Crypto of the Day: Decentraland (MANA)

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Founded in 2017, Decentraland was among the 1st blockchain based game platforms that utilizes Ethereum’s blockchain technology. The game is based around a virtual reality world where users can buy and sell plots of land. These plots of land are NFTs, so users truly own their virtual real estate.

What is Decentraland?

Decentraland is a blockchain based virtual reality platform. Users can buy land with MANA tokens, using this land however they see fit. Players are able to monetize their land, and players have created NFT art museums, amusement parks and even interactive games within the virtual reality realm.

Plots of land are extremely limited in Decentraland, and some plots have sold for north of a million dollars. Like real properties, prime locations sell for a premium over more remote plots of land.

Decentraland (MANA) is Up 17% in 24 Hours

With users getting ready for the 1st music festival hosted on Decentraland, the token has seen a sharp increase in price. The token currently has a market capitalization of about $1.2 billion, ranking it among the top 75 most valuable cryptocurrency projects on the market. 

Why is MANA Moving?

While Decentraland is up over 17% today alone, it’s still down significantly from its all time high prices. The token is currently trading around $0.71, down from almost $1.60 at the peak of the cryptocurrency markets earlier this year.

Cryptocurrencies involving non-fungible tokens (NFTs) have seen a sharp increase in interest over the past few weeks. CryptoPunks, Enjin and Axie Infinity are just some of the NFT projects that have shown better returns than most other cryptocurrencies during this corrective phase in the crypto markets.

Where to Buy Decentraland

Decentraland is an established project with a strong team of developers. Because of this, many crypto exchanges support Decentraland (MANA). Some prominent exchanges that let you buy Decentraland are Coinbase, Binance, Crypto.com and eToro. 
 

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.