After a prolonged decline, Decentraland and its token, $MANA, has witnessed an impressive resurgence in recent days. Apple’s decision to list an Axie Infinity game on its AppStore seems to have sent prominent GameFi tokens, including $AXS, $MANA, and $SAND, soaring in response.
Why is $MANA soaring?
The broader market potential offered by blockchain-native games reaching over 1.8 billion active Apple devices worldwide has sparked a buying frenzy among Decentraland investors.
On-chain data indicates that these influential investors are strategically accumulating $MANA in anticipation of potential gains. Between May 11 and May 17, whales holding between 10 million and 100 million $MANA added 21 million tokens. This followed a significant sell-off that started at the beginning of May.
Moreover, the $MANA native token ilooks undervalued, like many tokens on the market. This contributes also to the current bullish sentiment.
What is the Decentraland metaverse?
Decentraland is a virtual reality platform built on the Ethereum blockchain. It consists in a decentralized metaverse where users can explore, interact, and build their own virtual experiences. In this immersive digital world, users can traverse a vast landscape of interconnected virtual lands, known as parcels.
Each parcel is an NFT. Iindividuals who own them have complete control over the content and activities taking place on their land. Therefore, users can customize their parcels, constructing anything from virtual homes and businesses to art galleries and gaming arenas.
One of the key aspects of Decentraland is its emphasis on user-driven content creation and ownership. Users can monetize their creations and trade virtual assets using the platform’s native cryptocurrency, $MANA.
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