Decentraland (CCC:MANA-USD) is a crypto-based virtual reality game written on top of Ethereum (CCC:ETH-USD). People can buy land, houses, and all kinds of other in-game assets using MANA crypto tokens as a medium of exchange.
As a result, people hope to earn money on these virtual goods and purchases. Additionally, the more popular the VR game is with its users, the greater the demand for MANA crypto. It helps push up the price of crypto.
This is reflected in the price of MANA crypto over the past three months. For example, it peaked at $ 5.90 on November 25 and fell below $ 3 on December 15. Since then, it has risen slightly to $ 3.39 per MANA crypto as of December 28.
At this price, the cryptocurrency has a market value of $ 6.14 billion, according to Coinmarketcap.com. Additionally, this gives it a competitive rank among other cryptos, placing it in the top 30 (ranked # 28). Expect to see this crypto rise over the next year or so.
Outstanding Features of Decentraland Crypto
The key asset that people can buy on Decentraland are plots of land. Recently, an investor called Tokens.com bought land for around $ 2.4 million. This is considered to be the biggest selling virtual land in the virtual reality game Decentraland.
The sale took place in the Fashion Street area of Decentraland. It will be a fashion district hub for clothing stores and parade-ready event spaces. That $ 2.4million land sale topped even the $ 2.3million that a named winning game Infinite Axis had registered.
It’s starting to become a big thing in blockchain. For example, Rolling stone The magazine reported that “Someone just spent $ 450,000 on a ‘lot’ next to Snoop Dogg’s NFT house.”
According to the article, crypto fans are scrambling to buy and monetize plots of the Metaverse. This happens as Snoop Dogg, Adidas, and other brands are starting to create virtual worlds. This land was in The sandbox (CCC:SABLE-USD) blockchain, which is another metaverse game similar to Decentraland.
So, the alternate reality actually has its own reality which is more real than the bank accounts of many people today. This is a crazy type of reality, where the virtual earth is a real real asset. And why not? The cryptocurrency itself is an alternative currency with real value now. So why wouldn’t there also be virtual land with real monetary value?
Where that leaves investors in MANA Crypto
Virtual land businesses in Decentraland via the sale of NFT (non-fungible tokens). Prior to this recent record sale of $ 2.4 million, a recent NFT sale was made for $ 900,000 to Decentraland.
Digital real estate investment firm Republic Realm was the buyer of the NFT, known as the LAND token, according to Yahoo! Finance. The article points out that NFT owners at Decentraland can show off their NFT art, real estate, clothing, and even attend live concerts. Each plot of land is also made up of plots.
Let’s be clear about this. The only real reason to buy that amount of a VR asset is to be able to sell it to someone else for an even more inflated asset price. This is called a type of investment of the “biggest fool” theory.
The reason is that there is no basic underlying value for real estate. There is no intrinsic value. At least with real land, you can build a real house there that can provide shelter and other things for human beings. Additionally, the real earth can produce food and other items of real value, which cannot be done in virtual reality.
But why do I really need to point this out? It’s not a secret. However, these record sales of land in Decentraland will only increase the value of the MANA crypto.
As of the publication date, Mark R. Hake does not hold any position (direct or indirect) in any of the titles mentioned in this article. The opinions expressed in this article are those of the author, subject to the publication guidelines of InvestorPlace.com.
Mark Hake writes about personal finance on mrhake.medium.com and Newsbreak.com run the Total Value of Return Guide that you can consult here.