# Meta ‘ruined’ the term metaverse, but now it’s evolving: Yuga Labs CEO

By [Makan](https://paragraph.com/@4545g) · 2023-09-17

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He added that,unlike Horizon Worlds, Yuga’s upcoming Otherside [metaverse](https://cointelegraph.com/learn/what-is-metaverse-in-blockchain) — in development since at least March 2022 with no official launch date — came from a need by their community of nonfungible tokenholders to have a digital space to connect.

o far, Otherside has only been glimpsed through a handful of [early access demos](https://cointelegraph.com/news/otherside-metaverse-demo-kicks-off-with-4-500-participants-highlights) and a “vibe check” by a focus group in July. Alegre said Yuga recently conducted another limited experience of Otherside with “core members.”

Otherside’s up-and-running peer, The Sandbox, has also sought to bring culture online, with its co-founder Sebastien Borget telling Cointelegraph that it’s [creating neighborhoods on its platform](https://cointelegraph.com/news/metaverse-dead-united-states-thriving-asia-sandbox-sebastien-borget) that mirror countries such as Singapore and Türkiye.

### **NFTs diverging down “two avenues”**

Alegre said he’s also seeing a divergence in how NFTs are being viewed. On one hand, NFTs are being valued purely for [their art and history](https://cointelegraph.com/news/the-sandbox-and-british-museum-bring-art-and-history-into-the-metaverse). On the other, they’re being valued for their community and intellectual property rights.

“Those are two avenues that this is all going down,” he opined.

He compared the use cases between the NFT projects CryptoPunks and Bored Ape Yacht Club (BAYC) — both Yuga-owned properties where holders own the commercial IP — to highlight how holders use them.

CryptoPunks — an early NFT collection — are being exposed to “top museums and collectors,” who are starting to see the value of owning the original, according to Alegre.

[https://cointelegraph.com/news/meta-ruined-the-metaverse-but-now-its-evolving-yuga-labs-ceo](https://cointelegraph.com/news/meta-ruined-the-metaverse-but-now-its-evolving-yuga-labs-ceo)

![](https://storage.googleapis.com/papyrus_images/90b064222e82d47ca3d8c96b7eeb77629204a3127d5d14438ff2c4e94a2bc73f.png)

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*Originally published on [Makan](https://paragraph.com/@4545g/meta-ruined-the-term-metaverse-but-now-it-s-evolving-yuga-labs-ceo)*
