Cryptocurrency in Focus: Decentraland and Binance Join Forces Against Covid-19

Two crypto names help raise funds for those on the frontlines.
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Two crypto companies are proving that when you go virtual, you can do good for those fighting the Covid-19 pandemic on the frontlines while also living a somewhat normal -- yet virtual -- life under lockdown.

We're talking about Decentraland and Binance, who have both joined forces to raise funds for Covid-19 relief. 

Decentraland is a decentralized virtual reality platform powered by the Ethereum blockchain, using its own virtual currency called MANA. It offers an online world where users can build and explore 3D creations, play games and socialize, which is especially alluring for people stuck at home and away from friends. Users can also buy 3D virtual space within Decentraland called LAND, a non-fungible digital asset maintained in an Ethereum smart contract. 

Binance is the popular -- and at last count most widely used -- exchange for trading cryptocurrencies. 

Now, both names are teaming up to raise funds for medical supplies and health care organizations battling the coronavirus outbreak. Users were able to donate their Ethereum (ETH) tokens to the joint initiative, tagged #CryptoAgainstCOVID, and receive a mask if the sum reached $10. Decentraland donated $10,000 to the cause, and matched 100% of all donations during the first two days, up to $5,000.

Time to MANA Up

MANA fundamentals are on the rise amid Decentraland's efforts to help out during the crisis. Price increased 7.5% in the same timeframe. 

Fundamental Data: MANA FCAS has increased 20-points (2.5%) since April 1, due to a 35-point rise (4.69%) in User Activity and a 17-point (2.0%) increase in Developer Behavior. Market Maturity remained stable over the same time period.

Cryptocurrency of the Week: MANA

Our Analysis 

At the core of Decentraland is a strong and vibrant community of people who value art, creativity and individuality. Together, they are building a virtual dreamland where anyone’s cause can exist and make an impact. The #CryptoAgainstCOVID campaign is a testament to the fact that this community aims to build a better world not only online, but also in real life. Users appear willing to join Decentraland's efforts, and would be willing to support a good cause on top of showcasing their association with the project by wearing, or even collecting, these masks. 

It's also worth considering how Decentraland has found many ways to defy the coronavirus lockdown, and to keep its economy running. In fact, one could argue the pandemic has benefited the project, inviting users to keep living their normal lives, only virtually. Since the platform is owned by its users, anyone can go and host a virtual party or gathering. Decentraland hosted on March 31 the Coinfest Conference which was initially meant to take place in multiple locations around the world, and more recently, the team launched a crypto valley art gallery to showcase winning artworks. 

Decentraland also uses blockchain technology to create a fully decentralized and open marketplace where users can buy and sell parcels of LAND in themed districts, as well as accessories, clothes and names for their avatar, all by burning the ERC-20 MANA token to acquire non-fungible ERC721 LAND tokens. 

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