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Metaverse, NFT And Gaming Token Prices Soar As Facebook Renames Itself Meta

Metaverse, NFT And Gaming Token Prices Soar As Facebook Renames Itself Meta

Prices of Metaverse, NFTs and Gaming Tokens have shot up since Facebook announced that it would be renaming itself ‘Meta’. The social media giant made the announcement yesterday and plans to rebrand itself as a ‘metaverse company’. It has made references to NFTs and crypto in its discussion around the name change. 

A number of metaverse-related coins shot up 100%+ in the last 24 hours, with the most growth happening just after the tech giant’s announcement. Stalink (STARL) surged 109% and decentraland (MANA) rose by 39%. Sandbox (SAND) also saw a surge of 23%. 

As for the NFT/Gaming world, Coingecko data showed strong growth. The market-leading Sky mavis game Axie Infinity shard (AXS) coin jumped up 11% in the last 24 hours and other gaming-related coins followed suit. 

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The industry was well aware of Facebook’s rebrand with founder Mark Zuckerberg speaking about plans for the metaverse for the past few months. However, the name Meta has led industry experts to believe that more money than expected is about to flow their way. 

In a founder letter, Zuckerberg wrote that the rebrand would “require not just novel technical work– like supporting crypto and NFT projects in the community- but also a few forms of governance.” 

At the annual Connect event, the firm said that it had explored what the metaverse could feel like over the next few years. They looked at matters including social connection, gaming, entertainment, fitness, work, education and commerce. 

The firm also made spending pledges in the form of new tools that would help people build for the metaverse. These include the firm’s Presence Platform, a mixed reality solution for Quest 2 and a $150 million investment in immersive learning to train the next generation of creators. 

The company is yet to mention the role that it’s Diem stablecoin project and the Novi wallet- now in pilot testing- could potentially play in the new direction. Instead, the firm chose to underline its commitment to VR (virtual reality) and AR (augmented reality) projects. 

The company has labelled its vision as the successor to the mobile internet. Calling it a “set of interconnected digital spaces that lets you do things you can’t do in the physical world.” The firm is working on a number of real-world projects, such as AR glasses, which are yet to be released.

Ruby Layram

Ruby Layram

Ruby is a writer for Bankless Times, covering the latest news on the cryptocurrency market and blockchain industry. Ruby has been a professional personal finance and investment writer for 2 years and is currently building her own portfolio of altcoins. She is currently studying Psychology at the University of Winchester, specialising in Statistical analysis.