MANA price outlook as Decentraland leads NFT sector in developer engagement

Santiment data shows Decentraland (MANA), an Ethereum-based digital reality platform, dominated the NFT marketplace over the past month.

Details show Decentraland boasted 116.27 GitHUB events within the previous 30 days.

That reflects massive developer participation within the non-fungible token ecosystem.

Decentraland team stirs confidence

Santiments GitHub data analyzes significant developments within a project.

The crypto analytics firm highlights that magnified developer participation indicates confidence in the platforms future.

Projects with more active creators promise improvements and enhanced futures for the community.

Thus, platforms with increased GitHub events have a higher success rate and lessened scam risks.

Decentralands success in the previous few months further cements this confidence.

The blockchain has regularly ranked high since November, underscoring developer dedication to the projects success.

The substantial developer activity has cemented Decentralands status within the NFT world.

It will dominate with enhanced developer participation, signaling sustainability and success in the future.

Santiment adds that stakeholders often prefer such projects.

MANA price action

The native coin traded at $0.4918 during this publication, with a daily low and high of $0.4787 and $0.5150.

Chart by Coinmarketcap.

Despite the 3.20% weekly surge, MANA has struggled lately, losing nearly 25% of its value within the past month.

Prolonged winter in the NFT sector contributed to MANAs underperformance.

The non-fungible token space has struggled with dried activities since the 2020/2021 bull run.

NFT market overview

Non-fungible tokens exhibit bearishness as Bitcoin struggles to surpass $100K again.

CryptoSlam stats show the NFT space witnessed slow performances in the past week.

NFT sales volume dipped by 48% within the last seven days to $142.96 million.

Despite the substantial trading volume slump, market participation indicators confirmed unwavering interest from existing and new players.

For instance, NFT buyers and sellers increased by 42% and 41% in the past seven days.

The Ethereum NFT marketplace saw its sales down to $75 million, a 60% 7-day decline.

Amidst declined volumes, the blockchain saw a 43% surge in buyers to 63,000, while wash trading plunged significantly by 80% to $21.56 million.

Bitcoins NFT space revealed similar trends, with sales down 30% to $28 million. Nonetheless, a 52% buyer increase to 59,310 signals notable user growth.

Also, Solana, ImmutableX, and Mythos Chain demonstrated resilience, while Pudgy Penguins led the downside with significant dips.

Pudgy Penguins has seen plunges across all indicators, with sales, transactions, and buyer participation down 77%, 72%, and 70%.

However, the latest developments suggest possible resurgences, with improved performance for associated projects in the coming months.

Decentralands impressive developer activity forms a massive groundwork for renewing trust, making the platform lucrative for investors.

Developer participation is among the top indicators of the projects future outlook.

Such sentiments could wake MANA price from its bearish slumber.