{"id":23797,"date":"2023-10-18T12:47:15","date_gmt":"2023-10-18T12:47:15","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/metaverse\/web3-titans-join-open-metaverse-alliance-to-fix-nft-pitfalls\/"},"modified":"2023-10-18T12:47:16","modified_gmt":"2023-10-18T12:47:16","slug":"web3-titans-join-open-metaverse-alliance-to-fix-nft-pitfalls","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/metaverse\/web3-titans-join-open-metaverse-alliance-to-fix-nft-pitfalls\/","title":{"rendered":"Web3 Titans Join \u2018Open Metaverse Alliance\u2019 to Fix NFT Pitfalls"},"content":{"rendered":"
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In an effort to safeguard digital artists\u2019 earnings on NFT marketplaces and boost Metaverse initiatives, the \u2018Open Metaverse Alliance\u2019 (<\/span>OMA3<\/span><\/a>) \u2014 notably run by Animoca Brands\u2019 CEO, Rob Yung and UpLand\u2019s Co-CEO, Dirk Lueth \u2014 has established a weighty working group.<\/span><\/p>\n

OMA3\u2019s collaborative team consists of several leading blockchain, NFT, and Metaverse companies, including the famous Bored Ape Yacht Club\u2019s Yuga Labs, Magic Eden, Alien Worlds, The Sandbox and Decentraland.<\/span><\/p>\n

Together, these Web3 powerhouses are on a joint mission to triumph over ongoing NFT and Metaverse-related dilemmas. One of its core aims includes creating international standards for NFT marketplaces that member companies consent to uphold in a bid to bring original creator shares back into full force.\u00a0<\/span><\/p>\n

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Announcing OMA3’s defense of NFT creator royalties, including the support of @MagicEden<\/a>, @yugalabs<\/a>, @animocabrands<\/a>, and the rest of our fantastic membership. We welcome the #NFTCommunity<\/a> to join OMA3 and reinforce our efforts. @decryptmedia<\/a>: https:\/\/t.co\/pOyQJ81pOp<\/p>\n

\u2014 OMA3 (@oma3dao) October 17, 2023<\/a><\/p>\n<\/blockquote>\n

Persistent Creator Royalty Challenges<\/span><\/strong><\/h2>\n

Creator royalties, initially designed to benefit the original artists of the digital artworks by being charged on secondary sales of NFTs, typically span from 2.5% to 10%. However, these payouts have faced mounting challenges.\u00a0<\/span><\/p>\n

Numerous NFT marketplaces have halted the practice of creator fees, some of which draw in users by offering gamified financial incentives instead. The effectiveness of this playful approach rapidly became apparent, with Blur overtaking OpenSea as the largest NFT platform by trading volume as a consequence.<\/span><\/p>\n

In a surprising turn of events, OpenSea, regardless of prior affirmations, revealed in August that it would no longer impose such fees for creators. In response to the marketplace\u2019s decision, several\u00a0<\/span>heavyweight NFT brands took action<\/span>. One of which was Yuga Labs, which revealed that it is no longer selling its virtual assets on the platform \u2013 a humungous loss for OpenSea, considering that, collectively, Yuga\u2019s collectibles have generated more than $9 billion in trading volume.\u00a0<\/span><\/p>\n

Safeguarding the Metaverse Vision<\/span><\/strong><\/h2>\n

Participants within the OMA3 believe that stopping creator royalty enforcement endangers not only the NFT ecosystem but also the fundamental tenant of Metaverse progression. NFTs aid in crafting a connected online landscape whereby virtual assets can roam freely between these platforms to reshape digital ownership.\u00a0<\/span><\/p>\n

According to Yung in a recent interview, at present, many NFT buyers care about short-term financial gains rather than long-term well-being. So, this is where the OMA3 comes in, attempting to protect creator royalty payments as a means to safeguard what he describes the Metaverse to be as a \u201cutopian world\u201d.\u00a0<\/span><\/p>\n

On a mission to override these ongoing challenges, the alliance\u2019s efforts demonstrate a commitment to maintaining the credibility of the NFT landscape and the broader Metaverse vision. \u201cIt\u2019s time for creators to be in control of their assets, not platform owners,\u201d states the OMA3 website, promoting innovation and inclusivity driven by decentralization.\u00a0<\/span><\/p>\n

The Open Metaverse Alliance stands as a guiding light for NFT and Metaverse creators and Web3 enthusiasts alike, driven to safely and fairly construct a more thriving and equitable virtual world.<\/span><\/p>\n

Want more? <\/b><\/p>\n

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*All investment\/financial opinions expressed by us are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.<\/em><\/small><\/p>\n<\/div>\n