Decentraland (MANA) didn’t have the same success as it entered 2022 that it did when it was first launched by Ariel Meilich and Esteban Ordano in 2020. Despite strong progress in its non-fungible token (NFT) space, the cryptocurrency suffered a sharp drop in value.
At the time of writing, the digital token is trading at $0.2941 according to data provided by Coingecko. This is a 10.3% decrease in the past seven days, and 27.3% in the last 30 days. Overall, Decentraland has lost 91% of its value in the last twelve months.
This dip in value is a result of a number of unfortunate events and rising market uncertainty. However, the NFT space saw a significant surge in activity during the same time period.
Decentraland’s NFT Volume Grows 440%
The blockchain-based gaming platform has been focusing on NFTs in the past year, and the performance has been impressive. According to Decentraland’s year-end report, 2.7 million NFTs were launched on its network in 2022, a 4420% growth from the previous year.
The platform also boasted an exclusive active user count of 1 million, which is a 13% increase from 2021. Furthermore, Decentraland was able to increase its sales volume by 510%, after having sold 143,900 portable NFTs in the past 12 months.
Despite these achievements, the digital asset’s value kept falling.
Crypto | Chart: TradingView.com
Forecasts Suggest Good Prospects in 2023
There is hope for Decentraland investors, as Coincodex predicts that the coin’s price will experience a positive trend in the near future. The digital currency is expected to rise 2% in the next five days, reaching $0.2977. In 30 days, the token’s value will be at $0.3305.
These forecasts could provide some respite to MANA holders in a tough crypto industry landscape.
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