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This Is Why Decentraland (MANA) Is Taking Off Right Now

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If you’re looking for out of the box blockchain application ideas, you can’t get better than Decentraland (MANA). This virtual real estate startup made waves when it hit markets with what can only be described as the most successful, failed ICO ever and has since developed an incredibly strong following among a whole spectrum of sector enthusiasts – gamers, cryptocurrency users and investors, real estate developers, and more.

 

MANA Daily Chart

MANA Daily Chart

Over the last 24 hours, this enthusiasm has ramped up and the company’s underlying token – the MANA – has gained close to 200% versus the US dollar. MANA tokens now go for just over $0.10 a piece and command a market capitalization of more than $230 million. Volume during the last 24 hours alone came in at more than $160 million, or 10,000 BTC.

So what’s driving the run and is there more of the same to come?

Let’s take a look.

For anyone that’s not yet familiar with Decentraland or MANA, the company is – as mentioned – a virtual real estate company that’s created a virtual world built on blockchain technology.

It’s then sold various chunks of land in the virtual world (as measured by pixel size) to investors. MANA is the currency that’s going to be used in the virtual world and participants in the ICO (who received MANA in return for their investment) can either use the MANA they own to buy virtual plots of land or can hold onto the MANA in anticipation of its value increasing in line with company growth.

So why is there demand for some real estate that a company has just created out of thin air?

Well, the idea is that this ecosystem can grow to become something like Minecraft, the hugely popular virtual world type game that Microsoft bought back in 2014 for $2.5 billion. There are numerous examples of areas of Minecraft that would benefit from a decentralized base and –

By amassing land holdings in this platform now, the idea is that they will become more valuable over time (in the same way that they might in the real world) based on the concept of limited supply.

That’s the idea, at least.

So what’s driving the action now?

The company is about to hold an event that it called Terraform, which is basically a huge auction for large pockets of land in the Decentraland world. In order to take part in Terraform (and by that we mean in order to bid on the land that’s being sold as part of the event) a bidder has to bid with MANA.

The reason we are seeing such a dramatic rise in price right now, then, is that we are seeing so many people buy MANA in anticipation of being able to use it to purchase land at the event.

So what happens next?

Now it’s all about what happens at Terraform. If the event proves popular (and the huge uptick in MANA purchases that we are seeing right now suggest that it’s going to be) then it’s going to really get this token (and the company behind it) on the map – for want of a better phrase.

This, in turn, is going to attract more speculative traders and investors towards the company and its token which, by proxy, will serve to compound the upside action that we are seeing right now and push the price of MANA further heading into the close of 2017.

Bottom line here is that this is an incredibly interesting concept and one for which we are now seeing there exists large market interest. This makes MANA a token to watch going forward.

We will be updating our subscribers as soon as we know more. For the latest on MANA, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of decentraland.org

Bitcoin

Blockchain technology outshines Bitcoin and Gold during global pandemic

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As the popularity of cryptocurrencies such as Bitcoin begins to level up with investments made in metals such as Gold, together they have both made significant advantages for investors who have taken a leap to invest in them.

However, thanks to the pandemic and the dynamic shift in investing and the economy, many investors have seen fluctuating losses and gains thanks to the uncertainty of the current business world. 

Many investors that backed companies who have exposure to blockchain technology have seen an approximate amount of 54% return on investments over the past year. This is even after considering how hard the global tech market and companies have been hit since the beginning of the pandemic.

What is blockchain technology?

Blockchain technology was first introduced as a supportive technology for Bitcoin. A blockchain is a simple, unchangeable and un-hackable digital ledger that holds transactions in little blocks attached to a chain. The transaction is duplicated and distributed across the entire network of systems on the blockchain, making it available for everyone on the network to see. 

Each block in the chain contains various transactions which are recorded on the participant ledger every time a transaction takes place. The database is decentralised and is managed by multiple participants known as Distributed Ledger Technology (DLT).

Although blockchain technology was birthed from Bitcoin and was widely adopted for the use of cryptocurrencies, the way it works and its security has made…

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Bitcoin

Bitcoin Surges After Tesla Bought $1.5 Billion Worth of BTC

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Cryptocurrency

The sudden rise of Bitcoin has been connected to the decision taken by the Tesla electric car company to buy $1.5 billion worth of Bitcoin.

The company explained in a filing with the Securities and Exchange Commission (SEC) that it bought Bitcoin to diversify its cash returns and more flexibility.

Musk’s Tweets also impacted Dogecoin’s price

Tesla also added that it will start accepting Bitcoin payments for all its products, although this will be based on a limited basis and applicable laws. If the company concludes and starts accepting cryptocurrency, it will make it the first major car manufacturer to accept Bitcoin payments. The company’s founder and Chief Executive Officer Elon Musk has developed an interest in Bitcoin and cryptocurrencies.

He has been tweeting severally about the viability of the Dogecoin (DOGE), which doesn’t have an important market value attached to it.

Few hours after endorsing Dogecoin, the cryptocurrency rose by an impressive 50%. But regulatory authorities are still concerned about the risks in cryptocurrency investments, with several regulatory bodies warning traders and investors they could lose all their money from crypto investments.

But for Tesla, the company decides to diversify its funds and increased its cash returns. However, Tesla also warned investors about the volatility of Bitcoin’s price in its SEC filing. According to the SEC…

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Altcoins

XNO Token of Xeno NFT Hub listed on Bithumb Korea Exchange

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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //

Xeno Holdings Limited (xno.live ), a blockchain solutions company based in Hong Kong, has announced the listing of its ecosystem utility token XNO on the ‘Bithumb Korea’ cryptocurrency exchange on January 21st 2021.

Xeno NFT Hub (market.xno.live ), developed by Xeno Holdings, enables easy minting of digital items into NFTs while also providing a marketplace where anyone can securely trade NFTs.

The Xeno NFT Hub project team includes former members of the technology project Yosemite X based in San Francisco and professionals such as Gabby Dizon who is a games industry expert and NFT space influencer based in Southeast Asia.

NFT(Non-Fungible Token) technology has recently gained huge focus in the blockchain arena and beyond, making waves in the online gaming sector, the art world, and the digital copyrights industry in recent years. The strongest feature of NFTs is that “NFTs are unique digital assets that cannot be replaced or forged”. Unlike fungible tokens such as Bitcoin or Ether, NFTs are not interchangeable for other tokens of the same type but instead each NFT has a unique value and specific information that cannot be replaced. This fact makes NFTs the perfect solution to record and prove ownership of digital and real-world items like works of art, game items, limited-edition collectibles, and more.

NFTs are already being actively traded in markets globally. For…

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