MANA Token Rises 44% Due To Facebook’s Name Change

MANA token rises 44% due to facebook’s name change and the rest of the tokens in the metaverse-related crypto space saw price changes after the social media’s announcement that it will rebrand so let’s read more in our latest crypto news today.

Cryptocurrencies associated with the metaverse or a virtual shared universe saw double-digit gains in the past days with facebook’s announcement that it will rebrand as Meta and aim to bring the metaverse to life. Decentraland’s MANA token rises 44% over the past day which brought the price to around $1.15 with Sandbox’s SAND increased by 21.5% and taking it to $1.02 while Enjin Coin saw a lot of modest gains of 10.8% on the day.

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. pic.twitter.com/ywSJPLsCoD

— Meta (@Meta) October 28, 2021

The Metaverse adjacent tokens like Axie Infinity that underpins an NFT-powered game and Flow which is designed for NFTs saw 24-hour gains of 7.8% and 7.6% respectively. The term originally coined in the 1992 novel Snow Crash as the Metaverse described the persistent virtual universe in which the users interact with each other as digital avatars which shared online spaces that can be used for social interactions, work, and games. Most fictional depictions of the Metaverse like the 2018 film Ready Player One sees users accessing it through virtual and augmented reality devices as it could present with many related platforms like Decentraland which can be visited using a conventional PC.

Crypto advocates seized the metaverse momentum as a perfect use case for crypto with non-fungible tokens while enabling users to take ownership of digital objects like virtual clothing and avatars for plots of in-game land. They see users being able to migrate the digital objects between other metaverse platforms so a user could buy NFT clothing for their avatar on the platform and take them to another.

Facebook’s META name change is a part of sweeping changes by the company towards the metaverse. In September, it announced a $50 million investment in other initiatives and partnerships while in the keynote announced the company’s rebranding. CEO Mark Zuckerberg noted that the metaverse is the next frontier like social networking at its beginnings. As a part of the rebranding, Facebook stated that teh company will support NFTs and will explore new types of models, ownership, and entitlements to bring people more confidence. Shah noted:

 “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.”