Tuesday, November 30, 2021

Metaverse tokens surge to double digits as Facebook rebrands to Meta.

The Takeaway:

Facebook, the world’s largest social media platform, went under a rebranding and now will be known as Meta.

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The world’s largest social media platform Facebook went under a rebranding and now will be known as Meta. The name change was in line with the company’s focus on building the world’s first true metaverse. Facebook’s crypto plans have come a long way from their first project Libra, which never saw the light of the day as it faced heavy scrutiny from government across the globe, leading to key members pulling out even before the scheduled launch.

 

Facebook’s name change led to a surge in Metaverse Tokens.

A number of popular metaverse tokens recorded double-digit gains as Facebook unveiled its new name. Decentraland, a popular metaverse saw its token MANA surge over 44.6%, Enjin coin surged over 11%, while the SAND token surged 21.5%. Apart from these key Metaverse tokens, other NFT gaming tokens, including Axie Infinity’s AXS, also surged 8%. The Metaverse concept was born in 1992, but its true realization seems to be possible now with crypto tokens and NFTs. Metaverse is a truly digital world where every interaction happens via the digital avatar of that person.

 

The name change for the brand receives criticism. 

The name change for the brand comes amid heavy criticism, with the likes of Edward Snowden claiming that a name change won’t fix the years of unjust that the social media giant has done. Many others also called out the social media company for running away from its responsibility via a name change. The meme fest on social media might not be a good omen for the project, but the name change has surely helped several other Metaverse tokens currently trading in the crypto market.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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