Decentraland’s (MANA) development activity surpassed that of Flow (FLOW) and Artificial Intelligence Alliance (FET) in the NFT sector over the past month, with FET seeing increased activity despite trailing behind MANA. However, FET’s active addresses and accumulation trends indicate a bullish outlook for the project.
The NFT market ended 2024 with a 1.1% increase in sales volume compared to 2023, driven by renewed interest in Ethereum (ETH) and growing enthusiasm for NFTs. Despite this growth, major players such as Kraken and Nike-acquired RTFKT are exiting the market.
Decentraland and FET see increased on-chain activity, with FET’s daily count surpassing MANA’s due to its larger size and popularity. However, both tokens have shown similar trends in activity over the past three months.
Supply distribution for MANA reveals that larger holders have been accumulating the token since late November, with the 100k-10 million group showing encouraging signs of accumulation. FET also shows a similar trend among larger holders, with wallets holding 100-10 million FET rising in number since December.
Analysts predict growth for the NFT sector in 2025, driven by expanded use cases for physical asset ownership. This could usher in a new phase of adoption and lead to increased demand for MANA as well, potentially triggering an altseason that drives large gains for the token.
Source: https://ambcrypto.com/decentraland-mana-vs-fet-active-addresses-dev-activity-and-more