Facebook parent company Meta has lost billions attempting to create and own The Metaverse. In response, a collective group now as the Open Metaverse Alliance aims to stop the tech giant from running the virtual world.
Comprised of Web3 experts, the OMA aims to create standards for a future virtual world. Originally revealed earlier this year, the group has now officially formed for the first time.
Speaking to Web3 website Decrypt, the collective explained it strives to stop any one company from owning The Metaverse. While companies like Microsoft and Tencent are building Metaverse technology, Meta is the most prominent.
Over the last two years, the tech giant has lost $30 billion on development of both hardware and software. While this has led to the company’s valuation plummeting, some investors believe the investment to rule The Metaverse will be worth it.
The Open Metaverse Alliance has stated that it does not want to ruin Meta’s investment. While it wants to keep the virtual world as an open platform — like the internet — it won’t stop Meta from having a place on it. After all, that would defeat the goal of being “open”.
Instead, the collective aims to work alongside Meta to make sure its platforms are able to play alongside others.
“We hope to go on that journey with Meta and all other Web2 platforms that are contemplating how to become ready, really, for the Web3 internet,” said OMA member Saro McKenna. “The purpose of OMA3 is to be able to work with incumbents, and of course, to foster all of the grassroots innovation that's happening in the Web3 space. Both of those things are important.”
The aim is to remove any barriers creating a “walled garden”. As brands and more bet on the virtual world, it needs to be a platform for everyone.