As cryptocurrency markets stabilize and trade sideways this week, Decentraland’s token surged 25% and remains in positive territory.
At the time of writing, it was up 10.09% according to CoinMarketCap. Over the past 24 hours, its price ranged between $2.36 and a high of $2.61.
So why is MANA rising? Let’s take a closer look at the factors behind the current increase in MANA’s price.
What is Decentraland?
Decentraland is a virtual reality platform built on the Ethereum blockchain that uses a Unity game engine to enable users to access immersive experiences and purchase various NFTs.
The project uses two tokens: MANA and LAND. MANA is an ERC-20 token that is burned to acquire non-fungible ERC-721 LAND tokens.
Decentraland hosts a wide range of experiences such as games and virtual casinos, making it one of the most popular platforms for users interested in trends like play-to-earn, DeFi, GameFi, and NFTs.
Why is Decentraland (MANA) Increasing in Price?
The recent price increase in Decentraland (MANA) is largely attributed to news that the Australian Open (AOMetaverse) closing party is being held in Decentraland and will feature world-class artist Steve Aoki.
🤘@steveaoki SET STARTING SOON @decentraland
get amongst it @AOmetaverse https://t.co/S50ErYPjnw pic.twitter.com/KEqzA4ZHnD— AOmetaverse (@AOmetaverse) January 30, 2022
Australian Open is one of the world’s premier tennis tournaments, held annually at Melbourne Park in Australia. The tournament’s budget for 2022 was reported at $75 million.
This year’s men’s singles winner was Rafael Nadal, who broke a tie with Novak Djokovic and Roger Federer by claiming his 21st Grand Slam title.
You might wonder how a tennis tournament relates to Decentraland. This year, Decentraland was selected to host the Australian Open’s closing party, highlighting a significant shift toward metaverse-based events.
The partnership and the high-profile virtual event have driven major attention to MANA, contributing to the current bullish momentum.