FACEBOOK'S REBRAND TO META CAUSES MANA TO EXPLODE
Mana (MANA/USDT) has been going absolutely ballistic since the CEO of Facebook Mark Zuckerberg dropped a bombshell announcing that the most popular social media platform, which boasts 2.89 billion active monthly users, decided to change its name to META (new ticker as of the 1st of December 2021: MVRS) to reflect its growing focus on bulidling the metaverse. The founder left no room for speculation: ''From now now, we are going to be the metaverse first, not facebook first''.
Despite the circulating rumours, neither the Zuck nor anybody else for that matter has acknowledged the Decentraland's token MANA in their plans in any shape or form, but that didn't stop crypto investors and speculators from gambling on the asset's growth en masse resulting in an incredibly parabolic price movement taking the coin's market cap to approximately $3.8B (according to coingecko.com) at the time of writing this article and elevating it to a position of a TOP 50 cryptocurrency.
Most of October, up until last Thursday when the rebrand news broke out, had seen MANA stuck inside a frustrating sideways trading channel between $0.72 - $0.80 and constantly losing value against most crypto. Two days was all that was needed for the immense buying pressure to pump up the price by over 300% setting the new ATH as high as $4.11 on Saturday night before a hefty yet expected correction brought the price back down below $3 on the last day of the month.
It looks like Shiba Inu (SHIB/USDT) finally has got itself a worthy competition for a title of the hottest cryptocurrency in the last quarter of 2021. SHIB is up by 770% since the beginning of Q4 compared to MANA's increase by 273% so far, but the momentum seems to have drastically shifted in favour of the Decentraland's token over the recent three days. What's more, MANA's explosive run is actually looking more sustainable than the memecoin's one since there is an actual fully functional product behind it not to mention that Shiba Inu's market cap is already a very large one ($36B) making it much more difficult to continue rising in such a vertical way.
ALLURE OF LIMITLESS AND DECENTRALIZED METAVERSE
Okay, so for those of the readers that are not yet familiar with the fascinating metaworld called Decentraland let me bring you up to speed by describing it as an 'Ethereum blockchain-powered virtual world developed and owned by its users, who can create, view and monetize content and applications' using a popular browser (www: decentraland.net) such as Chrome, Firefox, Opera or Brave (the client is only available on desktop right now). A metamask wallet is required to fully participate unless one only wants to have a virtual tourist's experience by talking a walk along one of many of the meta-city's arteries, entering NFT galleries chatting to other people that are represented by animated Roblox-like avatars which can be customised according to whim etc.
If you love what you see and understand the monetary potential of this decentralized digital world, there are multiple ways that money can be earned in it. By far the most popular ones are at the moment buying, selling and renting parcels of land (16m x 16m each) which are a limited commodity in Decentraland with only 90.000 pieces for sale (only a few thousand plots have an owner according to etherscan, still early stages). The element of scarcity points to a huge potential for future gains without a doubt. The most expensive parcel sold for whooping $270k while multiple others went for around $100k a pop with many transactions taking place in recent days. The inflation has been rampant in the virtual reality as well, especially over the last three-four days!
A popular location, near a plaza or in a densely populated area, can be leveraged for creating your own games, museums, exhibitions or opening a business that showcases and sells various NFTs and services with art galleries being the most common choice but the possibilities are truly almost unlimited with casinos (one of these apparently hires live human card dealers), gambling sites, advertisement spaces (Samsung being one of the store owners and well as having an official partnership), educational places, fashion exhibitions and the list goes on.
It's worth mentioning that MANA, the Decentraland's fungible ERC20 cryptocurrency tokens are burnt in exchange for LAND parcels, that are non-fungible digital assets, producing a deflationary aspect. The possibilities are limitless in this metaverse called Decentraland and fingers crossed that the CEO James Ashton of Decentraland University and his team of developers are able to improve on the current, a bit laggy according to most users, experience in their very promising virtual world of boundless capabilities. Let's see if November brings this highly anticipated progress along with the growing capitalization to the leading project in its sector.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.