Kraken CEO Explains What Metaverse Means For NFTs, Gaming, Crypto





With major tech players like Facebook (FB) and Microsoft (MSFT) claiming the metaverse, its technology has seen a meteoric rise in mainstream consciousness. According to Kraken CEO Jesse Powell, the advent of metaverse platforms could have significant implications for cryptocurrencies, NFTs, gaming, and more.

Powell compared the metaverse to existing virtual universes found in popular online video games such as Second Life, World of Warcraft, and Runescape.

“People grew up playing these games and I think this new stage of the metaverse where you have these goods, virtual tokens, or clothes or whatever. [that] you can navigate between these different platforms, I think that’s what people are really excited about now, ”Powell told Yahoo Finance.

However, he said iterations of Metaverse do exist and continue to exist and be used every day.

“We’ve seen different versions of the Metaverse over time,” Powell said. “I mean, you might even think of Fortnite as a metaverse – Roblox (RBLX), Minecraft, Second Life as one of the very first iterations of that. And all of it succeeds to varying degrees and for different purposes and for different. niche audiences, so I think people are making something more of it than it is.

Metaverse digital cyber world technology, man with VR virtual reality glasses playing AR augmented reality game and entertainment, futuristic lifestyle

Metaverse digital cyber world technology, man with VR virtual reality glasses playing AR augmented reality game and entertainment, futuristic lifestyle

Powell joined Yahoo Finance in an interview with Decrypt editor-in-chief Jeff Roberts as part of the Yahoo Finance / Decrypt: Crypto Goes Mainstream summit. The summit featured live conversations with some of the biggest names in crypto to talk about investing, mass adoption, NFT collection and how to get started.

Regarding the NFT space, Powell commented on how unexpected the success of NFTs over the past year has been. He attributed it to the rapid mainstream adoption of projects like NBA Top Shot and CryptoPunks.

According to Powell, the growing popularity of NFTs is likely due to the familiarity of younger generations with digital value stores, such as virtual clothing and gear for an online avatar. With the advent of the metaverse and the possibility of many decentralized metavers, he believes the NFT space will look to the next step to be able to transfer digital assets between different platforms, taking advantage of the capabilities of the blockchain.

“I don’t think there will be a single metaverse,” Powell said. “And I think it’s the same for Facebook, another kind of proprietary platform where I think they’ll support these blockchain assets and some representation of them in their world, and they’ll all have different rules. And I don’t think anyone will have a monopoly on this.

Thomas Hum is a writer at Yahoo Finance. Follow him on twitter @thomashumTV

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