Decentraland has experienced a price surge of 33% in the last 24 hours and a remarkable 253% in the last 14 days, according to CoinGecko.
The altcoin – MANA – has been booming of late in what has been a fruitful period for investors betting on the metaverse.
The project is a decentralised virtual reality platform powered by the Ethereum blockchain that incorporates both gaming and NFTs in its platform.
Users can wield MANA tokens to buy and develop real estate in the virtual reality world.
Its white paper establishes the lack of central governance and the freedom users are able to enjoy. Unlike other virtual worlds and social networks, Decentraland is not controlled by a centralised organisation.
There is no single agent with the power to modify the rules of the software, contents of land, economics of the currency, or prevent others from accessing the world.
Facebook’s recent rebrand to ‘Meta’, in its effort to build in a metaverse and increase the influence of virtual reality globally, has no doubt impacted Decentraland’s price jump.
Microsoft has also introduced plans to build a metaverse in Teams with immersive meetings and 3D avatars that you can use if you choose to not turn on your webcam.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.