Decentraland (MANA) Sheds 90% In 2022 Despite Solid NFT Volume Performance

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Decentraland (MANA), the cryptocurrency launched in 2020 by Ariel Meilich and Esteban Ordano, failed to take advantage of some of the positive developments that happened within its ecosystem this year as it closes 2022 in a “beaten” state.

Over the last 12 months, the digital coin has shed 91% of its value, failing to recover from the massive price dumps it experienced triggered by the a series of unfortunate events that plagued the crypto space and the growing uncertainty in the market.

According to latest tracking from Coingecko, at the time of writing, the digital token is changing hands at $0.2941 and has lost 10.3% of its value during the past seven days.

The last 30 days have been rocky for Decentraland as well, as the altcoin ended up depreciating in value by 27.3%.

This really is unfortunate, considering the crypto’s ecosystem has been making impressive progress in the NFT realm.

Decentraland: 440% Growth In Minted NFTs

The metaverse-based gaming platform seemed to have focused most of its attention to the non-fungible token (NFT) space this year, as evidenced by its incredible performance pertaining to the industry.

In its yearend performance report, Decentraland disclosed that for the year 2022, there were 2.7 million unique NFTs that have been released on its platform.

With such a figure, on a year-over-year (YoY) basis, the project enjoyed a 440% increase in the volume of NFT assets minted on its network.

Decentraland was also proud to announce that it will end 2022 with a unique active user count of 1 million after it tallied a 13% jump in that particular department over the last 12 months.

Moreover, the project also managed to grow its sales volume by 510% during the same time period after it sold 143,900 wearable NFTs.

However, even with this superlative showing, Decentraland’s MANA failed to catch a break from its bearish streak.

Crypto total market cap at $755 billion on the daily chart | Chart:

What MANA Holders Can Expect In 2023

There’s a bit of good news for holders of the Decentraland altcoin as Coincodex predicts a possible increase in value in the coming days.

According to the online cryptocurrency information provider, over the next five days, the digital asset’s trading price is expected to rise by more than 2% and will change hands at a value of $0.2977.

Meanwhile, 30 days from now, the crypto is expected to hit and surpass the $0.30 mark once again as it is expected to trade at $0.3305.

If these forecasts translate into reality, MANA holders and investors could finally find a little breathing room to take a break from the challenging landscape of crypto industry today.

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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.