While Metas Horizon Worlds is suffering from a low user base, metaverse platforms have focused on building, says Yuga Labs CEO Daniel Alegre. 2142 Total views 19 Total shares Listen to article 0:00 Interview Join us on social networksBig Tech player Meta gave the metaverse a bad name when it pushed its janky vision to the masses. Luckily, open online virtual worlds have continued to evolve, says Yuga Labs CEO Daniel Alegre.
Speaking to Cointelegraph at Token 2049 in Singapore, Alegre said the problem with the metaverse is that Meta ruined the term because it said: This is something brand new despite other metaverse platforms already existing.I was at Activision Blizzard, we had World of Warcraft. World of Warcraft is a metaverse, Fortnite is a metaverse so the metaverse is evolving, I think, in very, very positive ways.
Alegre said the low userbase is a core issue of Metas Horizon Worlds but its otherwise useful if only there was a reason to be there.[Users] go in and say Hey, Mark, so cool to see youSo now what? It just flopped, there’s a huge echo in the room.
He added that,unlike Horizon Worlds, Yugas upcoming Otherside metaverse in development since at least March 2022 with no official launch date came from a need by their community of nonfungible tokenholders to have a digital space to connect.
Otherside Test Group: A Recap pic.twitter.com/57gh9g8VlA Othersidemeta (@OthersideMeta) July 28, 2023
The digital connection is what they’ve asked us to do, Alegre said. At its core, [Otherside] is a way for our community to connect digitally in one location.
So far, Otherside has only been glimpsed through a handful of early access demos and a vibe check by a focus group in July. Alegre said Yuga recently conducted another limited experience of Otherside with core members.
Othersides up-and-running peer, The Sandbox, has also sought to bring culture online, with its co-founder Sebastien Borget telling Cointelegraph that its creating neighborhoods on its platform that mirror countries such as Singapore and Trkiye.NFTs diverging down two avenues
Alegre said hes also seeing a divergence in how NFTs are being viewed. On one hand, NFTs are being valued purely for their art and history. On the other, theyre being valued for their community and intellectual property rights.
Those are two avenues that this is all going down, he opined.
He compared the use cases between the NFT projects CryptoPunks and Bored Ape Yacht Club (BAYC) both Yuga-owned properties where holders own the commercial IP to highlight how holders use them.
CryptoPunks an early NFT collection are being exposed to top museums and collectors, who are starting to see the value of owning the original, according to Alegre.
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Meanwhile, BAYC holders have created a community and Alegre claims more than 900 holders of Apes are building businesses on top of the Apes.Alegre shows a coffee pack emblazoned with a Bored Ape given to him by the owner of the BAYC #9472 NFT. Source: Andrew Fenton/Cointelegraph
He said Yuga was in a similar position to YouTube where its user-generated content (UGC) model allowed businesses to be built around sharing videos on the platform.You have media companies based on UGC and creative agencies and advertising. Youre starting to see the same thing evolve with the Bored Ape community.
It shows you that NFTs, and NFT ownership, if you give it to the community they take it in ways that you can never imagine, Alegre said. Both in the offline space as well as the online space.
Magazine: NFT Collector: Creative AI art, Tomorrowland sells tomorrows future # Business # Adoption # Metaverse # NFT # Meta
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