Web3 platforms jointly launch the Open Metaverse Alliance - PingWest
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Web3 platforms jointly launch the Open Metaverse Alliance
Web3 platforms jointly launch the Open Metaverse Alliance
July 23, 2022 9:10 am
Blockchain-based Web 3 platforms have announced the launch of Open Metaverse Alliance for Web 3 to address interoperability challenges of the industry.
The alliance was jointly established by Animoca Brands, Alien Worlds, Dapper Labs, Decentraland, MetaMetaverse, Space, Superworld, Upland, Voxels and DAO framework developer Wivity.
The alliance will be established as a decentralized autonomous organization or better known as a DAO, using a token to incentivize their members and govern decision-making. It will focus on building standards for nonfungible tokens (NFTs), protocols, transferable identity, portals between virtual worlds, mapping and indexing.
The alliance said it will build an open metaverse where digital assets, identities, and data are controlled by users, not platforms, users can freely transfer their belongings without the individual platform's permission.
Previously, web 2 tech giants include Microsoft, Meta, Alibaba, Sony have jointly established another metaverse alliance known as the Metaverse Standards Forum.
The concept of open metaverse has been frequently mentioned by Yat Siu, co-founder and executive chairman Animoca Brands on multiple occasions. He highlighted that any kind dominance by tech giants such as Meta and Tencent will hurt the development of metaverse because the principles of the metaverse will be openness and interoperability.
Founded in 2014, Hong-Kong based Animoca Brands owns popular blockchain game the Sandbox after it acquired the game developer Pixowl in 2018, it has developed a number of blockchain game project like Formula E: High Voltage, F1 Delta Time, and REVV Racing.
It also touts investments in Web3 giants OpenSea, Axie Infinity, Dapper Labs, Star Atlas, and Alien Worlds.
Animoca achieved unicorn status and valued at USD5 billion after it raised USD358.8 million in January this year.
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