Decentraland token surged started the day with a surge of over 11% sending its price to a daily high of $3.09.
At the time of writing, MANA was trading at $3.06, up 10.38% according to CoinMarketCap.
Let’s take a deep dive to examine what is behind the current MANA price hike.
What is Decentraland?
Decentraland is a virtual reality platform built on the Ethereum blockchain with a Unity game engine to enable players to have exclusive experiences and purchase various NFTs.
Decentraland has two tokens, that is, MANA and LAND. MANA is an ERC-20 token that is burned to acquire non-fungible ERC-721 LAND tokens.
Decentraland is free for users to explore investments or purchases required. Decentraland features hundreds of places users can visit and several experiences like the games and Casinos making it the most popular platform for users integrated with the latest crypto trends such as Play-to-earn, Defi, GameFi, and NFTs.
Why the price of MANA jumped 11% today
The current Decentraland (MANA) price surge is highly attributed to the announcement made by Samsung yesterday (on Valentine's Day) concerning their event in their sustainability Forest in Decentraland.
According to the announcement, users with quest budge can trade it for the valentine wearable.
— Samsung US (@SamsungUS) February 14, 2022
To get the quest budget and trade it for wearables, users must, however, collect five boxes that are scattered across Samsung’s plot of land to receive a badge which they will later bring to the NPC.
Decentraland’s partnerships with big companies like Samsung are no doubt starting to boost the MANA and LAND coin prices.