Metaverse, NFTs and Gaming Token Prices Soar as Facebook Goes Meta
We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. However, this potential compensation never influences our analysis, opinions, or reviews. Our editorial content is created independently of our marketing partnerships, and our ratings are based solely on our established evaluation criteria. Read More
Ad Disclosure
We believe in full transparency with our readers. Some of our content includes affiliate links, and we may earn a commission through these partnerships. Read more
Prices of metaverse, non-fungible tokens (NFTs), and gaming tokens have shot up in the past few hours, with markets buoyed by the news that Facebook is to rename itself Meta. The tech giant reaffirmed its plans to rebrand itself as a “metaverse company” – and has made references to “crypto” and “NFTs” in its communications on the name change.
Some metaverse-related coins shot up by up to 100%+ in the past 24 hours, with the most meteoric growth coming in the hours after the tech titan’s announcement. At 07:50 UTC, starlink (STARL) is up by 109%, while decentraland (MANA) jumped by 39%, and the sandbox (SAND) increased by 23%.
In the NFT/gaming world, data from Coingecko showed strong growth, with the market-leading Sky Mavis game Axie Infinity shards (AXS) coin up 11% in the past 24 hours. Other gaming-related coins were also up.
As previously reported, the industry was been made aware of a forthcoming name change last week, while founder Mark Zuckerberg has been speaking about a metaverse pivot for several months.
But the name Meta and the language that Zuckerberg and his colleagues have been using to speak of the company’s new direction has led the markets to believe big money is about to flow the metaverse’s way.
In a “founder’s letter,” Zuckerberg wrote that the new pivot would “require not just novel technical work – like supporting crypto and NFT projects in the community – but also new forms of governance.”
At the firm’s annual Connect event, the firm said that it had explored what the “metaverse could feel like over the next decade,” looking at matters including “social connection, entertainment, gaming, fitness, work, education, and commerce.”
It also made spending pledges, in the form of “new tools to help people build for the metaverse.” These include the firm’s Presence Platform, a mixed reality solution for Quest 2, and a “USD 150 million investment in immersive learning to train the next generation of creators.”
The company did not make any overt mention of the role its Diem stablecoin project and the Novi wallet – now in pilot testing – could play in its new direction, instead underlining its commitment to VR (virtual reality) and AR (augmented reality)-related projects.
It labeled its “vision of the metaverse” nothing less than the “successor to the mobile internet,” calling it “a set of interconnected digital spaces that lets you do things you can’t do in the physical world.”
Real-world products, such as the firm’s “first fully-fledged AR glasses,” Meta admitted, were “still a few years out.”
Reactions:
relevant todayhttps://t.co/bkdYYUjO2R
— 6529 (@punk6529) October 29, 2021
the reason i am worried is that Zuck is extremely talented and has infinite resources.
— 6529 (@punk6529) October 29, 2021
otherwise, i would be chillin' https://t.co/gx87dcznwN
Meta as in “we are a cancer to democracy metastasizing into a global surveillance and propaganda machine for boosting authoritarian regimes and destroying civil society… for profit!” https://t.co/jzOcCFaWkJ
— Alexandria Ocasio-Cortez (@AOC) October 28, 2021
— Alexander Leishman 🇺🇸 (@Leishman) October 28, 2021
It is 1999. I am renaming my successful dotcom company “Cyber”.
— Jay Graber 🦋 (@arcalinea) October 29, 2021
Meta + VR = matrix beta version
— Didar (@didar_bekbau) October 29, 2021
Brad, you're not going to like the standard Bitcoiner answer which I'm sure you're already seeing in the replies. Metaverse/NFTs/chairs are all scams to take your #Bitcoin. Bitcoin will be around in a thousand years, we don't need a seat at the table because chairs are a scam.
— Mike In Space (@mikeinspace) October 29, 2021
Zuck & Jack are the Gates & Jobs of this era. Truly great founders who built and ran organizations through multiple decades and tech transitions.
— Balaji (@balajis) October 29, 2021
Now they're pivoting to web3 and Bitcoin respectively, while founderless web2 companies of similar vintage are not gonna make it. https://t.co/shUT16YsoR
META is such a good sarcasm given everything FB has been doing is nothing meta – sovereign or meta – physical, but micro managing into all aspects of your online behavior to serve ads, create micro echo chamber and segment us further
— Dovey "Rug the fiat" Wan (hiring) (@DoveyWan) October 29, 2021
META – manipulating everyone through algo
I don't think so. I think facebook has changed their name just to attract web3 metaverse users to their platform and they will be building metaverse in pure centralised way. They are already having huge user base to take leverage from.
— DhruvBodani.eth (zk/acc) 🦇🔊 (@dhruvbodani) October 29, 2021
I think it's trivial that FB/Meta/Zuckerberg will lose
— 朱溯 🐂 (@zhusu) October 29, 2021
His advantage is not on culture or product but on realpolitik, acquiring competitors and lobbying for moats where there should be none–all propped by fat cat investors
His methods wield no power in the metaverse
This is what adoption looks like – it maybe not what you want, but it is what it is. Again, we have the choice to participate or not. This is very different to the physical world. Your opinion of Meta is just a matter of where you hang out.
— Raoul Pal (@RaoulGMI) October 29, 2021
“The name of the company is Meta. It's a cutting edge high-tech Web 3.0 company with no data and consumer exploitation issues whatsoever currently trading at a deep discount to fair value” pic.twitter.com/4cEvkgzyCl
— Dr. Parik Patel, BA, CFA, ACCA Esq. (@ParikPatelCFA) October 28, 2021
____
Learn more:
– Facebook Metaverse Drive Could See Diem Stablecoin Play a Key Part
– What Is the Metaverse? A High-Tech Plan to Facebookify the World
– Web 3.0 Is Coming, and Crypto Will Be Essential to It
– Crypto-Gaming Is Exploding Into the Playful Future
– Investing in the Metaverse: 4 Ways to Invest in Virtual Future
– Utilizing NFTs in the Metaverse
- Trump Appoints PayPal Veteran David Sacks as ‘White House AI and Crypto Czar’
- What’s Happening in Crypto Today? Daily Crypto News Digest
- Trader Explains Why XRP Could Skyrocket to $100 After Tristan Tate X Post
- US SEC Scales Back 50-Member Crypto Enforcement Team: Report
- Michael Saylor Teases “Big Strategy Day,” Crypto Community Reacts






