Investors in Web3 seem to be ecstatic with the internet giant’s entry into their sphere of influence. As of October 28, the Metaversal Index, which includes 14 assets that are associated with the hype-laden paradigm, has gained 13.7 percent in the previous 24 hours alone.
As of Oct. 28, MANA was the largest gainer on the index, having gained a stunning 48.9 percent in the previous 24 hours. DECENTRALAND is a virtual world that touts itself as “a virtual world controlled by its users,” and MANA is the token that represents that reality.
The double-digit surge in the Metaversal Index over the last 24 hours outpaces the 9.6 percent gain in Ethereum. As of October 28, the cryptocurrency market as a whole is up 6.2 percent. According to reports, investors are not taking Facebook’s rebranding and accompanying hour and seventeen-minute presentation as the ringing of a death knell for Web3’s metaversal goals, but rather as a positive development.
“Meta is quite positive for the cryptocurrency market. Cooper Turley, a partner at crypto fund Variant Fund and a Defiant contributor, said on Twitter that “there is no world in which the metaverse is not driven by web3.”
In today’s news, the world’s largest social network, Facebook, recently confirmed that future. Some people are adopting a more antagonistic posture against Facebook’s rebranding.
On Oct. 28, Jeffrey Zirlin, co-founder of Axie Infinity, whose AXS token has the greatest allocation of the Metaversal Index, with a 24.5 percent allocation as of the time of writing, tweeted: “The stakes are greater than they’ve ever been; the aims are clearer.”
“This is a fight for freedom,” says the author. “Do not allow them to take over our movement.” It is not yet obvious how Facebook, now known as Meta, wants to handle the metaverse in its current form.
According to Mark Zuckerberg, Facebook’s CEO, the metaverse would need hundreds of thousands of artists and developers to collaborate in order to create the rich experiences that will be available in a totally digital environment, according to the company.
The emphasis on the importance of hard effort and the possible success of many parties, rather than just Facebook, bears a weird resemblance to the community-building language used by crypto and DeFi. Zuckerberg also stressed concepts that are extremely crypto-forward, such as interoperability, or the ability to move your digital products from one app to another without losing their worth.
NFTs, a blockchain innovation, was also included in the presentations. Facebook is also the manufacturer of the Oculus Rift virtual reality headset. Because hardware is a need of the metaverse, web3 has failed to develop anything even somewhat competitive in this regard.
Cryptocurrency has an odd relationship with the old corporations and organizations that it is attempting to displace. On the one hand, auctions of non-traditional works of art at the famous Christie’s art house are well publicized.
However, Christie’s is known as the “gatekeeper” of the art world, which is normally exclusively accessible to the affluent and powerful. It’s possible that a similar dynamic is at play with Facebook.
They are unquestionably proving the concept of the metaverse, but the devil is in the details when it comes to how they interface with web3 NFTs and protocol implementations. Zuckerberg is undoubtedly using some of the jargon of the cryptocurrency world. As a result, Facebook investors were equally overjoyed, with the company’s shares rising 1.47 percent to close at $107.