The Digital Real Estate
Decentraland is a virtual world where people can buy or sell real estate, play games, or even interact with others. In this virtual reality platform, MANA coin is used to buy virtual goods and services, while LAND is an NFT token that defines the ownership of land parcels (there are 90,601 of these parcels in total). This means that you can buy LAND using your MANA coins.
The Largest Metaverse-Related Cryptocurrency
Decentraland was built on the Ethereum blockchain by Ari Meilich and Esteban Ordano. The initial coin offering was held on the 18th of August 2017 and it raised $26 million. The value of the MANA coin was mostly hovering below $0.05 until the end of 2020. The price of the coin started growing and finally broke the $0.1 barrier on the 7th of January 2021.
Growing demand for NFTs and the social distancing restrictions due to the pandemic helped virtual real estate to soar in value. MANA passed the $1 mark on the 14th of March 2021. Decentraland continued to gain more popularity with big names jumping on the bandwagon. On the 28th of July 2021, Coca-Cola announced its plans to launch NFTs in Decentraland.
On the 28th of October 2021, Facebook CEO Mark Zuckerberg announced the rebrand of Facebook and his plans for the metaverse. This caused MANA to skyrocket to $3.56 in 2 days. MANA continued to gain from the Meta-related rally. The cryptocurrency got another big boost thanks to the news of Sotheby’s upcoming live bidding exhibition on the 18th of November 2021.
Barbados revealed its agreement with Decentraland to launch the world’s first virtual embassy. After this, on the 25th of November 2021, MANA reached its all-time high of $5.90. Virtual land prices continue to climb with the most expensive land in Decentraland (Fashion Street Estate) being sold for 618,000 MANA (roughly $1.7 million on the 1st of February 2022).
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