Facebook’s decision this Thursday to rename Meta (following the plan to create metaverse with avatars) sparked a speculative price hike for cryptocurrencies among the project world.
Decentraland, a virtual venue with its own economy, currency (MANA), social events and accessible to anyone with a web browser, rose its market valuation in the past 24 hours from $ 1,500.44 billion to $ 2.08 billion in the Let the height soar. This increased the native token MANA by around 45% to USD 1.14.
Daily MANA / USDT Price Chart | Source: TradingView
At the best time of the day, MANA was trading at $ 1.48 on Friday, its highest level since May 18, 2021.
COO and co-founder Emil Angervall of music technology startup Corite says Meta offers extremely affordable opportunities for the still-growing NFT space.
Calling it a highly liquid company, Andervail stressed that Meta will eventually partner with existing NFT projects in the field to help the entire crypto sector go mainstream. He added:
“We can expect unique NFT and Metaverse innovations that match Meta in the coming months.”
Axie Infinity, a play-to-earn pet training game and Pokemon-themed virtual world, also saw market valuation rise more than 10% from $ 7.74 billion to 8.9 in the past 24 hours Billion dollars.
Price table AXS / USD Daily | Source: TradingView
At the same time, Axie Infinity’s native AXS token also rose more than 20%, reaching $ 150 for the first time in 2 weeks. AXS serves as the legal currency on the Axie Marketplace, and players use it to purchase NFTs (digital pets) in-game.
Other Metaverse projects and their tokens, such as Sandbox (SAND), Illuvium (ILV) and Division Network (DVI), also grew, confirming the explosion of a particularly service-oriented digital asset pool.
Metaverse tokens and their performance over the past 1 and 24 hours. Source: Messari
Overall, the net market cap of Metaverse tokens rose 13.4% to $ 12.36 billion in 24 hours.
Mike Dickens of NFT Markets Blockasset.co added:
“The growth of these tokens is not surprising. Facebook’s new name alludes to the groundbreaking work NFT protocols have done over the past few years […] These factors also contributed to the increased sentiment surrounding the NFT token on Friday. “
Cryptocurrency payment network Mercuryo, co-founder and COO Greg Waisman advises merchants to wait for a correction in the Metaverse token price despite recent gains.
The operator says that “traders will make more profit as the market cools off from this massive bull run,” although Meta should lead the sector to higher valuations overall over the coming quarters.
“Meta’s indirect impact could push capitalization to $ 60 billion by the end of the first quarter of 2022.”
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Minh Anh
According to Cointelegraph
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
Grand Cayman, Cayman Islands, May 3rd, 2024, ChainwireProtocol launches, growth trajectory, and industry-leading technology point…
Bitcoin and Ethereum options contracts worth $2.4bn expire on May 3, potentially causing market volatility.…
The integration helps users with a $10 USDC reward for purchasing at least $10 of…
11 people lost property worth NT$4.34m in a Singapore crypto poker robbery, including $3.58m SGD…
Hong Kong asset managers invested $112M in US-based spot Bitcoin ETFs. Yong Rong Asset Management…
Arthur Hayes offers insights into Bitcoin's recent performance, along with predictions for its future trajectory,…
This website uses cookies.