Digital currencies such as Axie Infinity, Decentraland’s MANA, and other ‘metaverse’ cryptos are rallying after social media giant Facebook rebranded to Meta. The social media company’s decision came about on October 28th as it looks to expand beyond social media.
Decentraland, a virtual economy, had its market valuation skyrocket from $1.44 billion to $2.08 billion within the last 24 hours. In addition, its MANA token surged by approximately 45% to $1.14 for the same period. The Decentraland token was trading at $1.227 on October 29th, its highest level since May.
Traders besieged the Decentraland marketplace soon after Facebook’s venture into the virtual world space. The social media company’s chief executive officer Mark Zuckerberg released a video pronouncing Facebook as “metaverse first, not Facebook first.”
Co-founder and chief operating office of music tech startup Corite, Emil Angervall, chooses to focus on the upside opportunities of this new development. In a dialogue with Cointelegraph, the COO of the music tech startup explained that the NFT space is still emerging and could birth more opportunities. In addition, Angervall predicted potential collaborative efforts between Meta and existing NFT projects down the stretch. As he put it:
“We can expect unique NFT and metaverse innovations tailored to Meta in the coming months.”
Angervail reasons that this will further usher the crypto sector into the mainstream.
Image Credits: Pixabay
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