Bitcoin took money into the digital realm, projects like Decentraland seem to be taking everything else from reality into digital. And why not?
Decentraland is making a name in the digital space in the form of virtual lands on the Blockchain.
We live in a digital age.
A Digital 2019 report from companies like Hootsuite and We Are Social, shows “we’re spending on average 6 hours and 42 minutes online each day. Half of that is spent on mobile devices.”
An article from NextWeb points out “that figure sounds like a lot, but it’s absolutely astronomical when spread across an entire year. It equates to more than 100 days of online time every year for every Internet user. That’s more than 27 percent of every year.”
Decentraland’s MANA Token Will Rise
If we spend so much of our time online then places like Decentraland are bound to attract more users — which will in turn fuel the rise of their token, baring any problems with their company and other, wider cryptocurrency market events of course.
Why would it rise?
A Forbes article points out what Decentraland is in a nutshell:
“Decentraland is developed on the Ethereum blockchain as a kind-of Second Life-style decentralized virtual world. Using the native MANA ERC-20 tokens, users can purchase non-fungible LAND tokens, which represent a 10m x 10m area in the Decentraland universe. On their newly-acquired land, users can build a business where they can trade their goods or services with others.”
Simple enough, right?
One of the reasons MANA could rise is the desire of people wanting to buy more and more LAND.
Why would they buy LAND?
Simple.
Decentraland is so much more than just virtual land.
It’s a community. After all, check out what they did for Halloween 2020. Their community participated in a “Mystery in the Metaverse” full of games, prizes, easter eggs, and costume contest.
All these events took place in the Decentraland universe on top of LAND owned by community members and inside buildings built by community members.
That wasn’t the only example.
Gamejam 2020 was another event held on LAND, with prizes of MANA for people who designed games within Decentraland for others to play using MANA and all the other things they created to participate.
And speaking of wearable things, another event was centered purely around the clothing people designed for their avatars to wear inside Decentraland.
These types of community events attract more and more people.
As long as Decentraland and its community can keep this spirit alive, it’ll be an upward-moving cycle. And the larger the community becomes, the more the price of the LAND upon which the vents take place will be. That in turn should help boost the price of MANA.
Granted, there are a few other factors to consider, like competition.
TerraVirtua is another company putting AR/VR things on the blockchain. A few other copycats exist.
But at the same time, Bitcoin had plenty of copycats as well, and it’s still the king.
Decentraland was the first company to put virtual land on the blockchain and that advantage might help it keep its crown in the years ahead when even more people spend the majority of their time online and in virtual worlds.
Disclaimer
The information discussed by The Coin Magazine is not financial advice. This is for educational and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Do your due diligence and rating before making any investments and consult your financial advisor. The researched information presented we believe to be correct and accurate however there is no guarantee or warranty as to the accuracy, timeliness, completeness. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright The Coin Magazine All rights reserved.
