Facebook’s announcement last week that it was rebranding itself to “Meta” has led to a rally among Metaverse related tokens.
A token called “MANA”, the token powering the browser-based video game Decentraland (a hybrid of Minecraft and Second Life), is currently trading for $3.39, up 100% while “SAND”, the native token for The Sandbox, a community-driven metaverse where users can make their own NFT gaming worlds climbed 35%. The metaverse index token, which contains 14 assets related to the paradigm, rallied 20% overnight.
What is the Metaverse? The Metaverse describes a new incarnation of the internet. Immersive 3D virtual reality environments could replace the two-dimensional surfaces of today’s web. Considering that the crypto community has pioneered both fungible and non-fungible digital assets and inserted them into 3D open-world contexts like Decentraland and The Sandbox, it’s natural to assume that crypto could play a big role in the Metaverse. It is a collective of online protocols that are all interoperable, where assets can be exchanged between the platforms, with the blockchain being the underlying tech making this possible.
The point is that the Metaverse is growing to be more than a buzzword, and crypto will undoubtedly have a central role in shaping it.