FACEBOOK renaming to META can be Game Changer for Metaverse Tokens
Facebook founder Mark Zuckerberg laid out Facebook’s vision of the metaverse as the successor to the mobile internet — a set of interconnected digital spaces that lets you do things you can’t do in the physical world. Importantly, it’ll be characterized by social presence, the feeling that you’re right there with another person, no matter where in the world you happen to be. In keeping with that vision, he also announced a new brand Meta, to better reflect Facebook’s focus moving forward. Now this falls right into the domain of some of the existing Cryptocurrency Projects like Decentraland, Axie Infinity, Sandbox, MyNeighbourAlice & Alien Worlds.
Metaverse Tokens explode on Facebook's decision to rename the brand
Facebook’s decision to rename propelled Metaverse tokens to higher grounds today with MANA leading the pack. Other notable movers were SAND, AXS, TLM and ALICE.
However our focus for the day is MANA. Looking at today’s price action, we may also want to focus on other movers like SAND, AXS, SLP, TLM, ALICE & may be GALA. However for now we want to accumulate MANA as we see a clear price action and liquidity support.
MANA Clocked its highest volume ever in a Single Day today
MANA upgraded to BUY & HOLD at Trading Room with an initial target of $3 with an extended potential target above $10. Technically speaking, MANA has posted a strong daily candle with highest ever volume in a day clearly breaking local resistance. All Time High around 1.60 will act as a short term resistance but will eventually break. We are long MANA & will BUY more on every key support on any dips.
Metaverse for Dummies
The metaverse is a digital reality that combines aspects of social media, online gaming, augmented reality (AR), virtual reality (VR), and cryptocurrencies to allow users to interact virtually. Augmented reality overlays visual elements, sound, and other sensory input onto real-world settings to enhance the user experience. In contrast, virtual reality is entirely virtual and enhances fictional realities.
As the metaverse grows, it will create online spaces where user interactions are more multidimensional than current technology supports. Instead of just viewing digital content, users in the metaverse will be able to immerse themselves in a space where the digital and physical worlds converge.
Tokens like MANA, AXS, SAND, TLM, ALICE, GALA can benefit immensely once Metaverse ecosystem evolves and becomes mainstream.
Initiating Longs on MANA on our BUY & HOLD - Accumulation Portfolio
In this virtual world, users purchase plots of land that they can later navigate, build upon and monetize.
Decentraland was launched following a $24 million initial coin offering (ICO) that was conducted in 2017. The virtual world launched its closed beta in 2019 and opened to the public in February 2020. Since then, users have created a wide range of experiences on their parcels of LAND, including interactive games, sprawling 3D scenes and a variety of other interactive experiences.
Decentraland uses two tokens: MANA and LAND. MANA is an ERC-20 token that must be burned to acquire non-fungible ERC-721 LAND tokens. MANA tokens can also be used to pay for a range of avatars, wearables, names, and more on the Decentraland marketplace.
Decentraland is built for content creators, businesses and individuals that are looking for a new artistic medium, business opportunity, or source of entertainment.
In total, the Decentraland gameworld — termed the “Metaverse” — is divided into 90,601 individual parcels of LAND, each of which is represented by an ERC-721 non-fungible token. Each LAND is exactly 16m x 16m (256 square meters) and can be found at a particular coordinate in the Metaverse.
Though LAND holders are free to develop their plot into whatever they choose, much of the Metaverse is broadly divided into several districts, each of which has a different size and theme. These districts were generated through individual crowdsales for MANA tokens, and parcels of LAND in these districts cannot be traded.
Decentraland is also one of the growing number of projects to use a decentralized autonomous organization (DAO) structure for governance decisions. As a result, MANA toker holders are in control of how the Decentraland world behaves, by proposing and voting on policy updates, the specifics of upcoming LAND auctions and the types of content that are allowed with the Metaverse.
Besides being a creative outlet, many Decentraland users currently monetize their LAND through leasing, advertising and paid experiences. Likewise, other users generate an income by creating and selling items on the Decentraland marketplace for MANA tokens.
While this may sound an alien concept to many traditional investors, with Facebook’s entry into Metaverse space this concept is now going mainstream with strong demand coming from a lot of traditional investors. Lets rock & roll with MANA. During the last cycle, MANA managed to post 3500% gains from the bottom. Let’s see what we get this time in this cycle.
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