue there. A digital property plot on the play-to-earn gaming platform Axie Infinity was recently sold for $2.3 million, according to reports. The terrain would reportedly be utilized to house unique content such as Chimera Bosses and Raids.
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Decentraland, on the other hand, was fast to follow in Axie’s footsteps. It also sold a piece of virtual real estate to Metaverse Group for $2.43 million recently. In fact, the aforementioned amount is more than double its previous high of $913,000. According to the company’s official statement, the virtual land would be used to support fashion events and commerce within the burgeoning digital fashion sector.
Even if there is potential for fashion in the metaverse to flourish, it should be remembered that this is yet a new area. As a result, only time will tell if it will be able to meet expectations.
MANA, Decentraland’s native crypto, has been enjoying the attention and traction that its network had been receiving until lately. However, because of the overall market downturn, the token has now ceased climbing. MANA reached a new high of about $6 on November 25. Regardless, it began its southward voyage after that and was hanging around the $4.5 level at the time of this research. Several experts, notably Michael van de Poppe of Amsterdam, have begun to caution investors about a possible slow period at this point. He stated in a recent analysis video, he believes the time has arrived, especially when it comes to MANA, to really collect profits if you are in one of those projects. Those have been really active.
He continued, that you must take profits before a major correction occurs, because the negative momentum may be stronger than the upward momentum at this time. So, it appears that Poppe is correct since the situation of most measures also looked to confirm his downward thesis. Consider the following: The network’s activity has already begun to deteriorate. In the three days between November 24 and 27, for example, the number of active addresses fell by more than a third.
Furthermore, the sell-side bias is beginning to take shape. A rise in the deposit transactions chart was seen just a few hours ago. This indicator displays all incoming and outgoing token deposit transactions on a daily basis.
Upticks in the graph generally mean that HODLers have begun to sell their coins. As a result, the current position of the market does not support the price rise story. Furthermore, Santiment’s chart revealed that the dormant coins had begun to move, signaling that MANA’s accumulation phase has already begun to fade. Market players should consider abandoning the market before MANA’s value continues to fall.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
