Animoca Brands CEO says Meta’s VR is a distraction to the metaverse

Robby Yung, the CEO of Animoca Brands, a global investment venture, attends the Web Summit in Lisbon, Portugal where he said that Zuckerberg’s vision of VR for the metaverse is a big distraction.

Meta’s foray into virtual reality has cost the company to lose billions of dollars in stock loss. The lack of funds and inability to design the “ideal” VR metaverse crumbled even before the launch.

Yung says Meta’s metaverse is a “mistake” and “VR is a distraction” from what the true metaverse should be.

He also shared that Metaverse cannot exist without Web3 because there should be a “transaction layer” for “interoperability between content and you can bring it from place to place.”

Animoca Brands has a long history as a game publisher, whose most successful metaverse platform, The Sandbox has gained international recognition as an authentic virtual space.

The VC has constantly pushed toward interoperability in metaverse, enabling users to move content like NFTs from one platform to another, the same way content is moved from one website to another.

Web3 allows users to do it seamlessly, increasing the utility of digital assets across blockchain networks, this is why Yung believes Web3 is essential for Metaverse.

After all, the metaverse is said to be the internet of the future where users can move from one digital space to another without any interruptions.

Animoca Brands aims to achieve this through different investment projects, currently in development or already launched. These also include blockchain games and NFT marketplaces.