 Zepeto, a popular fashion metaverse platform in Asia, has grown to a quarter of a billion users, and the company has only been around for three years. The Softbank-backed metaverse platform is selling over 1.5 billion virtual fashion items, and one user says that her avatar earned her a six-figure salary. More: - The virtual platform consists mostly of young female users that sell high-fashion items for their avatars.
- Softbank invested $150M in November, valuing the company at more than $1B.
- Unlike the Roblox gaming platform, which has predominately male users, 70% of Zepeto's active users are women and young girls, and 90% of the users are located outside South Korea, including the USA and Canada.
- The virtual fashion items are created by independent artists and cost a few dollars or less.
- It's getting the attention of popular luxury brands worldwide, as some call it the "biggest metaverse fashion show to exist."
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 Rec Room raised $145M in fresh funding led by Coatue Management and others. It's been a busy year for this social virtual reality (VR) gaming platform — earlier this year, the company raised $100M, bringing its total valuation to $3.5B. More: - The Rec Room allows users to create and experience interactive digital rooms and currently has 12 million rooms.
- The company aims to promote human connection by allowing community members come together to play games and interact with other users.
- Rec Room’s monthly users increased by 450% since Nov. 2020. A large portion of that growth came after an Android version of the app was released in August, opening up the platform to 2.5 billion potential users.
- This latest funding round also included participation from existing investors Sequoia Capital, Index Ventures, and Madrona Venture Group.
Auganix 
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 Elon Musk says that he is not compelled by the metaverse and thinks it's more hype than substance. He thinks VR headsets are uncomfortable and believes it's not practical to attach a big screen to one's face for entertainment. More: - While major tech companies believe that metaverse and Web3 are two trends that will revolutionize the digital world, Musk calls metaverse a hype and web3 no more than marketing.
- Musk did question whether he was "too old" to understand these new technologies and whether he was one of those people that dismissed the internet in the '90s as some fad.
- He says, "Sure, you can put a TV on your nose. I'm not sure that makes you 'in the metaverse.'"
- To be fair, Musk does make a point — most people find VR headsets uncomfortable, too bulky, and too expensive. That's one reason that it has not reached mass adoption; however, this could change with innovation and new design engineering.
Zoom out: - Let's take a closer look at some AR/VR glasses. There are two categories of AR glasses: cinema display glasses and XR glasses.
- Cinema display glasses are what Musk is referring to as a giant TV strapped on your nose, and the TCL NXTWEAR G is a great example. The glasses are designed for consumers and come with speakers and a virtual screen that can display similarly to a TV. The design is often bulky and not comfortable for users.
- XR glasses overlay digital content over the real world using augmented reality. This year, Nreal launched the Nreal Light, which is a nice blend of both cinema and XR glasses. The design is lightweight and compact, creating augmented reality and mixed reality (MR) experiences.
- Also this year, Facebook partnered with Ray-Ban to make smart glasses more lightweight and comfortable. Likewise, Apple is also rumored to be developing AR/VR glasses that some believe will be a game-changer in smart glasses.
The Verge
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 Two Chinese tech giants, Tencent and Huawei, are racing for metaverse-related trademarks such as “metaverse satellite” and “metaverse exhibition.” As of today, over 1,300 Chinese companies have 8,534 trademark applications related to the metaverse. More: - In November, The People’s Bank of China (PBOC) issued a warning in regard to potential illegal activity around the metaverse and nonfungible tokens (NFTs) ecosystem and warned others about the dangers of digital assets.
- PBOC officials worry about certain activities associated with NFTs and metaverse, which can include illegal fundraising, pyramid schemes, and fraud.
- However, most Chinese companies have ignored the warnings from the bank and filed thousands of trademarks associated with the metaverse.
Coin Telegraph
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 Nextech AR Solutions Corp. has partnered with Restaurants Canada, the largest foodservice organization in Canada with a total of 30,000 members. The deal will see Restaurants Canada utilize Nextech's "ARitize Events 3D" virtual events platform and metaverse studio to promote their products in virtual reality. More: - Nextech is the developer of several AR solutions, including 3D AR booths, human holograms, 3D AR product experiences, and augmented reality ads.
- Due to the pandemic, most shows hosted by Restaurants Canada have been virtual, and it saw a lot of success this year during its Feb. 2021 Virtual RC show.
- To build on the virtual reality marketing theme, the partnership with Nexttech will launch the "Metaverse Marketplace" for Restaurants Canada.
- The new platform will enable the entire restaurant industry to meet, network, and promote their service offerings with others in virtual reality.
Auganix
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 This season as more people embrace virtual holiday parties, Steve Aoki is also heading into the metaverse to attend a Christmas party hosted by the Monkey Kingdom. More: - Monkey Kindom is a popular NFT project that launched in November and sold out within two minutes. The party is open to the public and will take place on Cryptovoxels.
- Over 2,222 tokens were released on the Solana Blockchain, and the company continues to experience rapid growth. To celebrate the company's success, it will host this virtual party, which will take place on Dec. 23 at 10 a.m. ET.
Hype Beast
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 |  | Gia Mattu is based in Calgary, Alberta. She is an entrepreneur with experience in climate technology, drones, AI, machine learning, and blockchain technology. When she's not working, she loves to hike the Canadian Rockies, try new cuisine, and travel. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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