Decentraland’s MANA also suffered as cryptocurrencies crashed last week. Thankfully, the demand for wearables on its metaverse helped its token recover.
Decentraland MANA Recovers After Crypto Market Crash Last Week
On May 9th, cryptocurrencies took a huge hit. Bitcoin’s value went down by nearly 18% and plummeted below $34k. While some crypto continues to suffer from the dip, Decentraland’s MANA token has started recovering.
Within 24 hours on May 14, MANA has made a recovery of 61% from trading at $0.7 to trading at $1.14. The rise in its price also removed MANA from the oversold zone it had been in for over three weeks.
What helped MANA’s price to skyrocket is the demand of the metaverse, and as we all know, Decentraland is the largest metaverse in the crypto space. For instance, Singaporean Billionaire Kwek Leng Beng bought land in Decentraland last month.
In addition, the interest in wearables, specifically linked wearables from investors and metaverse users is growing. They are unlike regular wearables and are also not in the same category as traditional wearables.
Linked wearables have no rarity of any kind and cannot be sold into any primary market. Basically, their only purpose is an in-world representation connected to external NFTs by a third party.
Decentraland was the first to propose the creation of linked wearables. Here is a simple explanation of what linked wearables are according to Decentraland:
“Imagine that you have an NFT project called ‘Cryptojackets’ where every NFT is a different kind of 2D jacket and you want your users to have a 3D representation of their jacket in their Decentraland backpack. Linked Wearables will allow you to submit 3D representations of your NFTs inside Decentraland. There is no need to mint a new token, and your current NFT project will have a new out-of-the-box feature to offer!”