The biggest crypto news this week came from outside the crypto sector. In fact, most people who have heard the news will have no idea of its relevance and significance to the crypto market.
On Thursday, Facebook announced that is has changed its company name to Meta. This will also include changing its stock ticker from FB to MVRS, effective Dec. 1. Why the name Meta? It is short for “metaverse”, a buzz term that up until now was mostly just used by futurists to describe the next frontier of computing and the web, following the advent of personal computers and smartphones. In short, the metaverse is a virtual world that blends aspects of digital technologies including video-conferencing, games, cryptocurrencies, email, virtual reality, social media and live-streaming.
Describing Meta’s focus, CEO Mark Zuckerberg stated:
[Meta] will bring the metaverse to life and help people connect, find communities and grow businesses.The metaverse will feel like a hybrid of today’s online social experiences, sometimes expanded into three dimensions or projected into the physical world. It will let you share immersive experiences with other people even when you can’t be together — and do things together you couldn’t do in the physical world. It’s the next evolution in a long line of social technologies, and it’s ushering in a new chapter for our company.”
Why does this matter to the crypto sector?
Because the nascent metaverse sector is probably most represented by tech start-ups on the blockchain with their own native cryptocurrency. In short, we believe the best way to gain early investment exposure into the metaverse sector is through metaverse focused cryptocurrencies. In two crypto weekly pieces in September (here and here), we discussed our investment play in blockchain gaming (interconnected with the metaverse sector). One token we discussed was SENSO (sensoriumxr.com). This is a platform building a digital metaverse bringing people together through high-quality virtual entertainment and is widely regarded as the most advanced and promising metaverse project in the crypto space. Among other exiting projects, they have signed a number of artists who will perform concerts in virtual reality, including Steve Aoki.
Following Thursday’a Facebook announcement, the coin surged by over 100%. In fact the metaverse sub-sector of the crypto market has just exploded and we believe the party is only getting started. With Facebook going Meta, the metaverse is going mainstream.
In the coming days, we will be sharing our metaverse index and highlighting some of our top picks. So stay tuned! If you have not already done so, please check us out at coinpad.io, which is a customizable platform designed to be your crypto homepage and launching pad into your daily crypto world. Signing up to our site - which is free - will give you full access to our platform and will keep you up to date on what is happening in the crypto space - including upcoming IDOs, IGOs and yield farms. Subscribers are also eligible to receive our airdrop campaigns. So signing up will reward you!
Disclaimer: The information provided here, as well as on our website (coinpad.io), does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the content as such. Investing in cryptocurrency is risky; do your own research and invest at your own risk!