Software development company Aave Companies today announced the acquisition of Sonar, a
San Francisco-based metaverse developer where players can create worlds and interact with user-created spaces using non-interchangeable tokens (NFT).
Upon completion of the acquisition, Sonar plans to integrate the Lens Protocol. Several Sonar members will join Aave with the intention of helping in the development of mobile social applications and other Web3 consumer applications. Sonar co-founders Ben South Lee and Randolph Lee will join Aave as Senior vice president of Product and Design and Chief Engineer, respectively.
This marks an important step for Aave to further enter the Web3 space, in which many companies have done the same. The Web3 niche has become a new trend in the market, and companies are eager to benefit from it. The cryptocurrency winter has also forced many to pay attention to areas with growth potential.