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.

FOMO “Meta”

Merchants flocked to the Decentraland market after recognizing Facebook’s foray into the virtual world. The company’s CEO, Mark Zuckerberg called From now on, following the latest rebranding, they will prioritize “Metaverse first, not Facebook”.

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. “

Adjustment risk

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.”

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Minh Anh

According to Cointelegraph

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