Robby Yung, head of the blockchain-gaming operator Animoca Brands, described the creation of virtual worlds as a ‘long-term plan’ during a Web Summit keynote. Decrypt reports.<\/p>\n
\n\u201cWe have to be realistic; this is a long-term plan. We are building a 3D Internet, which will likely take 10 years or more,\u201d he said.<\/p>\n<\/blockquote>\n
Yung also noted that metaverses are impossible without Web3<\/a>, as virtual worlds require interoperability of content.<\/p>\n
\n\u201cAs an industry, we are working on establishing standards for this. We have created several consortia to try to address these issues,\u201d he added.<\/p>\n<\/blockquote>\n
Animoca Brands was among the founders of the industry group Open Metaverse Alliance, launched in November. The consortium advocates for interoperability standards in the metaverse that would allow NFT<\/a> to be easily integrated from one platform to another.<\/p>\n
The CEO of Animoca Brands also criticized Meta’s approach to metaverses. He believes their focus on virtual worlds is a mistake.<\/p>\n
Earlier in July\u2013September, the loss of Meta’s metaverse-related Reality Labs amounted to $3.7 billion<\/a> ($9.4 billion year-to-date).<\/p>\n