Decentraland (CCC:MANA) is one of the top cryptocurrency gainers over the last 24 hours, tacking on more than 20%. In fact, MANA is up more than 100% in just the last week. What does this mean for Decentraland price predictions? And what else should you know?
As a quick recap, Decentraland is a virtual reality platform that runs on the Ethereum blockchain. Within the platform, users can create content, purchase plots of land and play a wide variety of interactive gains. The platform first launched in 2017, and has been fully available to the public since February 2020. MANA is one of the tokens in Decentraland, running on the ERC-20 Ethereum standard. Users can burn MANA to acquire non-fungible LAND tokens.
Most importantly, MANA has been benefitting from the rush of interest to non-fungible tokens (NFTs). This is because MANA and LAND function as such, allowing users to purchase unique avatars, wearables, names and real estate in Decentraland.
Currently trading for just under 60 cents, the popularity of NFTs has ushered in bullish Decentraland price predictions. Right now, experts are hoping that MANA could hit $1 as Decentraland gains in popularity. Last week, we saw MANA hit a new all-time high on its way up. Today, it hit yet another all-time high as it rallied.
So what do you need to know now? And beyond the NFT frenzy, where do these Decentraland price predictions come from?
Decentraland Price Predictions and NFT Craze
So where do bullish Decentraland price predictions that call for MANA to hit $1 come from? The first is simply the rush of interest in NFTs. Artists like Beeple, Grimes, Steve Aoki and Azealia Banks are finding success selling non-fungible tokens. More musicians, artists, video gamers and brands will look to leverage some of this frenzy. Decentraland, a somewhat established entity in the space with its virtual reality platform and NFTs, stands to benefit.
At the same time, Decentraland shared positive updates of its own. Yesterday, it announced that it was partnering with Pacman creator Atari to create a virtual cryptocurrency casino. The new casino will exist in Decentraland Games, which is part of the broader ecosystem. Users will experience the casino in their custom avatars (which they can purchase with MANA).
So what are the takeaways? For Atari, it is a chance to move the iconic gaming company onto the blockchain. For Decentraland, it is a vote of confidence from a household name. Keep this story, and the broader NFT rush, on your radar.
Make sure you are all caught up NFTs with this guide from InvestorPlace Markets Analyst Tom Yeung.
On the date of publication, Sarah Smith did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Sarah Smith is a Web Content Producer with InvestorPlace.com.