There Is No Metaverse Without Web3, Said Animoca Brands CEO
Robby Yung trained on Meta’s emphasis on computer-generated experience for the metaverse, referring to VR as “a major interruption” and “an error.”
The metaverse means many things to many people, whether that be Meta’s virtual reality “office,” Fortnite’s combination of gameplay and social space, or Decentraland’s NFT-powered virtual world.
However, to Robby Yung, President of metaverse venture company and game distributor Animoca Brands, one reality is certain.
“There is no metaverse without Web3 because you want to have that exchange layer so you have interoperability among content and you can carry it from one spot to another,” he said in a board conversation at Web Highest point in Lisbon, Portugal.
“We as an industry are dealing with setting guidelines for that,” he added. “We’ve set up a few different consortiums to attempt to resolve those issues.”
Animoca Brands is one of the founding members of the Open Metaverse Alliance, an industry group launched this month that is pushing for interoperability standards in the metaverse. Those standards would enable NFT content purchased on one metaverse platform to seamlessly integrate with another, so that an NFT bought on Decentraland could be used in The Sandbox, for example.
However, one vital participant in the Web3 space presently can’t seem to focus on joining the Open Metaverse Union: Exhausted Chimp Yacht Club proprietors Yuga Labs, which this week uncovered that it’s difficult working on its open metaverse NFT norms.
Yung recognized that there’s a difficult experience ahead for financial backers in the metaverse. “We must be reasonable that it’s a drawn-out plan,” he said. “That is to say, we’re assembling the 3D web, this will require 10 years or more, most likely.”
Yung, as Animoca pioneer and leader executive Yat Siu, is pompous of Meta’s metaverse approach — especially its work to make a metaverse revolved around computer generated reality. “My own view is I think VR is a major interruption,” he said, adding that VR is “only one stage” by which the metaverse can be gotten to.
Meta, he said, has zeroed in on characterizing the metaverse as “similar to VR,” something that Yung depicted as “an error.”
Certainly, Meta’s all-in foray into virtual reality has been a costly one so far; last month its metaverse division reported a $3.67 billion quarterly loss.
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