Recently, Yuga Labs‘ CEO Daniel Alegre expressed his thoughts about the term ‘metaverse,’ arguing that it has been misused by Meta to market a version of the technology that failed to deliver excitement among users. Despite the sour taste that Meta’s Horizon Worlds may have left in people’s mouths, Alegre assured the crypto community that metaverse platforms are making real strides outside of Meta’s bubble.
Alegre argues that Metaverse platforms like World of Warcraft and Fortnite have been in existence for a while now and have successfully built engaging worlds for users. Meta, however, promoted its Horizon Worlds as something groundbreaking when, in reality, it offered little new to users who ventured into their realm. This lack of uniqueness and purpose, Alegre stated, has led to a diminished user base for Meta’s Horizon Worlds.
In contrast, Yuga Labs has been developing their own metaverse platform, Otherside, which addresses the needs of nonfungible token holders seeking a digital space in which to interact. It was born out of the community’s desire for a digital connection hub, highlighting a crucial factor that separates fruitful projects from those that flop: listening to the needs of the community.
The Yuga Labs CEO also touched upon nonfungible tokens (NFTs), following two distinct paths in their evolution. On one hand, people are beginning to appreciate their inherent artistic and historical value, while others are being embraced for their community bonding and unlocking intellectual property rights. These divergent views hint at broader implications for the future applications of NFTs.
Illustrating this divergence, Alegre contrasted CryptoPunks, an early NFT collection which has found acceptance within top museums and collectors, with the Bored Ape Yacht Club (BAYC). Holders of BAYC NFTs have forged a vibrant community, with many laying the foundation of their businesses on top of BAYC.
For Alegre, this evolution of NFTs reflects how giving ownership to the community can lead to unexpected and exciting outcomes. As the metaverse and NFT arenas continue to expand and evolve, watching them unfurl will undoubtedly make for an engaging spectacle, full of possibilities and potential. Yet, it remains vital to navigate these landscapes with a discerning eye towards genuine novelty and utility.
Source: Cointelegraph
