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- Last year Mark Zuckerberg announced a name change for Facebook to Meta.
- He talked about his focus on developing the technology and bringing metaverse to life along with its previous projects.
- This announcement gained a lot of attention and had its impact on the crypto world too.
Last year in late October, Facebook, a household name, made a big announcement that it is changing its name to Meta to convey that it’s just more than just these social media platforms. It wanted to reflect on the fact that Facebook is now going to focus on the upcoming technologies. And it changed to Meta, a word from the metaverse. It said this platform is going to be more immersive. They talked about their role to be of, accelerating the development of these fundamental technologies, creative tools and social platforms so that the metaverse could be brought to life. They basically wanted to convey that Meta is here to build and focus on new technologies and make the experience of their users more lively and interesting.
Mark Zuckerberg being a prominent name, had quite an impact not only on its users but also on the market. Some people looked at it from the lens of emerging technology and opportunities; however, some didn’t really accept it positively.
According to analysts at Jefferies, the metaverse has the ability to disrupt almost everything in human life. Bloomberg Intelligence described the metaverse as a market opportunity of $800 billion. However, the gaming companies like Ubisoft introduced NFTs and a crypto-based payment system, and Square Enix stated 2021 to be the Metaverse year.
If we understand the metaverse, it is a world where people can work, interact, hold meetings, play games, buy properties and much more through their personalised avatars. Basically performing all day to day activities but in a virtual world. Some of the most popular Metaverse projects are: Decentraland(MANA), The Sandbox(SAND), Axie Infinity(AXS), Enjin Coin(ENJ), Gala(GALA) etc.
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And some of these projects were significantly impacted after facebook announced to change its name to Meta:
Decentraland(MANA) which is an Ethereum based virtual reality platform where the players can own and develop land, and MANA is the token through which you can make payments for the purchase. There are tools in the game through which you can create your artwork and spaces. After the announcement by Mark Zuckerberg, the prices went up, and the token performed pretty well in the month of November and December, which was the best if we talk about the whole year. There was a surge in the price of MANA tokens which rose to its all-time high to $5.90 on November 25 2021.
The Sandbox(SAND) is a blockchain-based decentralised metaverse in which the players can monetise their in-game creations. Just like decentraland, it is a virtual world where people can play games, socialise, attend concerts, etc. There was a similar surge seen in the price of SAND tokens which performed well after the announcement in comparison to the whole year. The all-time high price of SAND went to $8.44 on November 25 2021.
Starlink(STARL) is a decentralised Metaverse project which uses the STARL token as a currency for its marketplace and metaverse. It rose to its all-time high on November 17 2021, to $0.00008823.
In fact, a lot of Metaverse-related coins saw a rise in the price in just 24 hours after the name change announcement. For instance, MANA, SAND and STARL were earlier consolidated price graphs, but after October 28 2021, the token prices of these metaverse-related projects went up and were even seen to reach their all-time high. Even the lesser-known coins had an impact by this name change.
A lot of investors of cryptocurrency saw it as a sign that acceptance of the metaverse trend will grow in the future. Apart from the impact on cryptocurrency, the companies and investors from the tech world were quite excited and were convinced that this is a significant development, after Zuckerberg’s commitment to the metaverse. Although a lot of people didn’t really appreciate the name change and assumed a lot of things, Mark Zuckerberg focusing on bringing a whole new experience for its audience brought a lot of appreciation from them.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
