Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Metaverse Tokens Are Soaring On Facebook’s Rebrand News

By Crypto BriefingCryptocurrencyOct 29, 2021 06:21AM ET
www.investing.com/analysis/metaverse-tokens-are-soaring-on-facebooks-rebrand-news-200606772
Metaverse Tokens Are Soaring On Facebook’s Rebrand News
By Crypto Briefing   |  Oct 29, 2021 06:21AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 

Several Metaverse-related projects have put in double-digit gains.

Key Takeaways

  • Facebook (NASDAQ:FB) 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."

The Metaverse-related crypto projects Decentraland and Axie Infinity were rallying after Facebook revealed that it would be rebranding and turning its focus to virtual reality worlds yesterday.

Metaverse Tokens Rise

Crypto investors were 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 Zuckerberg 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
USD/MANA Chart

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 was up 23% on Friday, 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 last week'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.

Original Post

Metaverse Tokens Are Soaring On Facebook’s Rebrand News
 

Related Articles

Metaverse Tokens Are Soaring On Facebook’s Rebrand News

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email