Metaverse’s Cryptocurrency Leaps in Price After Facebook Rebrands as Meta

article by Amit caesar

The price of a cryptocurrency that may be used in a metaverse jumped 164 percent in 12 hours, according to data from Coinbase, according to the New York Post on Sunday (Oct. 31). MANA, Decentraland's virtual reality cryptocurrency, reached $4.33 on Saturday evening, up from roughly 80 cents a week ago. According to the study, the boost in value came as a result of Facebook's rebranding to Meta, which reflected the company's ambition to establish a "metaverse," and experts highlighted that this had created enormous potential in the virtual world industry. "Facebook's choice to rebrand and focus on constructing its own extension to the digital world would likely solidify Mana's leadership position in the metaverse ecosystem even further," said Denis Vinokourov, head of research at Synergia Capital, according to Coindesk, as quoted by the New York Post. Users can buy digital art or construct a virtual social world in Decentraland's metaverse.

It can be accessed using digital tokens, according to the article.

Read more: Facebook Rebrands as Meta in Push to Align With Metaverse 

According to PYMNTS, Facebook's name change to Meta was announced Thursday (Oct. 28) at the Facebook Connect augmented and virtual reality conference, and shows the company's desire to move away from its social media roots. "Today, we are viewed as a social media company, but our DNA is a firm that produces technology to link people, and the metaverse is the next frontier, just as social networking was when we first started," Facebook CEO Mark Zuckerberg wrote in a letter.

PYMNTS reported in September 2020 that industry and society are moving on to new experiences in futuristic online "worlds" with functional economies, where real-world and virtual events converge in an evolution of social media-style community and, increasingly, commerce.

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