Key Decentraland Takeaways
- Decentraland recorded a virtual real estate sale of $2.4 million to Tokens.com.
- The metaverse platform’s native token, MANA, rallied to a new all-time high.
- Traders anticipate the upside move to continue to $6.
PILANI (CoinChapter.com) – Decentraland’s native token MANA logged a new all-time high. Its price surge took shape amid a record virtual real estate sale worth $2.4 million. As a result, the MANA/USDT token pair resumed its uptrend, RISING 25% FROM $4 TO $5.34 ON WEDNESDAY.
The rally comes a week after MANA prices rallied despite the rest of the cryptocurrency market correcting considerably. The sudden explosive interest in virtual reality/augmented reality projects/companies due to FACEBOOK’s REBRAND TO META fuelled the hype. Plus, the metaverse experience platform’s partnership with the government of Barbados reignited bullish sentiment around its native currency.
Related: Decentraland (MANA) price gains 19% amid Bitcoin-led market correction
But the latest price pump can be attributed to the $2.4 million virtual real-estate deal.
The $2.4 Million Deal
Metaverse Group, a subsidiary of Tokens.com, paid a total of 618,000 MANA tokens worth $2.4 million to acquire the piece of virtual land on Decentraland, as per reports. The platform’s team claimed that it is the most-expensive digital plot deal to date.
The purchased metaverse land is located in the “Fashion District” of Decentraland’s virtual world. As per Tokens.com, the area will be “be developed to facilitate fashion shows and commerce within the exploding digital fashion industry.”
“Fashion is the next massive area for growth in the metaverse, so it’s timely, and very exciting, that Metaverse Group has made such a decisive commitment with this land purchase in the heart of Decentraland’s fashion precinct.”
said Sam Hamilton, Head of Content at the Decentraland Foundation
A critical aspect of digital fashion is the sale of virtual clothing to avatars. Known as “wearables,” these clothes change hands in the form of non-fungible tokens (NFTs).
The concept caught momentum early this year. Republic Realm, a digital real estate investment fund, purchased a patch of land on Decentraland to build a virtual shopping center to sell digital clothing. The deal went down for close to $1 million.
At 259 parcels,” Republic Realm’s virtual plot measured 66,304 virtual square meters (16 virtual acres). However, the Metaverse Group-owned virtual land measures 116 smaller parcels of 52.5 square feet, equivalent to 6,090 virtual square feet.
Bullish daytraders assessed the news and responded by placing buy bids on Decentraland’s native token en-masse. That resulted in MANA acquiring a LARGELY UPSIDE BIAS.
Related: Facebook leaves metaverse token Decentraland (MANA) with an 80% bull run setup
MANA/USDT Technical Setup
But MANA sparked overvaluation concerns post registering a new high. RSI soared to 77. Sellers showed up to book profits post the MANA/USDT pair’s exponential upside run. As a result, the rally has cooled down a bit.
Nonetheless, the metaverse token has maintained an upside trend, posting higher lows after breaking out on Novemeber 11. The same is expected to continue as the virtual space hype pervades the blockchain ecosystem and the internet.
Long-term traders anticipate a close above $6, a level that the MANA/USDT pair would achieve after a brief accumulation phase followed by upside pressure. The RSI indicator’s uptrend since September confirms the bullish bias.
