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Decentraland's Virtual Land Sells for a Record Value of $2.4m in Mana tokens

A piece of virtual real estate in Decentraland was sold for a record value of $2.4 million in cryptocurrency, according to Reuters.

The digital land in Decentraland was bought by Metaverse Group – a Tokens.com affiliated company – for 618,000 “mana coins” on November 23, which was approximately $2,428,740 at the time.

According to Coinmarketcap, MANA token, as Decentraland’s native crypto token, has risen by 27.68% in the past 24 hours, and by 55.62% in the past 7 days.

At the press time, mana is trading at $5.60 with a market cap of $9,940,424,650 and is now the 23rd largest cryptocurrency by market value.

The land now owned by Metaverse Group is located in the “Fashion Street” area of the Decentraland map. Tokens.com said it will be used to host digital fashion events and sell virtual clothing.

The first fully decentralized world, Decentraland, also known as Meta Universe is controlled via the DAO, which owns the most important smart contracts and assets of Decentraland.

Users can carry out daily activities in this virtual world, including trading, learning, socializing with friends, and other activities.

Items in Decentraland, including land, will be traded in the form of non-fungible tokens (NFT).

Top 3 Coins to Watch this Week: BTC, LUNA, and MANA

The digital currency ecosystem has been experiencing a bullish plunge for the better part of the year, with the global crypto market capitalization plunging well below the $2 trillion benchmarks.

While the ongoing price correction is more pronounced with Bitcoin (BTC), Ethereum (ETH), and the altcoins in the top 10 of crypto rankings, the entire market ecosystem has felt the brunt of the dip.

With the market still looking weak, here are the top three coins to pay attention to this week.

Bitcoin (BTC)

Amidst this ongoing price plunge, Bitcoin has dropped to $40,672.28, its lowest price level in a month, and while it is currently changing hands at $41,958.54, it is still 39.51% below its All-Time High (ATH) price of $68,789.63.

Bitcoin remains the most hyped coin by institutional investors. While many of these investors might have shed their coin holdings to balance out their books for the past quarter and End of the Year, many investors may be poised to start taking their positions with Bitcoin once again. Many altcoins are highly correlated with Bitcoin, and a lot of traders will keep an eye on the premier digital currency’s performance this week.

Terra (LUNA)

Terra is an embodiment of a very functional smart contract platform with its own uniqueness. The blockchain protocol functions work by combining the borderless benefits of cryptocurrencies with the day-to-day price stability of fiat currencies. While Terra might have been affected by the ongoing correction, the coin has outperformed its peers in the past month and is currently trading at $71.82, a price point well above its 30-day low of $52.38.

As a high-performing Decentralized Finance platform, LUNA is poised to help fuel the resurgence within its niche and is worth watching for the week.

Decentraland (MANA)

On the other hand, Decentraland (MANA) is a blockchain protocol that is positioned to facilitate a quicker emergence of the metaverse-driven future. Decentraland defines itself as a virtual reality platform powered by the Ethereum blockchain that allows users to create, experience, and monetize content and application.

Last week, tech giant Samsung Electronics America announced that it opened its 837x store on Decentraland, marking a similar stride the protocol has recorded in the past months. MANA represents a Non-Fungible Token (NFT) platform that sees a broad embraced by retail, institutional and global brands alike. Its native token, currently changing hands $2.93 may pull some stunts this week in response to the crop of good news it has recorded thus far.

Three Metaverse Reference Rates From CME Group

Derivatives marketplace CME Group is planning to develop reference rates in addition to real-time indexes for a total of three distinct crypto assets that are part of the metaverse. This would make it possible for investors to monitor price data in a more precise manner by using a method that is often used in traditional finance.

The company made the news on January 5 that CME Group and CF Benchmarks will begin offering reference prices for Axie Infinity Shards (AXS), Chiliz (CHZ), and Decentraland’s MANA commencing on January 30.

The reference rates and indexes are not products that can be traded, but investors can use them to “price sector-specific portfolios, develop structured products, and manage price risk around various Metaverse-based projects,” as explained by Giovanni Vicioso, head of cryptocurrency products at CME Group. The CME Group was kind enough to provide us with this information.

Calculations for the real-time indexes and reference rates for AXS, CHZ, and MANA will make use of price data from a minimum of two different cryptocurrency exchanges. In addition to LMAX Digital and itBit, the following exchanges are included here: Bitstamp, Coinbase, Kraken, and itBit.

Every day at 16:00 local time, the reference rates for the assets will be published with prices in United States dollars. These prices will be published (00:00 GMT). Each and every real-time index will be made accessible for use by the general public each and every second of each and every day.

CoinMarketCap estimates that Chiliz, the most successful of the aforementioned metaverse enterprises, now has a market worth of 742.1 million dollars. This information was obtained from the Chiliz website.

AXS is now valued at roughly $686.5 million, whereas MANA is currently at approximately $597.2 million according to the market.

The CME Group has been fairly active in the cryptocurrency sector, offering micro-sized options for Bitcoin and Ether at the end of the previous year.

The popularity of metaverse tokens increased during the most recent bull market in cryptocurrencies as dozens of projects promised to build digital replicas of the real world.

Animoca Brands to Focus on Markets Outside U.S. after SEC Labels Sand Cryptocurrency an Unregistered Security

According to a report by South China Morning Post (SCMP), Hong Kong-based blockchain giant, Animoca Brands, has announced its plans to shift its focus to markets outside the U.S. This strategic move comes in the wake of the U.S. Securities and Exchange Commission’s (SEC) decision to label the firm’s Sand cryptocurrency token as an unregistered security, amid recent lawsuits against major crypto exchanges Binance and Coinbase Global.

Sand is the native crypto token used by Animoca’s metaverse platform, The Sandbox. It was among more than a dozen tokens explicitly labeled as securities by the SEC, a list that also includes Solana, Polygon, and Mana – the token used in the Decentraland virtual world. This decision by the SEC has elevated the legal risks for any company involved in selling these tokens.

Despite the regulatory challenges in the U.S., Animoca Brands remains optimistic about its global operations. The company’s co-founder and chairman, Yat Siu, commented in an email, “Animoca Brands is not focused on a single territory but operates globally. The SEC focuses on the U.S., so that should not have an impact on Animoca Brands in broader markets where Sand is widely available and accepted, including in more progressive jurisdictions like Hong Kong and Japan.”

Siu also disclosed that Animoca has already initiated measures to emphasize more on other markets in response to the recent “blockchain-hostile” approach observed in the U.S. This strategic shift represents Animoca’s adaptive response to the evolving regulatory landscape and is reflective of a broader industry trend towards seeking more cryptocurrency-friendly jurisdictions.

Crypto Exchange Bitstamp to Suspend Trading AXS, CHZ, MANA, MATIC, NEAR, SAND, and SOL

Bitstamp, one of the world’s oldest cryptocurrency exchanges, has announced a suspension of trading for seven cryptocurrencies in the United States, effective from August 29, 2023. The affected cryptocurrencies include AXS, CHZ, MANA, MATIC, NEAR, SAND, and SOL.

In an official statement released on Bitstamp’s blog, the company explained that the decision was made “considering recent developments” and in alignment with their “comprehensive framework” to evaluate cryptocurrencies in light of the dynamic regulatory environment. The statement further clarified that as of the mentioned date, new orders involving these assets would be disabled, and all existing orders across the affected trading pairs would be canceled.

Customers in the U.S. will still be able to hold these assets within their Bitstamp accounts and withdraw them at any time. The company has urged users to execute any desired buy or sell orders involving the affected assets before the deadline.

The New York State agency of Financial Services has issued Bitstamp USA, Inc. a license allowing it to participate in Virtual Currency Business Activity. This same agency has also issued Bitstamp USA, Inc. a license allowing it to act as a Money Transmitter.

This move comes at a time when Bitstamp is actively seeking to raise funds for expansion. The delisting coincides with the company’s efforts to comply with the dynamic regulatory environment, as stated in their official announcement, though no direct connection to investor pressure has been publicly disclosed

According to a Bloomberg report, Bitstamp initiated the fundraising process in late June 2023, with Galaxy Digital Holdings acting as an adviser. The funds are planned to be used for launching derivatives trading in Europe next year, expanding into Asian markets, and enhancing operations in the U.K.

Bitstamp’s global chief executive officer, Jean-Baptiste Graftieaux, emphasized that the company is not for sale and that the priority is to “accelerate Bitstamp’s growth by providing new products and services to retail and institutional crypto customers.”

Founded in 2011 and headquartered in Luxembourg, Bitstamp was once a primary venue for Bitcoin trading. It is now the world’s seventh-largest exchange, with about $126 million in trading volume in a recent 24-hour period. In 2018, Bitstamp was acquired by NXMH, a European investment firm owned by South Korean conglomerate NXC.

The suspension of trading for the seven cryptocurrencies is a significant indicator in Bitstamp’s operations, reflecting the ongoing challenges and complexities of regulations.