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After Facebook's move, there is a serious increase in metaverse-oriented projects. The market may grow 3 times before the end of the first quarter of next year.
There has been a significant shift of interest in metaverse projects associated with NFT over the past few months. One of the reasons for this was the incredible increase in the native tokens of Bloktopia-style projects. Even Facebook has taken action for the transcendent metaverse. The company has decided to change its official name to Meta.
Welcome to Metaverse Madness
The total market value of projects that are ambitious in this area increased by 13.4% to reach 12.3 billion dollars. We can still be at the beginning of the road for the metaverse these days when joke coins knocked out $ 80 billion. Facebook's decision to rebrand itself as Meta on October 28 to signify its plans to build an avatar-filled metaverse has sparked a speculative rally among cryptocurrencies belonging to similar virtual world projects.
This concept, which first appeared in William Gibson's (Omni, July 1982) short story 'Burning Chrome', was one of the main themes of Neuromancer. The metaverse, which opens the door to a separate world in a virtual environment without breaking away from the real world, is a phenomenon we are already exposed to in our daily life. For example, interacting with people we have never met through social media platforms, creating a separate world for ourselves here, all of these offer a 2-dimensional metaverse. If you're into games like Minecraft or Roblox, you're familiar with this world.
Facebook wants to take this further and literally teleport us to a virtual world when we put on our glasses. With our Facebook friends, it will be possible to travel in a 3D world, have fun and do all kinds of activities. In fact, this experience can go even further and make us physically feel this world with special clothes. 20-30 years from now, we may find ourselves living the "dreams" we are talking about today, and even more so.
Interest in Metaverse Focused Projects Increases
Yes, MetaFOMO is dominating the market these days. Projects in this area are expected to attract more attention in the coming period.
Emil Angervall, co-founder and chief operating officer of music technology startup Corite, thinks this will push NFT's into a new transformation.
“We can expect unique NFT and metaverse innovations tailored to Meta in the coming months.”
Axie Infinity's native token Axie Infinity Shard (AXS) reached $150 in two weeks. Other metaverse projects and tokens are also growing strongly, particularly Sandbox (SAND), Illuvium (ILV), and Division Network (DVI).
Overall, the net market value of metaverse tokens increased 13.40% over the previous 24 hours to $12.36 billion. Experts expect the market to grow by at least 300% before the end of the first quarter of 2022. New opportunities such as Bloktopia have provided incredible gains to its investors, but it may be possible for many more projects to be on the agenda in the coming period and to show greater increases.