Animoca Brands Boss Says Metaverse Can’t Function Without Web3

The CEO of Animoca Brands explains the relationship between Metaverse and Web3 and refers to Meta’s VR as a distraction.

Nov 9, 2022
by Michael
Animoca Brands Boss Says Metaverse Can’t Function Without Web3
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The metaverse has received different definitions from various people. Different perspective sees the metaverse as a virtual reality office, gameplay & social space, or an NFT virtual world. However, Robby Yung, the CEO of Animoca Brands, believes every virtual space regarded as a metaverse must meet a certain criterion. 

During a panel discussion at a Web Summit in Lisbon, Portugal, the Animoca Brands boss said:

"There is no metaverse without Web3 because you need to have that transaction layer so that you have interoperability between content and you can bring it from place to place. We as an industry are working on setting standards for that," he added. “We've set up various consortiums to address those issues.”

The Metaverse Dream

The venture capital company is one of the members of the recently-launched Open Metaverse Alliance, which is pushing for interoperability standards in the metaverse. Once the standards are established, users can purchase items on a metaverse platform and take them to another metaverse. Meanwhile, Yuga Labs has also revealed its plan to implement open metaverse NFT standards. Yung acknowledges that the metaverse’s development will be a long-term process, taking 10 years or more.  

Earlier on, the founder and executive chairman of Animoca Brands, Yat Siu, dismissed Meta’s metaverse approach, especially with the metaverse scope centering on Virtual Reality. In addition to this, Yung thinks VR is a distraction, adding that VR is one of the many platforms the metaverse can be accessed. He buttressed that Meta has made a mistake by referring to VR as the metaverse.  Probably this is why Meta is losing billions of dollars in the metaverse project. Meta reportedly lost $3.67 billion in the third quarter of 2022 to its VR development. 

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