Decentraland closes 2022 on a sour note despite 440% growth in volume

• Decentraland saw a YoY growth in its NFT mints and purchases.
• The value of its three NFT projects, however, plummeted

As detailed in its end-of-the-year performance report, leading metaverse-based platform Decentraland saw a growth in the NFTs minted and purchased in 2022.

Read Decentraland’s [MANA] Price Prediction 2022-2023

According to the blog post, Decentraland closed 2022 with 2.7 million unique NFTs minted on the metaverse-based gaming platform. This represented a 440% growth in the volume of NFT mints on a year-over-year (YoY) basis.

Furthermore, the count of unique active users on Decentraland grew by over 12.9% within the 12-month period, closing 2022 with one million unique active users.

The Decentraland NFT ecosystem consists of Decentraland Wearables, Decentraland LAND, and Decentraland Names. According to the report, 143,900 Decentraland Wearables NFTs were sold in 2022. This was a 510% growth in sales volume on a YoY basis. 

Decentraland saw a severe decline in value 

Despite the growth in NFT mints and trading volume, an assessment of the three NFT collections that make up Decentraland revealed a significant drop in value in 2022. 

This decline in value mirrored the general market sentiment toward that asset class as many abandoned speculative projects to escape the financial hardships that lingered throughout the year. 2022 was challenging, as several NFT projects suffered huge blows to their value.

For context, blue chip NFTs suffered a drop in value as the Blue Chip Index fell by 45% in 2022. According to NFTGo, the Blue Chip Index is calculated by weighing the market cap (ETH/USD) of blue chip collections to reflect their performance.

Source: NFTGo

A 539.12x hike on the cards IF MANA reaches Bitcoin’s market cap?

While Decentraland’s Wearables collection saw a rally in sales volume, its floor price declined significantly in 2022, data from NFTGo revealed. Throughout 2022, an NFT from the collection traded for less than 0.01 ETH. Its highest price in 2022 was 0.0099 ETH on 22 February.

Closing the year at a floor price of 0.004 ETH, Decentraland Wearables suffered a 56% drop in value.

Source: NFTGo

Likewise, its LAND NFT collection suffered the same fate. At a floor price of 1.2 ETH at press time, the collection’s value declined by 73% in 2022.

Source: NFTGo

Further, Decentraland Names had a floor price of 0.01 ETH as of 31 December, data from NFTGo revealed. However, this collection sold for as high as 0.09 ETH in February.

Source: NFTGo

The native token that powered the metaverse-based project did not fare any better. Trading at $0.2939 at press time, MANA’s price fell by 91% in 2022, data from CoinMarketCap revealed.