• Decentraland rises 44% as Metaverse tokens soar on Facebook’s Meta rebranding

  • The cryptocurrency associated with the metaverse – a persistent, virtual shared universe – has gained double digits in the past day after Facebook announced it would rebrand Meta with a mission to “bring the metaverse to life.”

    Decentraland’s MANA token led the way, gaining over 44.6% in 24 hours, bringing its price to around $1.15. The Sandbox’s SAND rose 21.5%, bringing it to $1.02, while Enjin Coin (ENJ) had a smaller gain of 10.8% on the day, bringing it to $2.44.

    Tokens adjacent to the Metaverse, such as Axie Infinity’s AXS, which supports a game powered by NFT, and Flow, a blockchain designed for NFT, posted 24-hour gains of 7.8% ($139.17) and 7.6% ($13.56), respectively.

    What is Metaverse?

    The Metaverse, a term originally coined in Neal Stephenson’s 1992 novel Snow Crash, describes a persistent virtual universe in which users communicate with each other as digital avatars. These shared online spaces can be used for social interaction, gaming, and even work.

    Most fictional depictions of metaspace, such as the 2018 film Ready Player One, also envision users accessing it through virtual and augmented reality devices, although many related platforms, such as Decentraland, powered by cryptocurrency, can currently be accessed using traditional PCs.

    Cryptocurrency advocates have identified metaspace as a perfect use case for cryptocurrency, with non-fungible tokens (NFTs) enabling metaspace users to gain ownership of digital objects, such as virtual clothing for avatars and plots of land in games. Ultimately, they envision users being able to migrate digital objects between different metaspace platforms; thus, users could, for example, purchase NFT clothing for their avatars on one platform (e.g., Decentraland) and take it to another (e.g., The Sandbox).

    Facebook’s Meta rebranding is part of an overhaul of the company’s metaspace. in September, it announced a $50 million investment in metaspace-related initiatives and partnerships, and in a keynote announcing the company’s rebranding yesterday, CEO Mark Zuckerberg said that “metaspace is the next frontier, just like social networking was when we started.”

    Facebook moves fully into metaspace with new company names Meta and NFT

    As part of its rebranding, Facebook said the company will support NFT, and Vishal Shah, head of product for metaspace, said the company is “exploring new types of ownership, models and rights to ensure people feel confident in what they actually own.”

    Shah added: “This will make it easier for people to sell limited-edition digital items like NFT, display them in their digital space, and even resell them safely to the next person.”

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