By
Svetlana Soroka
April 29th, 2024
The emergence of Meta is set to benefit NFT-based tokens the more as the overall sentiment on the potentials of the protocols would be further enhanced.
The name rebrand by American social media giant Facebook Inc (NASDAQ: FB) to Meta has fueled a massive rally in the price of NFT-based digital tokens. Per data from CoinMarketCap, Decentraland (MANA) soared by 54.61% to $1.23, Enjin Coin (ENJ) is up 11.27% to $2.43 and more prominent and historic performer, Axie Infinity (AXS) is changing hands at $141.30, atop a 12.76% growth in the past 24 hours.
Meta is now an umbrella word that will serve as the parent company to Facebook, Instagram, and all Facebook-related apps and entities. The bigger firm now focuses on the development of the metaverse, a place the outfit believes will help everyone play and connect in 3D.
Announcing @Meta — the Facebook company’s new name. Meta is helping to build the metaverse, a place where we’ll play and connect in 3D. Welcome to the next chapter of social connection. pic.twitter.com/ywSJPLsCoD
— Meta (@Meta) October 28, 2021
The metaverse, first introduced by Neal Stephenson in his novel Snow Crash published in 1992, was initially conceived as an esoteric concept that was further made popular by NFT projects in the past few years. The metaverse is also conceived as a way to connect surreal experiences with no limitations. Through the metaverse, users can connect with one another in a virtual universe through digital avatars, and this can be applied even to workspaces.
Many NFT projects have been designing their products to reflect the possibilities of connecting through the metaverse through games. Amongst the innovative technologies around today, blockchain appears as the closest that can support the metaverse utility. The advent of blockchain makes it possible to tokenize in-asset games that can be moved from one virtual world to another. This capability introduces ecommerce into the NFT world, a market that is seeing massive metrics across the board.
NFT-Based Tokens to Receive More Boost with Meta’s Emergence
The emergence of Meta is set to benefit NFT-based tokens the more as the overall sentiment on the potentials of the protocols would be further enhanced. Following the name rebrand, there are clear indications that Meta is all set to embrace the technological capability of blockchain as it seeks to develop new products for the metaverse.
Just last month, Facebook, per a report from Coinspeaker unveiled a $50 million investment in metaverse-related initiatives and partnerships, while in the keynote yesterday announcing the company’s rebranding, CEO Mark Zuckerberg said the “the metaverse is the next frontier just like social networking was when we got started.”
Backed by the launch of the Novi wallet, Meta has revealed its plans to support NFTs with Vishal Shah, Meta’s Head of Metaverse Products saying the company is “exploring new types of ownership, models, and entitlements to ensure people feel confident that they actually own something.”
By giving creators and collectors the opportunity to monetize their NFT assets, Meta is bound to bring inclusion in its futuristic plans for the metaverse.
“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 added, drawing on the entitlement model it is creating.