Brands favoring virtual stores / EU advocates metaverse strategy / Huawei making MR headset

Also, Hololight, an Austrian startup specializing in AR and VR solutions, has raised $12M

Inside Metaverse

For November 29, 2023

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Today's metaverse briefing:

Virtual stores are increasingly central to brands' holiday metaverse strategies, offering an immersive shopping environment in the digital realm.
The EU advocates a metaverse strategy to strengthen EU businesses and reduce reliance on non-EU tech resources.
Huawei is reportedly developing an MR headset to compete with Apple's Vision Pro, featuring a flagship chipset and a unique heat dissipation system.

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Virtual stores are increasingly central to brands' holiday metaverse strategies, offering an immersive shopping environment in the digital realm. Companies like J.Crew and L'Occitane are innovative in the digital shopping experience, focusing on digital convenience and customization.

More:

Despite some brands scaling back, the shift toward virtual spaces is evident, with platforms like Roblox experiencing increased engagement.
These virtual environments enable brands to reach consumers beyond physical store limitations, broadening their audience.
Flagship store experiences are being recreated virtually, catering to diverse user personas with immersive and interactive elements.
Virtual stores introduce unique features and activities, offering experiences unattainable in traditional retail settings.
Data on virtual stores' effectiveness in driving sales remains limited, and investment in metaverse experiences could impact other high-return areas.

Zoom Out:

The global virtual reality market is projected to reach $12.1B by 2024, increasing interest in immersive digital experiences.

What the numbers say: Sweden's video game development market has steadily increased in companies in recent years. As of 2022, there were 939 registered game developers in Sweden, a 20% increase from the previous year. This is a significant growth compared to 2016 when only 389 video game developers were in the country.

Relevance: Numerous prominent esports organizations, such as Ninjas In Pyjamas, GODSENT, and Alliance, also originate from Sweden. Modern Times Group, headquartered in Stockholm, once owned ESL Gaming and DreamHack before their acquisition by Savvy Gaming Group in January 2022 for an estimated $1.5B.

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The European Union (EU) advocates a metaverse strategy to strengthen EU businesses and reduce reliance on non-EU technological resources. This initiative aligns with the European Commission's plans for the metaverse, emphasizing new standards and global governance.

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Following a European Parliament committee vote, EU lawmakers aim to lead the development of virtual worlds as a key part of Europe's digital future.
The committee's report highlights the need for a robust regulatory framework to support the development of virtual worlds.
Most companies involved in metaverse technologies are based outside the EU, prompting this strategic move.
The report calls for a more equitable environment for European businesses in the metaverse landscape.
The strategy is based on EU digital rules, principles, and values, focusing on a Europe-centric digital evolution.

Zoom Out:

In July, the EU unveiled its Web 4.0 and virtual worlds strategy.

Huawei is reportedly developing an MR headset to compete with Apple's Vision Pro, featuring a flagship chipset and a unique heat dissipation system. This move marks Huawei's continued innovation despite U.S. sanctions, aiming to offer a more affordable alternative to the Vision Pro's $3,500 price.

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Huawei's MR headset includes an external battery module, enhancing its usability and performance.
Honor, a sub-brand of Huawei, is also developing a similar MR headset.
Despite U.S. sanctions impacting its business, Huawei has launched 5G phones.
The sanctions challenge Huawei to acquire the latest flagship processors for its headset.
The launch date, price, and availability of Huawei's MR headset remain undisclosed.

Zoom Out:

In October, Huawei announced the launch of the industry's first 5.5G products and solutions in partnership with China's state-owned telecom operators China Mobile, China Telecom, and China Unicom.

Hololight, an Austrian startup specializing in AR and VR solutions, has raised $12M in funding to enhance its XR streaming platform, Hololight Hub, and expand globally. This investment, led by European growth equity investor Flatz Hoffmann, will boost digital collaboration and 3D workflow capabilities for its more than 150 customers, including major clients like BMW, Nokia, and Engie.

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Hololight Hub aims to facilitate XR infrastructure building and promote digital collaboration in 3D.
The investment also targets Hololight's expansion in global markets, focusing on the U.S.
The company has partnered with industry giants such as Amazon Web Services, Qualcomm, and Nvidia.

Zoom Out:

On Nov. 2, Nokia announced a partnership with Hololight to deliver reliable immersive XR experiences.

EnvisionVR, a VR property walkthrough startup, has raised $2.585M, offering a mobile platform for VR/AR experiences in property development. Their technology has facilitated over $500M in property sales in the last 18 months, demonstrating significant demand and utility in the real estate market.

More:

EnvisionVR was founded in 2019, focusing on off-the-plan property developments using AR/VR technologies.
The platform's accessibility allows visualization of future homes using mobile phones, tablets, VR headsets, or the web.
The company plans to use the funds raised for international expansion and to scale its global CGI partner network.
Over 20 CGI studios across six countries already offer EnvisionVR's clients' experiences.
EnvisionVR's technology is used by homebuilders, project marketing agencies, and developers for enhanced marketing.

Quick Hits:

Competitors are killing your efficiency. Read how Greenhouse gained $85mil in revenue from reps who used Klue over non-Klue users.*
Experience the fusion of art and technology through VR film and art at this year's FilmGate XR/VR Interactive Film Festival.
Pizza Hut's transition to Web3 and collaboration with Spark Foundry earned it the Brand Experience of the Year award at The Drum Awards for the Metaverse.
According to a report by ABI Research, around 700 cities are expected to develop metaverse infrastructure by 2030.
Rewardable, a digital rewards and user engagement platform, has partnered with The Sandbox, a key figure in the Web3 and metaverse space.

*This is sponsored content.