How The Facebook Name Change Kickstarted Meta Token Mania

How The Facebook Name Change Kickstarted Meta Token Mania

Facebook triggered a metaverse-mania after CEO Mark Zuckerberg announced that the company was rebranding to Meta. Meta, which is a shortened model of the metaverse, is supposed to slot in with the corporate’s imaginative and prescient going ahead. Facebook has been the main social media platform for some time now and the social media big plans to take this one step additional.

Facebook, now Meta, plans to launch its very personal metaverse with a digital world the place customers can enter with VR/AR {hardware}. Users will be capable to do just about the identical issues they’ll do in actual life on this alternate universe. With physique sensors deliberate to be launched in a while to enhance the expertise.

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Since the metaverse house has been choosing up steam in the previous couple of years, with a lot of tasks already providing metaverse experiences utilizing AR/VR devices, Facebook’s entrance into the house has shaken up issues a bit.

Facebook’s Foray Into Metaverse Sparks Rally

After the announcement of the identify change on October twenty eighth, metaverse-related crypto tokens noticed a major uptick in curiosity. The new metaverse route is claimed to be the social media big’s precedence for the long run and this has introduced vital help to the trade. Facebook has additionally been concerned within the blockchain house with the event of its native token Diem, previously Libra.

Chart showing metaverse tokens rally after Facebook Meta announcement

Metaverse tokens rally after Facebook announcement | Source: Arcane Research

The announcement had additionally include a delicate trace of help for the blockchain house. Hence the help was seen from the crypto neighborhood following the announcement. Attention from the announcement noticed the main target shift onto metaverse-related tokens, inflicting the cryptocurrencies to rally. MANA and SAND noticed high positive aspects after Facebook made the announcement.

Coingecko studies that the metaverse ecosystem had seen a 593% acquire following the announcement as curiosity in metaverse tasks rose. Decentraland (MANA) and Sandbox (SAND) noticed 302% and 174% returns respectively. While ENJN and AXS noticed positive aspects of fifty% and 10%.

Meta Gets Some Pushback From Community

Like all the pieces Facebook has accomplished for the reason that Cambridge Analytica scandal, the motive behind Meta has been questioned by the neighborhood. Many have criticized the transfer as Facebook attempting to centralize a predominantly decentralized house. Central possession of a metaverse the dimensions of which Facebook might construct has raised considerations on how a lot energy it might give the corporate.

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The high quality of a metaverse that an organization like Facebook can produce with its sources shall be infinitesimally higher in comparison with its present counterparts. Things like gameplay high quality have been a recurring problem for metaverse tasks and Facebook is predicted to deliver superior gameplay to the metaverse house.

Despite the criticisms of Facebook’s motives behind the Meta announcement, the inventory has seen some uptick out there. Facebook’s inventory grew 7% following the announcement of Meta.

Featured picture from CNBC, chart from TradingView.com

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