Led by Animoca Brands, the newly formed “Open Metaverse Alliance for Web3” or OMA3, was created to progress the goal of an interconnected and fully interoperable metaverse.

We are incredibly excited to announce the Open Metaverse Alliance for Web3. Multiple virtual worlds have come together to solve key challenges of the metaverse and preserve the freedom of information owned by users. Stay tuned for announcements on https://t.co/nd6KfRxsis

— Open Metaverse Alliance for Web3 (@oma3dao) July 21, 2022

As of now over 12 different Web3 brands have joined, including names like Alien Worlds, Dapper Labs, The Sandbox, and Upland.

“It is very encouraging to see that the current builders of the blockchain-based Metaverse share the common vision that they need to work together so users can control and enjoy their digital assets across different platforms,” said Dirk Lueth, the CEO of real estate metaverse platform Upland.

OMA3 will operate as a decentralized autonomous organization (DAO), which in simpler terms is a group or consortium designed to allow for voting on the governance of assets. The group said it aims to guide governance based on the principles of inclusiveness, transparency, and decentralization. The end goal is to provide true ownership of digital assets and real-time interoperability.

By building a unified infrastructure OMA3 aims to create a metaverse where assets like NFTs are owned by individuals and not by platforms. Once this infrastructure is built users would be able to transfer their digital assets to any OMA3 virtual worlds without the platform’s permission.

“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,” said Animoca Brands Co-Founder Yat Siu, adding, “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.”

After raising another $75 million USD in a recent round of funding for its metaverse initiatives, Animoca Brands now sits at a $5.5 billion USD valuation.

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