Decentraland (MANA) Price Prediction

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Contributor, Benzinga
Updated: October 4, 2022

Decided you want in on the action? You can buy Decentraland on Gemini and Coinbase Exchange.

Decentraland is a virtual reality game that combines crypto, real estate and video games. Players can create virtual worlds and use non-fungible tokens (NFTs) to verify ownership. It is a unique project with real world applications. It is currently recovering from the crypto crash of the summer of 2022, but every asset will recover in its own time.

What is Decentraland (MANA)?

Decentraland is a game that operates on the Ethereum network. It involves users buying plots of land that they can use and monetize. They can also use MANA to purchase avatars and emotes within the game. MANA is used to purchase the non-fungible token, LAND. LAND stores the data for every owned item and allows players to prove their ownership. Freedom is a major component of Decentraland. Once players have a plot of land, they are essentially free to do whatever they want. They can create architecture, mini-games and even gambling services. This platform has many applications. It also allows for users to interact directly on the blockchain. They can chat, see others' creations and send currency to specific players. This allows for the blockchain to be more connected and further the communal aspect.

Decentraland (MANA) Market Position

There is over $1 billion invested in MANA. This is much higher than a large majority of cryptocurrencies. Perhaps its biggest competitor is The Sandox (SAND). SAND is very similar to Decentraland, offering a video game on the blockchain where users can create projects. However, SAND does not currently offer the 3D virtual reality system that Decentraland has. MANA also has nearly twice the market capitalization of SAND. Facebook is also planning to release a platform similar to Decentraland. This will certainly have much more funding than Decentraland. 

While the token may have been hovering under $1 for some time, the expansion of the metaverse could see this price trend change at any time.

Facebook's Metaverse Announcement's Impact on Crypto

After Facebook announced its rebrand to Meta to focus on building a metaverse, investors have paid much attention to cryptocurrencies involved with building their own decentralized versions of the metaverse. Many speculators see the metaverse being built on the blockchain, as this provides a way for users to have true digital ownership over their assets. If Facebook doesn't use a decentralized blockchain to transfer value in the metaverse, users will need to trust the centralized company to hold their assets on servers the company controls, which is not ideal. After Meta made its announcement, cryptocurrencies like MANA and SAND shot up over 200% in a matter of weeks.

David Cox’s Bull Case For Decentraland (MANA)

David Cox is a finance graduate that contributes for CryptoNewsZ. He often deals with technical and financial analysis. He explains that MANA has a strong smart contract network that is scalable and has a variety of uses. He also cites safety and security as a factor that will impact the price. He predicts that MANA will surpass $1.20 in 2022, and reach upwards of $3 by 2025. This would amount to a 300% increase in 4 years. This greatly outpaces overall predictions both the stock market and crypto market. This prediction has already been surpassed in 2021, so it looks like Cox's estimate may have been conservative.

Kevin Whitsitt’s Bear Case For Decentraland (MANA)

Kevin Whitsitt is a cryptocurrency, finance, and social media blogger with a solid background in finance. He cites the project’s competitors and complexity. The project has major competitors like Facebook and The Sandbox. He says these competitors can detract from the project's popularity. Also, the platform is complex and can be difficult for beginners. This makes it difficult for new users to enter the space and contribute to the network. 

Where to Buy Decentraland (MANA)

Now that you are aware of the bull and bear cases of MANA, you may want to purchase the token. Fortunately, it is available on multiple prominent exchanges. The easiest is Gemini. Opening an account on Gemini is extremely easy. Once you link a bank account, you can purchase MANA with USD.

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How Long Will It Take For Decentraland (MANA) To Reach $10?

For some time, there were huge increases for MANA, but the crypto crash of 2022 changed all of that. The token was trading for less than a dollar for most of the year, but even at those prices MANA showed great returns to investors who've held the token over the recent past. The major catalyst of Decentraland has been the recent focus on the Metaverse since Facebook's rebrand to Meta. Cryptocurrency enthusiasts calling for decentralization have hopes the Metaverse will live on the blockchain, as digital ownership is only valid if virtual assets are held on a public blockchain. If Decentraland can gain users and further real-world applications, there is a fair chance the token will continue upwards. This is all speculative, though. No one knows for certain where a price will go and under what timeframe. However, the bullish consensus is that a $10 MANA is possible in the next few years.

Where To Store Decentraland (MANA) Safely

While MANA is a relatively safe and secure token, wallets can add an extra layer of protection for your assets. They allow you to have full control over your funds. 

Best Hardware Wallet: Ledger

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Ledger is a hardware wallet that is extremely easy to use and supports the sending and receiving of Ethereum (ETH), which is the chain MANA runs on. Once you have purchased a Ledger hardware wallet, you simply download its software onto your computer and create an account. 

You’ll be assigned a wallet address (typically a long string of letters and numbers), and then you can send and receive thousands of cryptocurrencies through the wallet. Hardware wallets offer an extra level of security as opposed to software wallets, but they cost money while software wallets are typically free. 

Best Software Wallet: ZenGo 

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ZenGo is a wallet that allows you to store, send and buy cryptocurrencies. When you open a ZenGo account, you will be assigned an Ethereum wallet address, and you can add other tokens via the wallet’s interface.

This is a free software wallet that supports hundreds of tokens. It also supports ACH and credit transfers, something other software wallets do not currently offer. 

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Keep an eye on updates for Decentraland. These can include new features that can impact the price.

Current Crypto Prices

In June 2022, most major cryptocurrencies fell significantly from their all-time highs. With investors focusing on investments in the Metaverse, Decentraland and The Sandbox stand out thanks to their large market capitalizations and user adoption.

Increased volatility is defining the current market. Volatility provides opportunities to profit but can also lead to severe losses. Make trades with a calculated approach to mitigate risk. If you want to see where prices are at, take a look at the table of major currencies and their prices.

So, Is Decentraland (MANA) a Good Investment?

Decentraland has the potential to be a leading metaverse, connecting blockchain with virtual reality. However, if it cannot continue to push out new updates and improve its current platform, the virtual reality world may be outpaced by competitors like The Sandbox. If it can branch out and be useful in other scenarios, MANA could still have strong upside potential.

Frequently Asked Questions

Questions & Answers

Q
What is MANA?
A

MANA is the native token to Decentraland. It powers the Decentaland virtual reality platform. You can pay for in-game good and services as well as Decentraland land with it.

Q
Is Decentraland a Layer 1 blockchain?
A

No, Decentraland is a Layer 2 blockchain on the Ethereum Layer 1 blockchain.

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