Hello OMA3,
We're rounding out the year on quite the upbeat note. OMA3 continues to grow its membership at a good clip, the industry in November has seen a resurgence, and dare we say, are we seeing the first signs of thawing in the crypto winter? We share our thoughts so keep reading.
In Today’s Email
- Together is better: MSF-OMA3 first joint working session
- Industry snapshot: state of play in the Web3 and metaverse arena
- What are our members up to? Lots and lots to share this month!
- A growing family: Announcing new members to OMA3
Received this email from a friend? Subscribe here!
Together is better
December 7th marked our very first joint meeting with the Metaverse Standards Forum (MSF). Through the Forum’s liaison agreement with OMA3 the two organizations are collaborating on OMA3’s recently unveiled effort to craft a comprehensive framework around NFT royalties. This endeavor aligns well with the MSF Digital Asset Management (DAM) Working Group’s charter. With 440 members, the DAM Working Group is well placed to provide broad insights on requirements and feedback on the standardization work at OMA3.
The first stage of our joint effort is focused on establishing use cases to help create the basis for the NFT royalty framework being developed by OMA3. This essential phase goes beyond technical considerations; involving the gathering and formulation of practical requirements and their implications for creators and users in the Metaverse.
Members from both organizations are invited to collaborate in the joint meetings and OMA3 members may join all meetings - details below.
The DAM Working Group will host joint meetings every other Thursday at 7AM PT and 6PM PT. The kickoff meetings were held on December 7, 2023 and the next set of meetings are on January 4, 2024 (if you can’t access these invites, please join the DAM Working Group on the Portal or reach out to Alfred Tom, Chair of the WG).
Industry snapshot
Credit: Midjourney
The metaverse industry is evolving rapidly, with several key developments that could positively impact its growth:
Market Growth Projections: The global metaverse market is showing substantial growth, with estimates suggesting it could reach approximately USD 3,118.67 billion by 2032, expanding at a compound annual growth rate (CAGR) of 44.5% from 2023 to 2032. Another report predicts the market might reach USD 3,409.29 billion by 2027, showcasing an even higher CAGR of 69.2%.
Technological Advancements: The standardization of digital asset transfers in the metaverse, a key technological advancement, is set to significantly boost its growth. This standardization will enable seamless interoperability across various virtual platforms, allowing users to transfer digital assets like avatars, items, and currencies effortlessly. Enhanced security and reliability from a unified set of transaction protocols will increase user trust, while also improving the efficiency of market transactions within the metaverse. Such standardization will also attract more participants by lowering entry barriers and aligning with regulatory requirements, thereby enriching the metaverse experience with diverse digital assets and bolstering its economic activities
Investments and Collaboration: The metaverse sector has witnessed a surge in venture capital funding, with significant investments directed towards various metaverse projects. This includes investments in companies developing virtual worlds, blockchain-based platforms, and related technologies. For instance, in November, there was a 52% increase in crypto venture funding compared to the previous month. Furthermore, companies like Google and Microsoft are investing in metaverse projects, with Google contributing $39.5 million to a private equity fund for metaverse projects.
User Engagement and Applications: The metaverse is increasingly being used for various applications like virtual runway shows in the fashion industry, indicating its adaptability beyond gaming and entertainment. The U.S. metaverse market, driven by the rising use of cryptocurrencies and AR/VR technologies, is projected to grow to $110 billion by 2028, fueled by Gen Z and Alpha usage.
Challenges and Opportunities: While the metaverse faces challenges like high costs and cybersecurity threats, there are also numerous opportunities. Innovations in communication infrastructure and AI technologies are pivotal in the growth of the metaverse. Governance, identity, and experience are key areas for businesses to focus on as they prepare for the metaverse era.
Investment Vehicles: Investment opportunities like the iShares Future Metaverse Tech and Communications ETF indicate growing interest in the metaverse from the financial sector, further highlighting its potential as an emerging market.
As Robby Yung, CEO of Animoca Brands and Vice-Chair of OMA3 put it aptly, "The resurgence of Bitcoin, with its renewed interest and value appreciation, echoes a broader confidence in the digital asset space, and this is driving overall activity in Web3. We're currently experiencing a pivotal moment in the web3 and metaverse landscapes, marked by a surge in user engagement, as seen in the growing popularity of games and virtual worlds that don't require specialized hardware. This uptick, alongside the increase in venture capital funding for web3 firms in November signifies a robust and optimistic future.”
What are our members up to?
In the spirit of community-building (after all, the more the merrier), we include news from our member community. This gives members an opportunity to make announcements to a new audience and to hear about what other members are doing. If you are a member of OMA3 and have news you’d like to share for the next newsletter, contact us at info@oma3.org.
- SourceNetwork just launched their community platform, OPEN Quest. OPEN Quest is a new strategic gamified community layer that revolves around the Source Network community, products, content, and more. It recognizes members' contributions across all channels and those of their partners in the near future. The more members contribute, the higher the reputation they earn within the community, and the more access is granted to them. Within the first month of launch, they reached 30k+ users on the platform with no marketing.
- RPS Labs is a SF based web3 infrastructure company. They are launching a new product called DailyGM, a Quest to Earn/Ad Network. They’re offering a 1 month free trial to partners for integration at BGA for select projects.
- My Neighbor Alice, a fully on-chain lifestyle game, just announced its migration to its Shared Appnet to coincide with the next alpha season 4 release.
- The newest game from MultiversalME, Space Battle Royale, just launched and has overwhelmingly positive reviews.
- Upheaval | IronWeave CEO & Co-founder David Iseminger will be a speaker on the Future Track at the major tech event, NFTNYC. This year's event takes place April 3-5. More on NFTNYC
- Dacoco is building "Tokenized Lore" for Alien Worlds, a transmedia DAO-governed sci-fi franchise directed by its community and assisted by AI. It's being built in collaboration with award winning author Kevin J. Anderson, author of the Dune Prequels, many Star Wars Novels, and his own award winning series. Check out the deets here!
- Animoca Brands announced an additional US$11.88 million raised in the second tranche of funding for Mocaverse; key investors included Block1, OKX Ventures, Foresight Ventures, Polygon Ventures, and Dapper Labs.
A growing family
The following members have joined as Creator members since our last announcement. Let’s give them a hearty welcome to the community!
- Quadrata
- Mintable PTE LTD
- ZUBER LAWLER
- X2Y2
- Snag Solutions INC
- Rarible
- SaaSy Labs Inc
- Kigo
- LiveArt
- Root Interface AB
- AnChain.AI
- Upheaval | IronWeave
Know someone who wants OMA3 news? Forward this on!
Happy Holidays,
team
