Facebook’s change of name to Meta and investment plans announced for metaavserse field cryptocurrency deeply affected the industry.
In the last rally of 2021 to be experienced on metaverse projects, Facebook acted as a great catalyst.
Facebook’s move is metaverse, virtual world and VR themed cryptocurrency While increasing the interest in the units, it also brought some risks.
The correlation will continue
Because some analysts are working in this field with Facebook’s Metaverse studies. cryptocurrency believes there is definitely a correlation between his projects.
Commenting on this issue, Adrian Krion, CEO of Blockchain gaming platform Spielworks, told Coindesk:
“There is definitely a correlation between Meta’s efforts and success in the metaverse and the potential of metaverse/play-win projects and tokens.
Interest in this space has grown since Facebook’s rebranding. Therefore, any setback in Facebook’s metaverse strategy will directly affect the market perception of other metaverses.”
Oz Finance ecosystem architect Vincent Choy stated that Facebook’s stock performance will affect metaverse projects and said:
“Facebook’s stock performance serves as a proxy for managing investor sentiment about the future of the metaverse.
I believe there will be a correlation between tokens and stocks until the industry is much more mature.”
Facebook down, AXS, SAND, GALA and MANA affected
Announcing its last quarter balance sheet on Wednesday, Facebook’s decrease in the number of users for the first time and the decrease in profitability caused a 22% decrease in stocks.
During this drop, decreases of up to 12% were observed in Axie Infinity (AXS), The Sandbox (SAND), Gala (GALA), and Mana.
Facebook is not expected to throw back
CEO Mark Zuckerberg said on Wednesday that the company’s metaverse improvements include the launch of a high-end virtual reality headset by the end of the year, and that the company will continue to work on “Nazare”, its reality headset.
*Not Investment Advice.