• MyTona is the first Russian company to enter the Metaverse

  • MyTona is the first Russian company to announce its intentions in the Metaverse sector. According to a press release from the Yakutsk-based game developer, the “Mytonaverse” metaverse will go live in mid-December.

    According to the press release,

    “In the current version, users can hold virtual meetings, travel to different social hubs (worlds), and throw metaverse parties with friends from all over the world.”

    According to Forbes, MyTona co-founder Alexei Ushnitsky, Mytonaverse is a separate entity registered in New Zealand.

    Russia’s position

    It is worth noting that Vladimir Putin’s administration introduced a draft policy for crypto exchanges as part of its anti-corruption guidelines last month. The policy empowered federal employees to conduct “audits to combat corruption.”

    As a result, the country has been conducting a crackdown on crypto-related crimes. Despite this, recent reports indicate that Russians are among the most active cryptocurrency investors.

    According to the Bank of Russia, crypto transactions exceeded an annual volume of 350 billion rubles ($5 billion). The country also attracts a significant number of Bitcoin miners, accounting for 11.23 percent of the average monthly hash rate.

    The letter M stands for Meta.

    On the Metaverse front, the industry is expected to be worth a trillion dollars by 2022. And Facebook isn’t the only tech behemoth vying for supremacy in the industry. In this regard, Actai Global Chair Bill Tai told CNBC,

    “I believe they would prefer (if there were only one Metaverse), but I believe that will never be the case.” “I believe the metaverse is a personal experience.”

    According to reports, despite growing government scrutiny, China-based Tencent has made significant moves in the space. Furthermore, Morgan Stanley is reportedly considering Meta Platforms and Roblox as long-term winners. Indeed, with so many more players, it is clear that investors see the metaverse as the next big opportunity. Meanwhile, the Barbados government has established the world’s first Metaverse Embassy.

    Furthermore, it is worth noting that play-to-earn gaming platforms such as Axie Infinity have made a name for themselves in the industry. As a result, Decentraland (MANA) and The Sandbox (SAND) are now mapped among the top metaverse marketplaces in terms of market cap.

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