Both Extensions and Asset Libraries are crucial for expanding Blender's capabilities, and in a sense, asset libraries can be considered a type of extension. Although they share to the same internet access policy and will be accessible through the Blender Extensions Platform, they will be configured separately. Moreover, assets are strictly curated, while the other extensions are typically community-organized projects.
The Blender Foundation's proposal includes other changes: support for multiple variants and representations, such as different LODs and resolutions within a single asset, advanced search, and more.
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