Animoca Brands CEO: Building metaverses will take at least a decade

Robby Yung, head of the blockchain-gaming operator Animoca Brands, described the creation of virtual worlds as a ‘long-term plan’ during a Web Summit keynote. Decrypt reports.

“We have to be realistic; this is a long-term plan. We are building a 3D Internet, which will likely take 10 years or more,” he said.

Yung also noted that metaverses are impossible without Web3, as virtual worlds require interoperability of content.

“As an industry, we are working on establishing standards for this. We have created several consortia to try to address these issues,” he added.

Animoca Brands was among the founders of the industry group Open Metaverse Alliance, launched in November. The consortium advocates for interoperability standards in the metaverse that would allow NFT to be easily integrated from one platform to another.

The CEO of Animoca Brands also criticized Meta’s approach to metaverses. He believes their focus on virtual worlds is a mistake.

Earlier in July–September, the loss of Meta’s metaverse-related Reality Labs amounted to $3.7 billion ($9.4 billion year-to-date).

Earlier in October, Joseph Lubin, founder of ConsenSys and one of Ethereum’s co-founders, called today’s virtual worlds the Internet of 1994. He argues that, in many years, metaverses will transform daily life.

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