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The popularity of non-fungible tokens and platform updates support Decentraland’s 100% rally (MANA)

Last year Non-fungible tokens (NFTs) have grown in importance as the digital art market exploded and developers experimented with a variety of use cases. Non-fungible data show that There have been 58,400 NFT sales in the last 30 days and a volume of $ 12.7 million.

In the same period of time MANA, the character behind the blockchain-based virtual world Decentraland, totaled $ 636,000 for NFT operations. The virtual reality platform is based on the Ethereum blockchain and provides a digital universe in which players can explore land, interact with one another, and buy land along with other items.

The sector is dominated by crypto collectibles and games like Cryptopunks, Sorare, Art Blocks and Axie Infinity. These collectable NFTs range from professional soccer player virtual cards to crypto art and crypto mascots.

4-hour chart of the MANA / USDT pair on Binance. Source: TradingView
The popularity of non-fungible tokens and platform updates support Decentraland’s 100% rally (MANA)
The popularity of non-fungible tokens and platform updates support Decentraland’s 100% rally (MANA)

In the first few weeks of 2021, the price of MANA rose 68%. Additionally, some positive news about real writers entering the sector has added to the current trend. For example, The creator of Rick and Morty auctioned some of his digital works on January 19th.

In the last 30 days According to Nomics, the MANA token moved a transparent volume of USD 368 million. This corresponds to an increase of 257% compared to the previous month.

Recently, the average value and number of transactions on the Decentraland market has dropped to around 20 per day, and virtual land and real estate account for 70% of sales.

Daily transaction history of the decentralized market. Source: NonFungible.com

Non-fungible LAND tokens represent ownership of a person’s land. These tokens contain data such as the coordinates of the site and the virtual buildings. In the past four months, the largest transaction was worth nearly $ 150,000.

Especially MANA tokens are used to buy goods and services in the game and also to pay the commissions generated by LAND transactions.

A decentralized autonomous organization (DAO) governs Decentraland and all changes to the code are made through a collection of intelligent contacts. The MANA token allows its holders to vote on policy updates, land auctions and grants for new developments.

An interesting feature is entering this virtual world You don’t need to download anything as the platform is web based.

New features attract new users

In the last few months, Decentraland has evolved to integrate interactive applications, including payments and peer communication.

Decentraland is also building one Virtual casino free of custody, transparent and verifiable. At this location, players can use both MANA tokens and the DAI stablecoin. Another unique feature is that There are no gas fees for Ethereum, as transactions take place on a second level via the Matic network. Although the games available are limited, poker and more complex games are under development.

A voice chat function was added on December 17th, 2020. This allows users to interact with each other as they transit through the digital world, recreating the kind of social interaction gamers are used to on major platforms like PlayStation and Xbox.

Decentraland released version 2.0 of its LAND API on January 20th. This update focused on improving access to market metadata. The update added endpoints that return more digestible information for construction tools that need land and property data from LAND.

To the last, Artistic exhibitions for non-fungible tokens (NFT) are enjoying growing popularity in the MANA ecosystem. Given the popularity of art in NFT form, the new feature could attract new entrants to the platform. The platform also organized some live music events with real world artists, A smart move considering that outdoor events like concerts have been suspended for the COVID-19 pandemic.

Although many things have been created, there are still some important functions that need to be incorporated. Including a mobile version of the platform, a micro-payment infrastructure and integration into virtual reality platforms.

MANA-related Twitter user activity versus USD price. Source: The tie

Data from The tie, an alternative platform for social analysis, show that the recent price hike was preceded by increased activity on social media. For those who rely on the appreciation of the MANA token, it is therefore worthwhile to look at the activity data on social networks.

Decentraland has added a ton of new features to improve the user experience and support the growing NFT collectibles and digital real estate industry. New features in development also look promising, but overall is still in a very early phase of adoption, Therefore, participants should do their own research when considering whether to invest in MANA.

The views and opinions expressed here are solely those of automobiler and do not necessarily reflect the views of Cointelegraph. Every investment and business move is associated with risks. You must do your own research when making a decision.

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