- Decentraland recently launched LAND Rentals on its marketplace
- The LAND NFT collection has skyrocketed in lowest price and market cap since then
2022 is going to be a difficult year as sales of non-fungible tokens (NFTs) continue to decline.To change the narrative about the same major metaverse-based project Decentraland [MANA] soon introduced Rental of land in that market.
Decentraland’s recent move could be traced to a decline in interest in NFT collections. LAND NFTs represent non-fungible in-game parcels in which the virtual world of Decentraland is divided between players.
read in Decentraland [MANA] price prediction 2023-2024
According to the blog post, LAND Rentals were introduced to make “building at Decentraland much easier and more accessible.” Decentraland confirmed the success of the rental program since its inception.
“Since the launch of rentals, just one week ago, there have already been over 200 listings posted by LAND owners!”
bear good fruit
The decision to introduce LAND rentals to the NFT Marketplace has significantly increased the minimum price for LAND NFTs. NFT Go clearly. According to the NFT data analytics platform, the lowest price of LAND NFT jumped by almost 500% in the last 24 hours. Last week this increased by 1000%.
For context, the minimum price for the NFT collection remained flat for weeks as it was pegged at 0.1 ETH.Data from NFTGo shows that when LAND Rentals launches on Dec. 15, it will drop to 24 from the start of the program. Within hours it immediately increased by 525%.
Source: NFTGo
By enabling users to easily rent LAND on the NFT Marketplace, Decentraland has seen a surge in LAND trading volume and market capitalization for its NFT collection. He is worth $227.66 million at the time of writing, according to NFTGO, and LAND’s market cap has increased by 72% in the last 24 hours. Over 85% increase in last 7 days.
It was under the $150 million limit before LAND Rentals launched, but has grown significantly since the program launched. In fact, most of his LAND’s market cap growth last month came after the launch of LAND Rentals.
In terms of LAND sales volume, we’ve seen a 33% surge in the last 24 hours. However, looking at 30-day performance revealed a 54% decrease.
Source: NFTGo
ran out of mana
Despite being the token used to facilitate LAND transactions on Decentraland, MANA has not seen growth since the launch of its rental program.per data from coin market capitalizationMANA’s price has fallen 13% since December 15th.
Source: CoinMarketCap
