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| Today's Metaverse briefing: - ByteDance's subsidiary, Pico Interactive, is halting the release of its next VR headset, the Pico 5.
- Floreo, a VR behavioral therapy content creator, has received the FDA's Breakthrough Device designation.
- Fitness platform FitXR announces Slam, a new MR gaming studio offering an immersive, active gaming experience.
Thank you! Vildana
p/vildana-b | |
| 1 | | ByteDance's subsidiary, Pico Interactive, is halting the release of its next VR headset, the Pico 5, to avoid direct competition with Meta Quest. This strategic shift aims to position Pico's upcoming device as a rival to Apple's $3,500 Vision Pro mixed reality headset. More: - Pico's decision is influenced by the underwhelming sales of its Pico 4 headset in Asia and Europe, where it competes with Meta Quest 2.
- The new focus will be on a high-end product, codenamed Swan, featuring advanced technologies, though specifics are unclear.
- This pivot follows recent layoffs at Pico, impacting hundreds of employees in sales, videos, and platform operations.
- Pico's strategy mirrors HTC's 2019 move from consumer VR to focus on specialized hardware.
- Other tech giants, like Samsung, also aim for the high-end VR market, collaborating with Google and Qualcomm.
- Pico 4, priced at €429 and €499 for different storage options, supports 75% of Quest's game library but hasn't launched in the U.S.
Zoom Out: - In the U.S., the VR market is worth $4.6B, while the entire VR market is worth nearly $22B.
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What the numbers say: Since its inception in 2004 with just seven games, the online gaming platform Steam (developed by Valve Corporation) has seen a significant increase in its game offerings, reaching 10,644 in 2022, a notable rise from 9,511 in 2020. Relevance: Valve has sued the law firm Zaiger and its litigation financier, accusing them of trying to "extort" a settlement by threatening mass arbitration for antitrust violations on behalf of over 50,000 Steam customers. The gaming company claims the defendants abused the arbitration process and interfered with its contracts by amassing clients without intending to arbitrate, aiming to pressure Valve into settling. | | | |
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| 3 | | Floreo, a VR behavioral therapy content creator, has received the FDA's Breakthrough Device designation and has been accepted into the Total Product Life Cycle Advisory Program (TAP). This marks a significant step toward full market authorization, aiming to open reimbursement pathways for the million-plus families seeking better outcomes in autism and neurodevelopmental disorder therapies. More: - Floreo's VR system enhances skills in individuals with autism, focusing on social, communication, emotional regulation, daily living, and independent living skills.
- The FDA's Breakthrough Device Program fast-tracks promising medical devices, prioritizing their review for life-threatening or irreversible conditions.
- Floreo's VR lessons, available since 2016, assist in teaching life skills to children with autism and other neurodevelopmental disorders.
- In 2022, Floreo proposed a CPT III code for VR therapy, a first of its kind, indicating an advancement towards standardized treatment.
- Floreo plans to start a pivotal trial for full market approval to address challenges like provider training, equipment distribution, and curriculum tailoring.
Zoom Out: - VR and wearable technologies are increasingly recognized for engaging neurodiverse patient populations and streamlining provider workflows.
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| 4 | | Fitness platform FitXR announces Slam, a new MR gaming studio offering an immersive, active gaming experience. Slam is the seventh studio by FitXR, described as "HIIT but more gamified" and playable with or without controllers, requiring 10 feet by 10 feet of space. More: - Slam's proprietary algorithms transform rooms into 3D games, offering interactive fitness and adapting to any room layout.
- FitXR targets inclusive, barrier-free workouts, combating issues like limited gym access and workout intimidation.
- Research shows active families are 25-50% less likely to have chronic conditions; FitXR aims to reduce depression risk by 15-16%.
- FitXR is available on the Meta Quest platform and Pico and is priced at $12.99/month.
Zoom Out: - FitXR has shifted its customer base to a broader demographic, including a larger female audience, expanding the VR fitness market.
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| 5 | | Worldline, a payment services provider, has introduced its Metaverse Shopping Hub within the Spatial platform. This platform enhances Worldline's white-label solution for merchants to establish a Mmetaverse presence, offering access across desktop, mobile, and VR devices. More: - The shopping hub extends Worldline's previous initiative, the Worldline Metaverse Shopping Mall in Decentraland.
- This extension offers improved graphical quality and accessibility for online businesses.
- Merchants can leverage add-on packages in metaverse advertising, phygital experiences, and AR solutions.
- Worldline's solution supports 150 payment options, including digital wallets and buy now, pay later services.
- Payone, a joint venture with the German Savings Banks Association, will distribute the solution in Germany and Austria starting Q1 2024.
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| 6 | | Adidas, the German athletic footwear and apparel giant, has launched pop-up stores in the Roblox metaverse. These stores offer officially licensed digital clothing and outfits specifically for the Roblox platform, available for purchase with Robux, Roblox's virtual currency. More: - Users can dress their avatars with Adidas items like firebird tracksuits in the Roblox Marketplace.
- The first Adidas Roblox pop-ups are in various Roblox experiences, including Princess Dress Up Obby and Seaboard City.
- Adidas employs over 59,000 people globally, generating over $24B in 2022 sales.
- The initiative includes virtual pop-up stores with digital clothing inspired by Adidas's 2024 spring physical collection.
Zoom Out: - Adidas's entry into Web3 includes purchasing land in the Sandbox for building AdiVerse, a decentralized virtual space.
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- Market research firm GfK estimates that Black Friday 2023 marked the UK's "biggest ever revenue week for VR."
- Meta is testing a new multimodal AI, rivaling GPT-4V, in its Ray-Ban Meta smart glasses, following the recent launch of its voice cloning AI, Audiobox.
- Telefónica and Meta are collaborating to enhance access and participation for the elderly in MR and metaverse technologies, emphasizing immersive tech workshops.
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