Decentraland Looking Strong After Samsung Enters The Metaverse
Decentraland is looking quite strong today after getting recognition from the mainstream tech giant, Samsung.
Covered:
- Samsung Is Joining Decentraland
- MANA Price Action Update
The metaverse has captivated the eyes and ears of crypto natives, traditional finance, and the tech world. After Facebook made the bold decision to rename its company based on the metaverse phenomenon, it seemed like company after company was hopping on board to get a piece of the action. Today, the major tech giant Samsung is choosing Decentraland (MANA) to fuel its future metaverse endeavors.
Samsung Is Joining Decentraland
NEW: Samsung joins the metaverse by opening an official store in Decentraland pic.twitter.com/k1Jvm1aDVy
— Blockworks (@Blockworks_) January 6, 2022
Decentraland is an Ethereum-native virtual reality platform. Samsung is opening a virtual version of its flagship 837 physical stores, dubbed “Samsung 837X,” within Decentraland for a limited time. The original store is located on 837 Washington Street in New York City’s Meatpacking District, Manhattan.
In a statement with The Block, Samsung said that “this is one of the largest brand land takeovers in the history of Decentraland.”
The Samsung 837X store will offer digital adventures through “Connectivity Theater and Sustainability Forest” and a musical celebration at the “Customization Stage.”
The move seems to tie in line with Samsung’s recent endeavors with the Cardano blockchain; the tech company is planning to use Cardano to store planting records of two million mangrove trees as part of its most recent sustainability initiative.
On Monday, Samsung also announced that its new line of TVs will also come built-in with its own non-fungible token (NFT) marketplace aggregator, opening up an entirely new way to purchase, display, and interact with NFTs.
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MANA Price Action Update
Despite the absolute tear that Decentraland has gone on in 2021, all the partnerships bubbling up underneath the surface could soon prove that MANA is just heating up.
After an initial pop following the metaverse fiasco fueled by Facebook’s Mark Zuckerberg, MANA has gone relatively sideways, hovering around its current price of $3.29.
In the past 24 hours, the crypto markets have experienced a lot of volatility after Bitcoin finally broke down from support of around $46,000. Despite the overall market looking blood red, however, MANA holders have almost entirely dodged the drawdown. MANA is actually up over 11% on the day, and the dip it took following yesterday’s volatility seems to have already been swallowed up entirely.
To me, the metaverse hype train is feeling eerily similar to the NFT craze of 2021. Back in March of 2021, NFTs were flying at all-time highs following Beeple’s historic $69 million NFT sale. Soon after, however, the hype died down, and NFT floor prices came crashing down with it. It seemed like everyone had gotten the “NFT bug” out of them — that is, until the asset class came roaring back even stronger in August as the crypto market pulled itself out of the summer bear cycle.
Today, the metaverse trend is feeling just like what we saw with NFTs. I think Facebook changing its name to Meta is the metaverse’s own “Beeple moment.” While it seemed to have marked the local peak for metaverse cryptocurrencies, I have a feeling the news we’re seeing from companies like Samsung is a premonition to a much larger metaverse wave coming in the near future.
Let’s just hope that it’s a bit more impressive the next time around than what we’ve seen so far…
This video lasted like two and a half minutes and they only managed to get a bottle of wine and return a pint of milk. Nobody is going to shop like this https://t.co/hLaiHoREhH
— Cobie (@cobie) January 5, 2022
The post Decentraland Looking Strong After Samsung Enters The Metaverse appeared first on CryptosRus.
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