Solana Co-founder Hails NFTs as “True of Web Social Networks”

With the explosive growth of the NFT sector in recent times, Anatoly Yakovenko, the co-founder of the high-performance blockchain network, Solana, has opined that NFTs are the foundations of future social networks.

Speaking to Insider in a recent interview, Yakovenko noted that NFTs are pioneers of “true web social networks,” as they do not require the involvement of external marketplaces to push their adoption.

He said,

“I think these are the early starts of true web social networks that do not rely on ads for monetization that don’t rely on Google or Facebook to function. They are purely these digital communities that can monetize/self monetize from their own content without the need of any of these external poison marketplaces.”

NFT Explosion

NFT mania has become so widespread that it is attracting investors, creators, and collectors, not only within the crypto space but from all sectors of the global economy.

The metaverse, which is a virtual world where users exist as avatars, work, communicate, and conduct every daily activity in the virtual environment, has become a global sensation.

Play-to-earn NFT games, including Axie Infinity, Decentraland, and more, have become so popular that most people are quitting their day jobs to play them full-time. One Axie Infinity land recently sold for a whopping $2.3 million. 

The sector has witnessed a massive influx of both individual and institutional investors, a feat that was possible due to the active word-of-mouth promotion by the community of NFT enthusiasts, according to the blockchain analytics firm, Chainalysis.

Yakovenko concluded,

” I am really excited to see an NFT community go from – 10,000 people to 100,000 and then a million and then 100 million – that’s unbelievable, right? What does that look like when there’s 100 million people that are all in – the same community that is driven by this digital content?”

NFT Taxes Coming

While the NFT space has attracted notable investors and contributors, it has also attracted the attention of financial regulators.

South Korea’s FSC recently revealed that it is considering taxing NFT gains.

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