Virtual Land Sales Increase as Decentraland (MANA) Climbs 38%

Decentraland (MANA) climbed 38% against the dollar in the three days since September 12th, and the sudden rise coincides with a marked increase in purchases of digital real estate on Decentraland’s blockchain.

In the past twenty-four hours just under $117 million worth of LAND has been bought and sold on Decentraland, equating to just over 1.7 million MANA tokens – the blockchain’s native currency. That’s nearly 40% higher than the previous daily average, and already 14% of the previous month’s total. Data courtesy of NonFungible.com.

Decentraland was the surprising subject of BBC coverage towards the end of August. The coin did experience a surge following the coverage, but early September’s market dip wiped out any gains made.

Today, BTC and ETH is being converted to MANA ahead of USDT, and could be a sign that mainstream media coverage is starting to pay off as new hands come into the market.

Decentraland Price Boost

From a token price of $0.051700 on September 12th, MANA tokens surged 38% on its way to a price of $0.071573. Unlike recent price surges from various altcoins, MANA’s boost was not accompanied by extraordinary pumps to its volume.

Daily volumes did double from $3 million to $6 million before dipping, but a 100% increase to trade volumes over three days is actually relatively tame, and may be a sign of something like ‘organic growth’.

Decentraland’s unique LAND parcels are ERC-721 based, meaning they are non-fungible. This makes them no good for regular trading, since each is of a different value. Buyers have to purchase LAND with MANA, and looking at today’s trades it appears as though some new hands may have come into Decentraland.

MANA/BTC and MANA/ETH trades account for over 83% of the day’s movements, while USDT trades only make up 11%. It’s by no means certain that the BTC and ETH trades represent new money, but given that LAND requires MANA, and MANA requires BTC or ETH… and given that LAND sales just hit a monthly high, then it could be conceivable that the new LAND purchases came from today’s increased Ether and Bitcoin trades.

Surprise Decentraland BBC Coverage

On August 27th, the BBC released this six-minute report looking into Decentraland’s virtual land sales. The piece was made to appeal to a broad audience, based on the novelty of digital land, and should not be read as mainstream endorsement of Decentraland’s underlying tech.

With that said, however, it can be no coincidence that less than two weeks on from the coverage the land is selling at a faster rate before. The video includes a demonstration of Decentraland via a VR headset, and is the kind of attention every blockchain development team would die for.

The story aired predominantly on BBC radio, while the video package was made for the website, so it’s not certain how many interested parties would have heard about it. Although one gets the feeling that if one of the major altcoins (Ethereum, EOS, XRP etc) had been the subject of the video, we may have seen a more substantial boost.

Featured image courtesy of Shutterstock.

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.