The Open Metaverse Alliance (OMA3) has recently formed a robust working group to protect the earnings of digital artists on NFT marketplaces and drive the growth of Metaverse initiatives. The alliance, spearheaded by Animoca Brands’ CEO Rob Yung and UpLand’s Co-CEO Dirk Lueth, boasts an impressive collaboration of blockchain, NFT, and Metaverse companies. This includes renowned entities such as Bored Ape Yacht Club’s Yuga Labs, Magic Eden, Alien Worlds, The Sandbox, and Decentraland.
The primary objective of OMA3 is to overcome the challenges faced by NFT and Metaverse industries. One of its key goals is to establish international standards for NFT marketplaces that all member companies commit to upholding, ensuring the return of original creator shares to full force in the ecosystem.
The issue of creator royalties has become a central concern in the NFT space. Originally implemented to benefit artists by charging fees on secondary sales, these royalties have encountered obstacles. Many NFT marketplaces have halted the practice of creator fees in favor of gamified financial incentives. This approach has proven successful, with Blur surpassing OpenSea as the largest NFT platform by trading volume.
Despite previous assurances, OpenSea made a surprising announcement in August that it would no longer enforce creator fees. In response to this decision, several heavyweight NFT brands, including Yuga Labs, took action. Yuga Labs withdrew its virtual assets from the platform, resulting in a significant loss for OpenSea, as the collectibles generated over $9 billion in trading volume.
The OMA3 believes that the abandonment of creator royalties not only jeopardizes the NFT ecosystem but also undermines the core principle of Metaverse advancement. NFTs play a crucial role in creating a connected online landscape where virtual assets can freely move between platforms, reshaping digital ownership.
According to Rob Yung, many NFT buyers are primarily concerned with short-term financial gains rather than the long-term well-being of the ecosystem. OMA3 aims to protect creator royalty payments, viewing them as essential for preserving what Yung describes as a “utopian world” in the Metaverse.
The OMA3 aligns its efforts with the aspiration to maintain the credibility of the NFT landscape and support the broader vision of the Metaverse. The alliance’s website emphasizes the importance of empowering creators to be in control of their assets, promoting innovation and inclusivity driven by decentralization.
In summary, the Open Metaverse Alliance stands as a guiding light for NFT and Metaverse creators, as well as Web3 enthusiasts. Its mission is to construct a thriving and equitable virtual world by addressing ongoing challenges and safeguarding the vision of the Metaverse.
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