Decentraland: Did Metaverse Music Festival 2022 help MANA recover

• Decentraland started its 4-day-long Decentraland Metaverse Music Festival 2022 on 10 November.
• Since then, the metaverse-based project has enjoyed a hike in user activity.

Described as the “first-ever virtual world” where users can buy plots of land and wearables as NFTs, Decentraland [MANA] kickstarted its Decentraland Metaverse Music Festival 2022 on 10 November. The 4-day virtual event would feature over 200 artists worldwide performing on over 15 unique virtual stages.

Read Decentraland [MANA] Price Prediction 2022-2023

Since the commencement of this music festival, the metaverse-based project has gained significant traction, data from DappRadar revealed. 

According to DappRadar, unique active wallets on Decentraland grew by 42% in the last 24 hours. This growth brought the count of active wallets on the project to 959.

In addition to this, the count of transactions completed within Decentraland in the last 24 hours totaled 6,780, having grown by over 100% within that window period.

As transactions count grew, sales volume on the metaverse-based project also increased. Per data from DappRadar, sales volume totaled $6,450 in the last 24 hours, with a 100% growth. Moreover, the total value of assets within Decentraland increased by 12%. As of this writing, this stood at $23.18 million.

In addition to a surge in activity on Decentraland since the commencement of the Metaverse Music Festival, there has also been a spike in Decentraland Wearables NFT sales. 

According to the project’s whitepaper, Decentraland Wearables are the various items of clothing, accessories, and body features that can be used to customize the appearance of a Decentraland avatar.

The spike in Wearables sales in the last 24 hours was attributable to the fact that the music festival attendees could win them by participating in the event. According to data from NFTGo, the floor price for Decentraland Wearables NFTs rallied by 200% in the last 24 hours.

In addition to this, sales volume and market capitalization spiked by 106% and 14%, respectively, in the last 24 hours, data from NFTGo revealed. 

MANA has a mind of its own

While the Decentraland’s virtual world and NFTs saw growth in the last 24 hours, its ecosystem token MANA had been trailed by negative sentiments.

Although its price was up by 8% in the last 24 hours, data from CoinMarketCap revealed a 31% decline in the asset’s trading volume within the same period.

This meant holders had no conviction of any significant price rally in the short term. Per data from on-chain analytics platform Santiment, many holders held at a loss at press time according to the MVRV ratio. Also, weighted sentiment was -0.118, meaning investors harbored negative sentiments toward MANA.