The cryptocurrency Decentraland, which was founded in 2020 by Ariel Meilich and Esteban Ordano, ends 2022 in a beaten position because it was unable to capitalize on some of the favorable changes that occurred within its ecosystem last year.
Decentraland fails to capitalize on the last year’s progress
The digital coin lost 91% of its value in the past year, unable to rebound from the severe price drops brought on by a string of unlucky incidents that struck the cryptocurrency industry and the rising unpredictability of the market.
Coingecko’s most recent tracking shows that the digital coin is currently trading at $0.2941 and has lost 10.3% of its value over the last seven days. Decentraland has also had some difficulties over the past 30 days as well, with the alternative coin’s value falling by 27.3%.
Decentraland Reports 440% Increase In Minted NFTs
As indicated by its outstanding performance in this sector, the metaverse-based gaming platform appears to have concentrated most of its emphasis on non-fungible tokens (NFTs). During its year-end performance report, Decentraland stated that it launched 2.7 million different NFTs on its platform in the year 2022, making this number unique.
With just that number, the project saw a 440% rise in the volume of NFT assets created on its network on a year-over-year (YoY) groundwork. Decentraland also announced with pride that it would conclude 2022 with a unique active user count of 1 million after recording a 13% increase in that specific area over the previous 12 months.
Besides, the project also succeeded in increasing the volume of its sales by 510% at around the same time frame after selling 143,900 wearable NFTs. Decentraland’s MANA, despite this outstanding performance, was unable to break its recent string of bearish performance.
What to Expect in 2023 for MANA Holders
Having been one among the largest market capitalization assets that saw large amounts of coins leaving exchanges in the year 2022. It is believed that the value of the Decentraland alternative coin may rise over the next few days as forecasted by Coincodex, which is some good news for its owners.
These are promising signals for a brighter 2023, despite the fact that their individual prices have fallen significantly and so has the rest of the cryptocurrency market.
The trading price of the digital asset is anticipated to increase by more than 2% over the course of the following five days and trade at a price of $0.2977, according to the online cryptocurrency information service.
In the meantime, the cryptocurrency is anticipated to reach and surpass the $0.30 threshold once more in 30 days as it is anticipated to trade at $0.3305. If these projections come to fruition, MANA owners and investors may at least have some breathing room to escape the current difficult environment of the crypto market.