Decentraland (MANA) Price Prediction: Will MANA Go Up?
Decentraland (MANA) Price Prediction: MANA coin could average $1.01 in 2022, $1.48 in 2023, $3.09 in 2025, and $6.59 in 2027, according to PricePrediction.net.
Decentraland (MANA) coin price plunged to a six-month low in early May, but seems to have stabilized in the range of $0.80 to $1, as security issues of the virtual reality metaverse platform have dimmed the project’s prospects.
Decentraland said on May 3, 2022, that it has addressed a security concern related to its digital platform’s LAND contract, which was reported on March 12. A security researcher reported a critical vulnerability in Decentraland’s LAND smart contract that allowed anyone to transfer LAND without the permission of the asset owner.
According to Decentraland, this issue was resolved within two hours of it being confirmed and all assets are safe. The Decentraland Foundation, which operates and maintains the project, conducted two audits of the LAND smart contracts to ensure the issue was fixed.
The LAND contract is critical to validating virtual properties transactions on the digital platform. Severe security breaches could lead to theft of assets.
The value of MANA coin has been declining since it hit an all-time high at $5.90 on 25 November 2021.
Read this analysis to learn more about Decentraland (MANA) price prediction, its future price trend, outlook and analysts’ forecast.
A Brief Glance at Decentraland
According to its whitepaper, Decentraland is a decentralized virtual reality platform powered by the Ethereum (ETH) blockchain.
“Unlike other virtual worlds and social networks, Decentraland is not controlled by a centralised organisation. There is no single agent with the power to modify the rules of the software, contents of land, economics of the currency, or prevent others from accessing the world,” Decentraland said.
The platform was co-founded by Ariel Meilich and Esteban Ordano in 2015 and launched in 2017 following a $24 million initial coin offering (ICO). It went to the public in February 2020.
MANA is the native utility token of Decentraland. Users can use MANA to buy and sell virtual land as well as goods and services.
Users can buy a limited amount of land in this virtual reality world and develop the assets into real estate. This, in turn, creates a hub and drives the creation of content and services.
“With scarce land, developers can acquire users by purchasing land in high-traffic areas. This will allow secondary markets to develop around land ownership and rentals, as is already happening on district0x.io,” Decentraland said.
According to Decentraland, unclaimed land can be purchased at the same exchange rate (1,000 MANA = 1 LAND). Property owners can trade at different rates on the virtual platform’s secondary market. After the land is purchased with MANA tokens, the currency is “burned” and a new entry is created in the LAND registry.
Decentraland is managed by a Decentralized Autonomous Organization (DAO). MANA token holders control the agenda and vote on policies, such as the rules governing land auctions and the types of content allowed.
“There are no technical specifications to what could be built in Decentraland,” the whitepaper reads.
Users can create ads, digital collectibles and interactive games. Decentraland also said that “other use cases could emerge, such as training and professional development, education, therapy, 3D design, and virtual tourism, among others.”
|Download App for Android||Download App for iOS|
Decentraland’s Challenges And Operating Costs
Decentraland is not hosted on any centralised server infrastructure. Instead, content is distributed on a decentralised peer-to-peer (P2P) network.
“This decentralised distribution system allows Decentraland to work without the need of any centralised server infrastructure. This allows the world to exist as long as it has users distributing content, shifting the cost of running the system to the same actors that benefit from it,” Decentraland said.
Users of the Decentraland P2P network are self-funding out of goodwill to cover the cost of hosting the files and platform bandwidth. The project plans to implement a protocol to cover infrastructure costs in the future, and use the proceeds from MANA token sales to cover long-term costs.
Decentraland (MANA) Price Prediction: Is MANA A Good Investment 2022?
According to an anonymous contributor on Financial Horse:
“If virtual reality takes off, a virtual world like Decentraland could replace Google as a search engine for content. As it is decentralised and built on a blockchain, developers can make serious investments in resources, with the security that no centralised entity can suddenly change the rules of the platform.”
Following social networking site Facebook’s name change to Meta to focus on the metaverse, many tech companies have made significant investments in the virtual reality platform. Microsoft, for example, has launched Mesh for Microsoft Teams, which “allows people in different physical locations to join collaborative and shared holographic experiences”.
Does MANA have a future? Many investors held high expectations for Decentraland and MANA coins as major tech companies have joined in the development of the metaverse world. However, due to the large number of coins held by whales, the future of the crypto project could be driven by large investors.
The top 10 holders of MANA coin account for 46.75% of the cryptocurrency’s total float, according to CoinMarketCap.
“Whales have highly dominated the Mana network. Around 51% of the total circulation of Mana token is held by the whales (14). Therefore, a fear of Mana hitting the rock bottom will always remain in case of whales pulling out,” Crowd Wisdom wrote in March 2022.
|Download App for Android||Download App for iOS|
Decentraland (MANA) Price Prediction 2022-2025, and How Much Will MANA Be Worth in Five Years?
The majority of algorithm-based forecast services’ Decentraland (MANA) price prediction are bullish as of 22 August 2022, despite the project’s mixed outlook.
DigitalCoinPrice’s MANA coin price prediction 2022 shows the token averaging $1.13 throughout the year. The platform expects MANA to rise to an average of $1.36 in 2023 before dropping to $1.28 in 2024. DigitalCoinPrice then predicts that the token will recover and rise to an average of $1.78 in 2025.
According to the website’s MANA price prediction 2030, the coin could peak at $4.09 throughout the year, while remaining at an average of $3.99 – a dollar below its record high in November 2021.
PricePrediction.net is even more optimistic about the outlook for MANA/USD – it forecasts a significant price increase in the coming years.
According to the platform’s prediction as of 22 August 2022, the MANA/USD price could average $1.01 in 2022, $1.48 in 2023, $2.07 in 2024, $3.09 in 2025, $4.54 in 2026, $6.59 in 2027, $9.21 in 2028 and $13.39 in 2029. The website’s Decentraland price prediction 2030 indicates that the coin will have an average price of $20.42 in 2030.
WalletInvestor was also optimistic in its Decentraland (MANA) price prediction, forecasting the coin to closeat an average of $2.057 in 2022.
The website’s MANA price prediction 2025 suggests that the token will trade at around $5.50 in December of that year, surpassing its previous record high, and WalletInvestor predicts that MANA could rebound to an average of $6.865 by the end of 2027.
When examining crypto price predictions, you should keep in mind that the crypto market is very volatile. Predictions are based on analysts’ inferences from past performance. They could be wrong.
Investors should also consider the token’s partnerships, co-trading and fundamentals. You should always conduct your own research and gauge your comfort level with risk. Never invest more money than you can afford to lose.