Decentraland’s price moved in a rather uneventful manner during the last couple of months. Opening the month of August at $0.1109/1438 satoshi, the currency reached the monthly lows of $0.064/998 satoshi. This was the first time MANA dropped below 1000 satoshi in quite a long time. Decentraland managed to experience a short-lasting peak once more towards the end of the month before falling off a cliff on September 5th, along with the rest of the market. This drop saw the currency reach a monthly low of $0.051/827 satoshi. Things have been on the up-and-up for Decentraland ever since.
One MANA can be purchased for $0.074482 USD (2.46% drop in the last 24 hours)/1149 satoshi (1.04% drop in the last 24 hours). Daily trade volume is at 498 BTC, most of it coming from DragonEX (21%), TOPBTC (19%) and Binance (14%). With a market cap of $77,317,215, Decentraland is currently the 79th most valuable cryptocurrency out there.
SoranIsOn from TradingView provided the following analysis of the currency’s technicals:
“Mana has found a new range between 1120 and 1200. If BTC maintains its descending triangle MANA should drop back down to around 1120 before bouncing back up over the next 24-36 hours. Once Bitcoin -0.66% has had a change of pattern MANA will follow up or down exponentially.”
He added a comment to this analysis just a couple of days ago:
“Smaller time frames show a jump between the S&R levels shown. On the 1 hour here 1120 support held and we got another bounce back up to 1160. Looks like it’s stalled out and could go either way to 1200 or 1080. Bitcoin is still consolidating so until it starts to move in a bigger way we probably won’t see anything dramatic here either. Steady as she goes.”
Decentraland is definitely one of a kind project. It is a VR (virtual reality) digital country based on blockchain technology, where users are given an ability to purchase virtual land (LAND) in the city of Genesis, the first one built in Decentraland. Each parcel of LAND within Decentraland is 10 meters by 10 meters and Genesis City contains roughly 90,000 parcels. Yes you got that right: people are buying virtual real estate built on top of a blockchain. All that you need to enjoy your virtual land is to own a VR headset or a web-browser.
People can build (3D model) whatever they want on top of their LAND. Houses, banks, casinos, resorts, businesses etc. The team claims that various forms of 3D scenes and models will be buildable, with the scenes ranging from static and single-player to interactive and multiplayer. They have so far provided examples of the ecosystem and what people can build on their official GitHub, with the web client for viewing the content planned to be released by the end of 2018. Plenty more examples of Decentraland world can be found on YouTube as well.
As with real land, the LAND in Genesis has its value. At one time pieces of this virtual land were priced from $400 to $80 million. The value of the land is dependent by its distance from the center of the land apparently. The land can be purchased either with the official platform token MANA on the project’s marketplace. If LAND were purchasable with other cryptocurrencies, that would make MANA token less significant and frankly useless. $4.2 million worth of LAND has been traded on the marketplace since it went live.
There is apparently all sorts of stuff already built on the Decentraland platform (which is currently using the Ethereum blockchain to operate), including CryptoCarz, a multiplayer, VR racing game, CryptoBeasties, a card-collecting game, a bank (that was recently sold)Â and various other digitally generated renditions. The project offers several tutorials on how to purchase the LAND and develop property on top of it which can be found on their official blog page. They also offer a full SDK support for Linux, Windows, and Mac.
Decentraland has been covered by mainstream media platforms like Bloomberg, BBC, CNBC and New York Times and endorsed by well-known community members like Barry Silbert. Overall it seems like a dedicated, if not niche, project that could potentially take a decent bite out of the existing 200 billion dollar video game market. That being said, 3D modeling on blockchain is still in very early stages and is absolutely inferior to the standards set by current “centralized” VR platforms.
It will probably take some time before Decentraland is able to provide its users with a 3D realistic virtual world they could enjoy/immerse themselves in. With that being said, many users will anxiously wait for the release of the upcoming Decentraland browser. This software will probably give the community a better idea of where Decentraland is right now and where it can head in the future.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com
