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Highlights
- With Facebook rebranding itself as Meta, the company plans to cash in on its ambitious metaverse plans.
- The rebranding is a definitive signal to carve a niche in the metaverse.
- The rebranding news spread like wildfire, with the prices of metaverse-related coins shooting up 100%+ in the past 24 hours.
- In the afternoon, Starlink (STARL), Decentraland (MANA) and Sandbox were up by 51.14%, 69%, and 30.71%, respectively, on 29 October.
As Facebook sets out to build a new corporate identity with Meta, it hopes that this identity will help them make a significant presence in the crypto world as well. Facebook has often been stonewalled in its attempt to make a presence in the cryptosphere with its ambitious Diem cryptocurrency.
Facebook-backed digital currency project Diem has struggled to make its entry and launched its Novi Wallet without the Diem cryptocurrency. With Facebook rebranding itself as Meta, the company plans to cash in on its ambitious metaverse plans, which includes launching its own NFT, augmented reality, and much more. The rebranding is a definitive signal to carve a niche in the metaverse, an idea born from the world of sci-fi.
Also read: Will Floki crypto ads on London streets help its value go up?
The rebranding news spread like wildfire, with the prices of metaverse-related coins shooting up 100%+ in the past 24 hours. At the time of writing (BST 2:44 pm), Starlink (STARL), Decentraland (MANA) and Sandbox were up by 51.14%, 69%, and 30.71%, respectively.
https://twitter.com/Meta/status/1453795115701440524?s=20
Facebook’s Crypto ambitions
The rebranding clearly highlights Facebook’s crypto ambitions. Whether it was with Diem or Libra, Facebook has always taken an aggressive approach towards its crypto debut. The Novi Wallet also attempted to enter the market and make an identity for itself.
But after the rebranding announcement by Facebook CEO Mark Zuckerberg, the company has made significant references to crypto and other NFT projects. In a statement, Facebook said that the Metaverse would require novel technical work and will offer a new form of governance. The NFT space has shown tremendous growth in 2021, with sales touching US$10.7 billion in the Q3 alone.
Also read: Can Ethereum give Bitcoin a good run for money?
Will the fortunes change?
Facebook would be hoping that this rebranding will allow it to get a facelift as well. After receiving pushbacks in the past with Novi Wallet and Libra, it would expect that whatever steps they take makes a definitive impact on the market.
Earlier, this month following the launch of Novi Wallet, US lawmakers suggested that the leading social media giant cannot be trusted to launch a digital currency. US Senators Brian Schatz, Sherrod Brown, Richard Blumenthal, Elizabeth Warren had ordered Zuckerberg to discontinue the Novi services.
The hammer came down just after Facebook had announced it was launching a similar project for its Novi wallet subsidiary in the US and Guatemala.
Conclusion
The coming days will be critical for Facebook as it hopes to make most of the opportunity and become a significant force in the crypto world. Facebook needs to shed the tag of an unstable crypto project to a reliable one and will hope this rebranding will also give it a facelift as well.
