How High Can Decentraland (MANA) Go?

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mana

Decentraland

$0.411566*

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Buy Decentraland

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Disclosure: eToro USA LLC; Investments are subject to market risk, including the possible loss of principal.

With the adoption of cryptocurrency and the growth of decentralized finance (DeFI) more specifically, Metaverse platforms have been increasing in popularity. One metaverse has been extremely successful in creating a virtual reality platform that users want to engage in –– Decentraland.  

Since the platform’s launch to the public in February 2020, users have created a wide range of different experiences on their in-game land. Some developments include interactive games, non-fungible token (NFT) museums, shopping malls and a variety of other interactive experiences.

What Is MANA?

Decentraland (MANA) is a 3D virtual reality platform, otherwise known as a metaverse. Decentraland is built on the Ethereum blockchain where it has 2 native tokens: MANA and LAND. MANA is an ERC-20 token that is burned in order to acquire LAND. LAND is an ERC-721 token, more commonly known as an NFT. 

Users are able to purchase plots of land that they can later navigate, build upon and monetize. MANA tokens can be used to purchase avatars, wearables, names and other items on the Decentraland marketplace. Essentially, MANA can be thought of as the in-game currency that users can purchase assets with in Decentraland’s virtual world. 

Decentraland was launched in 2017 following a $24 million initial coin offering (ICO) by Ariel Meilich and Esteban Ordano. Since the project's launch, both founders have stepped down from major positions. Decentraland launched its closed beta in 2019 and opened it to the public in February 2020.

MANA Market Capitalization

The current market capitalization of MANA as of December 2021 is just shy of $8 billion. The total 24-hour trading volume on the token is about $1 billion, with the current price of MANA trading between $3 and $4 dollars. A market cap of roughly $8 billion could absolutely see some growth within the near future. A project this influential has the ability to triple if not quadruple in market cap if user adoption continues to grow.

Bull Case for MANA

The bullish case for Decentraland would be that it continues to pioneer metaverse gaming and stays relevant as the original metaverse. Everything that Decentraland has demonstrated so far shows absolutely no sign of slowing down. With all the different companies and individuals buying land in the metaverse, more attention is being paid to the MANA token. If transactions continue at a steady rate, the total market cap could grow exponentially.

Bear Case for MANA

The bear case for Decentraland would be that the platform loses daily users and starts to lose momentum. This movement could be a cause of the increasing amount of play-to-earn games, as individuals may turn to alternatives to earn income. Though Decentraland focuses on open-world exploration rather than direct play-to-earn, it will attract a different crowd of users.

Where to Buy MANA

You can buy MANA currently on Coinbase Global Inc. (NASDAQ: COIN), Gemini or eToro. A centralized exchange like one of these options is a great way for individuals to start investing. Make sure to do your own research to determine exactly which exchange is right for you.

How Long Will it Take for MANA to Reach $10?

You will want to consider different factors when thinking about the future price of MANA. Some things to take into consideration would be users, economy and security. If Decentraland continues to grow at the same rate over the last few months, $10 MANA could come as soon as early 2022. Realistically, there will be some consolidation in price as different mechanics and features get added to the platform. If market capitalization were to double yearly, the market could see $10 MANA by early 2023. 

Where to Store MANA Safely

You can choose from 2 basic paths to store your cryptocurrency: software wallets and hardware wallets. 

• A software wallet is an application on your computer or mobile device. 
• A hardware wallet is a special type of wallet that stores the user’s private keys in a secure hardware device — keeping your private key information off your computer and on the external device. 

Best For

• ERC-20 tokens

buy nowsecurely through Ledger Hardware Wallet's website

Best Hardware Wallet: Ledger

Ledger is the most recognized and most accredited hardware wallet currently available. The device is primarily an offline hardware wallet. Ledger also connects to Bluetooth and USB depending on if you want to use your computer or mobile device. Ledger’s application also makes it much easier to secure, store and manage your assets.  

Best Software Wallet: ZenGo

ZenGo is a mobile software wallet. This option makes an excellent wallet for beginners looking to invest in cryptocurrency. The wallet removes the worry of keeping private keys and seed phrases because of its facial biometric feature. 

Current Crypto Prices

The total market capitalization for the cryptocurrency market is roughly $2.25 trillion as of December 2021. There seems to be hesitation in the market as Bitcoin looks to move back under its all-time highs. Overall market sentiment will likely depend on Bitcoin price action over the next few weeks. That being said, moving sideways is often seen as an indicator of healthy markets. Parabolic moves to the upside often lead to large crashes shortly thereafter. For the most up to date cryptocurrency prices, check out the table below.

So, Is MANA a Good Investment?

For individuals looking to invest in the future of decentralized gaming and the adaptation of the metaverse, MANA may be a great investment. MANA may also be a good investment for investors looking to try out metaverse exploration. Traders looking to earn massive short-term gains or make a quick profit in MANA may have already missed the boat.