How is Facebook Metaverse going to change the Cryptocurrency world?

As we all know, one of the world’s biggest companies — Facebook changed their name to Meta, making it clear that they will be heavily focused on the development of Metaverse.

“Meta’s focus will be to bring the metaverse to life and help people connect, find communities and grow”, said Meta CEO, Mark Zuckerberg.

Metaverse is a blanket term for all kinds of virtual reality platforms and multi player game worlds. The concept is pretty much like how the world in the movie, Ready Player One works. You meet people and make transactions in the virtual world. Moving everything online.

This announcement has brought positive effect to the crypto market. It has been taken as a sign of growing acceptance of the cryptocurrency, as cash is definitely unusable in the virtual world. The gaming industry has already rallying in anticipation of an expanding metaverse.

According to CoinMarketCap, MANA, a gaming cryptocurrency used to buy and sell virtual land, surged to a record high of $4.16, more than 400% above where it was valued shortly after the Facebook rebranding announcement.

This little-known crypto was established in 2017 as the national token for Decentraland, a virtual reality platform where users can buy and sell digital properties. Sounds familiar? Yes, it works just like the NFTs transactions we are seeing now. People are selling their creation online, be it art, video or photo.

Therefore, with all virtual objects and intangible items being expressed as NTFs, the speculation on cryptocurrency becoming the sole legal tender used in the metaverse is high. Albeit it is true that this vision might take some time, the importance of crypto for its growth is a certainty. The advancements in blockchain technology and the cryptocurrency sector will definitely play a prominent role in shaping the metaverse’s future.