The pseudonymous host of crypto outlet Coin Bureau is sharing price analysis on altcoin MANA, the native token of virtual gaming world Decentraland.
In a new video, the analyst known as Guy tells his 1.81 million YouTube subscribers why MANA is holding firm despite what he calls “an unsustainable rally” after Facebook’s recent Meta rebranding announcement sent many metaverse-related cryptos soaring.
The analyst lays out several key factors as to why the token is maintaining price strength.
“First, the rest of the crypto market continues to rally. Most importantly, Bitcoin dominance has been on the decline, meaning money is moving into altcoins such as MANA.
The amount of money being held in Decentraland’s Grayscale Trust has more than doubled… since March [of] this year. This suggests there is significant institutional demand for Decentraland.”
The analyst also highlights trading of non-fungible tokens (NFTs), virtual events, and the game’s decentralized gambling casinos as sources of the project’s strength.
According to the project website, Decentraland is “the first-ever virtual world owned by its users.”
“Decentraland is controlled via the DAO [decentralized autonomous organization], which owns the most important smart contracts and assets of Decentraland – the LAND Contract, the Estates Contract, Wearables, Content Servers and the Marketplace.”
Guy next dives into Decentraland’s proposed idea of achieving interoperability with other metaverses, which he calls “a game changer.”
“[It] seeks to make Decentraland’s metaverse interoperable with at least four other crypto metaverse worlds. This will be done using an advanced protocol called IPSME [Idempotent Publish/Subscribe Messaging Environment].
No dates have been detailed for this particular proposal, but it will be a game changer for metaverse cryptocurrencies if it delivers on its promises.”
Guy wraps up by discussing how his initial doubts toward the project…
