Axie Infinity, Decentraland and 'metaverse' cryptos rally after Facebook rebrands to Meta

Facebook’s decision on Oct. 28 to rebrand itself to Meta — to indicate its plans to build an avatar-filled metaverse — helped spark a speculative rally across cryptocurrencies that belong to similar virtual world projects.Decentraland, a virtual place with its own economy, currency (MANA) and social events — accessible to anyone with a web browser — saw its market valuation explode from $1.44 billion to $2.08 billion over the past 24 hours. This happened as its native token, MANA, jumped by around 45% to $1.14 in the same period.MANA/USDT daily price chart. Source: TradingViewAt its intraday best, the Decentraland cryptocurrency was changing hands for $1.227 on Oct. 29, its highest level since May 18.The “Meta” FOMOTraders started rushing into the Decentraland market after assessing Facebook’s foray into the virtual world sector. The company’s chief executive officer, Mark Zuckerberg, said it will from now on be “metaverse first, not Facebook first” following the latest rebranding.Emil Angervall, co-founder and chief operating officer of music tech startup Corite, told Cointelegraph that Meta poses extreme upside opportunities for the still-emerging nonfungible token (NFT) space. Calling it a highly liquid venture, Angervail stressed that Meta would eventually collaborate with existing NFT projects in the space, which would help the crypto…
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