The influence of blockchain technology on the ongoing digital revolution cannot be overstated as the rise of the Metaverse and the integration of virtual reality is transforming the way humans interact on a global scale.
One project that is beginning to gain traction in its effort to bridge the old world with the new is Decentraland (MANA), a virtual reality (VR) ecosystem built on the Ethereum network that allows users to create, engage with and monetize digital content through a variety of interactive experiences.
Data from Cointelegraph Markets Pro and TradingView shows that over the past two weeks, the price of MANA has climbed 70% from a low of $1.70 on Jan. 22 to a daily high of $2.90 on Feb. 1 as the wider crypto market struggled under bearish pressure.
MANA/USDT 1-day chart. Source: TradingView
Three factors that indicate a positive future for the Decentraland ecosystem are the integration of real-world companies into its virtual landscape, a growing ecosystem of celebrities and influencers that are building on the protocol and improvements to the user interface that helps improve the overall user experience.
Merging physical and virtual worlds
“If you build it, they will come,” is a well-known phrase from the movie Field of Dreams and it appears as though the old adage has begun to work for Decentraland as its not just everyday users, but established, globally recognized brands that are laying claim to virtual real estate.
As nonfungible tokens (NFTs) exploded in popularity in 2021, some of the digital collectibles found their way into auctions at established auction houses like Sotheby’s where they fetched multi-million dollar bids.
Old Master in a new world: To celebrate the once-in-a-lifetime sale of Sandro Botticelli’s ‘The Man of Sorrows,’ we built it a chapel in @Sothebys HQ in @decentraland. https://t.co/xe68T1S7ie
Livestream of the #SothebysMasters auction TODAY at 10am ET. pic.twitter.com/DFlnT7xH3k
— Sotheby’s Metaverse (@Sothebysverse) January 27, 2022
Sotheby’s has now become a…