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| Hey Insiders, Thanks for reading another Inside Metaverse edition. Today we cover news about Sony's investment in the metaverse, Nvidia revenue, Epic Games partnerships, and more. But that's not all! Scroll down to check out our "Upcoming Events" sections. And do let us know what topics you'd like us to cover in future editions. Vildana
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| 1 | | Investments in metaverse projects have surged, with VC firms pouring $707M into the sector in the first half of 2023, accounting for 44% of all Web3 investments. The metaverse sector continues to attract significant investments, indicating a promising future for the industry, according to a report from DappRadar. More: - The AR/VR sector's growth is expected to positively impact the metaverse, as demonstrated by the 5% increase in metaverse tokens SAND and MANA when Apple launched its Vision Pro headset.
- The digital land market started strong in 2023, with trade volume nearly quadrupling to $311M in Q1, reaching its highest level since May 2022.
- Trade volume in the digital land market plummeted by 81% in Q2, however, with the number of trades shrinking by three quarters.
- The decline in virtual land sales can be attributed to the resurgence of meme-coin speculation and renewed interest in decentralized finance (DeFi) protocols.
- Yuga Labs' Otherdeed for Otherside experienced a decline in quarterly volume from $294M to $44M, contributing to the overall market pullback.
- Floor prices for leading digital land projects have also experienced substantial drawdowns from their 2022 all-time highs.
- Land prices for projects like the Sandbox, Otherside, Decentraland, and Topia dropped significantly.
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What the numbers say: Santa Clara, California-based Nvidia's fiscal year 2023 saw an increase in revenue, reaching $26.97B compared to $26.91B in 2022. This marks the highest recorded figure for the period examined.
Relevance: The semiconductor industry, including companies like Nvidia, could face significant financial impact as they become caught in the crossfire of new U.S. regulations on exporting AI chips to China, potentially resulting in a multibillion-dollar loss. However, despite geopolitical pressures, the industry's role in developing AI technology and favorable demand dynamics reassure investors. Influence: In September, Nvidia said that U.S. officials asked the company to stop exporting two top computing chips for AI work to China. | | | |
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| 3 | | Interbrand's 2023 Breakthrough Brands Report revealed that metaverse, AI, and sustainable tech brands are leading the way in disrupting the global market, shaping consumer behavior, and redefining our understanding of the world. The report highlighted the top 30 innovative brands breaking through the crowded landscape and building strong identities rooted in a clear vision. The top 12 brands are positioning themselves as the next generation of legacy brands. More: - Interbrand identified 18 brands representing emerging trends across evolving beauty and wellness, sustainability and style, food preferences, and next-gen approaches.
- The report categorized brands into "Arenas" based on the core human needs and cultural shifts they address.
- Some notable brands mentioned in the report include OpenAI, Neko Health, Zepeto, Betterhalf, and Fishwife.
- This is the sixth edition of the Breakthrough Brands Report, which has successfully predicted the rise of famous challenger brands in previous years.
- More than 50% of this year's Breakthrough Brands have founders or C-suite members who are women or people of color.
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| 4 | | Sony is intensifying its Web3 and blockchain technologies exploration with a $3.5M investment in Startale Labs, a Japanese Web3 tech company. Sony Network Communications Inc., a subsidiary of Sony Group, is funding $3.5M to expand Web3 infrastructure globally. More: - Sony has been increasingly involved in Web3, including filing a patent to make NFTs transferable between games and consoles and partnering with California-based Theta Labs to create NFTs for VR headsets.
- The funding signifies Sony's commitment to Web3 and its belief in the potential of blockchain technologies, NFTs, decentralized autonomous organizations, and the metaverse.
- Startale Labs CEO Sota Watanabe expressed excitement about the capital alliance with Sony and hinted at future collaborations and business tie-ups.
- The funding announcement follows a Web3 startup incubation project jointly hosted by Sony, Startale Labs, and Astar Network.
Zoom Out: - Last year, Theta Labs teamed up with Sony to launch two 3D NFTs designed for use with the Sony Spatial Reality Display (SRD).
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| 5 | | Google has discontinued its internal project "Iris," aimed at developing augmented reality glasses, following challenges and changes in strategy. The project, which had been in development for several years, was halted due to layoffs, company reshuffles, and the departure of Clay Bavor, Google's former chief of augmented and virtual reality, who left to start a startup with Salesforce co-CEO Bret Taylor. More: - The Iris AR glasses were initially expected to launch in 2024 and were designed to resemble ordinary glasses.
- An early version resembled North's "Focals," a product acquired by Google in 2020.
- In a video demonstrating a real-time AR translation feature, Google showcased a newer version of the glasses.
- Despite discontinuing its AR hardware project, Google still has significant ambitions in augmented reality.
- Instead of developing hardware, the company creates an "Android for AR" and licenses its AR software to manufacturers.
- Google is actively developing Android XR for Samsung's "extended reality" wearable devices and is reportedly working on a new platform called "micro XR" for glasses.
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| 6 | | Epic Games partnered with LVMH and Nike, signaling the growing influence of the metaverse in the fashion industry. The luxury fashion conglomerate has joined Epic Games to enhance the consumer experience and incorporate new tools into LVMH's design pipeline. More: - Nike has collaborated with Fortnite on an NFT-powered sneaker hunt called Airphoria, generating excitement and speculation within the Web3 and gaming community.
- LVMH's investment in the metaverse comes at a critical time, countering concerns about waning audience interest and contributing to the metaverse's continued growth.
- The collaboration between Nike and Fortnite, with its massive player base of 250 million active users, signifies a move in the metaverse space for the sportswear giant.
- The success of these partnerships relies on delivering seamless and well-executed experiences, avoiding the technical issues plaguing previous Web3 launches.
- By leveraging established platforms like Fortnite and Unreal Engine, brands like Nike aim to mitigate the risk of infrastructure overload and ensure a smoother user experience.
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- How to watch Netflix, Prime Video, Disney+ & more on Oculus Quest 2: a guide.
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| Upcoming Events | | JUN
28 | | Dev Talk: Run apps at scale without K8 expertise* | | | | | | | JUN
29 | | Inside.com Book Club - Automate Your Busywork (June 2023) | | | | | | | JUL
12 | | Monthly Meditation guided by Nicholas Whitaker | | | | | | * This is a sponsored event | | | |
Term of the Day Gamification: Gamification is the addition of fun, addictive, game-like elements in non-gaming services such as websites, online communities and digital products. Question of the Week How do you feel about the phrase "The customer is always right"? Join the conversation |
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