A Solana co-founder says the metaverse is “already here,” giving cryptocurrencies an opportunity to make it better. The Solana co-founder said the metaverse would give cryptocurrencies a chance to destroy “broken” business models like internet advertising platforms. Anatoly Yakovenko said he believes crypto can make the metaverse for the better and change the way companies use data. Many high-profile investors believe the metaverse could be a trillion-dollar opportunity.
Metaverse comments from Solana partner
cryptocoin.com As previously reported, the metaverse is growing in popularity. Companies and sports teams are also starting to take interest, as investors are grabbing plots of virtual land and digital luxury goods. According to DappRadar, 4 metaverse projects sold for $106 million in virtual land last week. Sandbox, a gaming platform, recorded $86.56 million in digital land sales, while Decentraland recorded virtual real estate sales of $15.53 million. For Solana co-founder Anatoly Yakovenko, while this next phase in the evolution of the internet may seem like it’s only just beginning, it’s already a fact and could help cryptocurrencies thrive. Expert: “The metadata store is already here. It’s just in this low-end, low-resolution situation,” he said.
Metaverse refers to virtual worlds where users can do everything from creating and playing games to owning property, trading digital assets, trading cryptocurrencies and even raising digital animals. Yakovenko founded Solana with Raj Gokal in March 2020. The Solana protocol is similar to larger competitor Ethereum in that it has the same decentralized finance capabilities as hosting smart contracts, while also being able to run immutable tokens. For example, Sandbox and Decentraland, two of the more advanced metaverses, run on Ethereum. Developers in the crypto space are looking for a meta repository they can own and build a business on. Developers, who understand the nuance of how all this works, will develop tools for creators so they can have their “own virtual experience,” Yakovenko said. “When that happens, it won’t be a single metaverse like the Sandbox, it’s going to be a bunch of small communities of all kinds working together, and there’s going to be a lot of experience,” Yakovenko said.
Metaverse is an opportunity
He believes that one of the biggest advantages of having more activity happening on the metaverse base is that the virtual world won’t present the same kinds of challenges in handling user data and privacy that social media platforms or search engines currently face. Yakovenko said it could also offer cryptocurrencies a chance to break some of Big Tech’s dominance in this space. Yakovenko says:
I think the opportunity for crypto is to better the metaverse in terms of breaking business models that currently exist on the web. With companies stealing your data, selling it to advertisers, imposing information you don’t want on you and forcing you to consume it, this cycle sucks.
Sandbox, Decentraland, and play to earn platform Axie Infinity have their own crypto tokens that users need or can receive as rewards to purchase virtual items. Decentraland’s mana token has gained over 16,000% this year, Sandbox’s SAND token has gained around 5,400% and Axie’s AXS token has gained over 25,000%. Many high-profile investors, such as digital asset manager Grayscale and disruptive tech investor Cathie Wood, believe the metaverse could be a trillion-dollar opportunity.
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