Open Metaverse Alliance for Web3 (OMA3) Joins Race to the Metaverse

Animoca Brands has spearheaded a new Web3 alliance called OMA3, which aims to trump Meta and Microsoft’s own metaverse-driven alliance. 

The race to the metaverse is becoming a technological battle for the ages. 

As innovation surges, the prospect of traversing virtual worlds and experiences with the same avatar is not too far-fetched. 

Now, an alliance of Web3 companies called OMA3 has formed to take on the giants of Web2 in a “battle of the future of the internet”.

Leading the Web3 charge is Animoca Brands, who recently raised $75 million in its funding bid for an open metaverse, with investments from Liberty City Ventures, Kingsway Capital, Alpha Wave Ventures, and others.

Indeed, Animoca Brands is a leading investor in Web3 infrastructure, with stakes in major companies like OpenSea, Axie Infinity, Dapper Labs, Star Atlas, and Alien Worlds.

Yat Siu, co-founder and executive chairman of Animoca Brands, said: “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 honoured 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.”

OMA3 aims to build a metaverse infrastructure where digital assets, identities, and data are ‘permissionless’ and controlled by users, not platforms. 

Being permissionless or ‘trustless’ means a digital world free of third-party control of information, data, and assets. 

The blockchain encapsulates this ideal and companies like Animoca Brands are committed to making this ideal a reality. 

The OMA3 alliance will function as a Decentralised Autonomous Organisation (DAO) and includes the Animoca-Brands-affiliated Alien Worlds, Dapper Labs, Decentraland, Star Atlas, and The Sandbox. 

Additionally, DAO framework developer Wivity, virtual reality and game developer Space, and blockchain gaming company Upland have joined the group.

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

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

The timing of the OMA3 announcement is no coincidence. 

On June 21st, 2022, The ‘Metaverse Standards Forum’ announced its formation, comprising 35 founding members including Meta, Microsoft, Huawei, and Epic Games.

In fact, just days ago, the Forum reached a total of 1000 members.

The Forum appears to have the same intentions as OMA3, with the words ‘open’ and ‘interoperable metaverse’ at the forefront of its plans. 

As outlined in the Forum’s first statement, collaboration is the key to winning the race to the metaverse.   

Vishal Shah, the vice president of Metaverse at Meta said: “Building a metaverse for everyone will require an industry-wide focus on common standards. The Metaverse Standards Forum can drive the collaboration that’s needed to make this possible, and Meta is committed to this work.” 

“Creators, developers, and companies will all benefit from the technologies and experiences that will be made possible by common protocols.”

Thus, two major alliances have formed in pursuit of one common goal – an immersive 3D virtual world, where users can freely move around and enjoy various experiences such as games, social events, shopping, exclusive parties, and live concerts. 

How the two alliances approach the metaverse will be fundamentally different, but the ultimate goal is the same. 

Stay tuned for more updates on the race to the metaverse. 

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