The Dubai Multi Commodities Centre, one of the biggest free trade zones in the world, signed agreements with governments and companies in South Korea to bring more Web3 and metaverse businesses to the emirate. The objective of this move is to consolidate the status of Dubai as an international blockchain hub in the region. Dubai Free Trade Zone Inks Web3 and Metaverse … [Read more...]
Meta Announces 10,000 Layoffs in ‘Year of Efficiency’ Move; Singles Out AI Over Metaverse as ‘Largest Investment’
Meta, the social media company, will continue to shed part of its workforce, recently announcing 10,000 new layoffs to be executed during 2023 as part of its new efficiency policy. Mark Zuckerberg, CEO of the company, stated that artificial intelligence (AI) was currently the company’s most prominent investment, even over the metaverse. Meta Announces 10,000 Layoffs, Striving … [Read more...]
Chinese Tech Giants Tencent and Bytedance Plan Cuts in Their Metaverse Divisions
According to reports, Tencent and Bytedance, two Chinese tech giants, are planning to execute a significant number of job cuts in their metaverse divisions. Tencent recognized it is making some staff adjustments, amidst rumors of hundreds of layoffs in its extended reality division, while Bytedance is also planning to cut staff in Pico, its metaverse headset subsidiary. Tencent … [Read more...]
Deloitte: Metaverse Could Add $1.4 Trillion a Year to Asia’s GDP
Deloitte estimates the metaverse could add $ 1.4 trillion to Asia’s GDP annually by 2035. Noting that the metaverse market could be as large as $ 13 trillion by 2030, the global financial services firm said: “The metaverse is no longer science fiction. Early metaverse platforms are already being used by millions.” Deloitte’s Metaverse Study A new report by Deloitte, titled … [Read more...]
Chinese Platforms to Test Metaverse Tech During Qatar World Cup 2022 Broadcasts
Several Chinese platforms are introducing metaverse tech in their coverage of Qatar’s 2022 soccer World Cup. The experiences, which will use virtual reality (VR) headsets and 5G as base tech, will allow the users to enjoy a metaverse-like view of the event, and will also give Chinese companies a chance to hone their implementations of this tech. Qatar World Cup Goes Metaverse … [Read more...]
Big Four Company KPMG to Examine New Business Models in the Metaverse
KPMG, one of the “big four” companies in the consulting and auditing business, is appointing a new head of metaverse futures. The new position, to be occupied by Alyse Sue, will be dedicated to the implementation of technologies such as metaverse and crypto to find fresh business models for the company, as other big four companies are already doing. KPMG to Focus on the … [Read more...]
Chinese Government Releases VR Research Plan Including Metaverse and Odor Simulation
The Chinese government has presented a plan of action regarding the inclusion of virtual reality (VR) and augmented reality (AR) in the lives of the Chinese people. The plan contemplates research of several technologies, including the development of an open metaverse platform for its citizens and research on odor simulation technology. Chinese Government Includes Odor … [Read more...]
pax․world: A Token Must Be an Economic Bedrock Not a Collectable Gimmick for the Metaverse to Thrive
sponsored This week, pax.world launched $ PAXW, its proprietary utility token for the metaverse. The process of designing and launching $ PAXW has provided a clear understanding of the token’s inherent purposes, enormous potential, and possible dangers. Let’s begin at the top: A utility token is a cryptocurrency that serves a specific purpose within a particular ecosystem. … [Read more...]
A Recent SEC Filing Shows the World’s Largest Asset Manager Blackrock Plans to Launch a Metaverse ETF
According to a recent filing, Blackrock, the multi-national investment company based in New York City and the world’s largest asset manager, has plans to create a new exchange-traded fund (ETF) based on metaverse companies. The fund — dubbed the Ishares Future Metaverse Tech and Communications ETF — will track metaverse firms with exposure to virtual reality, non-fungible … [Read more...]
European Union to Launch Global Metaverse Regulation Initiative in 2023
The European Union (EU) will present an initiative to address the metaverse and all the activities and interactions happening in it sometime in 2023. The proposal, which was qualified as ”key” in the State of the Union letter of intent authored by Ursula von der Leyen, President of the European Commission, will present several initiatives to clarify Europe’s rules and … [Read more...]
China’s Metaverse Gaming Market Might Explode to Over $100 Billion According to JPMorgan
Analysts from JPMorgan believe that the metaverse gaming market could explode in China even with the current state of regulation, which presents certain difficulties for adoption. Companies like Tencent, Netease, and Bilibili are JPMorgan’s picks when it comes to taking advantage of this potential growth, that at best, might pass the $ 100 billion mark. JPMorgan Analysts … [Read more...]
Report: Investment Management Giant Invesco Launches Metaverse Fund
The investment management giant Invesco has launched a metaverse fund that will invest in a myriad of startups focused on metaverse technology, a Citywire report detailed on Monday. “We will seek to capitalise on these opportunities through a highly selective, valuation-conscious approach,” Tony Roberts, Invesco’s fund manager, explained. Invesco Reveals Metaverse Fund — … [Read more...]
Meta Launches Horizon Worlds Metaverse App in Spain and France
Meta, the social network company, has expanded the services of its flagship metaverse app, Horizon Worlds, to Spain and France. This move is part of the expansion plan of Meta to offer these services to more countries in Europe this year. While the app was available as an invite-only service in 2020, it just opened its services to the general public in December 2021 for the … [Read more...]
Web3 & Metaverse NFT Domains Now Available to Mint at Quik․com
sponsored Quik.com is offering NFT domains as a gateway pass for users to establish their very existence on the web of tomorrow and the metaverse. A wide range of top-level domains, including .metaverse, .web3, .vr, and many others, are available on this NFT domain marketplace, Quik.com, enabling users to unleash their creative side on the web of the future. Mint your first … [Read more...]
Shanghai Aims to Grow a $52 Billion Metaverse Cluster by 2025
The Government of the city of Shanghai has proposed a group of guidelines to help it shift into a metaverse power. The plan of action defines each one of the technologies that the municipality needs to focus on to achieve the goals of building a $ 52 billion metaverse economy, while at the same time helping to establish 10 innovative companies in the area. Shanghai Establishes … [Read more...]
