Crypto projects linked to the Metaverse, Decentraland and Axie Infinity, are on the rise after Facebook yesterday revealed it will be rebranding and focusing on virtual reality worlds.
Rise in Metaverse Tokens
Cryptocurrency investors are rushing to buy in the Metaverse.
Several crypto projects focused on the Metaverse have recovered after the announcement of Facebook’s rebranding. The Big Tech giant revealed Thursday that it will change its name to ” Meta“, Explaining that he was going to move from traditional social media to building the Metaverse.
« Our mission remains the same, it’s always about bringing people together“, Said Mark Zukerberg, CEO of Facebook, during a 90-minute presentation on the future of the company. ” We’re still the company that designs technology around people. But now we have a new pole star: to help bring the Metaverse to life. »
While several projects have rallied around the news, virtual world Decentraland is currently leading the charge, with the game’s MANA token having increased by over 46% since the announcement.
Other Metaverse and NFT gaming projects also saw big gains. Axie Infinity, the blockchain game that took the crypto space by storm this summer, initially rose more than 17% before seeing a slight dip.
Another NFT gaming project, Enjin, also saw a rise, gaining more than 11%. Enjin is a gaming platform that allows users to cash in their in-game items on Ethereum and transfer them between games on the platform in what the company calls the ” multivers« .
The Sandbox, a Minecraft-like Metaverse mobile game, also benefited from Facebook’s announcement. The game’s SAND token is up 23% today, extending its rally by a week.
The Metaverse refers to a future iteration of the Internet, where shared virtual spaces are interconnected, forming a perceived virtual universe where users can meet, play games, and socialize.
Mark Zuckerberg said he believes the Metaverse will be the ” successor to mobile Internet“, Allowing users to create digital worlds using VR technology and augmented reality. As part of yesterday’s announcement, he also hinted that his company will support NFTs in the future. Earlier this week, the company revealed it will invest $ 10 billion in construction for the Metaverse this year.
Prominent figures in the crypto space have also shared views similar to those of Mark Zuckerberg. Raoul Pal, a former hedge fund manager and big fan of cryptocurrencies, has often said that he believes the Metaverse and social tokens like Decentraland’s MANA token will become more and more common in the years to come.
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