- The “metaverse” component of Web3 gives consumers total control over their data.
- The $43 billion digital asset manager created the Grayscale DeFi Fund.
Michael Sonnenshein feels this fast-evolving business is still in its early stages even though the entire market valuation of cryptocurrencies surged from about $800 billion to over $2 trillion. The $43 billion digital asset manager created the Grayscale DeFi Fund and six single-asset investment trusts last year amid increased institutional use of crypto.
According to Michael Sonnenshein, CEO of major digital asset investment firm Grayscale, this year and beyond, the cryptocurrency industry will continue to witness infrastructure development, the proliferation of protocols, the growth of the metaverse, and the emergence of non-fungible tokens (NFTs).
Sonnenshein, the CEO of Grayscale Investments, wrote:
“I believe that the most exciting thing about the digital economy is how early it still is.”
Impact of NFT and Metaverse Sector
Users are both the product and the means for firms to generate revenue, according to Sonnenshein’s definition of the Web2 experience. The “metaverse” component of Web3 gives consumers total control over their data and digital footprint across all of the “focal points of societal engagement,” including corporate transactions, gaming, and entertainment, news, and social networking sites.
As the CEO points out, the NFT’s current version is limited to digital art, but that will change in the future as they grow into “more complex” use cases. A focus on the authenticity, origin, and ownership of particular products will be seen in the fashion and music business, as well as in the real estate market as well as in the entertainment sector. Digital verification is relevant in NFTs, as seen by the public discussion and momentum.
