Facebook's determination on Oct. 28 to rebrand itself to Meta — to betoken its plans to build an avatar-filled metaverse — helped spark a speculative rally beyond cryptocurrencies that belong to similar virtual world projects.

Decentraland, a virtual place with its own economy, currency (MANA) and social events — accessible to anyone with a spider web browser — saw its marketplace valuation explode from $i.44 billion to $2.08 billion over the past 24 hours. This happened as its native token, MANA, jumped by effectually 45% to $1.14 in the same period.

MANA/USDT daily price chart. Source: TradingView

At its intraday best, the Decentraland cryptocurrency was changing hands for $i.227 on Oct. 29, its highest level since May xviii.

The "Meta" FOMO

Traders started rushing into the Decentraland market subsequently assessing Facebook'south foray into the virtual world sector. The company's chief executive officer, Mark Zuckerberg, said it will from at present on exist "metaverse offset, not Facebook first" post-obit the latest rebranding.

Emil Angervall, co-founder and chief operating officeholder of music tech startup Corite, told Cointelegraph that Meta poses extreme upside opportunities for the still-emerging nonfungible token (NFT) infinite.

Calling it a highly liquid venture, Angervail stressed that Meta would eventually collaborate with existing NFT projects in the space, which would assist the crypto sector, on the whole, to come into the mainstream. He added:

"Nosotros can expect unique NFT and metaverse innovations tailored to Meta in the coming months."

Axie Infinity, a Pokemon-styled "play-to-earn" pet training game and virtual globe, also saw its market place valuation increase by effectually 10% in the past 24 hours, from $7.74 billion to $8.40 billion.

AXS/USD daily price nautical chart. Source: TradingView

At the same time, Axie Infinity's native token, Axie Infinity Shard (AXS), also rallied by over 20% to hitting $150 for the outset fourth dimension in two weeks. AXS serves equally legal tender in the Axie marketplace, where players employ information technology to purchase in-game NFTs (digital pets).

Other metaverse projects and their tokens, notably the Sandbox (SAND), Illuvium (ILV) and Division Network (DVI), also rallied strongly, confirming a cost smash across digital avails that specifically focuses on virtual reality services.

Metaverse tokens and their performance in the final ane and 24 hours. Source: Messari

On the whole, the net market capitalization of metaverse tokens grew 13.40% to $12.36 billion over the previous 24 hours.

"The growth in these tokens did not come as a surprise," Mike Dickens, operations manager of NFT marketplace Blockasset, told Cointelegraph, adding:

"The new Facebook name alludes to the ground-breaking work these NFT protocols have washed in recent years [...] These factors besides contribute to the rising sentiments surrounding these NFT tokens Friday."

Correction risks

Greg Waisman, co-founder and chief operating officer of crypto-based payment network Mercuryo, advised traders to wait for a price correction across multiverse crypto avails despite their recent gains.

Related: Digital land in Decentraland sells for $913K... to a virtual holding developer

The executive told Cointelegraph that "Traders will turn a profit more to identify their bets when the market place has cooled off from this massive toll upshot," albeit adding that Meta would overall push the sector to higher valuations in the coming quarters. Notably:

"Meta'southward exerted indirect influence may push this capitalization which may height $60 billion before the finish of Q1 2022."

The views and opinions expressed hither are solely those of the writer and practice not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, and yous should conduct your ain enquiry when making a determination.