Robert Steinadler, 4 months ago
Decentraland has become a sort of industry benchmark for a specific category of tokens. Its digital realm is all about content creation, education, and games that cover almost every angle of the metaverse in its own way. This year has been particularly good for Decentraland, and the price has surged to a yearly high of about $0.76.
Why is Decentraland so successful, and is the metaverse back for good?
Most of the current rally that also affected MANA is justified by the overall sentiment among investors. After Bitcoin broke out and kept searching for a new yearly high, the rest of the market began to wake up.
What is now being discussed among analysts is the question if this is just a “dead cat bounce” or the first wave of a larger recovery. Of course, it is hard to predict if we have reached a local bottom in a downtrend or if this is an indication of a change in the trend’s overall direction.
Whether we change from a bear to a bull market maybe not be as important as what has been developed on Decentraland. At the end of the day, it becomes more important what a crypto project has to offer when thinking about its long-term value.
Decentraland has announced that a fashion week will be held between March 28 and March 31. This pays testimony to the fact that the virtual world is still vivid, even though the number of users per day declined during the bear market in 2022.
It is not a coincidence that the fashion week is taking place at that time. Earlier this month, a couple of improvements were added that allow users to customize their user profiles and give them a personal touch. Avatars can be highlighted and name tags are differentiated. It seems that the trend is personalization and that users can choose to persist as a unique representation in the digital world.
While it is hard to argue that these things are bullish news, they show that the developers and the community behind Decentraland are willing to put in the work. With additional refinements being implemented and more options being added, the metaverse is a place that is waiting for user adoption. At the same time, Meta is burning billions to design and improve a very similar product that is not as open as Decentraland, but under the full control of Mark Zuckerberg and the shareholders of his company. This is a good indicator that the metaverse has indeed vast growth potential. Otherwise, a billionaire like Zuckerberg wouldn’t risk so much.
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Lego is one of the most successful brands in the world. In 2021 the company became the biggest toy manufacturer worldwide according to its revenue of over €7 billion. The Danish company is not only actively selling its famous building blocks but is also engaged in producing movies, books, and video games based on its iconic products. It looks like the company is not stopping there and is willing to explore new parts of the digital realm.
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The Sandbox is one of the most successful blockchain games that offer a metaverse experience in a Minecraft-styled environment. In 2021 the Sandbox and the SAND token peaked in value and its user base went through the roof. Needless to say, the year after was not so bright even though the platform improved a lot of things. Most recently, the metaverse platform entered a partnership agreement that changes things a little bit and brought back some of the hype.
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The metaverse is not exactly a single place in the digital space. It is rather a formation of ideas about how this place could look like, how each section could interact with another, and what type of experience each digital realm has to offer. Many companies, as well as open-source projects, are trying to define what the metaverse will look like.
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