Against Facebook’s announcement of a sweeping rebrand and a pivot toward building its own metaverse, token prices of projects in the GameFi and virtual-world sectors have surged.
Tokens of the two largest metaverse projects by market capitalization — Decentraland (MANA) and The Sandbox (SAND) — rose by 45.8% and 28.6% respectively over 24 hours.
The leading GameFi projects also showed strong daily returns. The price of the Axie Infinity (AXS) token rose by 14.2%, Enjin (ENJ) by 15%.
According to Meta chief executive Mark Zuckerberg (formerly Facebook), the corporation is transforming its business over the next five years. He also said access to its metaverse will be available not only to owners of Meta hardware but also to users of devices from third-party manufacturers.
There is speculation that the hype around GameFi tokens and metaverse projects is tied to hopes for the emergence of bridges between these spaces.
Additionally, Meta vice president Vishal Shah said the metaverse will support NFT. Zuckerberg also stated that the company is interested in developing the digital assets industry.
As noted, the creator of Axie Infinity called GameFi the key to the adoption of cryptocurrencies.
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