Metaverse News Rollup — August #2
Stay updated with the latest Metaverse News in our weekly rollup, covering immersive experiences, blockchain technologies, and virtual worlds.
- A recent report by Bain & Company suggests that despite the buzz, the metaverse’s growth will likely follow a gradual trajectory over the next 5 to 10 years. While the concept of the metaverse has often been associated with futuristic, immersive virtual worlds, the reality is already here in the form of popular gaming platforms like Fortnite, Roblox, and Minecraft. The report projects the metaverse could be worth $700 billion to $900 billion by 2030, with major winners determined in that timeframe. Key areas of competition within the metaverse ecosystem include virtual experiences, content creation tools, app stores and operating systems, devices, and computing and infrastructure. The report advises companies to make targeted adjustments to their strategies while recognizing the metaverse’s ongoing evolution. Read more on bain.com, published on 09.08.2023.
- Decentraland, the Ethereum-based metaverse, has introduced artificial intelligence (AI) non-player characters (NPCs) in collaboration with AI startup Inworld. These AI-powered avatars come with distinct personalities and can interact with players. NPCs like Simone the Robot and Aisha, a gamer and former skater, have already been introduced to enrich the immersive experience. Inworld’s AI tools enable creators to design NPCs with customizable dialogues, voices, and personalities, and they can understand different languages, fostering inclusivity. Decentraland’s AI exploration also includes using tools like OpenAI’s Shape-E and NVIDIA’s GET3D for content generation and development. The metaverse aims to enhance player engagement and accessibility through AI integration. Read more on fagenwasanni.com, published on 13.08.2023.
- As the scheduled unlock of 332 million SAND tokens, valued at $133 million, approaches on Monday, Ethereum-based metaverse platform Sandbox has already witnessed the transfer of 60 million SAND tokens from the multisig Sandbox Genesis smart contract. This move was made in an effort to prevent abrupt shocks to the system. Despite token unlocks often leading to price drops, these unlocked tokens are often utilized for events and rewards rather than being immediately dumped on the market. The SAND token’s recent performance has been fluctuating in anticipation of the unlock. Read more on finance.yahoo.com, published on 10.08.2023.
- Hadean, a company specializing in spatial computing for metaverse experiences, has named former Amazon executive Royal O’Brien as its Chief Technology Officer (CTO). O’Brien brings his extensive gaming and tech expertise, having held roles at Amazon’s Gaming and 3D divisions. Hadean’s spatial computing technology is used in the creation of metaverse applications like video games and virtual military training programs. The company recently secured $30 million in funding, and O’Brien’s appointment is expected to further accelerate its advancements in bridging the gap between physical and virtual worlds. Read more on nftgators.com, published on 11.08.2023.
- The Dubai Metaverse Strategy, introduced in 2022 by the UAE, has captured attention with its ambitious vision to attract over 1,000 blockchain and metaverse companies to Dubai by 2030. Spearheaded by His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, this initiative aims to transform Dubai into a global metaverse hub. The strategy outlines plans for digital twins, XR, and web3, focusing on fostering innovation and creating 40,000 virtual employment opportunities. With an intended injection of around $4 billion into Dubai’s GDP, this forward-thinking plan highlights Dubai’s commitment to embracing the metaverse while considering societal and ethical implications. Read more on metaverseinsider.tech, published on 11.08.2023.
- Hikvision, a technology company, has unveiled AIoT-powered manufacturing solutions aimed at maximizing productivity and operational efficiency in the manufacturing sector. The solutions leverage AIoT technology to monitor and utilize offline data online, enabling real-time response to issues and driving efficiency. One aspect focuses on efficient personnel management through touch-free access using face-recognition terminals. Another aspect offers visibility for large-scale production processes using augmented reality (AR) cameras and location capabilities. Additionally, Hikvision’s Park Traffic Management Solution utilizes AIoT technologies to optimize vehicle flow, improve safety, and increase resource allocation in manufacturing parks. Read more on metaverseinsider.tech, published on 07.08.2023.
- Data NFTs are redefining data ownership, transparency, and profits in the data brokerage industry. With the rise of Web3 technologies, these tokens represent data ownership and unique licenses, granting users control and royalties. Itheum leads in this domain, introducing Data NFTs categorized into classes like Data NFT-FTs, enabling multiple licensed copies with royalties. This transformative concept empowers individuals, enterprises, creators, and gamers. Itheum’s Data NFT Marketplace further amplifies this movement, fostering a user-centric data economy. As part of the Cointelegraph Accelerator, Itheum is at the forefront of Web3-driven data revolution. Read more on cointelegraph.com, published on 10.08.2023.
- Major payment processing companies, including PayPal, Visa, Mastercard, and Stripe, are venturing into stablecoin technologies and infrastructure. This strategic move is a response to the flourishing stablecoin market, which has surged to over $120 billion in circulation. PayPal has introduced its Ethereum-based stablecoin, PYUSD, aimed at aligning with Central Bank Digital Currencies (CBDCs). Visa is testing a global settlement program using the USDC stablecoin, while Mastercard focuses on payment infrastructure. This trend highlights the broader acceptance of digital currencies in traditional finance, opening doors for new entrants to create services around stablecoins, ultimately transforming the financial landscape. Read more on mpost.io, published on 08.08.2023.
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