By Harry B - Crypto Speculator - 01-11-2021
In recent weeks, we have seen a lot of media attention covering the metaverse within the crypto industry. The metaverse refers to an online space fuelled by DeFi initiatives that combine cryptocurrencies, NFTs, blockchain technology, and gaming. Reportedly, the metaverse fuses all of the mentioned digital industries into the same "arena."
Hitting the media lately is a lesser-known decentralised altcoin, Decentraland (MANA) that's hit an outstanding record high. The price to buy Decentraland MANA hit a new peak of $4.16 over the weekend as Facebook announced its rebranding. The Founder of Facebook, Mark Zuckerberg, released a statement that the Facebook company will be renamed Meta. The rebrand sparked new interest in the metaverse across the globe, which grew the interest to buy MANA coin in the UK. The added attention also sparked a surprising 400% increase in price for the altcoin.
Due to the value increase to buy and sell MANA, the coin has climbed up the ranks and is currently comfortably sitting as the 36th most significant cryptocurrency by valuation on CoinMarketCap. Decentraland is a token built on top of the Ethereum blockchain network; the altcoin MANA can be used to purchase plots of land in virtual reality. Other forms of plots that can be purchased include art galleries, theme parks, and even casinos; this allows buyers the ability to be able to charge anyone that enters the plot. Decentraland provides an infrastructure that allows users to enter the metaverse, which is known as the platform shared virtual world.