DAO Was Established By Animoca Brands To Create Metaverse Standards

The Open Metaverse Alliance for Web3 (OMA3) is a group of Web3 firms that have joined forces to create an open, borderless metaverse. The group claims that among its goals is safeguarding user-owned information freedom as well as addressing other pressing issues facing the developing metaverse.

Projects including Alien Worlds, Dapper Labs, Decentraland, Star Atlas, and The Sandbox are entering the cooperation with Animoca Brands. The cooperation comprises blockchain gaming startup Upland, virtual reality and game producer Space, and DAO framework developer Wivity in addition to Web3 projects already associated with Animoca.

The Metaverse Standards Forum, another metaverse “association,” was also announced just before the new blockchain-based organization was. Microsoft, Meta (previously Facebook), Alibaba, and Sony are among the founding members of that group; these are corporations that are not well recognized for allowing users to freely maintain or transfer their data between applications.

OMA3 aims to take a different approach.

“We believe in a metaverse without restraining walls, where individual platforms are interconnected and fully interoperable,” OMA3 said in a blog post.

The collaborationis open to all blockchain-based metaverse businesses

This new decentralized autonomous organization, or DAO as it is more often known, will function as a consortium, led by inclusivity, transparency, and Web3 principles, claims OMA3.

A DAO is simply an online community that distributes control among its members using Web3 capabilities. A coin or token is frequently used by DAOs to reward members and control decision-making.

“The standards we create are guided by the goals of true ownership and real-time interoperability,” the group says.

In order to ensure that the metaverse functions as a unified system where digital assets, identities, and data are permissionless and managed by users, not platforms, OMA3 claims it will develop the alliance’s infrastructure.

Additionally, according to the group, users will be the owners of their assets and will be free to transfer them without the platform’s consent to any OMA3 planet.

The SAND and REVV currencies were developed by Animoca Brands, a digital entertainment, blockchain, and gamification company that also produces well-known games like The Sandbox and Crazy Kings. OpenSea, Axie Infinity, Dapper Labs, Star Atlas, and Alien Worlds are also highlighted as investments.

The startup revealed earlier this month that it had secured $75 million in funding for its goal of creating an open metaverse, including contributions from Alpha Wave Ventures, Kingsway Capital, and Liberty City Ventures.

“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,” Yat Siu, co-founder and executive chairman of Animoca Brands, said in a statement. “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.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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