Facebook Meta branding caused MANA to jump 400%

Facebook’s well-publicized (and often ridiculed) rebrand brought to the fore MANA, a cryptocurrency most people have never heard of before, resulting in a 462% increase in price over the weekend, with a three-day price increase.

The crypto has since lost some ground and is currently trading at $3.13, according to Coinbase. That’s still a 306% increase from October 27, the day before Facebook announced its rebranding.

MANA is the icon for Decentraland, which describes itself as a metaverse platform that allows users to buy and sell virtual properties. The token runs on the Ethereum blockchain.

Decentraland itself provides a game-like atmosphere where people create virtual lands and others explore them and participate in social games. Visually, it’s no different from Roblox or Second Life.

Using MANA, visitors can purchase “properties” or upgrade to their desired environment. They can also buy and sell items for use in the virtual world and list their properties for sale. (Prices range from 30,000 MANA to 1 million.)

Facebook’s big bet on the metaverse has sparked interest in many companies focused on this space. Decentraland works a little differently in the virtual world than Facebook expects, but focuses on user-generated content that enables people to make money for themselves, rather than walled gardens that can enrich companies.

MANA isn’t the only cryptocurrency that has seen a surge since Facebook changed its name. Another virtual world, Sandbox’s token SAND, rose 176% to over $2 on Monday from 74¢ on October 27. (At this weekend’s peak, SAND was up 218% at $2.35.)

source: Fortune

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility.