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We'll just have to wait and see how effective, and how open, anything this group comes up with remains. Especially if 2 of the key players out there don't join in.
arstechnica.com

Meta and Microsoft team up to create metaverse standards; Apple, Google sit out
The group believes open standards will help realize the so-called metaverse.
Parties interested in turning Meta CEO Mark Zuckerberg's favorite buzzword into a reality announced on Wednesday that they have formed The Metaverse Standards Forum. Meta is a founding member, naturally, and big tech names like Adobe, Microsoft, and Nvidia are also founding members. Initial membership notably lacks participation from Apple and Google, however.
The forum, according to today's announcement, is meant to "foster the development of open standards for the metaverse."
"The Forum will explore where the lack of interoperability is holding back metaverse deployment and how the work of Standards Developing Organizations (SDOs) defining and evolving needed standards may be coordinated and accelerated," the group said in its announcement.