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The year 2022 has been challenging as non-fungible tokens (NFTs) continue to suffer a decline in sales volume. To change the narrative around the same, leading metaverse-based project Decentraland [MANA] recently introduced LAND rentals on its marketplace.
Decentraland’s recent move could be traced back to a declining interest in its NFT collection. LAND NFTs represent the non-fungible in-game parcels through which the Decentraland virtual world is divided amongst its players.
Read Decentraland’s [MANA] Price Prediction 2023-2024
According to the blog post, LAND Rentals was introduced to make “building in Decentraland” a “whole lot easier and more accessible.” On its success since the launch of the rentals program, Decentraland confirmed,
“Since the launch of rentals, only a week ago, already 200+ listings have been posted by LAND owners!”
The decision to bring LAND rentals to its NFT marketplace led to a significant jump in the floor price of LAND NFT, data from NFTGo revealed. According to the NFT data analytics platform, the floor price of LAND NFT jumped by almost 500% in the last 24 hours. In the last week, this was up by 1000%.
For context, the floor price of the NFT collection had remained flat for several weeks as it was pegged at 0.1 ETH. Upon the launch of LAND Rentals on 15 December, it immediately went up by 525% within 24 hours of the program’s launch, data from NFTGo revealed.
Source: NFTGo
By making it easy for its users to rent LAND on its NFT marketplace, Decentraland saw a surge in LAND trading volume and market capitalization for the NFT collection. Per NFTGO, at $227.66 million at press time, LAND’s market capitalization increased by 72% in the last 24 hours. In the last seven days, it was up by over 85%.
Having lingered below the $150 million limit prior to the launch of LAND Rentals, it grew significantly since the program was floated. In fact, most growth in LAND’s market capitalization over the last month happened after the launch of LAND Rentals.
Regarding LAND sales volume, it saw a 33% jump in the last 24 hours. However, a look at performance within a 30-day period revealed a 54% decline.
Source: NFTGo
Despite being the token used to facilitate LAND transactions on Decentraland, MANA didn’t witness growth since the rentals program launch. Per data from CoinMarketCap, MANA’s price declined by 13% since 15 December.
Source: CoinMarketCap
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Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
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