Solana (SOL) co-founder Anatoly Yakovenko thinks one emerging crypto sector will underpin the future of social networks.
Yakovenko argues in a new interview with Markets Insider that non-fungible tokens (NFTs) offer potential benefits that traditional social media platforms lack.
“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.”
Solana, an Ethereum (ETH) competitor, is currently the fourth-most popular blockchain of all time in terms of NFT sales volume, with more than $752.4 million in lifetime sales, according to data aggregator CryptoSlam.
Ethereum leads the list with more than $10.89 billion in lifetime sales volume. Ronin, sidechain developed for the Axie Infinity (AXS) play-to-earn game, is second, with more than $3.67 billion.
Business data provider Statista reveals that this year, NFT users surged from around 46,000 in January to over 500,000 in November.
Yakovenko says that he sees the nascent crypto sector eventually attracting 100 million users.
“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?”
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