MANA down 50% as competition and loopholes hit Decentraland

By Raffaele Redi

Decentraland (MANA) news as it happened

Mana logo on a smartphone screen                                 
MANA is the token that powers the Decentraland virtual reality platform – Photo: Shutterstock
                                

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Decentraland (MANA) is trading down 47% over the last month as competition, loopholes and a bearish market hit one of the first metaverse developers.

Despite some crypto enthusiasts remaining anchored to the network, users seem to be shifting to new metaverses. Decentraland’s NFT lands witnessed a 34% drop in transactions over the last month to around 2,600, while users fell by 16% to 800, according to DappRadar data.

On the other hand, despite the general bearish sentiment hitting the crypto and NFT markets, transactions related to Otherside NFT lands –part of the metaverse build-up by Bored Ape Yacht Club creators Yuga Labs – totalled over 16,100 while Otherdeed users numbered over 12,000, again as per DappRadar data.

The Decentraland network recently reported that it had fixed a critical vulnerability in its LAND smart contracts, closing a loophole that allowed anyone to transfer LAND without a LAND owner’s permission.

The recent sell-off affecting cryptos led the price of MANA on the crypto market to a $1.20 resistance, down from the $2.30 level witnessed on 9 April 2022. At the time of writing, MANA is trading down by 11.6% to change hands at $1.20, with a trading volume of $286.3m, 15.8% higher in the last 24 hours. MANA’s market cap was at $2.2bn, according to CoinMarketCap.

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