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| Hey there, Insiders! Welcome to today's edition of the Inside Metaverse newsletter. Discover how EU antitrust chief Margrethe Vestager Metaverse plans to help competition regulators understand the industry's dynamics. Dive into the world of Zynga and uncover how Nokia is leveraging the "industrial metaverse" to help companies map their systems for efficient operation, potentially reducing costs, accelerating innovation, and cutting emissions. And that's not all: we've got the scoop on Zuckerberg replacing the metaverse with Threads and the "fediverse!" Keep scrolling to catch our Quick Hits for the latest metaverse news bites. Don't forget to visit our Knowledge Hub for valuable insights and resources. Happy reading! Vildana
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| 1 | | The metaverse shared virtual worlds accessible through the internet has not triggered any concerns or the need for legislation, according to EU antitrust chief Margrethe Vestager. She will present an initiative on the metaverse next week to help competition regulators understand the industry's dynamics. More: - Tech giants like Meta Platforms, Microsoft, and Apple are developing metaverse products or services, raising concerns about potential unfair advantages over smaller competitors like Roblox.
- Vestager stated that she sees a lot of innovation in virtual worlds and does not believe any company can claim ownership.
- The upcoming initiative proposes a toolbox with guidelines for participating in virtual worlds and combating counterfeiting.
- It also suggests standards for open and interoperable virtual worlds to prevent the dominance of a few and introduces regulatory sandboxes.
- The European Commission aims for a Web 4.0 powered by open, highly distributed technologies and standards that enable interoperability between platforms and networks and freedom of choice for users.
- Vestager believes that the digital legislation adopted in Europe over the past five years, covering areas from privacy to market power and upcoming AI rules, can also apply to the metaverse.
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What the numbers say: In 2021, Zynga, the social gaming corporation, recorded its highest annual revenue, amounting to $2.8B. This substantially increased from the $1.98B earned in the prior year. Zynga's revenue comes from selling virtual goods within its free-to-play games. Relevance: The acquisition of Zynga by TakeTwo in 2022 was one of the biggest gaming deals of all time, giving TakeTwo a huge boost in mobile presence. | | | |
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| 3 | | Nokia is leveraging the "industrial metaverse" to help companies map their systems for efficient operation, potentially reducing costs, accelerating innovation, and cutting emissions. Digitization and climate change are increasingly intersecting, with digital technologies offering opportunities for large industrial firms to contain energy costs and reduce emissions. More: - Utilities can use the industrial metaverse to conduct remote repairs, reducing emissions-intensive travel.
- Manufacturers can prevent machine downtime, reducing the emissions associated with building and operating backups.
- Transport companies can use the technology to model their networks better, keeping unnecessary trucks and planes idle.
- Digital technologies could quickly cut emissions in the energy, materials, and mobility sectors by up to 10%, according to a study by Accenture.
- Digital technologies also pose climate risks, with enterprise technology alone responsible for 1% of global emissions.
- Training a single AI model can lead to emissions equivalent to the lifetime emissions of five U.S. cars, according to a study by the University of Massachusetts, Amherst.
Zoom Out: - Global greenhouse emissions data shows that the major contributors to global emissions by economic sector in 2015 were electricity production (29%), transportation (27%), and industry (21%), followed by commercial and residential (12%) and agriculture (9%).
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| 4 | | Meta has launched Threads, part of the decentralized "fediverse." The rival to Twitter has already attracted 30 million users as of its launch day. More: - The "fediverse," a combination of "federation" and "universe," is a network of decentralized servers that can share data.
- Threads is part of this network.
- Threads operates as a collection of distinct servers set up by users, similar to Twitter competitor Mastodon.
- Servers can become "federated" and communicate with each other if their creators wish to share content.
- Meta's entrance into the fediverse with Threads is a significant move toward open social networking.
- Adam Mosseri, head of Instagram, suggests that being part of the fediverse will allow users to take their audience to another server if they ever leave Threads.
- Developers can build their features and set their own content moderation policies for their respective servers on Threads.
Zoom Out: - The move towards decentralization in social media is a response to concerns about the concentration of user data and influence over public discourse by tech giants.
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| 5 | | Theaters are exploring VR to attract new audiences and extend their reach. Box Office VR offers a unique theater experience through VR headsets, allowing users to immerse themselves in a 180-degree view of the stage and auditorium. More: - Box Office VR was founded by Kelman and Gemma Greig-Kicks, who have filmmaking and touring theater backgrounds.
- The service works with inexpensive systems like Google Cardboard VR Glasses, where users insert their phone into the VR device to watch a show.
- The VR experience targets those who might not typically visit a theater or cannot physically reach a venue.
- So far, around 100 people have downloaded a show through Box Office VR.
- The company has filmed productions for various theaters, including London's Sadler's Wells dance theatre and York Theatre Royal.
- The founders see real potential in the service, especially for shows that can't tour due to size or cost.
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| 6 | | The European Union (EU) Commission is preparing to outline its vision for the metaverse and Web 4.0, aiming to establish a regulatory framework that ensures user safety and data protection. The Commission will focus on interoperability, open standards, and promoting European values in the digital space. More: - An initiative to attract highly skilled specialists outside the EU is planned for Q3 of 2023.
- Existing privacy, consumer protection, data governance, and platform regulation legislation will apply to the metaverse.
- The Digital Europe and Creative Europe programs will support the development of skills relevant to virtual world technologies.
- The Commission plans to deliver a Virtual World Toolbox for the general public in the first quarter of next year.
- For companies, the strategy highlights the EU's promising regional hubs specializing in 3D modeling, gaming, and VR.
- The Commission is exploring a new partnership to develop an industrial roadmap to invest in cutting-edge technologies, European data spaces, and the Next Generation Internet initiative.
- A critical concern for the metaverse is that Big Tech companies might create closed ecosystems, so-called walled gardens, to keep the users in.
Zoom Out: - The metaverse is "not yet set," says Micaela Mantegna, an affiliate of the Harvard Berkman Klein Center.
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- One of the key technologies driving the evolution of the metaverse is that of digital twins.
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- Dverso, similar to other metaverse platforms like Decentraland and The Sandbox, launched Open Alpha, Italy's leading Web3 metaverse.
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