Axie Infinity, Decentraland and ‘metaverse’ cryptos rally after

Facebook’s decision on Oct. 28 to rebrand itself to Meta — to indicate its plans to build an avatar-filled metaverse — helped spark a speculative rally across 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 web browser — saw its market valuation explode from $1.44 billion to $2.08 billion over the past 24 hours. This happened as its native token, MANA, jumped by around 45% to $1.14 in the same period.