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| Hey Insiders! 🗞️ Today's Metaverse issue features blockchain gaming startups securing $297M in July, a dive into the Dirtybit AS operating income, not taxing the metaverse could lead to a tax haven, Harvard legal expert warns, 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 | | In Jul. 2023, blockchain gaming startups raised $297M, driven by significant investor interest in the metaverse and Web3 gaming. Although this is a decline from the record $476M raised in February, it indicates sustained momentum in the sector, according to market tracker DappRadar. More: - The largest funding round in July was for global esports organization TSM, securing $60M to accelerate its Web3 gaming initiatives.
- LGBTQ-focused metaverse world Qtopia received $50M, and leading NFT gaming guild Yield Guild Games garnered $15M.
- The success of play-to-earn games like Axie Infinity has proven the model's viability, attracting more game developers and entrepreneurs.
- Despite the momentum, challenges remain, such as the need for blockchain games to match the depth and polish of traditional AAA games.
- Regulatory and technical hurdles also exist, questioning the long-term sustainability of the play-to-earn economy.
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| 3 | | Harvard legal scholar Christine Kim argues that failing to tax the metaverse could turn it into a tax haven. Kim's research paper suggests that the metaverse's digital tracking capabilities could revolutionize U.S. tax law. More: - Kim states the metaverse allows wealth creation entirely within its ecosystem.
- Current U.S. tax law taxes metaverse users only upon "realization."
- Kim proposes immediate taxation upon receiving gains, including unrealized ones.
- Two methods for tax enforcement in the metaverse are suggested.
- Individual platforms could withhold taxes for users.
- Alternatively, platforms could send tax info for users to file themselves.
- Kim sees the metaverse as a "laboratory for experimenting" with tax policy.
Zoom Out: -
Shanghai's Fengxian district has introduced a metaverse-based self-service tax desk, using 3D modeling, remote consultations, and virtual agents to assist 60,000 corporate taxpayers. | | | |
| 4 | | South Korean game company Netmarble Corp. is partnering with Hana Financial Group to develop financial services in the metaverse. The collaboration targets the MZ generation between the early 1980s and early 2000s. More: - Netmarble plans to integrate Hana Financial's services into "Grand Cross: Metaworld."
- "Grand Cross: Metaworld" is developed by Netmarble's subsidiary, Metaverse World.
- The game uses the advanced Unreal Engine 5.
- It features an open-world concept blending virtual and real elements.
- A closed beta test for the game is planned for later this year.
Zoom Out: | | | |
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| 5 | | Birmingham Royal Ballet (BRB) has launched a "virtual stage" using VR/AR to make performances accessible to neurodivergent audiences. The initiative, funded by Bloomberg Philanthropies, aims to reach people who cannot attend live theatre, including the elderly and young children. More: - The project includes NutcrackAR, an AR recreation of the Nutcracker set, allowing viewers to interact with digital objects.
- In collaboration with Canon, a Swan Lake VR experience will tour schools in the West Midlands, placing audiences on stage with dancers.
- A VR documentary about the Nutcracker will be distributed through a network of neurodiversity programs and shown in specialist schools.
- Freefall, BRB's company of dancers with learning disabilities, has also created its own VR experience.
- Carlos Acosta, BRB's director, emphasized the potential for reaching younger and global audiences.
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| 6 | | KPIX, a San Francisco-based TV station, has introduced an AR/VR weather set to offer 3D immersive experiences of Bay Area microclimates. The new feature was launched on Sept. 1, 2023, coinciding with the station's 75th anniversary and its rebranding from KBCW to KPIX+. More: - The AR/VR weather set was unveiled on the Primetime Edition of the news at 8 p.m. and 9 p.m. on KPIX+ 44 Cable 12.
- The technology is a first for local TV news and is powered by Unreal software, commonly used in video games.
- The station's general manager, Scott Warren, emphasized that the AR/VR set would offer "mind-blowing, stunning, realistic environments."
- Unlike traditional two-dimensional maps, the new technology aims to present weather more naturally, three-dimensionally.
Zoom out: - In 2017, AccuWeather launched a new VR experience called AccuWeather — Weather for Life, which promises users 360 video content and current weather conditions.
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- The expensive nature and slow adoption of VR for employee training have left many companies uncertain about its efficacy in learning and development.
- Major metaverse tokens experienced a 92% drop, leading to decreased user engagement and project inactivity.
- Las Vegas has seen a surge in immersive entertainment, ranging from floor-to-ceiling projections at Lighthouse ArtSpace to VR experiences and Meow Wolf's Omega Mart.
- Instacart, ARM, and Klaviyo just filed for an IPO. Get access to the Top 25 pre-IPO deals like Stripe, OpenAI Databricks and Anduril.*
*This is sponsored content. | | | |
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