Facebook name change to Meta pushes Metaverse related crypto tokens higher

Karthik Subramanian

Facebook announced its name change to Meta, something that has been on the horizon for a few weeks now already, and this has helped to push the prices of various crypto, related to gaming and the Metaverse higher.

Facebook

Facebook had announced the name change on October 28 which confirmed that its focus going forward would be to build a virtual world where people can interact with each other, socialize and carry out transactions just like how they would do in the real world. In other words, this would be equivalent to building an alternate universe where the rules and the laws would change but the thing that would most interest Facebook is the fact that this world would have its financial ecosystem. Items can be bought and sold in the virtual world using virtual currencies and this would tie up well with the Novi wallet and the Diem crypto that it is planning. And as most of these transactions would happen in the virtual world, they would not come under the purview of the regulators at any time which gives free rein for Facebook in such a parallel universe.

“Today we are seen as a social media company, but in our DNA we are a company that builds technology to connect people, and the metaverse is the next frontier just like social networking was when we got started,” Facebook CEO Mark Zuckerberg had said in a letter.

This would not only help Diem but would also help other cryptos and businesses that are associated with transactions that happen in the virtual world, for example, Decentraland’s MANA token which has been built for virtual reality. The gaming developers and the cryptos associated with blockchain gaming would also be rubbing their hands in glee as the shifting of users into a virtual world would help them immensely to grow their user base who can then perform transactions, exchange NFTs and other cryptos within that universe. This is going to be true for other virtual worlds that are being built by various other businesses as the Metaverse is about to get a huge boost in the coming months which could shape the way the world works in the future and though crypto may not be the centrepiece of the economy in the real world, things could be very different in the virtual world.

Read this next

Inside View

Private Equity Renaissance

Recent years have seen a resurgence in the concept of trading physical equities, with a slew of new arrivals joining the market for what is arguably one of the oldest forms of investing. But what has been the driving force behind this change in momentum?

Digital Assets

Dubai introduces new crypto regulations with fines of up to $135,000

Against the backdrop of a crashing market and burned investors, Dubai has sealed a landmark rulebook that governs how the Emirate will regulate cryptocurrency activities.

Institutional FX

FX volume drops 16pct at Russia’s largest exchange in January

The Moscow Exchange, Russia’s largest exchange group, released its monthly batch of trading volumes and metrics for January 2023 – the latest readings showed a pullback across the board for multiple segments, namely in the FX, given lower volatility and a reduced trading schedule.

Institutional FX

Standard Chartered sets up wholly-owned brokerage arm in China

UK-headquartered bank Standard Chartered said its Hong Kong arm has been granted an in-principle approval for a brokerage license from the China Securities Regulatory Commission (CSRC).

Digital Assets

Revolut offers staking for Ether, Cardano, Polkadot, and Tezo

British fintech and banking firm Revolut has introduced crypto staking — a practice of earning rewards for serving as a transaction validator in the Ethereum blockchain – to its UK and European Economic Area (EEA) customers.

Inside View

Saxo releases Q1 2023 Quarterly Outlook: “The Models Are Broken”

“2023 is likely to prove a rough ride for currencies if the USD bear market fails to continue in a straight line, but EUR and JPY may outperform.”

Institutional FX

FXPA welcomes Mesirow as a member of the institutional FX industry body

“Our deep commitment to advancing best practices align well with FXPA’s goals of championing a robust FX market for all industry participants.”

Industry News

ICE delivers Russian-free barrels of ICE Gasoil and expands ESG data in APAC

ICE changed the methodology for Low Sulphur Gasoil futures from previously delivering diesel from any origin, to deliver diesel that does not include any originating from Russia. ICE Gasoil is the global benchmark for refined oil products.

Digital Assets

Gate.io taps Coinfirm for AML/CFT compliance amid licenses in the US, Europe, Hong Kong

“At Gate.io, we continuously strive to mitigate AML/CFT and counterparty risks by integrating best-in-class security measures and safeguards into every part of our operations.”

<