The announcement of the rebranding of Facebook in Meta, has been felt with great force on the market of cryptocurrency, specifically on metaverse tokens. Where MANA, the token used to power the browser-based video game Decentraland, a sort of hybrid between Minecraft and Second Life, it has practically doubled its price. Imitated by SAND, the native token for The Sandbox, a community-driven metaverse where users can create their own NFT game worlds, which saw its share price rise by 35%. And, again, the growth of 20% achieved by the Metaverse Index, a tokenized index fund which keeps track of the price of the best tokens in the metaverse, which brought the price recorded in the last week to 50%, according to data taken by zerion. In the last few hours, prices have undergone a retracement, but the impression is that the trend has not ended.
Facebook becomes Meta
The announcement of the change of name by Facebook in Meta, which took place on Thursday has prompted many to wonder what metaverse is. In fact, it must be clarified that this is not an invention of the social network, even if from now on it risks being attributed to it. By metaverse is meant one new version of the Internet, in which the two-dimensional surfaces that currently characterize the web have been replaced by the typical environments of 3D virtual reality.
In the version imagined and proposed by Facebook, it will present itself as a place where social interaction will be possible. And, of course, the trade related to it. Virtual environments, in fact, will be able to offer meeting rooms or shops, where you can play games, listen to music or make online purchases.
The increasingly important role of digital currencies in the metaverse
The cryptographic community has already paved the way for fungible and non-fungible digital resources by proceeding with their inclusion in 3D open world contexts such as Decentraland e The Sandbox. Precisely this attitude leads us to think that cryptocurrencies are destined to play an important role in the metaverse, already in the immediate future.
The industry generally looks at it as a collective of all interoperable online protocols. In which the blockchain it is called upon to act as a basic technology capable of making its developments possible. So much so that some have argued that Facebook's attempt to create the metaverse without any connection with other similar experiences is contrary to the original vision.
At the same time, John Carmack, the CTO of the VR hardware arm of Facebook Oculus, wanted to clarify in a video posted on YouTube that the incorporation of cryptography in the social metaverse will in all likelihood be extremely limited.
Meanwhile, the crypto market is betting on the metaverse
The movements that have involved the tokens linked to the metaverse, however, make it clear that investors have already been alerted to what could happen now. And how they already have bet in a big way on the metaverse, as soon as the Facebook announcement arrived.
At this point, indeed, it can be said that for many of them it is completely irrelevant that Meta embraces cryptocurrencies and in what way. The metaverse is now on everyone's lips, like a real promotional campaign at no cost. On the model of tweet from Elon Musk in support of Dogecoin which allowed the meme coin to turn into a phenomenon of costume. The same thing could happen now with the metaverse and cryptocurrencies connected to it. The boom of MANA, SAND and Metaverse Index is just to prove it.