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Yuga Labs CEO Daniel Alegre says Meta ruined the term "metaverse"

According to Yuga Labs CEO Daniel Alegre, Meta's promotion of its flawed metaverse vision has given the concept a bad reputation. However, Alegre believes that open online virtual worlds have continued to evolve positively despite this setback.

He also notes that the low userbase is a significant issue with Meta's Horizon Worlds, and that Yuga's upcoming Otherside metaverse was created to meet the needs of its nonfungible tokenholder community. Alegre also observes a divergence in how NFTs are being valued, with some being valued for their art and history while others are valued for their community and intellectual property rights.

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