Table of Contents
What is Decentraland?
Both Ari Melich and Esteban Ordano put their efforts together and developed Decentraland. Moreover, it is important to note that both of them are Argentinians. Although it started in 2016 as a simple 2D pixelated grid, it eventually evolved into a 3D world. This grid allocated pixels to users through a Proof-of-Work (PoW) algorithm. However, the grid later evolved into a 3D world. It was first launched in beta in 2017 following a $24M Initial Coin Offering (ICO). No doubt that Decentraland is a good investment if you bought them earlier than other investors. The builders later opened it to public users in 2020. Besides, it is also overseen by the non-profit organization. The non-profit organization is so-referred to as Decentraland Foundation.
Additionally, decentralization refers to the transfer of control and decision-making authority. Centralized entities in the blockchain watch how people manage their funds. That is an organization or group to a distributed network. Thus, Decentraland is a decentralized 3D virtual reality platform. It consists of 90,601 parcels of land (23km2) virtual estates. Hence, every parcel of land has a unique location in the virtual world.
Moreover, these parcels of land have unique owners. Furthermore, land ownership is tracked by the consensus layer. The latter maintains the ledger. Decentraland, therefore, consists of multiple layers. These layers are built using Ethereum Smart Contacts (ESCs).
In addition, it makes use of non-fungible tokens (NFTs). They can be bought using Decentralands cryptocurrency called MANA. It is important to remember that MANA is based on the Ethereum blockchain. Therefore, as the price of Ethereum grew, so did the price of MANA.
The ERC-20 tokens are getting a lot of attention around the world. The number of users is rising every day. Therefore, their use in Decentraland has increased over the market, making Decentraland a profitable investment.
Decentraland price history
The Initial Coin Offering for Decentraland was $24M. With this ICO, the coin developer launched the virtual reality platform. Later, the developers launched the virtual reality platform in August 2017.
Not only did Decentraland hype, but it was also trading at $0.0886. Despite the small market cap, the token traded at fairly high prices. It would be good timing to buy in Decentraland and add it into their investment portfolio.
However, numerous cryptocurrencies suffered greatly from the downtrend in 2018. Furthermore, the downtrend reduced the value of cryptocurrencies.
Decentraland experienced a low end in the past year. However, MANA started the new year on a high note with a 162% rise to $0.23.
From January to April, Decentraland continued its steady rise to trade between $0.23 to $0.16.
Bitcoin crashed in late December. The coin crashed overnight without any catalyst. Therefore, it dropped to $0.05. Thereafter, this occurrence sent cryptocurrencies’ future to uncertainty.
Decentraland started the year at a low price of $0.0455. However, the price range was consistent throughout the year. The average drop range was at 26.6%.
Unfortunately, the year was harder on MANA compared to the previous year. The traders might lose their funds if they chose Decentraland as their primary investment. As a result, the price dropped to $0.333 in December.
The price of Decentraland in 2020 was on an upward trajectory. It opened its platform to the public on February 20th, 2020.
For instance, in January, Decentraland started trading at $0.0341. It was an improvement from December the previous year. Likewise, its announcement to open to the public in February saw its prices rise by 100% to $0.0623.
During March, the breakout of COVID-19 affected many financial aspects. In most countries, the pandemic caused a decrease in the price of the tokens. However, things went back to normal in August. MANA followed other cryptocurrencies to move forward. The token finally reached a much higher price of $0.11 on August 30th.
Furthermore, the uptrend caused the price of Decentraland to increase to $0.079. It was a better closing compared to the previous year.
As expected, the Decentraland price started in 2021 at $0.17. On the same note, it was still trading at $0.25 as of February 25th.
However, the coin followed its uptrend in the following months. It hit an all-time high price and surpassed the $1 handle on April 6th to trade at $1.01.
As expected, the uptrend didn’t stop there. As a result, Decentraland improved its position to trade at prices as high as $1.49 in May. Again, the crypto market is very unpredictable. Therefore, it took a minor dip during the summer. It is because the market was still in a bullish trend in 2021. Most holders thought that Decentraland was still a profitable investment.
Eventually, MANA hit an all-time highest price since its birth. It was trading at $5.91 per token on November 26th.
Additionally, predictions are made about the performance of the larger Bitcoin market.
Due to the prices shown throughout the years, we can predict a bullish trend.
Therefore, this means that cryptocurrencies are likely to increase in value.
|Year||Highest Price||Lowest Price|
|Jan- 20th Nov. 2021||$5.9100||$0.1692|
Comparison between Decentraland (MANA) and other cryptocurrencies
Decentraland vs. Dogecoin
Firstly, Decentraland can only be accessed via the web browser. However, investors can access Dogecoin in the same way, or through wallet apps.
Similarly, both Decentraland and Dogecoinuse proof-of-work algorithm.
|Runs on Ethereum blockchain.||Runs on Litecoin blockchain.|
|Digital asset token is MANA.||Asset currency is DOGE.|
|Started in 2017.||Started in 2013.|
Decentraland vs. Cardano
Decentraland has both the ERC- 20 and ERC-721 tokens. Thus, traders can exchange MANA with other ERC-20 tokens.
However, Cardona has the ADA token.
|Powered by MANA.||Powered by ADA.|
|Proof-of-work algorithm.||Proof-of-stake algorithm.|
Decentraland vs. Bitcoin
Firstly, Decentraland uses the native tokens to buy NFTs.
Furthermore, Decentraland NFTs are stored on the Ethereum wallet. Decentraland has a harder limit on NFTs.
However, Bitcoin is a peer-to-peer online currency.
|Focuses on the online world experience for its users||Focuses on trade acting as a form of exchange.|
|Digital real estate is the core of the project.||Peer-to-peer online currency is projects core.|
|Transfer MANA to the seller for purchase.||Exchange of bitcoins for purchase.|
Decentraland vs. XRP Ethereum
Specifically, XRP is the currency for digital payment platform called RippleNet. Furthermore, it is based on top of a ledger database called XRP Ledger.
Additionally,they are both backed by the Ethereum blockchain. Similarly, they are decentralized with Smart Contract.
|Digital virtual reality platform.||Monetary payment platform.|
|Runs on Ethereum blockchain.||Runs ondistributed consensus ledger.|
|MANA – currency native to Decentraland.||Currency native to XRP Ledger.|
What do other people think of Decentraland?
Consequently, NFTs have become major attractions to the metaverse platforms. Additionally, they can become the next important format in the gaming industry. Secondly, they use blockchain technology as the basis for developing new games. Yet, open secret metaverse platforms are the future. Therefore, they are already changing virtual reality.
People on social media explain their reasons for liking one specific metaverse platform. In the end, they pick the analogy that suits their preferred reality. Consequently, this invokes internet protocol analogy.
Many people are counting on MANA prices to shoot up. As a result, there is a wide range of buzz on the internet. Therefore, the supply of MANA tokens is limited to a specific number. Thus, within no time, the coin will become scarce. It will therefore remove the risk of price stagnation. And it’s time for most traders to consider if Decentraland is a choice for their investment.
Should i buy Decentraland?
Although Metaverse is not a guaranteed success, it has very high potential. Besides, if you believe in its long-term potential, be ready to hold your investments. It is because waves of volatility are inevitable.
Many more companies are investing in Decentraland. Moreover, individuals are also staking heavily in the venture. Metaverse platforms are thus potentially profitable. For this reason, new projects on the market have great growth potential. In this regard, MANA will take hits as the crypto world is so unpredictable. Similarly, cryptocurrency is not the right investment due to its short-term volatility.
Decentraland price trends in the next few years
Predictions made by Long Forecast show that the price of the coin will change. The coin is set to reach some new highs and lows in the next few years. From the chart, we can see it’s a great opportunity to make an investment in Decentraland.
|Year||Highest Price||Lowest Price|
|Oct 20th – Dec 31st, 2021||$5.910||$4.210|
Where to I buy Decentraland (MANA)
In brief, Decentraland is among promising platforms in the metaverse realm today. Generally, Decentraland has strong fundamentals and a lot of momentum behind it. MANA is a very promising investment too.
It is important to note that from its uptrend, MANA hasn’t so far shown any sign of collapsing or stagnating in price. In truth, the movie has already spiked quite an uptrend in the price of MANA. It opened to the public in 2020.
In addition, Mark Zuckerberg rebranded Facebook to Meta Technologies Company. As a result, it is clear that Metaverse is the future.
In conclusion, the metaverse world is still young. The token is doing fairly well compared to other cryptocurrency investments like Bitcoin. Despite being on the market much longer, the prices of Bitcoin keep dropping. Bitcoin still takes many law regulation hits and high drops in pricing. Thus, investment in Decentraland is risky, and you should invest carefully.