Mana, a gaming cryptocurrency used to buy and sell virtual land, surged to a record high of $4.16, more than 400% just a few days after Facebook announced it is rebranding to Meta. Its total market value reached a high of $7.52 billion.
Chris Kline, chief operating officer and co-founder of Bitcoin IRA, said Facebook shifting its focus to the metaverse means that there’s going to be a lot of development time probably spent from (Meta) building out some version of a metaverse where these tokens will find value. “This is great news for the crypto ecosystem because it’s mainstream understanding of another layer of what is crypto.”
Moreover, Bitcoin also seems to have benefitted from the social media platform’s rebranding as it hit an all-time high of nearly $67,000 in October before sliding at the end of the month. Investors have also turned to parody crypto or lesser known cryptocurrencies like shiba inu, dogecoin and mana. According to CNN Business, Sand which is the token for The Sandbox – another virtual world that allows users to create, buy and sell digital assets, also rose over the weekend to a nearly 200% increase hitting $2.38. Its market value peaked to $2.13 billion.
Nocelle Acheson, head of market insights, Genesis Trading, believes that the Facebook announcement focused investors’ attention on the economic potential here. “The technological developments of the past few years, including a focus on the metaverse, combined with cultural shifts that were accelerated by the COVID-19 pandemic, have left investors eager to find the next bitcoin or ethereum,” Acheson explained. “Obviously nothing is going to replace bitcoin or ethereum per se, but those kind of returns are what investors are looking for.”
Investors believe the metaverse is the next best thing in the world of socializing, as such, the metaverse tokens could experience further growth in the coming months and years as more development and investment enters the field.