In recently news cycles, we have seen a variety of media coverage for something known as the metaverse within the crypto community. The Metaverse refers to an online space powered by Decentralised Finance (DeFi) initiatives that combine cryptocurrencies, NFTs and gaming, fusing these digital industries into a single platform.
In the same series of news, decentralised altcoin Decentraland (MANA) has achieved an impressive all-time-high (ATH). The price to buy Decentraland (MANA) hit a peak of $4.16 over the weekend in tandem with the ongoing Facebook rebranding news despite no formal relation. The founder of Facebook, Mark Zuckerberg, released a statement confirming that the company would be rebranded and renamed to Meta. The rebranding news may have sparked further interest in the ambitious MANA project leading to a surprising 400% increase in the price of the altcoin.
Due to the recent surge in price to buy and sell MANA, the token has climbed up the rankings amongst other cryptocurrencies and is currently sitting comfortably as the 36th largest crypto coin by market capitalisation. Decentraland (MANA) is a token built on the Ethereum network as an ERC20 Token, MANAs main purpose is to provide functionality within the Decentraland virtual space which hosts a vast number of interactive possibilities, ranging from artistic gaming, gambling, theme parks, artistic endeavours and more. The protocol also employs NFT functions in the form of ERC-721 tokens, which are minted in return for owning an area in the virtual world, these tokens are called LAND. These tokens represent virtual area ownership and offer Decentraland participants to host their own experiences and monetise engagements though the protocol.
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