According to Daniel Alegre, CEO of Yuga Labs, online virtual worlds have been developing. When the big tech player, Meta, pushed its vision to the people, it gave the metaverse a lousy name. However, Yuga Labs CEO said the Metaverse is changing after Meta ruined the idea.

At Token 2049 in Singapore, Alegre claimed that the issue with the metaverse is that Meta ‘ruined’ the term because it said: “This is something brand new” — despite other metaverse platforms already existing.

“I was at Activision Blizzard; we had World of Warcraft. World of Warcraft is a metaverse, Fortnite is a metaverse — so the metaverse is evolving, I think, in very positive ways.”

Alegre said the central problem of Meta’s Horizon Worlds is its low userbase — but it’s only valid “if there was a reason to be there.”

“Users go in and say ‘Hey, Mark, so cool to see you…So now what?’ It just flopped; there’s a huge echo in the room.”

Yuga’s Otherside Metaverse Shows The Metaverse is Changing

Yugo Labs CEO  Says The Metaverse is Changing After Meta Ruined the Idea

He said that, in contrast to Horizon Worlds, Yuga’s planned Otherside metaverse, this metaverse has been in production since at least March 2022 but has not yet received an official launch date. According to Alegre, the Otherside metaverse was motivated by the need for a virtual environment that allows their community of nonfungible token holders to interact.

They have requested us to establish a digital connection, Alegre added. “At its core, [Otherside] a way for our community to connect digitally in one location.”

Otherside has only been seen by a focus group in a few early access demos and a “vibe check” in July. According to Alegre, Yuga had another limited Otherside experience with “core members.”

The Sandbox, another successful competitor of Otherside, has also tried to promote culture online. According to co-founder Sebastien Borget, The Sandbox is building neighborhoods modeled after places like Singapore and Turkey on its platform.

Again, NFTs Separating into “Two Avenues” Indicates The Metaverse is Changing

Yugo Labs CEO  Says The Metaverse is Changing After Meta Ruined the Idea

Alegre claimed to be observing a difference in how NFTs are perceived. NFTs are prized only for their art and history, on one hand. On the other hand, their community and intellectual property rights are respected.

He stated, “Those are the two directions this is all going.”

To demonstrate how holders use them, he contrasted the use cases between the NFT projects Bored Ape Yacht Club (BAYC) and CryptoPunks, both owned by Yuga and where holders own the commercial IP.

Alegre claims that “top museums and collectors” who are beginning to recognize the significance of possessing the original are being introduced to CryptoPunks, an early NFT collection.

BAYC owners have established a community, and according to Alegre, “more than 900 holders of apes are building businesses on top of the Apes.”

According to him, YouTube’s user-generated content (UGC) model allows companies to be established around sharing videos on the network, and Yuga is in a similar situation.

“You have media companies based on UGC and creative agencies and advertising. You’re starting to see the same thing evolve with the Bored Ape community.”

“It shows you that NFTs, and NFT ownership, if you give it to the community, they take it in ways you can never imagine,” Alegre said. “Both in the offline space as well as the online space.”

In our opinion, Yuga Labs CEO’s statements about how the Metaverse is changing after Meta ruined the Idea show that the Metaverse must be motivated to have a healthy user base. This factor is one of the primary reasons why one metaverse will thrive more than others.

Yuga Labs CEO’s statement and the new developments causing the Metaverse to evolve, for instance, the Otherside metaverse, will attract more users and bring a healthy level of competition in this crypto niche. These developments are the ingredients needed for the Metaverse to start bubbling again.