Metaverse Tokens Are Soaring on Facebook’s Rebrand News

Key Takeaways

  • Facebook is now known as Meta, Mark Zuckerberg introduced Thursday. The Big Tech big has rebranded to focus on the Metaverse.
  • Metaverse tokens like Decentraland’s MANA and Axie Infinity’s AXS have reacted positively to the information.
  • The Metaverse is popularly used to discuss with the subsequent iteration of the Internet, the place customers will be capable to work together, play video games, socialize, and alternate worth with others inside digital worlds. It’s usually used interchangeably with the time period “Web3.”

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The Metaverse-related crypto initiatives Decentraland and Axie Infinity are rallying after Facebook revealed that it might be rebranding and turning its focus to digital actuality worlds yesterday. 

Metaverse Tokens Rise 

Crypto buyers are dashing to purchase into the Metaverse.

Several Metaverse-focused crypto initiatives have rallied following Facebook’s rebranding announcement. The Big Tech big revealed it might be altering its identify to “Meta” Thursday, explaining that it’ll swap its focus from conventional social media in the direction of constructing out the Metaverse.

“Our mission stays the identical, it’s nonetheless about bringing individuals collectively,” Facebook CEO Mark Zukerberg stated in a 90-minute presentation on the corporate’s future. “We are nonetheless the corporate that designs expertise round individuals. But now we’ve got a brand new North Star: to assist convey the Metaverse to life.” 

While a number of initiatives have rallied on the information, the digital world Decentraland is at the moment main the cost, with the sport’s MANA token rising greater than 46% because the announcement. 

USD/MANA chart. Source: CoinGecko

Other Metaverse and NFT gaming initiatives have additionally put in vital features. Axie Infinity, the play-to-earn blockchain recreation that took the crypto house by storm this summer season, initially rose over 17% earlier than a slight cool-off. 

Another NFT gaming venture, Enjin, has additionally skilled a bump, gaining over 11%. Enjin is a play-to-earn gaming platform that lets customers mint their in-game gadgets on Ethereum and switch them between the platform’s video games in what the corporate calls the “multiverse.”

The Sandbox, a Minecraft-style cell Metaverse recreation, has additionally benefited from Facebook’s announcement. The recreation’s SAND token is up 23% immediately, extending its week-long rally. 

The Metaverse refers to a future iteration of the Internet, the place shared digital areas are linked collectively, forming a perceived digital universe the place customers can meet, play video games, and socialize.

Zuckerberg said that he believes the Metaverse would be the “successor of the cell Internet,” permitting customers to create digital worlds utilizing VR expertise and augmented actuality. As a part of yesterday’s announcement, he additionally teased that his agency would assist NFTs sooner or later. Earlier this week, the corporate revealed that it might make investments $10 billion into constructing for the Metaverse this 12 months.

Prominent figures within the crypto house have additionally shared related views to Zuckerberg. Former hedge fund supervisor and outspoken crypto fanatic Raoul Pal has often spoken about his perception that the Metaverse and social tokens like Decentraland’s MANA token will change into more and more prevalent over the approaching years. 

Disclosure: At the time of scripting this characteristic, the creator owned ETH and several other different cryptocurrencies. 

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