You are not alone if you have never heard of Decentraland or its virtual properties that you can buy with real money. No, this is not a dystopian future story, it is a legitimate platform and very much today’s reality. With the announcement of Facebook’s Metaverse, this platform saw some incredible growth overnight; But how far can it go?
What is Decentraland?
To put it simply, it’s a company started by two people from Argentina, that sells a decentralized version of real estate, virtually. It was created in the year 2015 and was opened to the public in 2020.
Although it sounds like a crazy case of the game Minecraft coming to life, currently, desirable sites on the platform are selling for about $1,000,000.
What is MANA?
MANA is the cryptocurrency of Decentraland. It functions as an average cryptocurrency would, and it uses the ethereum blockchain.
It uses something called a proof of work algorithm which essentially is a form of proof of transaction to maintain the security and safety of cryptocurrency transactions. This algorithm keeps track and prevents the double spending of the currency.
Why is MANA Booming?
When a social media giant such as Facebook, with its user base in billions, announced the rebranding of their company to Meta, short for metaverse. People discovered a platform that already brought the ideas of metaverse to life, that is decentral and purchased the already existing cryptocurrency; which was MANA.
This occurred in hopes of this platform, being one of the first of its kind, showing a whole new world of opportunity and growth from scratch;
For example, the pandemic made us all stick our faces to a screen all day long with work from home.
What if, instead of sitting in front of a laptop screen you could jump into a virtual world as a holographic image and attend the meeting with all other colleges at a virtual office desk?
Virtual reality is the future, and we are at the beginning of the birth of a brand new world. This means an excellent business opportunity and because investors were already looking for more affordable cryptocurrencies to invest in, given the boom of crypto trading and growth, MANA hit the jackpot
How Much Has the MANA Value Increased?
The value of MANA shot up almost 400% after the announcement of Facebook’s rebranding to Meta.
How High Can MANA Go?
Multiple analysts have come up with slightly varying values for the future of MANA.
According to the CoinPriceForecast, MANA is expected to reach a value of $10-11 by the end of 2021, and reach a value of $20.63 by the end of 2022. In 5 years, if a similar growth pattern persists, the coin is expected to reach $72.78 by 2026.
Analysts at longforecast predict the value of MANA to close at around $3.42 by December 2021 and reach the value of $8.17 by the end of 2022. By 2025 they expect the value to reach $13.14.