MANA-mania swept the crypto-verse off of its toes after the token charted some surprising positive factors on the again of Fb’s ‘Meta’ rebrand. Decentraland, a decentralized 3-D digital actuality platform supported by the Ethereum blockchain, noticed its native token MANA soar to an all-time excessive of $4.11 on 31 October.
With the crypto surging by 164% in simply half a day, as soon as once more, the numerous position performed by greater gamers in pumping cryptos was on the fore. So, how precisely did Fb asserting its identify change to Meta push the worth of MANA? And, what impression will this have on gaming and the Meta platforms?
Crypto-verse dropping its thoughts over Meta?
On the subject of Metaverse, blockchain know-how and Non-Fungible Tokens (NFTs) play a key position in the identical. Combining blockchain tech with digital actuality know-how has been one thing the social media large has been trying ahead to for fairly a while. Whereas there may be nonetheless an extended technique to go, the truth that one of many largest firms on the earth has given the nod to the concept of the metaverse is already booming sure tasks.
Now, in response to some specialists, MANA’s main place within the metaverse ecosystem may very well be solidified additional by Fb’s transfer to rebrand. Notably, MANA was hovering round $0.77 on 28 October, earlier than seeing a near 500% hike in worth by 30 October.
Whereas this isn’t the primary time a billionaire’s announcement has pumped a token, in addition to the hype, there may be additionally a real use case related to the identical.
The ‘Meta’ battle
For the reason that Metaverse has the roadmap of person-interaction and mass engagement, among the finest methods to realize that’s by means of video games. This places much more strain on blockchain gaming giants like Axie too. A lot in order that after the latest rise in MANA’s market cap and worth the narrative of Decentraland and Axie’s ‘battle’ within the house intensified. So, can MANA take over Axie?
First issues first, Axie has existed for fairly some time. In truth, it has a first-mover’s benefit within the house. Nonetheless, it stays to be seen whether or not it would stay probably the most worthwhile NFT sport ever as an increasing number of NFT video games begin to pop up, together with Decentraland that bought plenty of traction just lately.
Right here’s one thing much more fascinating on the lively addresses entrance.
MANA’s addresses, at press time, weren’t simply increased however had been additionally increased than AXS’s ATH lively addresses in August.
Now, Axie is means forward when it comes to market cap. Nonetheless, MANA, after mountaineering dramatically, was ranked fortieth forward of cash like AAVE and Monero, on the time of writing.
Ergo, it’s completely legitimate to conclude that for now, Axie’s dominance within the house can’t be challenged. This was the case this previous month too as Axie Infinity led the best way with $190.9 million in income from DApps.
To conclude, it looks as if Axie’s throne isn’t in peril for now. Nonetheless, with newer options arising, Axie would possibly want to tug up its socks sooner or later.