Metaverse News — Week 31 Rollup

Stay updated with the latest Metaverse News in our weekly rollup, covering immersive experiences, blockchain technologies, and virtual worlds.

21e6 Capital AG
3 min readAug 21, 2023
  1. Meta’s ambitious VR headset, the Quest Pro, has been discontinued due to low demand and a mismatch with market needs. Marketed for professional use in the metaverse, the device failed to gain traction, as few professionals work in virtual reality. Despite impressive features, such as advanced hardware and work-related capabilities, the headset faced tough competition from simpler, more affordable alternatives. Even within Meta, VR technology for work-related purposes was not widely adopted. The Quest Pro’s untimely demise serves as a cautionary tale about the importance of aligning with market demands in the ever-evolving tech industry. Read more on , published on 25.07.2023.
  2. Metaverse 2.0, the future of virtual reality, promises hyper-realistic experiences and infinite potential. Unlike the current state of the metaverse, which falls short of expectations, Metaverse 2.0 introduces AI avatars, virtual assistants, and top-notch graphics. Megavrse, a platform embracing Metaverse 2.0, offers an immersive virtual environment and a user-friendly AI Builder for creativity. The recent land sale on Binance NFT further expands the platform’s virtual real estate. As partnerships and accessibility initiatives take shape, the metaverse evolves into a new digital frontier with limitless opportunities. Read more on , published on 27.07.2023.
  3. Experience technology company Magnopus has released its open-source Connected Spaces Platform, recognized as one of TIME’s Best Inventions of 2022 . This platform is a foundational building block for the spatial internet, allowing developers to create interoperable spatial applications that can be accessed across various devices and technologies. By going open source, Magnopus aims to encourage collaboration and innovation in the spatial web. The platform supports cross-reality experiences, cross-platform interactivity, and a wide range of engines and devices. Companies are already utilizing the platform to develop XR products and services. With potential uses ranging from enhancing museum exhibits to creating brand-focused 3D spaces, the Connected Spaces Platform fosters new possibilities for the future of the spatial internet. Read more on , published on 26.07.2023.
  4. Cosmic Wire, a Web3 metaverse company, has raised $30 million in a seed funding round led by Solana and Polygon, with participation from other investors. The company aims to revolutionize the internet by connecting worlds and empowering creators through Web3 innovation and blockchain solutions. The funding is expected to enhance efficiency and scalability in the metaverse sector. Despite regulatory concerns, the metaverse continues to attract significant investments, indicating strong confidence in its potential. Cosmic Wire’s partnership with Solana holds promise for delivering new metaverse experiences. The funding marks a significant step forward for the company in shaping the future of the internet and the metaverse. Read more on , published on 22.07.2023.
  5. Chinese reality TV show “Sing!China” is making its way to the metaverse, thanks to a collaboration between NFKings and Star CM Holdings. “Sing!China” has a massive audience of over 100 million viewers in mainland China and will now offer an immersive and interactive experience through “Sing!Meta.” Participants can audition, perform, and engage directly with others in the virtual world. The metaverse version, powered by web3 technology, will allow users to mint music as NFTs, own and decorate music rooms, and convert items to NFTs for buying and selling. “Sing!Meta” is set to launch in August and will join other major media brands exploring the metaverse, including Disney, Warner Music Group, Universal, and the BBC. The metaverse’s potential for reaching new audiences and generating revenue is attracting significant interest from major companies like Meta, Microsoft, and Roblox. Read more on , published on 22.07.2023.

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