Based in San Francisco, Sonar is a metaverse developer, which allows players to build worlds and they can also use non-fungible tokens (NFTs) for interacting with user spaces.
The metaverse and NFTs are now being regarded as the next big thing in crypto and this has resulted in a great deal of interest in the space.
>> Try the #1 AI Trading Robot - Click Here <<
Software development firm Aave Companies have also jumped on the bandwagon through its acquisition of Sonar.
The software development company actually serves as the umbrella entity for a number of crypto projects.
These include Aave, the borrowing and lending protocol, the stablecoin GHO and also Lens Protocol, the up-and-coming social platform.
Aave Companies did not disclose the exact terms of the acquisition deal, but some information was shared.
The co-founders of Sonar are brothers Randolph Lee and Ben South Lee, who are also heading to Aave Companies, along with a number of other team members.
They will help in developing social-mobile apps that will be powered by the Lens Protocol.
This is a decentralized social media protocol based on the Polygon blockchain and allows users to store their content in the form of non-fungible tokens (NFTs).
Ben South Lee, one of Sonar’s co-founders will be working for Aave Companies as the Senior VP of Product and Design.
He said that they liked the way Aave had used the Lens Protocol to approach social media. He said that Lens could provide them with the building blocks needed for transforming how people connect online.
An iOS gaming app, Sonar had been introduced in the summer of 2020 as a product of Y-Combinator, which enables users to create and enjoy digital spaces and engage in activities.
These include playing games, listening to music and using custom ‘moji’ NFTs to engage with other users, which can be found on the OpenSea marketplace.
Mojis have been defined on the Sonar website as cute and weird, but engaging all the same, as the 3D avatars can be used for making friends via text or voice.
They boast a body, eyes, mouth and accessories. Most importantly, they also have a gem that indicates how rare its combined parts are.
Some of the gems that can be used include emerald, sapphire, diamond, ruby, quartz and amethyst.
Ben South Lee asserted that the integration of Sonar and the Lens Protocol would assist the team in choosing the combinations that would be familiar and approachable for everyone.
The chief executive of Aave Companies, Stani Kulechov said that the Lee brothers as well as the Sonar team have exceptional creativity to offer.
The CEO said that they also have decades of experience in terms of engineering, mobile, market growth and product design. Plus, they also have a rather innovative product.
He added that they were very pleased to have the Sonar team come on board to work with their Lens team because this would give a boost to their mobile app and social media strategy.
The Aave Companies is planning on developing other consumer applications focused on Web3 and it is hoping to roll them out as early as next year.
This new acquisition would certainly prove to be helpful in speeding up the process, given that Sonar has been working on the same since it was founded two years ago.