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What is the 'metaverse'? A digital currency asset manager explains

Grayscale's CEO Michael Sonnenshein explained what a metaverse is during the "Crypto Goes Mainstream: Yahoo Finance Special." He said, a metaverse is "where digital experiences take place." Sonnenshein also talked about all the companies embracing and moving toward creating more metaverse applications.

Video Transcript

MICHAEL SONNENSHEIN: Six or seven years ago, the word blockchain was being thrown around without people really having a fundamental understanding of what the technology actually was or what its use cases would be. And here we are today and blockchain is certainly a colloquial word that's being used.

You fast forward to what we've seen over the last few weeks and months and all the sudden the word metaverse is being tossed around quite a bit. We're even seeing companies changing their names to advocate for or indicate that they're moving towards supporting metaverse applications.

At its core, a metaverse is where digital experiences take place. And so when you think about the idea of the metaverse, let's just suspend belief for one second, OK. Imagine that you can go to a concert without leaving your couch. Imagine you own land that you will never set foot on, but that has material value. These are the types of digital experiences that metaverse applications unlock. And we're now seeing a lot of the confluence of gaming, virtual reality and social media networks converging around these ideas.

And there are a lot of really exciting applications out there. We've long been believers in Decentraland, which is a decentralized metaverse. It has a native token called MANA. So these are the types of applications where we're starting to see user adoption and growth. But again, very, very early days for it.