As the metaverse continues to expand along with the Web 3.0 industry, there is sure to be more and more cooperation between Web 3.0 firms. One example of such collaboration is the Open Metaverse Alliance, our main story for this week.
Web 3.0 Platforms Launch the Open Metaverse Alliance
A group of Web 3.0 firms has come together to create the Open Metaverse Alliance for Web 3.0 (OMA3). The aim is to break down several hurdles in the industry, with the key being interoperability. There are four main principles guiding the alliance: inclusiveness, democratization, transparency, and decentralization.
OMA3 is formed by notable names like Dapper Labs, The Sandbox, Voxels, Alien Worlds, Animoca Brands, Space, Superworld, and Upland. The organization proposes standards to overcome the interoperability challenge and enables cooperation among several Web 3.0 stakeholders and other industries.
The Open Metaverse Alliance will be founded as a DAO. This is to guarantee a user-centric and transparent governance system. The organization’s focus will be on specific areas in the metaverse like indexing, protocols, mapping, portals between virtual worlds, transferable identity, and standards for Non-Fungible Tokens.
Snapchat Begins Testing Digital Assets With AR Functionalities
Snapchat is following a flurry of social media companies testing out Web 3.0 features. The company, based in Santa Monica, USA, is currently focusing on integrating digital assets into snaps of users (snaps are photos taken in-app by users). This feature, when introduced, will allow users to turn their digital assets into AR lenses on the app. This will, in turn, be applied to physical backgrounds in the pictures taken by users.
The Hype Behind the Otherside Metaverse
One of the most exciting metaverse projects is on its way, and its pull is massive. The Otherside metaverse project, which was conceptualized by Yuga Labs, the brain behind Bored Ape, is going to be a massively multiplayer online role-playing game (MMORPG). It will connect to the broader digital asset world, allowing the Otherside platform to turn digital assets into playable characters. In addition, collectors will be able to buy land in the open-world game and interact with several metaverse ecosystems.
Others
In other news, as one of the leading hubs of crypto technology in the Middle East, the Emirate of Dubai is launching a plan through its Dubai Metaverse Strategy that will see it support over 40,000 virtual jobs.
Polygon is launching a Zero-knowledge scaling solution that will be able to transmit multiple transactions as a single one, thereby helping the network where Zoop is being developed to reduce transaction fees for Web 3.0 operations.
The Solana Launchpad feature has arrived on OpenSea following the digital asset marketplace’s announcement of the new feature.
The conventional narrative about NFTs is making brands ditch the word ‘NFTs’ during NFT launches. Common conventional narratives such as “crypto mining is ruining the environment,” too many scams, and the crypto market’s volatility are why brands are not associating the expression NFT with digital assets.
Conclusion
This week has been packed with exciting Web 3.0 developments and partnerships like all the others since we launched these articles. You know you can count on us for next week when we bring you the most interesting highlights that will keep you glued to the metaverse and Web 3.0 worlds.
