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MyTona is first Russian company to dive into the Metaverse

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MyTona has become the first company in Russia to announce its plans in the Metaverse sector. The Yakutsk-based game developer said in a release that the “Mytonaverse” metaverse will go live in mid-December. 

The release stated,

“The app brings communications closer to real-life interactions: 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.”

MyTona co-founder Alexei Ushnitsky told Forbes that Mytonaverse is a separate entity that is registered in New Zealand.

Russia’s stance

It is noteworthy that last month, Vladimir Putin’s administration brought in a draft policy for crypto exchanges under its anti-corruption guidelines. The policy empowered federal employees to implement “audits in order to counter corruption.”

With that, the country has been conducting a crackdown to target crypto-linked crimes. Despite that, the latest reports note Russians as being one of the most active in investing in cryptocurrencies. 

The Bank of Russia pointed out that crypto transactions topped an annual volume of 350 billion rubles ($5 billion). The country also attracts a major segment of Bitcoin miners, contributing 11.23% of the average monthly hash rate. 

M is for Meta

On the Metaverse front, the sector is estimated to become a trillion-dollar industry by 2022. And, Facebook isn’t the only tech giant racing to lead the sector. In this context, Bill Tai, Actai Global Chair told CNBC, 

“I think they would like (if there was) only one Metaverse, but I think that’s never going to be the case. I think the metaverse is a subjective thing.”

 As per reports, China-based Tencent has made big moves in the space despite growing government scrutiny.  Additionally, Morgan Stanley is reportedly including Meta Platforms and Roblox as potential winners in the long term. In fact, with many more players, it is clear that investors are considering the metaverse to be the next big opportunity. Meanwhile, the Government of Barbados has also gone ahead to create the world’s first Metaverse Embassy.

Further, it is worth mentioning that play-to-earn gaming platforms like Axie Infinity have managed to make a mark in the segment. With that, Decentraland (MANA) and The Sandbox (SAND) are also now mapped in the top metaverse marketplaces when it comes to market cap. 

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Shraddha is a full-time journalist at AMBCrypto. She has a keen interest in personal finance and wealth generation. Her primary focus is on the cryptocurrency space's applications for investment vehicles and portfolios