Decentraland is the first-ever decentralized Metaverse running on the Ethereum blockchain. Technically it is a 3D virtual world where users can do an unlimited number of tasks conduct events and other social gatherings. This virtual world offers real estate blocks that can be bought, developed, and built on. Decentraland has nearly 90,000 plots for sale, which are basically non-fungible tokens or non-transferable data blocks on the blockchain. The NFT Purchases in Decentraland are powered by the cryptocurrency known as MANA from Ethereum wallets.
Users can exchange their coins for the native MANA coin, which is used for availing services and purchasing products in Decentraland. MANA is similar to any cryptocurrency in the market and can be traded with altcoins or fiat money. This metaverse coin has a total supply of 2.19 billion, and more than 1.8 billion of them have already been minted. MANA needs to be stored in an Ethereum wallet in order to participate in the metaverse events and projects. In recent times, MANA helped position well over $3 with a market cap of 4.09 billion dollars. As per the current reports, MANA is the 31st largest cryptocurrency project in the market in terms of market cap. Check out this MANA price prediction to learn more about the token and its potential.
Recent developments in Decentraland are aimed towards hosting a metaverse Fashion week. The event would probably launch on the 24th of March free of cost. This user-owned Metaverse would ensure the event is available to everyone in the virtual world. However, there will be options to make purchases using Ethereum wallets. The purchased items can be used on the Avatars. Some of the items in the shopping list will also deliver tangible real-world designs to the given addresses.
Rumors are that Decentraland models this new event from the Paris Fashion Week. Creative Director Sam Hamilton from Decentraland said that this event would be a great opportunity to extend creativity and show to the world what is capable in the Metaverse. This will be a futuristic way to bring new products and designs to the users of the Metaverse. New ideas like this are empowered by the rapidness with which the NFT market is growing. The designers will now have an affordable way to market and monetize their products.
Earlier this week, Decentraland also witnessed another exciting event being hosted in the virtual world. On the 5th of February, the Decentraland metaverse got to see its first-ever virtual wedding. Ryan and Candice, an American couple, decided to tie the knot in the Metaverse. Organized by a law firm called Rose Law Group, the wedding has all the aspects of a physical wedding, including a Supreme Court Justice to witness and legalize it. President Jordan Rose from the law firm confirmed that it is the first-ever wedding to take place in a blockchain-based metaverse.
Many people are coming up with new and exciting ideas to explore in the Metaverse. Such events widen the horizon of this emerging concept and bring about new use cases. Independent artists and designers now have a way to monetize their products with the customer base of the Metaverse as NFTs and are able to determine the value of their works.
As a result of these developments, MANA’s market also looks positive, with the coin getting ready to rally above $3. After a hit last Sunday, MANA is expected to rope another 20% up. Once it hits the 61.8% Fibonacci level, the coin might lose some potential for a rally towards $4. For the long-term, the coin looks good as ever, with 350% growth in just five years. As per this prediction, MANA’s price would be soaring near $15 by 2026.