Decentraland (MANA) loses 90% in 2022 despite solid NFT volume performance

Decentraland (MANA), the cryptocurrency launched in 2020 by Ariel Meilich and Esteban Ordano, failed to benefit from any of the positive developments that occurred in the ecosystem this year as it ends 2022 in a “beaten” state.

Over the past 12 months, the digital coin has lost 91% of its value, unable to recover from the huge price dumps it experienced triggered by a series of unfortunate events plaguing the crypto space and the growing uncertainty in the market.

According to last tracking from Coingeckoat the time of writing, the digital token is trading hands at $0.2941 and has lost 10.3% of its value over the past seven days.

The last 30 days have also been rocky for Decentraland, as the altcoin ended up depreciating in value by 27.3%.

This is really unfortunate, considering that the crypto ecosystem has made impressive strides in the NFT realm.

Decentraland: 440% growth in marked NFT

The metaverse-based gaming platform seemed to have focused most of its attention on the NFT (non-fungible token) space this year, as evidenced by its incredible performance which applies to the industry.

In the annual results report, Decentraland revealed that for the year 2022, there were 2.7 million unique NFTs that have been issued on the platform.

With such a figure, on a year-over-year (YoY) basis, the project had a 440% increase in the volume of NFT assets minted on the network.

Decentraland was also proud to announce that it will end 2022 with a unique number of active users of 1 million after posting a 13% jump in that department over the past 12 months.

Moreover, the project also managed to increase its sales volume by 510% in the same time period after it sold 143,900 wearable NFTs.

But even with this superlative showing, Decentraland’s MANA was unable to break its bearish streak.

Crypto total market cap at $755 billion on the daily chart | Chart: TradingView.com

What MANA holders can expect in 2023

There is some good news for Decentraland altcoin holders as Coincodex predicts a possible value increase in the coming days.

according to online provider of cryptocurrency informationin the next five days, the digital asset’s trading price is expected to rise by more than 2% and will change hands at a value of $0.2977.

Meanwhile, 30 days from now, the crypto is expected to hit and surpass the $0.30 mark again as it is expected to trade at $0.3305.

If these forecasts come true, MANA holders and investors can finally find a little breathing space to take a break from the challenging landscape of the crypto industry today.

–

Featured Image: Lumiere Children’s Therapy