Metaverse tokens soared after the announcement of Facebook’s name change to Meta, as the company shifts its long-term focus from social networking and messaging to 3D immersive virtual environments.
Decentraland (MANA) leads the way
At the time of writing, the Decentraland (MANA) token is up 54.8%, compared to 15.5% for Axie Infinity (AXS), 23% for The Sandbox (SAND) and 13.8% for Dentral Games (DG).
Mark Zuckerberg confirmed this change of direction during his presentation of Connect 2021, this October 28. Appearing first in the real world, Mark Zuckerberg then found himself bathed in an otherworldly blue light, before being transported into a simulated virtual reality.
“Over time, I hope we’ll be seen as a metaverse company; and I want to anchor our work and our identity to what we’re striving for,” he said. “It’s time for us to adopt a new corporate brand to encompass everything we do, this to reflect who we are and what we hope to build.”
A range of new features will be rolled out by Meta over the coming year, integrating Facebook and Instagram into metaverse work environments, in addition to offering multiple user accounts, allowing its users to separate their personal and professional lives.
While the metaverse is already big news in the cryptosphere, Facebook’s rebranding has naturally led to more exposure in the sector and everything related to it.
Facebook, Meta and Diem
This recent Facebook rebranding is not the first time Mark Zuckerberg has aligned the company’s interests with cryptocurrency-related technologies. In 2019, the Facebook CEO sent the crypto world into a tizzy when he announced the launch of a new digital currency called Libra.
The project caught the attention of Congress and has since languished in development hell, losing key founding board members, muted ambitions, and renamed itself Diem.
Mr. Zuckerberg and Meta are no doubt hoping that their next brush with the cryptosphere will be less thorny.
