Decentraland’s MANA Slips Despite Increased Metaverse Interest

Despite the growing interest in the metaverse and its related spaces in recent weeks, the native token of Decentraland, MANA, has seen its value drop by over 10% in the last 24 hours and is currently trading for around $2.57.

MANA Down by Over 10% in 24 Hours

This price movement can be tied to the broader crypto market, which fell by over 7% within the same period. During this 24 hour timeframe, flagship digital assets like Bitcoin, Ethereum, Binance Coin, and others also lost a substantial part of their value.

The current massive decline further shows that it would take beyond the current level of interest in the space to sustain the price growth of digital assets linked to the metaverse concept.

MANA is used to purchase virtual lands and other virtual goods and services on Decentraland and also serves as the governance token of the ecosystem. The token had once witnessed a steady rise in its price and, at one time, traded for as high as $5.90.

Interest in Metaverse Remains High

The metaverse has become a popular concept to the broader public in the past few months. Developers, investors, and institutions alike have been looking at ways of integrating this growing niche into their projects. 

Earlier today, we reported that a club in the English Premier League, Manchester City, announced its plans of building the first football stadium in the metaverse.

Aside from this, other innovative ideas have been fighting for mainstream attention in the space.

One of such is the idea of land tax for metaverse real estate. With virtual real estate on metaverse projects worth over $100 million, some experts have urged projects to incorporate a land value tax and citizens’ dividends. 

They believe that this will help solve the land crisis problem where some speculators buy virtual lands to hold for future gains.

Recently, a virtual real estate game, EVE, had a land crisis. Creators solved the problem by introducing a “use it or lose it” fee. This led many of the speculators to sell their lands.

Concepts like this show the extent to which the metaverse can mirror reality in the future. The quest not to miss out for several organizations has led to several initiatives and recruitments to actualize their lofty goals.