With Facebook announcing its rebranding last week, a little-known cryptocurrency is already reeling in anticipation of the expansion of the metaverse.
On Saturday, the cryptocurrency Mana, which is used in games to buy and sell virtual lands, hit a record $4.16, more than 400% more than it was valued at earlier in the week. Its total market capitalization peaked at $7.52 billion.
It has since fallen to about $2.99 per coin by Monday afternoon, with a total value of about $5.5 billion, according to CoinMarketCap.
The little-known crypto was created in 2017 as the national token of Decentraland, a virtual reality platform where users can buy and sell digital properties to browse and build.
Investing in Metaverse
Mana’s peak came just days after Facebook announced it was changing its name to Meta as part of its focus on developing the metaverse, a yet-to-be-realized virtual reality ecosystem where users can interact with each other. Gods.
Metaverse is a general term for all kinds of virtual reality platforms and multiplayer game worlds, such as Oculus VR and Fortnight headphones.
The change announced by Facebook means “there will likely be a lot of development time [Meta] Building some version of the metaverse where you will find these tokens is valuable, Chris Klein, COO and co-founder of Bitcoin IRA, told CNN Business. “So, you are seeing a group meeting like mana.”
Klein added: “This is great news for the crypto ecosystem because it’s the other layer’s dominant understanding of ‘what cryptography is’.
Bitcoin prices soared in October, reaching an all-time high of nearly $67,000, before plummeting later in the month.
Then some investors turned their attention to the dogecoin-inspired shiba inu, another cryptocurrency meme, with a record valuation of around $26 billion.
The craze for lesser-known alternative cryptocurrencies is not limited to shiba inu, dogecoin, and mana. There is no shortage of cryptocurrencies advancing in new registrations.
Sand, the token for Sandbox, another virtual world that allows users to create, buy and sell digital assets, also rose over the weekend to $2.38, an increase of nearly 200%.
Sand’s total market capitalization peaked at $2.13 billion on Saturday. It’s another sign that investors are interested in taking advantage of the metaverse economy.
“Facebook’s announcement caught the attention of investors, in my opinion, to the economic potential here,” Noel Acheson, head of market insights at Genesis Trading, told CNN Business.
Technological advances in recent years, including a focus on the metaverse, along with cultural shifts accelerated by the pandemic, have made investors eager to find the next bitcoin or ethereum, according to Atchison.
“Obviously nothing will boost Bitcoin or Ethereum per se, but this kind of return.” [é o que os investidores] Atchison said.
“In other words, we know that Bitcoin and Ethereum have great returns, so let’s go down the risk curve — with risk being a relative term here — and move on to some of these more volatile but more probable coins.”
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