Facebook's recent rebranding is said to be positive for tokens as they are likely to be used as currency in the world of online gaming and e-commerce.
This leap into metaverse - the broader concept of a new generation of immersion virtual worlds where people can work, play games, conduct e-commerce, and communicate on social media - will benefit many companies and cryptocurrencies.
Facebook (ticker: FB) announced its transformation into a metaverse company and renamed itself "Meta Platforms" (while retaining the Facebook name for its main social media platform) last week, and it was widely received by people.
Investors especially liked the idea, which is why FB gained more than 5% since Thursday.
And as mentioned earlier, many benefit from the leap forward, but the biggest winners are online gaming platforms and marketplaces that use NFTs as in-game tokens and collectibles. Many of these companies saw the statement made by Meta Platforms CEO Mark Zuckerberg as "confirmation of their efforts," said BTIG analyst Mark Palmer.
Palmer said the people who have never heard of "metaverse" began to discuss it, so now it is possible that the industry will get bigger
He mentioned Decentraland as an example. Decentraland is an online community where users can create their own avatars and interact with each other. It positions itself as "the first ever virtual world owned by its users."
Decentraland has its own token called "MANA", which has grown more than 225% since Meta was announced last week. MANA tokens can also be used to purchase LAND tokens, which represent virtual property on Decentraland. These plots sold for over $ 900 billion in June, bought by digital real estate fund Republic Realm.
Auction house Sotheby's also purchased a house on Decentraland. It opened a virtual gallery in June, creating an NFT auction space.
Of course, Decentraland tokens are not the only ones grabbing attention. Other gaming tokens such as SAND from The Sandbox, WILD from Wilder Worlds and TLM from Alien Worlds have also jumped since last week.
Many of these tokens are based on the Ethereum blockchain or its side chains, and this can be of great benefit to the Ethereum token.
