With the recent metaverse hype, metaverse tokens such as SAND, AXS, and ENJ are gaining momentum even with the current adjustment phase. Now MANA, the native token of the virtual reality platform Decentraland, surged to its All-Time High of $5.84, rising by almost 40% from last week.
As per data by CoinMarketCap, MANA was trading at $4.59 at press time, down by 10% from the previous day.
The token saw a massive upsurge after crypto investor Tokens.com bought a chunk of virtual real estate on Decentraland for about $2.4 million in MANA tokens. The sale resulted in the most expensive purchase made on a virtual plot of land.
The Metaverse Group, a subsidiary of Tokens.com, bought the land on Decentraland’s in the “Fashion Street”, where it would host digital fashion events and sell virtual clothing for avatars. The subsidiary gave 618,000 MANA for the land.
Currently, Decentraland has a live market cap of $8.2 billion, which rose to roughly $9.2 billion when MANA reached its peak level. The hike resulted in Decentraland temporarily crossing Axie Infinity’s market capitalization of $8.6 billion.
Metaverse-related tokens have skyrocketed ever since Facebook changed its name to “Meta” in October to signal its ambitions in the sector. At the time of Facebook’s announcement, Decentraland had a market capitalization of just over $2 billion.