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| Hey Insiders! 🗞️ Today's issue features China expanding its Social Credit system into the metaverse, a dive into free mobile game apps in Mexico, Karta venturing into Fortnite, and more. ⏬ Scroll down for some Quick Hits and our Upcoming Events section. 💬 Your thoughts matter to us — don't hesitate to hit reply and share your feedback! If you find this newsletter useful, please share it with your friends and colleagues. Thank you. Vildana
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| 1 | | China is reportedly considering implementing a digital ID system resembling its social credit system within the metaverse and other online virtual worlds. This move has sparked concerns over data privacy and surveillance in the global metaverse landscape. More: - China Mobile, a state-owned telecommunications company, proposed a digital ID for all metaverse users, encompassing "natural" and "social" characteristics.
- The digital ID aims to maintain virtual world order by storing personal data, including occupation, and sharing it with relevant authorities.
- China's existing social credit system, which ranks citizens based on behavior, has denied services like plane and train tickets to those with low scores.
- China Mobile presented these proposals to the International Telecommunication Union (ITU), a UN agency, in July; a vote on the proposals might occur in October.
- Chinese companies present more metaverse proposals in ITU discussions than American and European counterparts, aiming to set global standards.
- Critics are concerned about surveillance, data privacy, and authorities' role in shaping virtual experiences.
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What the numbers say: In July 2023, Roblox became Mexico's top free gaming app, with over 295,000 downloads. Following closely was the MOBA game Free Fire: 6th Anniversary with almost 284,000 downloads, and then Toilet War: Skibd vs Camera. Relevance: The gaming industry has witnessed unprecedented growth in recent years. Sensor Tower has released a report with the most downloaded mobile games for June 2023. Influence: Roblox was initially launched for Windows in 2006, followed by its release on iOS in 2012 and Android in 2014. It's among the world's most popular games. | | | |
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| 3 | | After securing $1.1M in funding, Karta ventured into Fortnite, collaborating with IP owners across music, entertainment, and sports. Karta believes this move will introduce new revenue opportunities for rightsholders. More: - Karta's Fortnite studio is headed by Leven2k, renowned for his commentary on the official Fortnite Champion Series.
- The studio's debut introduced a map titled "Pooh vs. Death," leveraging the public domain status of Winnie the Pooh IP.
- Epic Games pledges to direct 40% of revenue to creators, potentially enabling 40 creators to exceed $1M in the creator economy.
- Karta CEO Erik Londré emphasizes the studio's aim to offer unique experiences that resonate with players.
- Founded in 2021 by Erik Londré and Tony Barnes, Karta's new studio aims to meet the rising demand for innovative IP experiences.
Zoom Out: - IP collaborations in gaming are not new; games like Super Smash Bros have been merging IPs for years.
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| 4 | | The adoption of VR in workplace training is rising, with firms leveraging its immersive experience to enhance employee skills and knowledge. A study by PricewaterhouseCoopers found that staff learning via VR do so four times faster than traditional classroom methods, and they are 1.5 times more focused in VR classes. More: - VR training removes preconceived notions, allowing employees to be themselves, says Bryan Barnes of Jenson8.
- Bank of America's Mike Wynn notes VR appeals to younger employees familiar with immersive gaming.
- VR training allows for repeated practice, making it more effective, says Edwina Fitzmaurice of Ernst & Young.
- VirtualSpeech, a London-based firm, provides VR training for public speaking and leadership, with feedback from computers.
- Some users find VR goggles uncomfortable, leading to feelings of giddiness, headaches, or eyestrain.
Zoom Out: - "Research and Markets" projects that the AR and VR market in healthcare could see a 22.5 percent compound annual growth rate from 2023 to 2027.
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| 5 | | The industrial metaverse is poised to revolutionize different industries, from manufacturing to logistics. The metaverse's potential extends beyond industry, with the possibility of reshaping commercial and professional domains once its viability is proven in industrial applications. More: - Maritime ports are utilizing digital twins to monitor every container, while aerospace companies use them to simulate aircraft performance.
- Nokia envisions multiple metaverses, including industrial, enterprise, and consumer applications, each with distinct purposes, markets, and security considerations.
- Despite their differences, these metaverses will likely interconnect, sharing technologies and interfaces but varying in applications and business models.
- The industrial sector is seen as having significant potential for the metaverse, with digital twins expected to bring cost advantages, productivity boosts, and increased flexibility.
- The industrial metaverse can create digital twins of entire systems, such as factories or cities, with examples like Virtual Singapore and BMW's virtual production plant in Bavaria.
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| 6 | | In the past week, nine crypto-related companies secured $158M in funding, with blockchain and metaverse developers leading the charge. Crypto custody platform Bitgo raised the most, securing $100M in a Series C round. More: - Bitgo's valuation is now at $1.75B, a significant increase from the $1.25B offer by Galaxy Digital in 2021.
- Zetachain, an EVM-compatible layer-1 infrastructure, garnered $27M from investors like Blockchain.com and Vy Capital.
- Linera, another layer-1 blockchain firm, raised $6M with backers, including a16z and Flow Traders.
- ZTX, a metaverse platform by South Korean blockchain gian Zepeto, closed a $13M seed round with Jump Crypto and Collab+Currency support.
- Zepeto, valued at $1B, heavily invests in the metaverse and NFTs.
- Zepeto's initiative, ZTX, aims to introduce "ownership" in the 3D metaverse worlds.
- ZTX's upcoming "Genesis Home Mint" will allow the community to mint NFTs representing 3D homes in the metaverse.
Zoom Out: - The global blockchain market is projected to reach $69.04B by 2027, highlighting its increasing adoption across various sectors.
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- Lenovo aims to dominate the handheld market and might challenge the Steam Deck by merging a console with an AR headset.
- Less than three years after its 2020 launch, EA's Respawn Entertainment is discontinuing the multiplayer feature of Medal of Honor: Above and Beyond, initially touted as a major VR entry for the franchise.
- FitXR revealed the Quest 1 fitness app's finale, offering 300 courses and allowing users to influence the final workout selection.
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Term of the Day Real estate cycles: The real estate cycle is a model represented by a four-stage pattern that shows how economic changes affect the property sector. Question of the Week Do you share details about your salary with your coworkers? Join the conversation |
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