MANA-mania swept the crypto-verse off of its toes after the token charted some sudden beneficial properties 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 larger gamers in pumping cryptos was on the fore. So, how precisely did Fb saying its identify change to Meta push the value 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 expertise and Non-Fungible Tokens (NFTs) play a key position in the identical. Combining blockchain tech with digital actuality expertise has been one thing the social media large has been wanting ahead to for fairly a while. Whereas there may be nonetheless a protracted solution to go, the truth that one of many greatest firms on the planet has given the nod to the concept of the metaverse is already booming sure initiatives.
Now, in keeping with some specialists, MANA’s main place within the metaverse ecosystem could possibly 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 value by 30 October.
Whereas this isn’t the primary time a billionaire’s announcement has pumped a token, apart from the hype, there may be additionally a real use case related to the identical.
The ‘Meta’ conflict
Because the Metaverse has the roadmap of person-interaction and mass engagement, among the best methods to realize that’s via 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 value the narrative of Decentraland and Axie’s ‘conflict’ within the house intensified. So, can MANA take over Axie?
First issues first, Axie has existed for fairly some time. The truth is, it has a first-mover’s benefit within the house. Nevertheless, it stays to be seen whether or not it is going to stay probably the most worthwhile NFT sport ever as increasingly more NFT video games begin to pop up, together with Decentraland that received numerous traction not too long ago.
Right here’s one thing much more fascinating on the energetic addresses entrance.
MANA’s addresses, at press time, weren’t simply larger however have been additionally larger than AXS’s ATH energetic addresses in August.
Now, Axie is approach forward by way of market cap. Nevertheless, MANA, after mountain climbing 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 way in which with $190.9 million in income from DApps.
To conclude, it looks as if Axie’s throne isn’t at risk for now. Nevertheless, with newer options arising, Axie would possibly want to tug up its socks sooner or later.