Facebook is now called Meta, Mark Zuckerberg announced Thursday. The Big Tech giant has rebranded to focus on the Metaverse.
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.”
Share this article
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
Crypto investors are rushing to buy into the Metaverse.
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.
USD/MANA chart. Source: CoinGecko
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 ( $1,185.34 ) ( $1,185.34 ) ( $1,185.34 ) 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. As part of yesterday’s announcement, 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.
Prominent figures in the crypto space have also shared similar views to Zuckerberg. Former hedge fund manager and outspoken crypto enthusiast Raoul Pal has frequently spoken about his belief that the Metaverse and social tokens like Decentraland’s MANA token will become increasingly prevalent over the coming years.
Disclosure: At the time of writing this feature, the author owned ETH and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Facebook Changes Company Name to Meta, Plans NFT Support
Mark Zuckerberg has announced that Facebook will change its company name to Meta, though the company’s signature social media platform will retain the name Facebook. The company’s shares are set…
How Bumper’s Price Protection Helps DeFi Users Earn Yield on Their A…
Is it possible to build a DeFi protocol that counters crypto’s inherent volatility while also letting holders enjoy the upshot of their assets? Bumper Finance is a DeFi price-protection protocol that aims…
ESL Gaming to Offer NFTs at Flagship E-Sports Event
ESL Gaming has partnered with Immutable X to offer NFT minting and trading on its e-sports platform. Leading E-Sports Company to Offer NFTs ESL Gaming, one of the world’s biggest…
Axie Infinity Jumps to New All-Time High, Targets $200
Axie Infinity has entered price discovery mode. Further buying pressure could push AXS toward the next psychological resistance barrier, which sits at $200. Axie Infinity Hits All-Time High Buyers are…