Metaverse-related digital assets are rallying right now. MANA is up 100% while SAND climbed 35%. The Metaverse Index Token rallied 20% in a single day. Facebook’s rebrand to Meta is driving the prices of metaverse-related assets.
The costs of crypto metaverse tokens are soaring as much as 100% in the wake of Thursday’s news that Facebook was rebranding to Meta in a bid to “bring the metaverse to life”.
MANA, the token powering the browser-based video game Decentraland–a kind of hybrid of Minecraft and Second Life–is at the moment trading for $3.39, up 100% from yesterday.
SAND, the native token for The Sandbox, a community-driven metaverse where customers could make their very own NFT gaming worlds, has rallied 35% since yesterday.
SAND hit an all-time high of $2.41 within the early hours of the morning UTC before retreating 30% to its current price of $1.73.
The Metaverse Index token, a tokenized index fund that tracks the value of high metaverse tokens, climbed 20% in a single day and 50% the previous week, in keeping with data taken from Zerion.
The Metaverse Index token is priced according to the values of a number of underlying tokens that are linked to metaverse merchandise, together with SAND, MANA, and AXS–the native token for the Pokémon-styled blockchain game Axie Infinity–the value of which sunk 11% in a single day to hit $136.
What is the Metaverse?
Facebook’s (now Meta’s) announcement on Thursday was a transparent signal that the corporate needs to determine itself as one of the prime builders within the metaverse, but the ‘metaverse’ itself isn’t a Facebook invention.
The metaverse describes a new incarnation of the web, where the two-dimensional surfaces of right now’s web have been changed by immersive 3D digital reality environments.
The metaverse proposed by Facebook in its keynote address will be a spot of social interaction and commerce. Digital environments may include meeting or train rooms. Recreation may take the form of 3D online shopping, gaming, or dwell music events.
Considering that the crypto community has pioneered both fungible and non-fungible digital assets, and inserted them into 3D open-world contexts like Decentraland and The Sandbox, it’s pure to imagine that crypto will play a giant function within the metaverse going ahead. Facebook’s own keynote acknowledged the role NFTs will play in its metaverse designs.
Nevertheless, John Carmack, the CTO of Facebook’s VR hardware arm Oculus, clarified in a YouTube keynote handle that crypto’s incorporation in Facebook’s metaverse will most certainly be restricted.
The crypto community typically understands the metaverse as a collective of online protocols which might be all interoperable, with blockchain being the tech that makes all this potential. Some think that Facebook’s try and create the metaverse by itself is at odds with this vision.
Nonetheless, buyers have been betting big on the metaverse ever since Thursday’s announcement. Whether Meta embraces crypto or not is inappropriate. The point is that the metaverse is now a buzzword within the tech world, which means that crypto will definitely have a job in some type or other.