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Yung Yung Invests in Blockchain-Based Games
With blockchain-based applications, users can own virtual land and play to earn money. Metaverses like SecondLive and Axie Infinity have already become popular, and Yung, the CEO of Animoca Brands, is an investor in these projects. In addition, he is also a major shareholder in CryptoKitties and NBA Top Shot creator Dapper Labs. In this article, we will explore the economics of these systems and explore how they can benefit users.
Facebook, Google, Microsoft and Twitter are just a few companies looking to get in on the action. Mark Zuckerberg’s Facebook recently announced that it would rename itself as “Meta,” and plans to make the company a “metaverse company.” The metaverse has already gotten a boost in the past 24 hours, as the company announced its plans to launch its own currency, called Mt.Go. The name change also led native tokens of top blockchain-based play-to-earn games to jump over 10 percent in 24 hours.
While these developments are encouraging, they are also causing controversy. Facebook, for instance, has been accused of trying to dominate the metaverse through its platform. However, the company did not reply to Insider’s request for comment. While the emergence of blockchain technology has helped in the development of decentralized autonomous organizations, some skeptics believe that big tech companies will still muscle in on Metaverse because of the network effect it creates.
