What would be the currency of the Metaverse? – Rise of Coinbase

If you are not familiar with Facebook metaverse, It’s a world of endless, interconnected virtual communities. People can meet, work and play, using virtual reality headsets. Secondly, augmented reality glasses, smartphone apps or other devices could be used for this purpose. In this article, we’ll see what would be the currency of metaverse. What is it’s impact so far on crypto.

Facebook’s transition to Metaverse

Facebook Metaverse

Facebook’s transition to a metaverse company will have a big impact on the tokens or currencies. As a result, tokens or currencies that are in use for online gaming and e-commerce worlds will surge eventually. As it is a broad concept for a new generation of immersive virtual worlds. Therefore, people will be able to conduct meetings, work and play games or interact socially.

This concept got a big vote of confidence last week. Facebook announced that it would transform into a metaverse company and rename the company as Meta Platforms. However, keeping the Facebook name for it’s core social media platform.

Investors and shares

This idea or the concept is appreciated among some of the investors. On the other hand, Wall Street isn’t exactly hopping aboard Facebook’s plan to explore the metaverse. Shares in the social networking company fell to a five-month low on Thursday. The same day CEO Mark Zuckerberg outlined its new direction at the company’s annual developer conference. 

Non-fungible tokens trend

NFTs will hop on this trend. As the winner could be the online gaming platforms and marketplaces. And they use non-fungible tokens as in game-tokens and collectibles. Many of those companies viewed the announcement by Meta CEO Mark Zuckerberg as validation of their efforts.

As a result, a new momentum could be set for virtual economies built around play-to-earn gaming models and NFTs.

game tokens
game tokens

MANA and other tokens

Palmer highlights Decentraland as an example of a metaverse world that may benefit. It is an online community where users can create avatars of themselves. Therefore, can interact virtually/socially. It bills itself as the first-ever virtual world owned by its users.

Decentraland has its own token, called MANA. Right after the Meta’s announcement, it has surged more than 225% .

Decentraland’s tokens aren’t the only one showing interest in metaverse. Yes, a lot of other gaming tokens have also jumped in price since last week. For example:

  • Sandbox’s SAND
  • Wilder World’s WILD
  • Alien World’s TLM

These tokens are based on the Ethereum blockchain or it’s side chains. So, this could broadly benefit the ETH tokens.

Coinbase – long-term beneficiary

The company is the largest U.S. trading platform for cryptos and the second-largest globally. Therefore, Coinbase is adding more cryptos to its platform. Moreover, it is developing institutional services, and building an NFT marketplace, too. Coinbase should also benefit from wider crypto adoption with the recent launch of Bitcoin futures exchange-traded funds.

The stock has been on a roll; shares were up 40% in October, mimicking the 40% gain in Bitcoin during the month.

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