As most well-known cryptocurrencies are seeing red in the market on Friday, November 12, 2021, two metaverse tokens have managed to climb into double-digit gains.
Within a week of Facebook, a subsidiary of Meta Platforms (NASDAQ: META) announcing its name change, the tokens The Sandbox (SAND) and Decentraland (MANA), both of which are tied to the metaverse, had gains of 210% and 200%, respectively.
Meta (formerly Facebook) is working to create a metaverse. Although it seems that crypto and non-fungible tokens (NFTs) will play a part in it, the crypto community is not overjoyed about it.
The term “metaverse” refers to a second version of the Internet that exists alongside the first. In this version, immersive social sharing takes place in 3D environment settings, and the use of NFTs, virtual landscapes and realities (VR), games, 3D avatars, metaverse cryptocurrencies, decentralized applications (dApps), and smart contracts is all supported.