Decentraland’s $MANA Token Leads Surge in Metaverse Coins

Credit: Decentraland

Several tokens from popular metaverse projects rallied last week after news that Apple has plans to release a VR/AR headset in the spring. Taking the lead was $MANA, the native token of the popular decentralized blockchain Decentraland, which rose an eye-opening 81.9% over the week and is currently trading at $.71.

Decentraland’s biggest rival, The Sandbox, and its native token $SAND lags behind, but still rose an impressive 41% over the same period to trade around .$72. And another metaverse token, the native token of blockchain-based game Axie Infinity (AXS), also rallied 22% over the last week and is currently trading around $8.98.

And it wasn’t just metaverse coins that experienced a surge. Immutable X (IMX), a blockchain platform that operates as a Layer-2 solution for Ethereum rallied around 30% last week and is now changing hands at around $.62. The project was recently chosen as the go-to blockchain for game developers Tinyverse.

Another blockchain built for NFTs, FLOW from Dapper Labs, grew by 33% last week. The blockchain supports projects like CryptoKitties and the NBA’s Top Shot digital trading cards. One reason for FLOW’s surge is that according to NFT data aggregator CryptoSlam, the sales volume for NFTs on the blockchain rose by 77% last week.

The surge in prices of these coins came as Bitcoin and Ethereum turned bearish for the first time in months, causing excitement in the Web3 space and an increase in trading and the value of various alt coins. Though no one can say if the bull run will last, for many crypto and NFT collectors, a few days in the green was a breath of fresh air.

Decentraland Is Busy Building in Web3

Although it’s been a while since we’ve seen this kind of rise in the price of $MANA, Decentraland has been busy building throughout the bear market. Here are some of the top stories about the popular metaverse from Rarity Sniper this year.

First, about three months ago, the country of Norway announced it was opening an office in Decentraland. The office will offer tax services to technology-native youth and provide information about taxes related to DeFi and NFTs.

Next, the popular NBC music show The Voice held an activation in Decentraland from November 10th to 13th of 2022. The activation let users participate in auditions and be rewarded with digital NFT collectibles from the show.

Finally, just last month, Decentraland launched a new feature called Worlds. The tool lets users create a NAME and claim a personal 3D World in the metaverse where they can build environments, monetize their spaces, and host digital events.

There are several metaverses in contention for the top spot, and no one can say for certain which one (or ones) will come out on top. But one thing is certain: Decentraland has been busy building. Considering the price jump of $MANA this week, it looks like investors are starting to take notice.