A key indicator for a “fairly under the radar” Ethereum-based token, Decentraland ($MANA) has dropped to levels that haven’t been seen over the last three years , and that last time preceded a 610% rise in its price.
According to cryptocurrency analytics firm Santiment, the non-fungible token (NFT) and metaverse cryptocurrency has seen its market cap shrink significantly so far this year, and the profit/loss ratio for $MANA transactions is now at its lowest level in three years. Per Santiment, the last time it dropped to this level $MAAN jumped 610% in the following six weeks.
It’s worth noting that the profit/loss ratio compares the amount of tokens sitting at a loss with those at a profit based on blockchain data, and does not take into account tokens that are held at cryptocurrency trading platforms by investors.
As CryptoGlobe reported, earlier this month, Samsung Latin America reportedly opened a virtual experience store “House of Sam” in the Ethereum-powered metaverse. Arthur Wong, Marketing Director for Samsung Latin America, said at the time that at the store customers would be able to “interact with each other, participate in exclusive shows, courses and events that we will offer for free at Decentraland.”
Santiment, as reported, also noted that the market capitalization of smart contract oracle platform Chainlink has been dropping recently at a time in which three “social dominance spikes appeared for $LINK,” which indicates traders took advantage of the drop.
Notably Benjamin Cowen, a popular cryptocurrency analyst, has revealed that while he believes that the flagship cryptocurrency Bitcoin ($BTC) is set to appreciate in the near future, he believes that Chainlink ($LINK) could do even better.
Chainlink has recently partnered with SWIFT, the Society for Worldwide Interbank Financial Telecommunication to try to bridge the gap between traditional banks and blockchain. The partnership will see both working on an “initial proof of concept” using Chainlink’s cross-chain interoperability protocol, which provides a cross-blockchain communication standard.
The partnership will mean that the 11,000 financial institutions connected to SWIFT will be able to engage in token transactions across chains. Chainlink co-founder Sergey Nazarov has said the move will accelerate the adoption of distributed ledger technology across capital markets and traditional finance.
SWIFT’s interbank messaging system is the most widely used platform for traditional cross-border fiat transactions. In August, it recorded an average of 44.8 million messages per day. Transactions made using SWIFT’s network can take days to complete, however.
Chainlink has said the collaboration with SWIFT allows financial institutions to gain blockchain capability without replacing, developing, and integrating new connectivity into legacy systems.
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