Facebook Meta Rebrand Boosts NFT Cryptos In The Metaverse
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Prices of NFT cryptos and gaming tokens in the metaverse saw double-digit gains in the day, with the crypto space buoyed by the news of Facebook Meta Rebrand. The social media technology giant announced it was rebranding to Meta, reaffirming its metaverse ambitions. The company made several references to ‘NFTs’, ‘gaming’ and ‘crypto’ in its rebranding communication.
Facebook Meta Rebrand Focuses On Expansion Beyond Social Media
On Thursday October 28 Facebook announced that I was changing is company name to Meta, the first major rebrand for the tech giant.
The name reflects Facebook’s ambitions to expand beyond online social media, a medium it has helped develop over the past 20 years.
The name change was unveiled by the company’s CEO Mark Zuckerberg at the Facebook Connect conference. A follow-up press release outlined the company’s vision for creating a “metaverse” that connects online social media experiences with the physical world.
Facebook Connect is a conference that takes place every year bringing together a variety of virtual reality developers, content creators and marketers. The 2021 event mainly focused on the concept of the ‘Metaverse’ which has gained traction due to the blockchain technology.
The announcement, however made it clear that the names of the company’s products – Facebook, Messenger, Instagram and WhatsApp- will not change.
Facebook Meta rebrand is part of the company’s sweeping realignment towards the metaverse. In September, the company announced that it was making a $50 million investment in meta-verse related projects, partnerships and initiatives. In yesterday’s keynote announcement of the firm’s rebranding, Mark Zuckerberg reaffirmed that “the metaverse is the next frontier just like social networking was when we got started.”
Facebook’s Metaverse Will Support NFTs
As part of the Facebook Meta rebrand, the company stated that its metaverse will support non-fungible tokens (NFTs) in a possible boost to the Ethereum protocol, where the digital collectibles format has thrived.
Facebook’s head of metaverse products, Vishal Shah, said the company will provide creators with opportunities to as many creators as possible to build businesses in the metaverse.
He further explained:
“There will be many different kinds of creators in the metaverse. Creators who make digital objects, creators who offer services and experiences and those who build entire worlds like game creators do today…. This will make it easier for people to sell Limited Edition digital objects like NFTs, display them in their digital spaces and even resell them to the next person securely. “
Shah reiterated that businesses in the metaverse will be able to sell physical and digital goods, as well as experiences and services. The Facebook metaverse will provide them access to ad services on the company’s social networks allowing them to easily promote their products and reach new clients.
Shah particularly mentioned NFTs while describing the ‘new types of ownership models’ stating that the Meta platform will “make it easier for people to sell limited education digital objects like NFTs, display them in their digital spaces and even resell them to the next person securely.”
The Facebook Meta rebrand news come as the social media behemoth delves further into the virtual world. Facebook already owns Oculus, a virtual reality headset maker and recently embarked on a massive recruitment for its metaverse unit.
The monetization push will conveniently fit together with Facebook’s Novi crypto wallet, which was derailed by US lawmakers earlier this month.
Facebook’s head of payments and financial services, David Marcus, tweeted on Thursday that following the rebrand, the company will consolidate its financial and payment service units and products, including Facebook Pay under one brand, the Novi brand.
After smoothly tying up its ambitions to NFTS and gaming, Facebook conveniently rebranded to Meta, further reaffirming the company’s determination to build its own metaverse.
How it will set itself apart from open metaverses like Cryptovoxels and Decentraland remains to be seen.
Facebook Meta Rebrand Boosts NFT Cryptos And Gaming Tokens In The Metaverse
Metaverse, NFTs and gaming token prices skyrocket buoyed by the news that Facebook was rebranding to Meta.
Some metaverse-related cryptocurrencies have seen gains of over 100% over the last 24 hours, with the swiftest moves witnessed hours after the social media titan made the rebranding announcement. Starlink was up by 109% at one point, while decentraland (MANA) continues to soar, up 80% at the time of writing. The sandbox (SAND) has rallied over 51% from $0.75 on Thursday rising above the $1.0 Psychological level to the current price around $1.13.
In the NFT and gaming space, data from CoinMarketCap showed exponential growth led by the market leader Sky Mavis game Axie Infinity shards (AXSs) coin which has rallied 11.54% over the last 24 hours. Enjin (ENJ) has rallied to the $2.43 mark after rising by over 15% over the last 24 hours (at least 50% up since October 25) which is a considerable hike fueled by the sudden demand spike caused by Facebook Meta rebrand announcement.
