Investor interest is taking a fast turn toward the metaverse. Building on a longstanding science-fiction concept, companies are now looking to turn the metaverse into a business opportunity. With one of the largest tech firms in the entire world making its own bet in this space, Decentraland (CCC:MANA-USD) is one of the biggest beneficiaries. The MANA token is tied to both blockchain tech and the increasingly popular metaverse phenomenon, and Decentraland price predictions show the recent pivot stands to help boost MANA prices.
The metaverse, on a conceptual level, is an area of technology which blends virtual reality with the real world. Think of a three-dimensional internet; rather than logging onto Zoom (NASDAQ:ZM) for a meeting, you could pop into the metaverse and sit at a virtual table with your co-workers. Beyond work, there is also room for virtual learning, virtual social interaction, and even virtual entertainment.
Of all of these tools, Decentraland leans mostly into the social and entertainment aspects, while also bridging the tech with the blockchain. In fact, it recently reached a major milestone in holding its Metaverse Festival. The four-day event is being touted by the network as the first metaverse music festival. It featured virtual reality performances by the likes of musicians Deadmau5, AlunaGeorge, Alison Wonderland, and others.
Decentraland Price Predictions Surge
On top of its progress in building out a decentralized metaverse, it seems as though the MANA token is benefitting greatly from Facebook’s (NASDAQ:FB) rebrand. Yesterday, the tech giant announced its intention to rebrand as Meta. Unsurprisingly, considering the new name, Mark Zuckerberg also gave users a peek into the company’s incoming metaverse product.
Given Facebook’s size and reach, it only makes sense that its new product is causing investors to seek out more info on the metaverse. Likewise, it’s also exposing investors to existing metaverse projects like Decentraland. As such, MANA is seeing a great influx of buyers; its value is benefitting quite a lot as well. The token is posting a 40% gain; it currently rests at a value of $1.26. Additionally, its trading volume is being boosted by nearly 2,000%.
Let’s take a look at some Decentraland price predictions and see where analysts think MANA is heading:
- WalletInvestor predicts MANA will see slight gains throughout the next year. By October 2022, the site is setting a price target of $1.56.
- Likewise, Gov Capital’s price target for MANA in October of next year is $1.52.
- DigitalCoinPrice predicts faster growth for the token. By the end of this year, it expects MANA to reach a price of $1.91.
- The Economy Forecast Agency is bearish, but only in the short term. The site expects MANA to drop to $1.15 at the year’s end. By October of next year, though, it is expecting a price as high as $3.02.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
