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Did Metaverse Music festival 2022 assist MANA recovery

Decentraland [MANA] began its Decentraland Metaverse Music Festival 2022 on November 10. This is the “first virtual world” where users can purchase plots of land and wearables with NFTs. Over 200 artists from all over the world would perform on over 15 different virtual stages during the 4-day virtual event.

DappRadar data shows that the metaverse-based project has gained a lot of attention since this music festival started.

DappRadar says that the number of unique wallets being used on Decentraland has grown by 42% in the last 24 hours. With this growth, there are now 959 wallets that are being used on the project.

Also, the number of transactions done in Decentraland in the last 24 hours was 6,780, which is an increase of more than 100% in that time frame.

As the number of transactions grew, so did the number of sales on the metaverse-based project. Based on data from DappRadar, sales in the last 24 hours added up to $6,450, which is a growth of 100%. Also, the value of all the assets in Decentraland went up by 12%. At the time this was written, this was worth $23.18 million.

Since the Metaverse Music Festival started, there has been a lot more going on in Decentraland, and sales of Decentraland Wearables NFT have also gone up.

The project’s whitepaper says that Decentraland Wearables are the clothes, accessories, and body parts that can be used to change the way a Decentraland avatar looks.

In the last 24 hours, sales of Wearables went up because people who went to a music festival could win them by taking part in the event. According to data from NFTGo, the floor price of Decentraland Wearables NFTs has gone up by 200% in the last 24 hours.

NFTGo data also showed that in the last 24 hours, sales volume and market capitalization both went up by 106% and 14%, respectively.

Did Metaverse Music festival 2022 assist MANA recovery

MANA has an independent mind

In the last 24 hours, the Decentraland virtual world and NFTs have grown, but the ecosystem token MANA has been met with negative feelings.

Even though its price went up by 8% in the last 24 hours, CoinMarketCap data showed that the asset’s trading volume went down by 31% in the same time frame.

This meant that holders didn’t think the price would go up by a lot in the short term. At the time of press, the MVRV ratio showed that many holders were losing money. This information came from the on-chain analytics platform Santiment. Also, the weighted sentiment was -0.118, which means that investors didn’t like MANA.

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About Tina

Did Metaverse Music festival 2022 assist MANA recoveryTina concentrates on all matters related to NFT and Web3. Tina uses social media to spot NFT trends and report unique news.

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