Metaverse Tokens Are Soaring on Facebook’s Rebrand News
CEO Mark Zuckerberg Facebook is now called Meta, which brings together apps and technologies under one new company brand. Meta’s focus will be to bring the metaverse to life and help people connect, find communities, and grow businesses.
Metaverse tokens like Decentraland’s MANA and Axie Infinity’s AXS have reacted positively to the news.
The Metaverse is popularly used to refer to the next iteration of the Internet, where users will be able to interact, play games, socialize, and exchange value with others within virtual worlds. It’s often used interchangeably with the term “Web3.”
The Metaverse-related crypto projects Decentraland and Axie Infinity are rallying after Facebook revealed that it would be rebranding and turning its focus to virtual reality worlds yesterday.
Metaverse Tokens Rise
Several Metaverse-focused crypto projects have rallied following Facebook’s rebranding announcement. The Big Tech giant revealed it would be changing its name to “Meta” Thursday, explaining that it will switch its focus from traditional social media towards building out the Metaverse.
“Our mission remains the same, it’s still about bringing people together,” Facebook CEO Mark Zukerberg said in a 90-minute presentation on the company’s future. “We are still the company that designs technology around people. But now we have a new North Star: to help bring the Metaverse to life.”
While several projects have rallied on the news, the virtual world Decentraland is currently leading the charge, with the game’s MANA token rising more than 46% since the announcement.
Other Metaverse and NFT gaming projects have also put in significant gains. Axie Infinity, the play-to-earn blockchain game that took the crypto space by storm this summer, initially rose over 17% before a slight cool-off.
Another NFT gaming project, Enjin, has also experienced a bump, gaining over 11%. Enjin is a play-to-earn gaming platform that lets users mint their in-game items on Ethereum and transfer them between the platform’s games in what the company calls the “multiverse.”
The Sandbox, a Minecraft-style mobile Metaverse game, has also benefited from Facebook’s announcement. The game’s SAND token is up 23% today, extending its week-long rally.
The Metaverse refers to a future iteration of the Internet, where shared virtual spaces are linked together, forming a perceived virtual universe where users can meet, play games, and socialize.
Zuckerberg stated that he believes the Metaverse will be the “successor of the mobile Internet,” allowing users to create digital worlds using VR technology and augmented reality, he also teased that his firm would support NFTs in the future. Earlier this week, the company revealed that it would invest $10 billion into building for the Metaverse this year.
