Decentraland (CCC:MANA-USD) is riding the metaverse wave all the way to the promised land — or at least to a new all-time high. Indeed, the MANA crypto is up 24% today as a few big meta moves get the altcoin bulls out of bed.
Decentraland is a decentralized virtual reality funded and fueled by its native crypto, MANA. It’s also one of the biggest names in a quickly growing field of metaverse cryptos. Since Facebook rebranded as Meta Platforms (NASDAQ:FB) last month, metaverse-related cryptos are on a a fast-track to the moon.
The metaverse refers to the theoretical idea of a new, all-digital reality. It is a self-sustaining space where avatars can socialize, play games and even earn currency in the form of crypto. The decentralized currency can then be used to buy in-game items like clothes for a virtual avatar or even entire digital properties as non-fungible tokens (NFTs). It’s an exciting concept, and there are already signs of its long-term viability — and profitability.
Decentraland is gaining largely due to optimistic future prospects of a metaverse boom. Indeed, it’s up around 400% this month and has gained the interest of some top-end crypto investors.
So what’s happening with Decentraland today?
2 Major Drivers Behind the MANA Crypto Boom Today
On Monday, the Metaverse Group, a subsidiary of Tokens.com (OTCMKTS:SMURF), bought a major piece of virtual real estate worth 618,000 MANA, or $2,428,740. According to Decentraland, it’s the most costly plot of virtual real estate ever purchased on the platform.
The land is apparently located in the “Fashion Street” district on Decentraland, which is considered a very hot region. The area will supposedly host major digital fashion events with world-famous brands like Gucci. Users will be able to go shopping virtually and purchase clothing items for their in-game avatars.
The land consists of 116 parcels, each measuring the virtual equivalent of 52.5 square feet. Thus, it was a total purchase of roughly 6,090 virtual square feet.
The second reason for the MANA boom is related to the launch of another highly anticipated metaverse: Sandbox (CCC:SAND-USD). The Hong Kong-based platform is another play-to-earn concept that will allow users to earn SAND when the game releases its Alpha stage on Nov. 29.
What Do the Metaverse Developments Mean for the MANA Crypto?
While Sandbox is functionally a rival to Decentraland, the current meta wave is inclusive enough that big news for one crypto has ripple effects through the industry. Many suspect that as others gain traction, the entire market will continue to thrive as the concept as a whole gains validity.
Whether it’s correlation or causation, MANA is up big from these latest developments. Within the past 30 days, Decentraland’s native crypto has broken its previous all-time high three times. MANA is on a practically vertical trajectory far past its previous resistances and could easily end up higher than ever. It’s currently sitting at $5.45 per token.
This comes as crypto flagships like Bitcoin (CCC:BTC-USD) and Ethereuem (CCC:ETH-USD), and even meme-coins like Shiba Inu (CCC:SHIB-USD) and Dogecoin (CCC:DOGE-USD), are down substantially the past few weeks. The crypto market has never been so convoluted as the new virtual reality play comes to term with, well, reality.
On the date of publication, Shrey Dua 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.