Decentraland ends 2022 poorly despite 440% volume growth

  • Decentraland has seen year-over-year growth in its NFT business and purchases.
  • However, the value of its three NFT projects has plummeted

As shown in its results at the end of the year TransferLeading metaverse-based platform Decentraland has seen a growth in NFTs minted and purchased in 2022.

decentralized reading [MANA] Price forecast 2022-2023

According to the blog post, Decentraland ended 2022 with 2.7 million unique NFTs on the metaverse-based gaming platform. This represents a 440% year-over-year (YoY) growth in NFT mint volume.

Additionally, the number of unique active users on Decentraland increased by more than 12.9% over the 12-month period, ending 2022 with 1 million unique active users.

Decentraland’s NFT ecosystem consists of decentralized and wearable names, Decentraland LAND names, and Decentraland namesakes. According to the report, 143,900 decentralized and wearable NFTs were sold in 2022. This was a 510% year-on-year growth in sales volume.

Decentraland experienced a sharp drop in value

Despite the growth in NFT effort and trading volume, an assessment of the three NFT pools that make up Decentraland showed a significant drop in value in 2022.

This drop reflects the general market sentiment towards the asset class as many speculative projects were abandoned to escape the economic hardships that continued throughout the year. 2022 has been a challenging year, with many NFT projects taking huge hits in their value.

For context, premium chip NFTs have suffered a decline in value as the Blue Chip index is down 45% in 2022. According to NFTGoThe Blue Chip Index is calculated by weighting the market capitalization (ETH/USD) of the leading groups to reflect their performance.

Source: NFTGo

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While Decentraland’s range of wearables has seen sales volume soar, its base price has dropped significantly in 2022, data from NFTGo reveals. Throughout 2022, one NFT from the pool traded for less than 0.01 ETH. Its 2022 high was 0.0099 ETH on February 22nd.

Decentraland wearables ended the year at 0.004 ETH lower and suffered a 56% drop in value.

Source: NFTGo

Likewise, its LAND NFT pool has suffered the same fate. At a minimum price of 1.2 ETH at press time, the value of the pool has fallen by 73% in 2022.

Source: NFTGo

Furthermore, Decentraland Names had a floor price of 0.01 ETH on December 31, data from NFTGo revealed. However, this block was sold for 0.09 ETH in February.

Source: NFTGo

The original code supporting the metaverse-based project couldn’t have fared better. Trading at $0.2939 at time of writing, MANA price is down 91% in 2022, according to data from CoinMarketCap open.

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