- MANA is the biggest gainer after rising over 57% in 24 hours to hit $1.29.
- Metaverse-adjacent coins like AXS and FLOW have also gained on this news.
- As part of rebranding to Meta, the social giant has promised to support NFTs.
Digital assets associated with the metaverse, a virtual shared universe, have made moon shots after Facebook changed its brand to Meta yesterday. The metaverse coins that recorded notable gains include Decentraland’s MANA (MANA/USD), Sandbox’s SAND, and Enjin Coin (ENJ/USD). This effect spilled over to metaverse-adjacent tokens as well.
MANA is leading the pack after rising 57.87% over the past 24 hours to hit $1.29 at the time of writing. These gains have seen the coin inch closer to its April 17 ATH of $1.63. SAND comes next after gaining 21.59% in 24 hours to hit $1.07. This value is 10% down from its August 30 ATH of $1.20. ENJ takes third place after surging 5.01% to change hands at $2.41.
As for the metaverse-adjacent coins, Axie Infinity’s native token (AXS/USD) is up 15.45% in the day to change hands at $147.56. Flow (FLOW/USD), the native token of a decentralized and developer-friendly blockchain for NFTs, has climbed 9.13% in the past 24 hours to change hands at $9.12.
Facebook a new path
Facebook’s announcement read,
Announcing @Meta — the Facebook company’s new name. Meta is helping to build the metaverse, a place where we’ll play and connect in 3D. Welcome to the next chapter of social connection.
This announcement came as the social giant continues searching for ways to enter the crypto market. Before the rebranding, the company disclosed that it had injected $50 million in metaverse-related projects and partnerships.
Yesterday, the firm’s CEO, Mark Zuckerberg, compared the metaverse to social networking when Facebook got into the industry, saying that the metaverse is the next frontier.
As part of rebranding to Meta, the company has vowed to support NFTs. According to the Head of Metaverse Products at Meta, Vishal Shah, the firm is exploring new types of ownership, models, and entitlements to help people feel confident that they 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.
Striving to enter the crypto market
By getting involved with the metaverse, Meta is positioning itself to get a piece of the crypto pie. This is because crypto advocates believe the metaverse is a perfect use case for cryptos, especially with the NFT space catching on.
With Meta’s promise to support the metaverse and NFTs, the company will get a chance to interact with cryptocurrencies after its plans to launch a universal stablecoin hit a snag.