Anatoly Yakovenko is a person.
Anatoly Yakovenko is a person.
In popularity, the metaverse is booming. Companies and sports teams are also buying plots of virtual land and digital luxury items.
The 4 metaverse projects sold $106 million in virtual land.
The evolution of the internet is only just getting started, but it is already a reality and one that cryptocurrencies can help improve.
The metaverse is here. He told Insider that it was in a low fidelity state.
The metaverse is a virtual world where users can play games, buy and sell digital assets, and even breed digital animals.
Raj Gokal and Yakovenko co-founded Solana. The solana protocol is similar to larger rival ethereum in that it has the same capabilities, but it is cheaper and faster.
Two of the more developed metaverses, Decentraland and Sandbox, run on ethereum.
Developers in the space want a metaverse that they can own and build a business on. Yakovenko said that developers who understand how this all works will build tools for content creators so they can have their own virtual experiences.
"After that happens, it's going to be a bunch of small ones that all kind of work together and a bunch of experiences," Yakovenko said.
He believes that the virtual world won't have the same challenges with privacy and data that social media platforms do.
It could give cryptocurrencies the chance to break Big Tech's hold on that space.
The kind of business models that exist on the web right now are broken, and that's the opportunity for the metaverse to make better.
"Companies that control the market that steal your data, sell it to advertisers, feed you information that you don't want and try to force you to consume it, that loop sucks."
Users of the likes of Sandbox, Decentraland, and Axie Infinity need to purchase virtual items or receive rewards in order to receive their own token. Decentraland's token has gained over 16,000% this year, while the sand token has risen around 5,400% and the axs token has gained over 25,000%.
Many high-profile investors, like Grayscale and Cathie Wood, believe the metaverse could become a trillion-dollar opportunity.
Business Insider has an original article.
