Facebook’s Metaverse Announcement Triggers Rally in These Related Cryptocurrencies
Facebook’s big bang announcement of the Metaverse has sent ripples across the crypto space. Metaverse platforms like Decentraland, Star Atlas, and Netvrk boomed after CEO Mark Zuckerberg decided to change Facebook's name to "Meta'' considering its growing focus on the metaverse.
Mark Zuckerberg stated that Meta would "bring the metaverse to life and help people connect" at the company's annual Connect 2021 conference on Thursday. Zuckerberg added, "It will be even more immersive and embody the internet where you’re in the experience, not just looking at it, and we call this the metaverse."
Following this prices of various metaverse tokens shot up and resulted in giving over 100% in returns. One of the examples of such a project is Decentraland. It is a VR (virtual reality) platform that provides an infrastructure to support a shared virtual world altogether powered by the Ethereum blockchain.
In this virtual world, people can purchase, sell, explore, or even build on the "LAND" using 'MANA' the official currency of Decentraland. Here 'LAND' and 'MANA' are two tokens where 'MANA' is an ERC-20 token that can be used to pay for a range of avatars and other products on the Decentraland marketplace. After the news of the firm's name change MANA coins had risen over 550% and reached a high of $4.95 for each token.
Netvrk is a social virtual world built on the blockchain, that allows users to make and monetize their creations that allow users to buy assets such as virtual land, building, cars, houses in the NETVRK market and also generate NFTs. Another way of earning a passive income with the NTVRK token can be done via staking, which pays stakers a fixed percentage of profits based on staking their tokens in the network.
The platform which recently made a record Virtual Land and transport NFT sale for over $17 million in under 60 days is focused on supporting multiple blockchains including Solana, Ethereum, Polygon among others. These blockchains will be integrated with the metaverse, allowing a plethora of the platform’s supported projects to operate natively.
It has been observed as one of the most successful tokens. which has grown over 166% since the name change to reach at a high of $4.
Another metaverse platform that rocketed after the debut of Meta was Star Atlas. It is the first of its kind, a next-gen gaming platform built on the blockchain. CEO Michael Wagner said they will be providing a gaming experience for users simultaneously allowing developers to “build their own economic and social narratives, with existing in-game lore, storylines, and characters serving only as a foundation for players to build upon.” Following Mark's announcement, the token observed an 80% climb in three consecutive bullish days.
Another major cryptocurrency that currently riding on the meta verse wave is Sandbox (SAND). The Sandbox is a virtual world where players can build, own and monetize their gaming experiences in the Ethereum blockchain using SAND, the main utility token of the platform.
The SAND crypto has rallied by 400% since the Facebook announcement last week and is currently trading at $2.5 as per data on WorldCoinIndex.