₿ Explore the crypto world with us...


Yuga Labs CEO on Meta’s Evolution of the Term Metaverse

Yuga Labs CEO Daniel Alegre has asserted that despite Meta’s Horizon Worlds grappling with a small user base, his company remains dedicated to advancing its metaverse platforms.

During an interview with Cointelegraph at Token 2049 in Singapore, Alegre voiced his opinion that Meta has misrepresented the concept of the metaverse, attributing to it an undeserved negative image.

Alegre pointed out that Meta’s portrayal has caused people to perceive the metaverse as an entirely new concept, overlooking the existence of various metaverse platforms already in operation. Nevertheless, Alegre maintains an optimistic outlook, believing that open online virtual worlds will persist in developing positively.

Yuga Labs CEO on Meta's Evolution of the Term Metaverse

During my time at Activision Blizzard, we were developing World of Warcraft, which itself can be considered a form of metaverse. Fortnite represents another instance of a metaverse. From my perspective, the concept of the metaverse is already moving in remarkably positive directions.

Alegre highlighted that a significant problem with Meta’s Horizon Worlds was its lack of user engagement. He observed that the platform might have been more successful “had it provided users with a compelling reason to engage.”

Users often enter and remark, ‘Hey, Mark, great to see you… So, what do we do now?’ It turns into a disaster, with a notable echo in the space.

Yuga Labs CEO on Meta's Evolution of the Term Metaverse

Alegre further remarked that, unlike Horizon Worlds, Yuga Labs’ upcoming metaverse project, Otherside—which has been under development since at least March 2022 and has not yet disclosed an official launch date—was born out of the community’s desire. It specifically seeks to offer a digital space where its non-fungible token (NFT) holders can interact and connect.

“What they are seeking is a digital connection. Essentially, it serves as a means for our (Otherside) community to digitally converge in a single space.”

To this point, Otherside has been introduced through several early access events and a “vibe check” session with a focus group in July. Alegre disclosed that Yuga Labs recently conducted another selective test of Otherside, this time engaging some of its key community members.

In parallel, Otherside’s rival, The Sandbox, has been making strides in digitalizing culture. Sebastien Borget, a co-founder of Otherside, informed Cointelegraph that they have created virtual neighborhoods within their platform designed to reflect real-world places such as Singapore and Turkey.

NFTs are splitting into “two paths”

Yuga Labs CEO on Meta's Evolution of the Term Metaverse
September 19, 2022, Brazil. In this photo illustration the Yuga Labs logo seen displayed on a smartphone

Alegre highlighted a clear division in the perceptions surrounding the value of NFTs. On one hand, NFTs are valued primarily for their artistic value and historical importance. On the other, they are viewed as significant assets for society, with far-reaching implications for intellectual property rights.

“This is the dual path of evolution,” Alegre stated. He drew a comparison between two prominent NFT projects, CryptoPunks and Bored Ape Yacht Club (BAYC). CryptoPunks, being among the initial NFT collections, has been acknowledged by elite museums and collectors who recognize the significance of owning an original work, Alegre pointed out. Conversely, Bored Ape Yacht Club has cultivated a strong community, where, according to Alegre, over 900 Ape owners have initiated businesses rooted in their NFTs.

Drawing a comparison to YouTube, Alegre mentioned that Yuga Labs similarly embraces a user-generated content (UGC) model, enabling the establishment of businesses that revolve around shared digital content on its platform.

“You see media companies, creative agencies, and advertising based on UGC. Now, you’re beginning to observe the same phenomenon within the Bored Ape community.”

“This illustrates that NFTs and NFT ownership can be leveraged in ways beyond what you could initially envision when they are placed in the hands of the community,” Alegre stated. “This applies both in the physical world and the digital realm.”

You may also like this content

Follow us on TWITTER (X) and be instantly informed about the latest developments…


Metaverse Planet is your gateway to the exciting world of artificial intelligence. On this platform, you can find everything related to artificial intelligence:

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Milla Sofia: Fascinating AI Model Shares Striking Visuals 6 Most Followed Cryptocurrencies on Twitter Web 2.0 to Web 3.0 Lacoste Enters Metaverse Artificial intelligence FAQs , About Artificial intelligence Replace your daily applications with AI-powered alternatives ✅ Our Smartphone Applications Discover the Popular Metaverse Coins Binance vs Ethereum Metaverse Ecosystem Founder of Ethereum: Vitalik Buterin How to Enter Metaverse? Gucci Chose Miley Cyrus Avatar for Web3 Fragrance! Those who have been doing Hodl lately are very comfortable. Controversial AI Sensation Milla Sofia Under Fire for Provocative Appearance India’s First Metaverse Wedding: Over 3,000 Guests Celebrate How to Make an Avatar on Instagram? Easy Explanation with Pictures Which Is Your Choice? DOGE or SHIBA ? Fan Token Ecosystem 6 Most Followed Cryptocurrencies on Twitter Top 8 NFT Sales Sites! (Create Paid And Free NFT!) What is Decentraland? (MANA) Coin Before having nft after having This Man Told Everyone To Buy Bitcoin For $1 Just 8 Years Ago Differences between crypto and bank Popular AI Coins