Facebook Meta: Boon for Metaverse Crypto Projects?

Facebook Meta: Boon for Metaverse Crypto Projects?

Mark Zuckerberg took his vision to a brand new level as he announced that his social media brand, Facebook, would recondition to ‘Meta’ in his most recent effort to build a metaverse. Zuckerberg hints that he wants Facebook to be bigger than just a social media company. Meta, the new evolved company, would support online 3-D environments, something we all have been wanting amidst the extended lockdowns due to the deadly pandemic. Covid-19 has made us realize how important human interaction is, and now, with Meta, interacting with people may become way more fun and easier. The connection is evolving as Meta’s tagline suggests. But what are the consequences that Facebook’s futuristic rebranding poses on the cryptocurrency and the decentralised industry?

Investors Shifting their Focus to Virtual World Metaverse Tokens

Cryptocurrencies like Decentraland token, MANA jumped to $4.33 as soon as Zuckerberg revealed his intentions on Meta. The gaming cryptocurrency, MANA, is currently trading at $2.80 and is down by 0.52% in the last twenty-four hours. It was trading at $0.80 levels only a week before, and Facebook’s rebranding has resulted in a surge of 400%. MANA is primarily a token that can be utilized in the Decentraland metaverse. In Decentraland, people could purchase digital art, a piece of virtual land or even create their very own virtual social network. Zuckerberg’s intention to build a single 3-D virtual environment has shaken the virtual world market. MANA may be expected to reach heights as it will become much more inclusive in the new age Facebook. 

Chris Kline, the Chief Operating Officer as well as the co-founder of the Bitcoin IRA, said that these tokens would find value as Meta attempts to build a metaverse. MANA’s rally is simply an example of the influence that Meta will have on the crypto industry. According to Kline, this happens to be good news because it involves a mainstream understanding of cryptocurrency. The Sandbox’s token, SAND, also rose to $2.38 after surging by 200%. Sandbox, again, is quite similar to Decentraland’s virtual environment. Investors are ardently channelling their attention to the metaverse tokens. 

How can Blockchain be a Pivotal Technology in Zuckerberg’s Metaverse? 

A metaverse is a closely-knit universe of decentralized networks, augmented and virtual reality and so on. Hence, the possibility of blockchain technology playing a pivotal role in creating this 3-D universe is very high. Blockchain’s decentralization is the sole factor that sets it apart from other technologies. 

Decentralization in many ways is a promising technology as it ensures trustworthy governance of a network. Hence if the decentralized property is implemented, then the control of the network does not lie within a single entity. This is what precisely describes a metaverse. Zuckerberg clarified that he doesn’t plan on owning the metaverse. Not because he can’t, but because nobody can own a metaverse. This is because it isn’t centralized like the internet but is an open and independent platform. 

The metaverse trend will clearly affect the cryptocurrency industry as it will imply its proliferating mainstream adoption. The Metaverse is undoubtedly the next big thing and the crypto industry being at the forefront of technological advancement is already moving ahead in this direction with so many Metaverse focused blockchain projects either launched or are about to debut.