Robert Steinadler, 4 months ago

Linux Foundation launches Open Metaverse Foundation

The metaverse is not exactly a single place in the digital space. It is rather a formation of ideas about how this place could look like, how each section could interact with another, and what type of experience each digital realm has to offer. Many companies, as well as open-source projects, are trying to define what the metaverse will look like.

What is the Open Metaverse Foundation, and how does it contribute to the metaverse as a whole?

Open standards for the metaverse

The goal of the Open Metaverse Foundation (OMF) is to enhance the development of open standards for the metaverse by fostering communities of developers, thought leaders, engineers, and academics.

These standards are needed to bring a diverse industry together and provide a framework that allows every application and idea to grow. The foundation is organized into eight different interest groups each working on a specific topic or field: Users, transactions, digital assets, simulations and virtual worlds, artificial intelligence, networking, security and privacy, and legal and policy.

This reveals that the metaverse is indeed more than just NFTs and tokens. What is even more important is that digital assets have a place in the plans of the OMF. While crypto proponents and enthusiasts might take this for granted, it really isn’t. Many critics have claimed various reasons against blockchain technology and the inclusion of tokenized digital assets. Some of them like environmental concerns have been already addressed either by proof of stake or by establishing more sustainable mining sites.

The race has already started

With Meta pushing for a proprietary metaverse under the control of the company and its shareholders, it has become clear that a race has been started. Participants are heading toward the best solution that will drive mass adoption of the metaverse and make it a place that can grow and change the way we are going to use the internet.

That being said, it is important that open standards exist and that companies, as well as individuals, can rely on them without paying any cost. In fact, it was open-source technology that became the backbone of the internet that everybody is using today. It is not far-fetched to believe that the metaverse as a recreation needs the same attention.

Meta is burning billions of dollars to be the first company that has a working product to offer. If we take a close look at the track record of Facebook and its past conduct it might be better for the world if open-source once again sets the standards.

Featured articles
Four trading strategies for crypto
Bitcoin and Ethereum: what are the differences?
What determines the Bitcoin price?
Related articles
Shiba Inu revealing more details of the SHIB metaverse

Apr 11, 2023

The launch of Shibarium was highly anticipated and when the official beta launched the hype around the launch calmed down. The platform allows to launch of decentralized apps and is powered by SHIB. But Shibarium is not the only effort to drive user adoption by offering strong use cases. Back in March, the team launched a metaverse happy hour and Shytoshi Kusama teased Shiba Inu's version of the metaverse. One month later more details are being revealed and once again the ShibArmy gets excited.

Trade anytime, anywhere

Boost your trading impact and reaction time in over 80+ cryptocurrencies via instant access to your portfolio with the LiteBit app.

App Store
Google Play Store
  • 2525 Ventures B.V.
  • 3014 DA Rotterdam
  • The Netherlands
More info
  • About LiteBit
  • Support
  • Sell
  • News
  • Education
Subscribe for updates

Sign up to stay informed via our email updates

Explore popular coins
© 2023 LiteBit - All rights reserved