Decentraland [MANA] vs FET – Comparing Active Addresses, Developer Activity, and More

Decentraland [MANA] has shown the highest level of developer engagement among NFT projects in the recent month. It has surpassed Flow [FLOW] and clearly outperformed Artificial Intelligence Alliance [FET]. Interestingly, FET has experienced an increase in development activity, moving up in rankings.

The NFT market closed 2024 with a total sales volume that rose by 1.1% compared to the previous year. Around one-tenth of this volume was recorded in December, with a renewed interest in Ethereum [ETH] and a growing excitement around NFTs being the main drivers.

Despite the positive market sentiment, some major players have chosen to exit the NFT sector. Notable examples include the crypto exchange Kraken and the NFT brand RTFKT, which was acquired by Nike. Analysts are predicting growth for the industry in 2025, with an anticipated increase in NFT adoption for physical asset ownership.

Comparing Decentraland and FET in Terms of On-Chain Activity

FET is a prominent player in the AI sector and has stepped into the NFT world with the public beta launch of Resonate. While not directly NFT-focused, the technology and platforms of the Artificial Superintelligence Alliance could intersect with NFT applications, leading to potential growth.

Despite FET having a larger user base and popularity, its daily on-chain activity surpassed that of MANA. Over the past three months, both tokens have exhibited similar trends in user activity, with a recent uptick in engagement over the last two days.

An analysis of MANA’s supply distribution revealed that some of the larger holders have been accumulating the token since late November, particularly the group holding between 100k to 10 million MANA, indicating a positive trend. Conversely, the number of smaller holders with 100 or fewer MANA has been decreasing.

FET has also witnessed an accumulation trend among larger holders, with wallets holding 100-10 million FET increasing since the beginning of December. With planned token burns and deflationary mechanisms in place for the Artificial Superintelligence Alliance ecosystem, the accumulation trend indicates a consistent demand for FET.

While FET lags behind Decentraland in development activity, its active addresses and accumulation patterns suggest a more optimistic outlook in the upcoming weeks and months. However, given Decentraland’s lower market cap, a potential altseason could result in significant gains for MANA as well.