Decentraland (MANA) Lost Almost 90% of its Charm in 2022

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Decentraland mimics reality in 3-D where users oversee the digital world through a decentralized autonomous organization (DAO). It is the place where users can create their own environments, marketplaces, and applications using Decentraland’s three native tokens: LAND, Estate, and MANA.

Decentraland that defines itself as a virtual reality platform, is powered by the Ethereum blockchain. It was co-founded by Ariel Meilich and Esteban Ordano, who have stepped down from their respective positions, but they are still working as advisors at the project. It allows users to create, experience, and monetize content and applications.

It must be noted that major brands such as Samsung, Adidas, Atari, PricewaterhouseCoopers and Miller Lite, and Sotheby’s have appeared in Decentraland or bought “properties” in it.

MANA Token Price Analysis 2022

Decentrand’s MANA is an ERC-20 fungible token that can help users create decentralized games, apps, and other services and allow them monetize their creations. MANA token is losing its charm as in 2022 the token under-performed.

At the beginning of 2022, the token trading at the price of $3.3 that then started falling in its price. From $3 the token  noted the decrease by almost 90%, and currenting trading at the price of $0.31.

Source: CoinMarketCap

MANA, the native token of Decentraland, has just 0.07% of market dominance, with a market cap of $575.70 Million. MANA is volatile as other cryptocurrencies and can spiked over the news that are somewhere relevant to metaverse. It will also be “used to incentivize content creation and user adoption, therefore bootstrapping the first decentralized virtual world.”

However, throughout the year Decentraland witnessed some of the positive developments within its ecosystem. Still, at the end of 2022 all these developments couldn’t save it and left the token in a really “bad” state.

On the other hand, on twitter, Decentraland noted its “2022 recap” that highlighted its projects and growth. According to that, it has minted 2.7 Million NFTs and 22.7k Emotes. And also the platform will soon share “the lookout for its 2023 Manifesto.”

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Chris Munch

Chris Munch is a professional cryptocurrency and blockchain writer with a background in software businesses, and has been involved in marketing within the cryptocurrency space. With a passion for innovation, Chris brings a unique and insightful perspective to the world of crypto and blockchain. Chris has a deep understanding of the economic, psychological, marketing and financial forces that drive the crypto market, and has made a number of accurate calls of major shifts in market trends. He is constantly researching and studying the latest trends and technologies, ensuring that he is always up-to-date on the latest developments in the industry. Chris’ writing is characterized by his ability to explain complex concepts in a clear and concise manner, making it accessible to a wide audience of readers.