It's MANA mania now!

Highlights

• The MANA fever has now swept the global crypto market after Facebook's "Meta" rebranding.
• Mark Zuckerberg, the CEO of Facebook, said on 28 October that the company's name would be changed to Meta to reflect a greater focus on the metaverse.
• Mark Zuckerberg intends to shift its focus away from traditional social media to create the metaverse and also has the goal of bringing the metaverse to life.

It's MANA fever now! It has now swept the global crypto market after Facebook's "Meta" rebranding.

Decentraland's MANA’s price has surged by 289% in the last seven days. Its current market capitalisation is US$5,797,127,392. The asset's price was trading at US$0.82 a week ago. It skyrocketed to US$4.69 on 30 October 2021, after Zuckerburg said last week that his company would build the "metaverse," a virtual reality world where people may create art, socialise, play games, and work.

Mark Zuckerberg, the CEO of Facebook, recently changed the company's name to Meta to reflect a greater focus on the metaverse. Zuckerberg intends to shift its focus away from traditional social media to create the metaverse and also has the goal of bringing the metaverse to life.

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Why are Metaverse-focused cryptos gaining traction?

The term "metaverse" refers to the next generation of the Internet, in which users can trade value, connect, socialise, and play games with others in virtual environments.

Crypto investors are flocking to get their hands on the metaverse. Following Facebook's rebranding declaration, a slew of Metaverse-focused cryptos has been gaining momentum.

Metaverse, according to Mark Zuckerberg, will be the "successor of mobile internet," permitting individuals to create digital worlds using augmented reality and virtual reality. In addition, Zuckerberg stated that his organisation would continue to promote NFTs in the future and would invest US$10 billion in the metaverse this year.

Following Facebook's rebranding announcement, several Metaverse-focused Cryptocurrencies have risen in value. Double-digit gains have been witnessed in those cryptos. For example, metaverse tokens such as Axie Infinity's AXS and Decentraland's MANA have reacted favourably to the news.

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What is Decentraland's MANA cryptocurrency?

Decentraland is a virtual reality platform that uses smart contract technology powered by the well-known Ethereum blockchain. Users can utilise the platform to enjoy, build and monetise content and applications.

Decentraland was first proposed four years ago, in 2017, following a 24 million dollar initial coin offering (ICO). Decentraland is noted for motivating a global network of people to collaborate in a shared virtual world. It was created primarily for businesses, individuals, and content creators seeking a source of amusement, artistic medium and new financial opportunity. 

Furthermore, in Decentraland, two types of tokens, MANA and LAND, are recognised to govern operations.

LAND is a non-fungible token widely used to determine the "ownership" of land parcels representing  the virtual real estate.  Individuals will be given areas of land that they will be able to create, navigate and monetise afterwards.

On the other hand, MANA is a cryptocurrency that could be used to buy Decentraland virtual services, products, and LAND.

Source: Copyright © 2021 Kalkine Media

Moreover, a MANA token is used to control Decentraland's economy. For example, users on the site can host social events that anyone with an internet connection can attend. In addition, MANA tokens can be used to purchase various names, wearables and avatars.

Furthermore, any change to Decentraland software is implemented via a set of blockchain-based smart contracts. It enables MANA platform participants to vote on subsidies for new ventures, policy updates and land auctions. Users could benefit from various virtual world features that have expanded over the time, such as selling and buying virtual real estate, playing games, exploring, engaging, peer-to-peer communication, and in-world payments.

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What’s Next?

Zuckerberg's stance on the metaverse has driven the value of Decentraland token MANA. Given the volatility in the cryptocurrency market, let’s wait and follow the price trend of Mana.

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