Decentraland's MANA Up 44% as Metaverse Tokens Surge in Wake of Facebook's Meta Rebrand
Read the full article by Stephen Graves
Tokens for metaverse-related crypto projects have seen their prices rise by double digits after Facebook's announcement that it would rebrand as Meta.
Key Points:
Facebook has recently announced that it is rebranding itself to be called Meta, their mission is to “bring the metaverse to life".
Decentraland’s Mana token was the leader of the pack, surging over 44.6%. Now being priced around $1.15.
Sandbox’s native coin SAND rose by 21.5%, taking it to $1.02, Enjin coin went up about 10.8% on the day, taking it to $2.44.
Axie infinity’s play to earn game and Flows blockchain built for NFTs saw 24 hour gains of 7.8%(139.17) and 7.6%(13.56).
What is the Metaverse?
The most modern public perception of the metaverse comes from Stephen Spielberg’s Ready Player One.
The movie takes place in 2045 and the outside world is in terrible shape. Most of society was living below poverty line, So terrible that people find themselves being in the OASIS more than anything else. The OASIS was an expansive virtual reality universe created by eccentric James Halliday(character in movie). Halliday passes away and it becomes a reality bending treasure hunt in the virtual world to find the creators fortunes. Aside from the greed and dark side of this film, the thing most viewers including myself found interesting is where the virtual economy can go.
Technology has come a long way, VR headsets are becoming a lot more affordable and the quality is improving. Platforms like Decentraland are here to continue. Platforms like Decentraland and Sandbox are never ending meaning that these games are community built/run. The game acts as an entire digital economy allowing players to transact amongst themselves peer to peer to purchase NFTs like virtual real estate, pieces of art or literally anything that creators make and render into the space. Players can visit the Atari Casino to play some evening blackjack or just to socialize.
The point is that it is providing people with a whole new way to socialize/network. Covid-19 has taken us digital, many companies do not have the capital or are not as willing to pay for the costly rent of office spaces.
This is why Mark Zuckerberg is taking Facebook into the space.
Facebook's Meta rebrand is part of a sweeping realignment by the company towards the metaverse. In September it announced a $50 million investment in metaverse-related initiatives and partnerships, while in the keynote yesterday announcing the company's rebranding, CEO Mark Zuckerberg stated that, "the metaverse is the next frontier just like social networking was when we got started."
As part of its rebrand, Facebook has stated that the company will support NFTs, with Head of Metaverse Products Vishal Shah stating that the company is "exploring new types of ownership, models, and entitlements to ensure people feel confident that they actually own something."
Shah added that "This will make it easier for people to sell limited edition digital objects like NFTs, display them in their digital spaces and even resell them to the next person securely."