MANA is the native cryptocurrency of Decentraland, a virtual world built on the Ethereum blockchain. It is a utility token that facilitates transactions, governance, and community within the metaverse. In Decentraland, users own and develop plots of virtual land, which they can use to create games, scenes, and other interactive experiences. Since its launch, Decentraland has seen significant growth in both users and partnerships.
MANA is the fuel that powers Decentraland's decentralized economy. It is used to buy, sell, and rent virtual land, as well as other virtual assets within the ecosystem. Moreover, MANA is also a governance token, giving holders a voice in the platform's development and management.
Decentraland is funded by ten investors, including Animoca Brands, Broslyn Capital, and Digital Currency Group, and has raised a total of $25.5 million in four funding rounds. It has also attracted notable brands such as Samsung, Adidas, and Atari, who have either partnered with Decentraland or purchased virtual land.
In 2021, MANA experienced a significant increase in value due to the hype around the metaverse and Facebook's rebrand announcement to Meta. At the peak of the bull run, the token price reached an all-time high of $5.85 on November 25, 2021, before experiencing a correction. However, the hype around the metaverse has not subsided, and Decentraland continues to attract partnerships and users, making it an attractive investment option for the long term.
Additionally, Decentraland has already carved a space in the metaverse by selling virtual land plots to the public and attracting big buyers, such as JPMorgan, who created a lounge called Onyx Lounge. Furthermore, players can create and sell lower-value, in-game NFT items on the Decentraland marketplace. The most expensive LAND sale in the last 30 days was for 250k MANA or around $165.39k.
Decentraland's ecosystem has expanded, with the platform hosting events such as the Metaverse Festival, Metaverse Fashion Week, and Sotheby's first metaverse auction. In February 2022, Vice Media Group unveiled its HQ in Decentraland, while Samsung unveiled its new Galaxy S22 phone in the metaverse.
Decentraland is still in the early stages of its growth story, and the concept of the metaverse is gaining traction. Therefore, MANA and Decentraland have the potential for long-term growth, making them an attractive investment option for those who believe in the future of the metaverse.