virtual game world Decentralandlocal presence of MEANINGhas recently become the shining star of not only the metaverse world, but also the crypto world. MANA continues to rally despite the bearish trends in the market.
“guyThe analyst, known by the pseudonym ”, is on his 1.81 million subscriber YouTube channel, Facebook’s recent “Meta” following the rebranding announcement metaverse He described many cryptocurrency rallies as “an unsustainable rally,” but the analyst MEANINGHe explained why he was still able to continue the rally.
The analyst explained a few key factors as to why MANA has remained so strong:
“Firstly, the rest of the crypto market is still in a recovery phase. Most important, bitcoin(BTC) market dominance continues to decline, meaning money is moving to altcoins like MANA.
The amount of money held in Decentraland’s Grayscale Trust has more than doubled since March this year. This shows that there is significant corporate demand for Decentraland.”
Explaining the power of the Decentraland project, the analyst drew attention to the importance of non-tradable tokens (NFTs), virtual events and decentralized casinos of the game as the resources of the project.
Looking at the website of the project, the location description confirms this: “Decentraland, ‘the first virtual world aired to its users (the users themselves)’.
Decentraland is currently controlled through the decentralized autonomous organization (DAO). The LAND Contract also has important smart contracts and virtual assets such as wearables, content servers and marketplaces, increasing the power of the project.
Guy later called other “game changers” by Decentraland. metaverseHe also discussed the idea of interoperability with .
“Decentraland aims to make the metadatabase interoperable with at least four other crypto metadata worlds. This will happen as the project adds functionality using a more advanced protocol.
No detailed date has been given for this particular offering, but if it lives up to its promises, it will be a game changer for metaverse cryptocurrencies.”
Finally, the analyst pointed out that the doubts about the project decreased over time.
“I remember when I first heard about Decentraland I was skeptical whether it would pick up any momentum. Who needs a virtual world when there is a real world after all?
Over time, it became clear that both worlds had value. This happened before Facebook’s Meta move, and no one noticed it until Facebook introduced the concept of the metaverse.
The exciting detail is that Decentraland, despite being one of the oldest metaverse projects out there, is still in its infancy. It’s great to see that the development continues despite all the problems the project has had in public and behind the scenes.
Decentraland is definitely moving in the right direction, and while MANA is overvalued today relative to Decentraland’s fundamentals, that will likely not be the case tomorrow.”
MANA is currently trading at $3.20, up 23% on the day, but still below its all-time high of $4.91 (ATH), which it reached on October 30.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.