Prices for the metaverse, non-fungible tokens (NFT) and game tokens have surged in the past few hours, with markets buoyed by news that Facebook will rename itself Meta . The tech giant has confirmed its plans to rebrand itself as a “metauniverse” company – and has referenced “cryptocurrency” and “NFT” in its name change posts.
Several coins associated with the metaverse have skyrocketed more than 100% in the past 24 hours, with the fastest gains in the hours since the tech titan was announced. At 07:50 UTC, starlink (STARL) rose 109%, while decentralization (MANA) jumped 39% and sandbox (SAND) increased 23%.
In the NFT / gaming world, Coingecko data has shown solid growth, with the market-leading Sky Mavis game Axi Infinity Shards (AXS) growing 11% in the last 24 hours. Other coins associated with the games have also grown.
As previously reported, the industry was briefed about the upcoming name change last week, while founder Mark Zuckerberg has been talking about the metaverse twist for months.
But the name Meta, and the language Zuckerberg and his colleagues used to talk about the company’s new direction, led markets to believe that big money was about to flow down the path of the metaverse.
In a “letter to the founder,” Zuckerberg wrote that the new pivotal mechanism “will require not only new technical work, such as supporting cryptocurrency and NFT projects in the community, but also new forms of governance.”
At its annual Connect event, the company said it explored how “the metaverse might feel over the next decade,” looking at topics such as “social connections, entertainment, gaming, fitness, work, education and commerce.”
He also announced spending in the form of “new tools to help humans build for the metaverse.” These include the Presence Platform, the Quest 2 mixed reality solution and “a $ 150 million investment in immersive learning to train the next generation of creators.”
The company did not openly mention the role that its Diem stablecoin project and Novi wallet – now in pilot testing – could play in a new direction, instead highlighting its commitment to VR (virtual reality) and AR (augmented reality). projects.
He called his “vision of the metaverse” nothing more than the “successor to the mobile Internet,” calling it “a set of interconnected digital spaces that allow you to do things that you cannot do in the physical world.”
Real-world products such as “the first full-blown AR glasses,” according to Meta, “were still released a few years later.”