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Cryptocurrency

VR Crypto MANA Soars Following Facebook’s Rebrand

VR Crypto MANA Soars Following Facebook’s Rebrand

  • Gains for decentraland’s MANA rocked the cryptocurrency market following Facebook’s announcement of a rebrand
  • Facebook announced a name change of its parent company to Meta, signaling venturing into the Metaverse industry
  • MANA — a token for a 3D virtual reality platform went up by 164% in the space of 12 hours after the announcement

Following the announcement of Facebook’s rebrand, some virtual reality tokens have begun to sweep the crypto market.

One of those is Meta- a decentralized 3D virtual reality platform supported by the Ethereum blockchain.

According to CoinMarketCap, the token soared to a high of $4.33 on Saturday, an increase of more than 164% in less than 12 hours.

MANA

Only a week ago, the asset was trading around $0.8 but it began a rapid rise after Facebook made the announcement on Thursday.

CEO Mark Zuckerberg announced that the company is planning to build a Metaverse- a virtual world where people can interact and work together from anywhere in the world.

Experts have predicted that the move by the social media company could signal an upside for the virtual market.

Head of research at Synergia Capital, Denis Vinokourov believes that Facebook’s push into the VR world will help solidify MANA’s leading position in the Metaverse.

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