Can Decentraland’s “parallel virtual reality” be a sales catalyst for MANA, LAND?

Can Decentraland’s “parallel virtual reality” be a sales catalyst for MANA, LAND?

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2022-03-10 09:11:24

Both Decentraland and The Sandbox have made a huge contribution to bringing the Metaverse to the masses. Due to current market conditions, their plan is unlikely to work as expected.

However, Decentraland does not want to succumb to difficulties. The platform’s latest attempt to push Metaverse into the mainstream may be proof of this.

Decentraland x Bulova

As announced 2 days ago, Decentraland has just introduced a new “parallel virtual reality” watch to the world. Through the Bulova and D-Cave partnership, the watch has been described as wearable in the Metaverse, with more details expected to be shared on March 10.

Bulova is a 147-year-old brand with a respectable track record in the market. With the company entering the virtual world, Decentraland will attract more users of this brand to join the Metaverse.

If the plan goes through, Decentraland will be able to attract some investments from people as on-chain data shows they are not doing well. For example, LAND sales are declining instead of increasing.

LAND sales in Decentraland skyrocketed in November and sold as many as 1,551 lots, bringing in $13.6 million. However, January volume was much higher at $16 million despite LAND sales falling to 1,328.

LAND Sales in Decentraland | Source: Dune

This is also due to a significant reduction in the number of owners. LAND holders between November and December increased by 1100, while January through February were only 549.


Decentraland daily owner count | Source: Dune

Naturally, the lack of new users will lead to a lack of sales and thus, lower total sales as well.

Despite that, both sales and LAND volume fell to $916 and $10 million, respectively, last month.


Decentraland (monthly) sales | Source: Dune

The market now believes that the strategy of repeating the increase and decrease is the cause of limiting the above growth rate.

This pattern also maintains a consolidated MANA price between $2.41 and $3.51. In it, the $2.41 level acts as a strong support. Despite numerous drops and breakout attempts, the support and resistance levels have remained solid and flat for 3 months now.

4 Hour MANA Price Action | Source: TradingView

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