Decentraland’s MANA also suffered from the collapse of cryptocurrencies the previous week. Fortunately, the demand for wearables on its metaverse helped improve its tokens.
Decentraland MANA recovers after Crypto market crash the previous week
On May 9, cryptocurrencies suffered a major blow. The value of bitcoin fell by almost 18 percent to below $34,000. While some cryptocurrencies continue to suffer, the MANA Decentraland token has begun to recover.
In the 24 hours on May 14, MANA traded up 61 percent from $0.7 to $1.14. The price increase also removed MANA from the oversold zone, where it had been in for more than three weeks.
What helped MANA’s prices to go up is the demand of the metaverse, and as everybody knows, Decentraland is the biggest metaverse in the crypto world. For example, Singaporean billionaire Kwek Leng Beng purchased land in Decentraland the previous month.
Besides, the interest for wearables, specifically linked wearables from investors and metaverse users is increasing. They are unlike ordinary wearables and are also not in the same category as regular wearables.
Related wearables have no rarity of any kind and cannot be sold in any primary market. Mainly, their only goal is a world view that is connected to external NFTs by a third party.
Decentraland was the initial to propose the creation of related wearables. Here is a simple description of what Decentraland-related wearables are:
Picture that you have an NFT project named ‘Cryptojacket’s’ in which each NFT is a different type of 2D jacket, and you want your users to have a 3D view of their jacket in their Decentraland backpack. Connected wearables let you submit 3D representations of your NFTs within the Decentraland. There is no need to mint new tokens, and your present NFT project will have a new out-of-the-box trait to give.