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- 1 Yuga Labs CEO, Daniel Alegre made a statement in favor of Metaverse, the 3 Dimension virtual space.
- 2 Meta, empowering people to build community somehow ruined the potency of Metaverse, added Daniel.
Daniel Alegre, the CEO of Yuga Labs remarked on Meta, one of the world’s valuable companies helping individuals to build community. Meta affected the potential and gave a bad name to Metaverse, pushing junky visions to the world. Despite all these burdens, Metaverse is continuously evolving, stated Daniel Alegre.
Metaverse Stepping Towards Victory
Yuga Labs, one of the leading companies in blockchain technology and the crypto environment, is heavily engaged in developing Digital collectibles and NFTs. Daniel Alegre, Yuga Labs CEO was a bit worried about the Metaverse space and the main reason could be Meta, a big technology player.
“One of the biggest problems with Metaverse is Meta”, stated Daniel speaking to Cointelegraph at Token 2049 in Singapore. According to him, Meta gave a bad position to virtual space, pushing its junky vision to the masses. In recent years, Meta has suffered from a low user base that not only affected the tech giant’s position in the market but also impacted the position of Metaverse.
However, the respective virtual space somehow managed to evolve continuously despite all these troubles. Meta voiced that the Metaverse term is brand new to the world, which is not relevant as many Metaverse platforms already exist, as per Daniel’s thinking. Decentraland, The Sandbox, and Roblox are some platforms offering prestigious metaverse experiences to the world. In addition, Metaverse is on the way to creating its unbeatable space in the world. To fulfill the demands of the Non-fungible Token community to connect the digital space, Yuga Labs is working on the Otherside Metaverse platform. The platform is not yet launched and has been underdeveloped since March 2022.
Otherside’s peer, The Sandbox, already rocking the metaverse and added value to the online culture. The Sandbox is an online gaming platform offering unique and immersive gaming experiences to the world.
NFT to Accelerate Metaverse
While putting opinions on Metaverse, Daniel Alegre also took into consideration the NFT space. A divergence in the NFT is observed by him. “The digital collectibles are being valued by their creatives and art they deliver”, stated Daniel. The NFTs are being valued by the community for their intellectual property rights. Comparing two different NFTs he justified the statement. Cryptopunks, one of the oldest NFT projects of Yuga Labs, is much more popular among the community because of the value of owning the original. The Bored Ape Yacht Club (BAYC) NFT project on the other hand is held by the community for building businesses on the top of the Apes.
Yuga Labs holds the same value as YouTube helping users to build around sharing video on the platform. The scenario represents that offering ownership to the NFT holders can take the space in a way that can never be imagined.
Conclusion
The CEO of Yuga Labs, Daniel Alegre came up with a statement favoring Metaverse. According to him, Meta, a big giant in the technology sector ruined the name of Metaverse. Meta’s lower user base is one of the biggest problems, however, Metaverse is continuously evolving.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
