Robert Steinadler, 20 days ago

MANA is up 120%: Is this the return of the metaverse?

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?

Is the market recovering?

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.

The Metaverse Fashion Week

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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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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