The cryptocurrency market welcomed 2024 with bullish promises for each sector, and experts anticipated historical all-time highs this year.

Metaverse project Decentraland (MANA) seemed to have all it takes for a bull ride, though the outcome hasn’t been as encouraging.

Virtual real estate and non-fungible tokens (NFTs) are the backbones of Decentraland, and it’s visible how these narratives have fallen out of favor.

While digital real estate and NFTs boomed in 2021 – 2022, Decentraland and its native token, MANA, aren’t feeling the initial excitement.

MANA trades at $0.277 during this writing, reflecting a massive decline from November 2021 ATH of $5.9.

Moreover, the altcoin displays bearishness in its larger timeframe, down 6%, 20%, and 3% in the past year, month, and week, respectively.

Only solid recoveries in the metaverse and NFT industries could rescue MANA from its downside trends. Meanwhile, recent trends show these narratives could pick momentum in late 2024.

That could see associated tokens closing the year with notable comebacks. Former president of the United States, Donald Trump, confirmed the launch of his fourth collection of NFT trading cards.

Trump launches “America First Edition” NFT collection

Following the success of the initial three series, Trump has unveiled the “America First Edition,” with NFTs costing $99 each, while bundle deals offer free sneakers.

The new collection will showcase Trump in different poses, including holding BTC and dancing.

The latest series will mint around 360K cards, eclipsing the previous collection’s limit of 100K – where approximately 50K cards sold. The first two collections comprised 44K and 46K NFTs and sold out quickly.

Meanwhile, Trump highlighted all the benefits to buyers of his top collection. Individuals can acquire each piece at $99. Moreover, the former president introduced incentives to encourage buyers.

Trump will award users who buy five NFTs a free pair of his Gold Sneakers, worth $499. Moreover, the first 1K pairs will feature Trump’s official signature.

The perks increase with the number of NFT purchases, with players who buy 250 trading cards getting two dinner tickets and two cocktail tickets with Donald Trump.

These developments could reinvigorate the non-fungible tokens sector, which many deem dead.

MANA’s current price action

Decentraland’s native token changed hands at $0.2775 after losing 0.43% in the past 24 hours. Its daily chart signals robust bearishness, and the 12% decline in 24-hour trading volume shows the downside as the path with fewer challenges.

MANA’s struggle comes as its pillars (metaverse and NFTs) lost the love they had in 2021 – 2022. Meanwhile, Donald Trump’s latest moves suggest potential recoveries for the sector.

Turnarounds in the final phase of 2024 could see MANA and other metaverse tokens closing the year with notable gains.

The post Decentraland (MANA) poised for recovery as Donald Trump ignites the NFT market appeared first on Invezz