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| 1 | | The metaverse is still relevant and holds great potential for the future, with companies like NVIDIA leading the way in creating infrastructure and digital twin solutions, HBR reports. The metaverse is being pursued by large enterprises like NVIDIA and Unity, while platforms like Roblox, Decentraland, and Sandbox aim to be the preferred portals. More: - Digital twins, virtual representations of physical objects, are being adopted across industries, from automotive to architecture and retail.
- The adoption of the metaverse will be a gradual process, with enterprise and industry playing a significant role and younger generations and gamers driving usage.
- Early data shows higher metaverse adoption rates in Asia, MENA, and Europe compared to the U.S.
- Governments, such as South Korea, Dubai, and El Salvador, are investing in the metaverse as a driver of economic growth and innovation.
Zoom Out: - Last month, EY Global Services Limited joined the IBM Quantum Network, further enabling EY teams to explore solutions with IBM to most business and global challenges.
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What the numbers say: Between 2018 and 2020, global downloads of the Meta Quest mobile app, used for Meta's VR headsets, showed a steady increase and then doubled in 2021. In 2022, the Meta Quest app recorded 10.43 million downloads worldwide, representing a growth of over 39% compared to the previous year.
Relevance: Meta's Oculus Quest 2, launched in October 2020, contributed to this increase, allowing users to access mobile apps and games in VR. Furthermore, in October 2022, Meta introduced the Meta Quest Pro, a premium mixed-reality headset primarily targeted at the professional market. Which brands should care: Meta faces competition from companies such as Sony, HTC, Valve, Oculus, and Pico Interactive in the virtual reality market. Apple has taken a unique approach to hardware and software design, even incorporating its "Think Different" ethos into its marketing. Financial Times reported that the Apple AR/VR headset would likely be announced this summer at WWDC 2023 on June 5. | | | |
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| 3 | | Travelzoo is launching "Travelzoo META," a members-only service offering groundbreaking metaverse travel experiences, and providing access to its first million founding members. Founding members will receive personality-based, emotionally driven Travel Companions in the form of NFTs and can choose from an interactive gallery of 1 million unique NFTs. More: - Travelzoo META allows members to explore hard-to-reach destinations, travel back in time, and discover new spaces using a mobile or desktop device and a simple browser.
- Each Travel Companion is one-of-a-kind, signifying a world without limitations and encouraging a life of adventure.
- Travelzoo META members can share experiences with loved ones or connect with like-minded travelers.
- Founding members have the opportunity to shape future Metaverse travel experiences by testing beta experiences and providing feedback.
Zoom Out: - According to McKinsey estimates, the potential rewards for the travel industry are already substantial: more than $20B by 2030.
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| 4 | | Singapore Tourism Board (STB) partnered with Google to launch immersive AR experiences in the Visit Singapore app. The new feature allows visitors to take guided tours of Merlion Park and Victoria Theatre & Concert Hall using Google's ARCore and Unity. More: - The AR experiences leverage the ARCore Geospatial API, which provides global localization and matches scanned environment images with Google's model of the world.
- Goh Kershing of the STB believes these collaborations will differentiate Singapore as a destination.
- The preview of the AR experiences is currently available in the Visit Singapore app, with a full launch expected by the end of the year.
- Google aims to enhance travel experiences using AR technology to augment the physical world and provide helpful surprises for travelers and local explorers.
- The launch of the AR experiences was announced at Google I/O 2023.
Zoom Out: | | | |
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| 5 | | Moth+Flame is utilizing immersive VR training to address workplace mental health during Mental Health Awareness Month. Moth+Flame, a provider of immersive training technologies, has introduced specialized VR mental health training to promote supportive and healthier working environments in the workplace. More: - Moth+Flame's VR training focuses on workplace-related mental health issues, allowing employees to engage in conducive conversations and upskill with supportive materials.
- The evidence-based ACE (Ask, Care, Escort) framework is used in training to develop critical skills such as empathy, proper medical assessments, and directing affected individuals to HR resources.
- VR training in mental health promotes inclusivity, healthier workplace relationships, and improved overall well-being.
- Moth+Flame leverages generative AI tools and VR devices to create tailored and engaging immersive content for skill development.
Zoom Out: - Studies show that employees with poor mental health experience reduced job satisfaction, burnout, lower performance, and higher turnover rates.
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| 6 | | The metaverse needs to address safety, skills, and regulatory challenges to achieve widespread adoption, according to research by BCS, The Chartered Institute for IT. According to the survey, 77% of tech professionals are concerned about safety issues in the metaverse, and 81% believe it will create new regulatory challenges. More: - Only 25% of IT professionals think the metaverse and immersive technologies will benefit society.
- 38% believe Web 3.0 will improve society.
- Confidence in the U.K.'s digital skills for the metaverse is low.
- Only 19% expressed confidence in the metaverse and 26% for Web 3.0.
- The metaverse and Web 3.0 are expected to impact the environment, with 50% of IT experts predicting a negative effect on the Earth's climate.
- The BCS research was discussed in Westminster at an All-Party Parliamentary Group (APPG) session on the metaverse and Web 3.0.
Zoom Out: - The U.K.'s 2023 Spring Budget, released in March, said the government wanted to "lead on the future of web technology, sometimes known as Web3 or the metaverse."
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Term of the Day Demand elasticity: Demand elasticity is calculated by measuring the percentage change in quantity demand for a good or service in response to a change in price. Question of the Week How do you approach networking, and what advice can you give others looking to build their professional connections? Join the conversation |
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 | Writer | | Vildana is a writer at Inside.com, covering Metaverse and the weekend edition of IDB. You can reach her at vildana@inside.com and follow her on Twitter. | | This newsletter was edited by Aaron Crutchfield | |
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