Animoca Brands Will Build Metaverse Standards With New DAO

Animoca Brands will build metaverse standards with the newly launched DAO after a few prominent Web3 names joined the efforts so let’s have a closer look at today’s latest cryptocurrency news.

An alliance of web3 companies joint efforts to build an open metaverse dubbed OME3 or the Open Metaverse Alliance for Web3 so the group said it aims to solve these key challenges of the metaverse like preserving the freedom of information that is owned by the users. The projects joining the alliance include Animoca Brands, Dapper Labs, Decnetraland, Alien Worlds, The Sandbox, and star Atlas. Alongside Web3 projects that are already linked to Animoca, the alliance includes DAO framework developer Wivity and game developer Space as well as blockchain gaming company upland.

🥁 D-Rum Roll Please…

Exciting news, Explorers!

"Leading blockchain-based virtual world platforms announce the Open Metaverse Alliance for Web3 "OMA3" to jointly address interoperability challenges of the industry"#OMA3 #NFTCommuntiy @Metaverse_Forumhttps://t.co/YdEWZgvEbp pic.twitter.com/FUNBCUTA6Q

— Alien Worlds Official (@AlienWorlds) July 21, 2022

Animoca Brands will build metaverse standards as the announcement showed, coming on the heels of the announcement of another metaverse alliance known as the Metaverse Standards Forum. Founding members of the group include Meta, Microsoft, Alibaba, and Sony which are companies not known for allowing users to keep or transfer data between applications. OMA3 will take a different approach:

“We believe in a metaverse without restraining walls, where individual platforms are interconnected and fully interoperable.”

The group said it will invite all blockchain and metaverse-based companies to join their alliance. According to OMA3 the new decentralzied autonomous organization will operate as a consortium. The DAO is essentially an online community that uses Web3 tools and organizes the contrl among members. DAOS often use crypto or tokens to incentivize their members and to govern the decision-making process. The standards will be guided by the goals of true ownership and the real-time interoperability.

We are incredibly excited to announce the Open Metaverse Alliance for Web3. Multiple virtual worlds have come together to solve key challenges of the metaverse and preserve the freedom of information owned by users. Stay tuned for announcements on https://t.co/nd6KfRxsis

— Open Metaverse Alliance for Web3 (@oma3dao) July 21, 2022

OMA3 said it will build the alliance’s infrastructure to ensure the metaverse operates as a unified system. The group asserted that the users will own their assets and can transfer them to any OMA3 world. Animoca Brands is a digital entertainment and blockchain company that created SAND and REVV tokens while also publishing games like Crazy Kings and The Sandbox. It also touted investmetns in Web3 giants like Dapper Labs, Axie Infinity, and Open sea. Earlier this month, the company raised $75 million with a goal to open a metaverse with investmetns from Kingsway Capital, Alpha Wave Ventures, and Liberty City Ventures. The co-founder of Animoca, Yat Siu added:

“Digital property rights represent a society-defining generational shift that impacts everyone online and will set the stage for the emergence of the open metaverse. We are deeply honored to continue to enjoy strong support from investors as we work to solidify the leadership position of Animoca Brands in the Web3 industry and in the field of true digital ownership.”