GameStop to compete with Meta and dominate Web3 gaming in the metaverse
|- Following Facebook's rebranding to Meta, game tokens Axie Infinity (AXS), Enjin Coin (ENJ) and The Sandbox (SAND) started rallying.
- GameStop recently posted a job listing for the head of Web3 gaming that outlined a metaverse-like future for the gaming industry.
- Facebook's rebrand to Meta is defined by the company's focus on the metaverse as a successor to mobile gaming.
Facebook rebranded itself to Meta to broaden its reach beyond social media into areas like virtual reality (VR). The move provided a boost to NFT and gaming tokens, many of which posted double-digit gains overnight.
Facebook changes name to Meta, eyes dominance in metaverse
Facebook's name change to "Meta" attempts to steer the social media and tech giant toward the rapidly growing gaming and NFT ecosystem.
Facebook announced the shift to a new brandname in a tweet:
Announcing @Meta — the Facebook company’s new name. Meta is helping to build the metaverse, a place where we’ll play and connect in 3D. Welcome to the next chapter of social connection. pic.twitter.com/ywSJPLsCoD
— Meta (@Meta) October 28, 2021
Announcing @Meta — the Facebook company’s new name. Meta is helping to build the metaverse, a place where we’ll play and connect in 3D. Welcome to the next chapter of social connection. pic.twitter.com/ywSJPLsCoD
— Meta (@Meta) October 28, 2021
Play-to-earn games like Axie Infinity androle-playing NFT games like Crypto Blades have amassed millions of online players in the past few months.
The overall market capitalization of gaming tokens is $19.2 billion at the time of writing, based on data from crypto data aggregator CoinGecko. Facebook's rebranding announcement triggered a rally in most GameFi tokens, increasing the market cap by over 14% overnight.
Colin Wu, a Chinese journalist, observed that Facebook's name change had an immediate and significant impact on overall game concept tokens in crypto.
Affected by the change of Facebook's name to Meta, the overall game concept tokens has seen a significant increase. pic.twitter.com/rbIHUVSDdB
— Wu Blockchain (@WuBlockchain) October 29, 2021
Affected by the change of Facebook's name to Meta, the overall game concept tokens has seen a significant increase. pic.twitter.com/rbIHUVSDdB
— Wu Blockchain (@WuBlockchain) October 29, 2021
Tokens of Axie Infinity (AXS) and The Sandbox (SAND) posted 11% and 23% gains overnight. Before Facebook's rebranding announcement, GameStop, an American gaming merchandise retailer, revealed plans to build an Ethereum-based Web3 arm based on a job listing post. The post looks for someone with "experience with Ethereum, NFTs and blockchain-based gaming platforms" for its "Head of Web3 Gaming" role.
GameStop's entry into NFT gaming and the metaverse is likely to intensify the competition. Meta and GameStop would compete with Guild Partners and Immutable X, the other key players in the metaverse race.
Raoul Pal, founder and CEO of RealVision.com, believes that "Meta" will take the crypto industry mainstream Pal states that Meta (previously Facebook) would onboard millions of people to distributed ledger technology.
The Zuck video today for Meta might well have been cheesy but it was incredible important...maybe one of the most important things I have seen in years (although something I have expected and written about for a long time).
— Raoul Pal (@RaoulGMI) October 29, 2021
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The Zuck video today for Meta might well have been cheesy but it was incredible important...maybe one of the most important things I have seen in years (although something I have expected and written about for a long time).
— Raoul Pal (@RaoulGMI) October 29, 2021
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