Discover more from AIXR's Weekly Metaverse Business Brief
Meta Quest Gaming Showcase Rumours? 🔎👀
Also this week...the AI market is under threat in the UK, while Alibaba Cloud partners with the Avalanche blockchain and a report backs greater Metaverse optimism in Europe than the US.
Good morning Metaverse Business Brief readers. Let’s jump into the most relevant news from the immersive world in our weekly roundup.
Meta announce June date for Quest Gaming Showcase. Amidst much excitement for a potential VR headset reveal, it is predicted that those waiting for a Quest 3 or VR hardware of any sort will be disappointed when the showcase takes place on June 1st. Instead, viewers should expect to see double the news we received in 2022, which could mean 24 announcements of games, apps and updates. Highly speculative rumours suggest that amongst these could be a major gaming IP coming to VR, with GTA and Call of Duty both floated as potential grabs.
AI market under review by UK competition watchdog. The Competition and Markets Authority have announced that they will review the AI sector amidst growing fears of job market disruption and the sharing of misinformation. The decision follows similar concerns in America, with US Vice President Kamala Harris sharing invitations to the white house with executives from Google, Microsoft and ChatGPT to discuss safety concerns.
Alibaba Cloud partner with Avalanche blockchain. The move is expected to provide clients of Alibaba with access to Cloudverse, which will allow businesses to customise, launch and maintain metaverse spaces on Avalanche’s blockchain. A third partner, MUA DAO are also involved. The deal will allow enterprises to achieve a metaverse position quicker and easier than competitors, with Alibaba cloud hosting around 4 million customers and 10 million developers.
Kearney Metaverse report suggests European optimism. A report from the global consultancy firm targeted telecom and consumer goods leaders in a bid to understand perspectives from leaders in the Metaverse. Most notably, it was uncovered that positive sentiment and greater levels of optimism for high revenues were apparent at a far higher level amongst European respondents in comparison to their North American counterparts.
State owned Chinese enterprise launch $21.7 million fund. The Henan Cultural Tourism Investment group have produced a private equity investment fund solely to finance metaverse ventures. The Henan province aims to expand it’s metaverse industry with the move, which comes hot on the heels of a similar strategy in Shanghai.
Imagia raise $4.5 million in seed funding. The AR and VR lens tech company intend to use the funds to progress the development and commercial deployment of the company’s silicon based optical lenses, which make use of a novel ‘metalens’ technology to produce a flat surface as opposed to the traditional curved lens.
Cohere potentially grabbing $250 million in fresh funding. The generative AI startup is targeting the largest investment in the sector since ChatGPT in 2022, from backers including Nvidia and Salesforce, which could result in a rumoured total valuation of around $2 billion.
Keep an eye on
Can music solve question of VR motion sickness? Researchers at the University of Edinburgh have identified a correlation between upbeat/soothing music and a positive reduction in symptoms of motion sickness amongst VR headset users, alongside benefiting cognitive abilities and performance. If taken into account, the study could have strong implications in future VR game design.
Sports star Grealish to make Metaverse DJ debut. In the third ‘metaverse experience’ resulting from a brand deal between crypto exchange OKX and Manchester City football club, England star Jack Grealish has announced he will step into the metaverse for a live DJing performance alongside global music star Oliver Heldens. The performance will add to the growing number of augmented, immersive fan experiences permeating the sports industry.
‘JumpMod’ VR backpack could revolutionise gaming experience. Pedro Lopes and fellow colleagues at the University of Chicago have produced a mechanical backpack which is said to enhance the situation of jumping or falling in VR. The backpack uses a sliding weight to trick the brain when playing VR games. The novel tech was presented at a conference investigating human factors in computing, held in Hamburg.
Clarks Originals step into Metaverse again with Fireboy DML. The footwear brand previously collaborated with Roblox to produce a metaverse experience in 2022. The latest move from Clarks will see them host a virtual concert featuring three artists specialising in the ‘Afrobeat’ genre. The “Beyond Worlds” show will allow fans to “transcend the physical limitations of a real-world performance", according to the brand.
Events to be at
May 09 Online | Insights Live: Human Progress and the Programmable World
May 17 - 18 London | Edtech World Forum 2023
June 01 Online | The 7th International VR Awards Nomination Webinar 2
June 13 Online | Insights Live: Metaverse vs Web3: A Convergence?
October 24-26 Houston | The 10th Augmented Enterprise Summit
November 30 Rotterdam | The 7th International VR Awards
Our best wishes for a productive day. Please send any news and comments to firstname.lastname@example.org.
May 8 2023 Edition - Issue 18
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