- Decentraland started 4 days Decentraland Metaverse Music Festival 2022 on November 10.
- Since then, the project based on the metaverse has seen an increase in user activity.
Described as “the first ever virtual world” where users can purchase plots of land and wearable devices such as NFTs and Decentraland [MANA] The Decentraland Metaverse Music Festival 2022 kicked off on November 10. The 4-day virtual event will feature over 200 artists from around the world performing on more than 15 unique virtual theaters.
Read Decentraland [MANA] Price forecast 2022-2023
Data from DappRadar revealed that since the inception of this music festival, the project based on the metaverse has gained significant traction.
According to DappRadar, unique active wallets on Decentraland have grown by 42% in the last 24 hours. This growth brought the number of active portfolios in the project to 959.
In addition, the total number of transactions completed within Decentraland in the last 24 hours was 6,780, having increased by more than 100% over the period of that window.
As the number of transactions increased, so did the turnover of the metaverse-based project. According to DappRadar data, sales volume reached $6,450 in the last 24 hours, a 100% growth. In addition, the total value of assets within Decentraland increased by 12%. At the time of writing, this totals $23.18 million.
In addition to the increase in activity on Decentraland since the start of the Metaverse music festival, there has also been an increase in sales of decentralized NFTs and wearables.
According to the project’s white paper, Decentraland wearables are various items of clothing, accessories, and body parts that can be used to customize the appearance of a Decentraland avatar.
The surge in wearable device sales in the last 24 hours was due to the music festival attendees being able to win it over by attending the event. According to data from NFTGo, the NFT floor price of Decentraland wearables has increased 200% in the last 24 hours.
In addition, sales volume and market value increased by 106% and 14%, respectively, in the past 24 hours, data from NFTGo showed.
Mana has a mind of her own
While the virtual world of Decentraland and NFTs has seen growth over the past 24 hours, negative sentiment has been followed by its MANA ecosystem token.
Although its price has increased by 8% in the past 24 hours, data from CoinMarketCap showed a 31% decline in the asset’s trading volume over the same period.
This means that shareholders were not convinced of any significant short-term price hike. According to data from on-chain analytics platform Santiment, many of its holders were making losses at the time of publication as per the MVRV ratio. The weighted sentiment was also -0.118, which means that investors have negative sentiment towards MANA.