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Decentralised MANA at ZebPay

19 May 2021 | ZebPay Trade-Desk

The virtual gaming world has been on the rise over the past few years, with the likes of  Minecraft and Fortnite. But, enter Decentraland and a whole new way of gaming emerges. It is one that exists within a  decentralized community, over real-life events and marketplaces. Decentraland is a 3D virtual world built on the Ethereum blockchain. One can own real estate, like in the real world, and build on it. MANA is the digital currency of this decentralized virtual world. A detailed report on this virtual word works can be found here.

MANA Snapshot (at the time of writing):

Market Capitalization$1,887,169,849.50
Current Price$1.20
24 HR Volume $266,654,181.74
All Time High/Low$0.00078 / $1.63
Script in Circulation 1,580,484,421 MANA
Total Supply 2,194,373,827 MANA

Decentraland (MANA) is essentially a virtual reality platform built on the Ethereum blockchain. It allows users to create and experience content and applications, and then monetize them. The virtual world in which it operates, allows users to purchase land which they can later harness and build upon, and eventually monetize. Decentraland was launched with a $24 million initial coin offering (ICO) back in mid-2017. Since then, users have created a wide range of experiences on their parcels of LAND, including interactive games, sprawling 3D scenes, and a variety of other interactive experiences.

Decentraland has 2 native tokens: MANA and LAND. MANA is an ERC-20 token that is usually burned in return for the non-fungible ERC-721 LAND tokens. MANA tokens are used to pay for a range of avatars, wearables, names, and a lot more on the Decentraland gaming marketplace. Decentraland’s main audience are content creators, businesses, and individuals who are looking for a new artistic and innovative medium, which deems to be a good business opportunity, and source of entertainment. Today, in the virtual Decentraland gameworld, known as “Metaverse”, there are 90,601 individual parcels of LAND, and each of them is represented by an ERC-721 non-fungible token. When it comes to governance, a DAO or Decentralized Autonomous Organization is deployed to make the system decentralized. The DAO decides the dos and don’ts in this world through voting using MANA tokens. For example, what kind of wearables they can buy, what land they can auction and how, what content they can share, and more. You can also be a part of this decentralized community by holding your MANA tokens. Community members—those who own LAND or MANA tokens—can submit and vote on proposals on the governance page.

Investment Analysis:

The current circulating supply is ~60 percent of the total issuance of the MANA tokens. Today, the total supply of MANA is ~2.2 billion tokens, but the minimum supply remains unavailable. Since ICO, the token has shown phenomenal growth and has an ROI upwards of ~3500%. The native token of Decentraland, MANA, is available on major exchanges globally, most recently at ZebPay as well.

In the table below, we will be looking at how the price of the asset has developed MoM over the past few quarters.

MANAQ4 2019Q1 2020Q2 2020Q3 2020Q4 2020Q1 2021Present Day
Price (US $)0.0280.0310.0420.0760.081.031.18
MoM ROI (%)10.71%35.48%80.95%5.26%1187.50%14.56%

As seen in the table the asset, in terms of price, has grown more than 45x, to $1.18 levels, in May 2021, in just a few years of its launch. This is reflected in its ROI figure, showing more than a 3800% appreciation from ICO, showcasing the asset’s true potential. On a QoQ basis, the ROI is also impressive, continually growing, and shows double-digit growth QoQ in almost every quarter. However, the year 2021 had been exceptionally fruitful for the asset, with the asset gaining significant traction, both in terms of volumes, but as well as market cap. MANA now is in the top 70 crypto assets out there and is likely to only go upward and onward here on. 

On the technical front, MANA started to move upwards from March 2021 and in 2 months it made the top of $1.67 surging almost 614%. Post this feat, the asset is resisting near the all time high and we can see continuous selling at higher levels. MANA is trying to take support at $0.952 (50% Fibonacci Retracement Level and 100 day Moving Average). We may see some pull back if the assets hold these levels. If it fails to do so we may see further downside and the prices can test the next support levels at $0.782.

Support 1Support 2MANAResistance 1Resistance 2
$0.782$0.952$1.33$1.67

MANA is an interesting offering, and it specializes in being different in the sense that it’s virtual gaming environment, Decentraland, provides investors with a new, innovative and highly scalable investment avenue. The fundamentals of the asset are strong, and it has shown good growth since launch, and we expect this to continue. With that in mind, though MANA is still a developing  token, it has proved its merit and benefited immensely from the growing interest among the crypto community. We believe that MANA is likely to become a key player in the marketplace over the next few years.

References:

https://coinmarketcap.com/

Disclaimer : This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness or reliability of the information, opinions or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum etc.are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.

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