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📣 Renault Launches Its Industrial Metaverse, Aims to Save $330 Million by 2025
Renault, one of the biggest automakers in the world, has announced it has built the first industrial metaverse, with all its production lines supplying data to this world. According to the company, this digital twin replica will allow it to save $330 million by 2025, diminishing warranty expenses, delivery times, and the carbon footprint of its activities. Automobile company Renault has announced that it is already running an industrial metaverse of its activities, fueled by a series of processes that allow the company to monitor data from all of its production lines. This industrial world includes the interconnection of production lines, monitoring the totality of the supply chain, and almost all of the supply flows.
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📣 Accedo launches metaverse solution for sports
The new solution is designed to enable sports organisations to easily create new metaverse experiences by simply embedding existing web-based applications into a metaverse environment. As a modular solution, rights holders and broadcasters can choose only the add-ons they require. The new solution also builds on Accedo’s immersive experience to bring sports to the metaverse. Powered by Amazon Web Services (AWS), the software is designed to enables remote configuration and customisation. Video hosting, encoding and streaming is all managed using AWS Media Services, enabling sports organisations to create high quality XR content.
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🖼 Brevan Howard Digital co-leads $4.8 million round for NFT fraud detection startup Yakoa
Yakoa, a California-based NFT fraud detection startup, has raised $4.8 million in a seed funding round. Brevan Howard Digital, Volt Capital and Collab+Currency co-led the round, with Uniswap Labs Ventures, Alliance DAO, Orange DAO, Time Zero Capital, Sunset Ventures and others participating. Yakoa was founded in February by two high school friends, Andrew Dworschak and Graham Robinson. Dworschak studied and researched artificial intelligence and intellectual property at Stanford University and discovered that his research could be applied to the NFT space. Yakoa is not the only NFT fraud fighter in the industry. Optic and Doppel are two of its closest competitors, who both recently raised funds.
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🔫 Metaverse of Entertainment Expected to Grow to Almost $29 Billion Driven by Consumer Spending by 2026, Study Says
A study from Technavio, a market research firm, has predicted that the area of the metaverse dedicated to entertainment, including virtual concerts, video games, and movies, will grow to $28.92 billion in value from 2021 to 2026. The report states that 33% of this growth will originate in U.S. markets. The metaverse and its future adoption continue to be a matter of active research by market forecasting companies. A report issued on Nov. 11 by Technavio, a market research firm, has determined that the market size of the metaverse initiatives related to entertainment will grow to reach $28.92 billion in the period from 2021 to 2026. The report identified two key areas that will fuel this growth, including the rising consumer.
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👟 Nike Launches New Metaverse Marketplace and Community
Nike today announced the launch of .Swoosh, a new metaverse marketplace platform meant to foster a “inclusive digital community” for athletes and Nike consumers. The blockchain-powered platform will allow users to connect with other athletes and consumers, obtain virtual products and engage in immersive experiences. The news marks Nike’s latest investment in the web3 and the metaverse. In December 2021, Nike Inc. acquired RTFKT, a digital creator of virtual sneakers, collectibles and accessories. Before that, Nike filed seven trademark applications related to its goal to create and sell virtual sneakers and apparel. In the wake of the deal, Stifel analysts said the acquisition had “strategic value”.
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📣 Morehouse to be the First College to Offer Classes in the Metaverse
Morehouse College, the first and only college dedicated to educating men of color, has been making history for over 150 years. According to Morris, learning in the metaverse will help the students understand their place in the world while connecting with others from all over the world. The metaverse is what I call the world’s greatest playground. But besides that, what it really is, is the next iteration of the web,” Morris said. “We can give that to our students. And it’s such a gift because we had to read encyclopedias, right? And that information was stagnant. This is happening in real-time in three dimensions. I can go to Glasgow, and I can go to universities there and be in their midst.
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📣 NFT Vending Machine Lands in Europe Raising £3900 for Charity
The NFT vending machine’s first outing saw 390 NFT’s sold over the two days (one NFT sold every two minutes), raising £3,900 for charity Giveth, who fund public goods and services and education in developing nations, and Roald Dahl’s Marvellous Children’s Charity, who provide specialist nurses to seriously ill children. To buy an NFT through myNFT’s vending machine, customers simply had to select one of the envelopes on display, then key in the code provided. After paying £10 via Apple Pay, Google Pay or an alternative contactless payment method, they received a card with a QR code. Once they’d set this up, complete with an NFT wallet, they received their NFT that could be worth up to £1,000. myNFT’s first NFT collection included an assortment of iconic NFTs.
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📣 A Large Number of Imaginary One NFT Holders Buy Toon Finance
NFTs in the market, you may have heard about the Imaginary One NFTs. They have been in talks due to their 3D NFTs, something new in the market. However, the Toon Finance presale gathered the attention of various other NFT holders, and Imaginary One NFT holders were surely one of them. Toon Finance may not have been fully released yet, but it established a good place in the market even through its presale. But what made the Imaginary One NFT holders go for Toon Finance.The Imaginary One is another NFT project of 2022. The project was launched in April. The NFT is Ethereum-based and was founded by two Singaporeans. The Imaginary One NFT collection comprises unique 8,888 3D, animated NFTs. All 8,888 NFTs were sold out in the first four minutes of their launch.
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📣 Unstoppable Domains Enables ‘Verification Badge’ for Kryptomon NFT Holders
Kryptomon, a Web 3.0 gaming startup that produces the live NFT-based metaverse game with play-and-earn gaming principles, has teamed up with Unstoppable Domains, the premier distributor of Web 3.0 domains. The relationship comprises unique cooperation between the two businesses. Kryptomon NFT holder will earn an additional $50 towards Unstoppable Domains to safeguard their Web 3.0 identity. Sandy Carter, SVP and channel head of Unstoppable Domains, stated, “Web 3.0 domains provide gamers with an unique identifier that they can utilize to display their accomplishments, get rewards, and much more. We’re thrilled to partner with Kryptomon to provide gamers with new Web 3.0 opportunities.
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🚨 Chipotle CMO on 1 year in the metaverse: 'Nothing worse than branded content that sucks'
Chipotle launched its first branded Roblox experience in October 2021. Subsequently, the popular chain has strived to expand its presence on the platform and position itself as a forward-thinking, tech-savvy brand. Chipotle’s CMO Chris Brandt reflects on the brand’s year in the metaverse. The problem is that the metaverse is notoriously confusing. Though it's a tipic that's often bandied about in board meetings, many brands are struggling to understand how they can establish a legitimate presence in this (still quite vague) virtual world. A small handful of brands, however, have managed not only to establish their presence in the metaverse.
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📣 Metaverse in Entertainment Market Size to Grow by USD 28.92 Bn, Rising Consumer Spending to Drive Growth
The global metaverse in entertainment market size is expected to grow by USD 28.92 billion from 2021 to 2026. In addition, the growth momentum of the market will accelerate at a CAGR of 8.55%. The market is segmented by end-user (film production, music labels, OTT platforms, television broadcasters, and others) and geography. The rising consumer spending across virtual concerts, events, and others is driving the market growth. The rise in demand for virtual events, as well as the growth in the number of people attending concerts and events, will further propel the industry. Immersive technologies such as AR and VR are evolving at a rapid pace. Such factors will contribute to the growth of the market during the forecast period.
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📣 Metaverse community with 3M users adds utility with FIFA World Cup 2022™ collaboration
Metaverse definitions are widely disputed. So it’s not surprising that most of the world is confused. Is there just one digital world or are there many? Will the metaverse supplement the real world or will it be the physical world supplementing the digital one. Unfortunately, despite so many questions circulating about the metaverse, looking at the current landscape. At present, many projects are looking at metaverse hype, in general, as an opportunity to attract users into their online community with short-term incentives like money-making opportunities and flashy digital collectibles. Therefore, despite users needing to learn what the metaverse is and how it will benefit them, most are still joining these projects out of curiosity.
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📣 METAVERSE LAND IS BECOMING A HOT COMMODITY AMONGST COMPANIES
Metaverse Land has become a prominent integration method for many traditional companies into the metaverse. With how new of a concept the metaverse is and how much risk has been associated with it, it comes as no surprise that many are sceptical on this recent marketing trend. A total of $1.93 billion has been spent on virtual land according to DappRadar, the top reporter on all things blockchain and web3 related. Metaverse Land has opened many doors for brands to have their say on the blockchain. Thanks to The Sandbox we have seen brands like Gucci, Adidas, Gordon Ramsay and Slipknot develop their own experiences which have brought forward new ways to play and earn with NFT collectibles.
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📣 OKX Wallets are now compatible with the FMEX Football Metaverse
FMEX Football Metaverse took to Twitter to announce its collaboration with OKX Wallet. According to the collaboration, users on the FMEX Football Metaverse can now connect their OKX Wallets to explore the ecosystem of the football metaverse. The agreement also enables customers to conduct crypto transactions. OKX Wallet is a portal to Web3. It functions to expand its reach to the NFT world and decentralized applications while acting as a perfect wallet for cryptocurrency. While there are several cryptocurrency wallets on the market, OKX Wallet distinguishes itself by supporting Web3-centric applications of the next generation. OKX, despite appearing to be a standard cryptocurrency exchange platform.
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📉 Meta to cut 11,000 jobs as Zuckerberg commits to 'long-term' metaverse vision
The layoffs are part of a drive to cut losses, just weeks after a punishing earnings report which showed a deficit for the year for its metaverse division topping $9.4 billion. In a letter to employees, Zuckerberg also said the social media company will cut spending and extend its hiring freeze into the next year. Zuckerberg blamed a macroeconomic downturn and losses in e-commerce which "caused our revenue to be much lower than I'd expected." He said that to mitigate this, the company has shifted resources to a smaller number of high priority growth areas including its AI discovery engine, its ads platform and its push into the metaverse.
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🏝 Island nation turns to metaverse to preserve its disappearing heritage
The island of Tuvalu said it plans to build a digital version of itself in order to preserve its history as it faces erasure due to climate change. In the South Pacific, the island nation of Tuvalu decided to turn to Web3 technology in order to make sure its culture and society are preserved in the future. On Nov. 15 the country’s foreign minister, Simon Kofe, told the COP27 climate summit that it is looking for alternative ways to protect the county’s heritage against rising sea levels brought on by climate change. One of those ways is through recreating itself in the metaverse. Allegedly up to 40% of the nation’s capital district is underwater at high tide and the entire country is forecast to be underwater by the end of the century.
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🔫Metaverse set to become a $10+ bn opportunity by 2030
The Confederation of Indian Industry (CII) and Boston Consulting Group (BCG) have unveiled their flagship report on the Indian Media & Entertainment (M&E) industry, titled ‘Shaping the future of Indian M&E’. The launch was attended by senior industry leaders including K Madhavan, Biren Ghose, Neeraj Roy and Amit Khanna among other distinguished guests. The report highlights the Indian M&E industry is estimated to be valued at $27-29 Bn by the end of 2022 with 2/3rd of growth in the last ~3 years coming from the digital subsegments. Indian M&E industry is expected to continue its unique multi-modal growth story in the future as it is poised to grow to $55–65Bn by 2030. The report further highlights multiple trends that are shaping the industry – increased preference for personalized choices.
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🤟 A CryptoPunk could soon be coming to an art gallery near you
Yuga Labs will donate CryptoPunk #305 to the institute as part of a new initiative to put iconic NFTs from the collection in museums and galleries all over the world. The endeavor will see Yuga Labs — which owns top collections, including CryptoPunks, Bored Ape Yacht Club, Meebits, Otherdeeds and, as of this week, Beeple’s 10KTF. CryptoPunks has been chosen for this over its other collections is hardly surprising. Since June this year, it has been headed by brand lead Noah Davis — the former head of digital art at Christie's auction house — who says that "aesthetically speaking, Punks are about as chic as Donald Judd furniture or Piet Mondrian paintings" and believes that CryptoPunks deserve to be on the walls of contemporary art and design institutions worldwide.
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💰 Nike Launches .Swoosh Web3 Platform, With Polygon NFTs Due in 2023
Nike has been one of the biggest fashion-world players in Web3 through RTFKT, the NFT and digital apparel startup it acquired in late 2021, and we’ve seen the apparel giant gradually bring its own brand into the space as well. Now Nike aims to step up its efforts with the launch of a new platform, .Swoosh. The .Swoosh platform is billed as the epicenter for Nike’s digital efforts around Web3. It's designed to spotlight the brand’s NFTs and virtual apparel initiatives, including future ways for customers to become co-creators and share in digital product royalties. including one from Adidas—come with physical apparel or real-world perks.
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📣 BLACKPINK WINS 'BEST METAVERSE PERFORMANCE' AT THE 2022 MTV EMAS
BLACKPINK just won the first-ever award for Best Metaverse Performance at the 2022 MTV EMAs, making both K-pop and virtual music history. This year’s MTV European Music Awards took place on November 13 in Dusseldorf, with a number of exciting performances and celebrity appearances. BLACKPINK couldn’t attend this year’s ceremony in person, however, graciously accepted the award with a pre-recorded video. Alongside the award for their digital appearance, BLACKPINK were nominated for Biggest Fans, Best K-pop and Best Video for “Pink Venom.”. Stay tuned for more from this year’s ceremony, and check out the full list of 2022 nominees and winners.
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🔫 Metaverse could add up to $1.4tn a year to Asia’s GDP
The metaverse could contribute between S$0.8tn and $1.4tn per year to Asia’s GDP by 2035 if investments in the technology are sustained in the next five to 10 years, according to new research by Deloitte. The metaverse in Asia – strategies for accelerating economic impact, Deloitte noted that awareness of the metaverse in Asia is high. Still, Deloitte noted that the metaverse will have a transformational impact on Asian economies but whether it will realise its full potential will depend on a wide set of socioeconomic factors and enablers that will vary across markets. Asia is an interesting region to watch for metaverse developments. It dominates the hardware supply chain, and countries like South Korea have already developed a blueprint to foster its metaverse industry.
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📣 Karnataka govt building ‘Metaverse’ theme park near Kempegowda statue
Karntaka minister Ashwath Narayan on Sunday said the new theme park near the Kempegowda statue, which will have a metaverse experience for the tourists visiting the place. Responding to a Twitter user's query on the government's efforts to boost tourism like the one undertaken by Gujarat through the Statue of Unity. The minister shared the blueprint of the theme park, which he said will attract tourists at the airport. On Friday, Prime Minister Narendra Modi unveiled the the statue of Kempegowda, the ruler who is known as the fortifier of Bengaluru. The statue is also being known as the 'Statue of Prosperity'. The prime minister had also unveiled the latest terminal 2 at the Kempegowda International Airport.
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📣 Apple is building a rival to the metaverse
Apple is looking for a software producer to create VR content. Further, it wants to build a video service for playing back 3D content in VR. Another posting points to Apple’s AR headset taking advantage of App Intents to work with Siri, Shortcuts, and Search. Interestingly, one job posting talks about creating a 3D mixed-reality world. The latest Power On newsletter highlights the position’s requirements to “build tools and frameworks to enable connected experiences in a 3D mixed-reality world.”. In early January 2022, a report claimed that Apple was not interested in building a complete virtual world for its AR headset. So, while the company might build a 3D mixed-reality world, its approach could be different from that of the metaverse.
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📣 Metaverse Insider Launches Inaugural Market Report
Metaverse Insider has announced its inaugural metaverse market report. Metaverse Insider launched in November 2021, providing current news and in-depth market analysis of the fast-evolving metaverse industry. Marking one year since its launch. The Metaverse Insider Market Report focuses on the key components of the metaverse market, including VR headsets, blockchain technology, and the concept behind the metaverse. The report traces historical events that led to core metaverse-enabling technologies’ development. Moreover, the report discusses the current state of these technologies and predicts which metaverse-enabling components.
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📣 Dogeliens And Axie Infinity Are Excellent NFT Tokens To Consider Purchasing Now
The market space is now worth billions of dollars without signs of depreciating anytime soon. The increase in valuation, prominence, and acceptance of NFTs has made many crypto projects leverage its benefits to increase adoption and provide beneficial utility. Crypto assets with NFT-related utility are now popular in the market, most of which had great runs in the last bull rally. With the coming year showing prospects of being a better one than the current one, adding one or two NFT tokens to your portfolio could be a good decision. Based on experts' predictions, Axie Infinity (AXS) andDogeliens (DOGET) are two altcoins with NFT-related utility we think you should consider.
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📣 'Game is a perfect fit for the metaverse,' says Henry Chang, CEO of Wemade
Henry Chang, CEO of Wemade, gave a special lecture at KAIST Art Museum on 'The Metaverse and Games' for the cultural class 'What is future arts'. On Nov 9, at the Auditorium at Academic Cultural Complex, KAIST, he spoke to 130 KAIST students, staff, and applicants. The lecture covered the definition of the metaverse and its ultimate course. Chang argued the essentials of the metaverse are identity, fun, and economy. "One's identities in real life and the metaverse must exist, the ecosystem must offer fun, and economic actions and rewards should be connected to the real world," he said. KAIST Art Museum Lectures will be held on designated Wednesdays until Dec 7. 8 experts from various fields, including Henry Chang from Wemade, are invited to talk.
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📣 NFTSTAR and Neymar Jr․ to Release Beastmode Metaverse HUMAN NFT Drop
The9 Limited (Nasdaq: NCTY) (“The9”), an established internet company, has newly announced that its NFT community NFTSTAR is releasing the next drop of exclusive NFTs in collaboration with professional Brazilian international footballer Neymar da Silva Santos Júnior. The collaboration so far has been a huge success, with the first drop of Beastmode Metaverse, named ‘JungleVIBES’, hitting over 60,000 freemints worldwide and reaching a large portion of Neymar Jr.’s constantly growing fanbase. Beastmode Metaverse is excited to release its next special edition drop for the biggest fans of Neymar Jr. and the project, titled ‘Beastmode Metaverse x Neymar Jr.: Episode 01 – HUMAN’.
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📣 Decentraland's Metaverse Music Festival kicks off with Björk, Ozzy & 'The Voice'
The four-day event will include virtual performances from more than 170 artists across 15 stages. Want to see Björk and Ozzy Osbourne perform at the same festival? For free? From the comfort of your own couch? Now you can. Today, the blockchain-based gaming platform Decentraland kicks off its second annual Metaverse Music Festival (DCLMVMF22), described as “a four-day celebration of music, innovation, culture and creativity.” In addition to Björk and Ozzy (the main headliners), attendees will be able to watch virtual performances from Dillon Francis, Soulja Boy, Motörhead, Megadeath, Akira the Don, and many others.
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🚨 FTX and Alameda Contagion Fears Tank NFT Markets
Non-fungible token (NFT) markets are experiencing a stunning landslide in the wake of the news of Binance’s potential acquisition of FTX, shaking up several prominent exchanges. Built on the backs of Ethereum and Solana, NFTs have fallen in value drastically in the past day since a scoop from CoinDesk spurred the collapse of FTX. While Binance’s plan to purchase Sam Bankman-Fried’s crypto empire briefly paused prices from dropping, fresh doubts that the deal will finalize have driven prices down again. Solana's price drop on Monday sparked speculation that Alameda had sold off a large tranche of SOL in a rush to earn new liquidity. The research firm's balance sheet showed SOL as its second-largest holding.
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🇯🇵 Largest Japanese Bank MUFG Projects to Offer Financial Services in Metaverse by 2023
MUFG, the biggest bank in Japan, is projecting to offer financial services through the metaverse in 2023. The financial giant has partnered with ANA Holdings, a holdings consortium focused on air transportation companies, to be part of ANA’s Granwhale metaverse, and explore the possibility of selling financial products. The biggest financial institution in Japan, MUFG, is making its move to enter the metaverse. On Nov. 7, the company announced a partnership with ANA Holdings, a consortium of companies dedicated to air travel and transportation services, to be part of ANA’s upcoming digital platform. The platform is expected to begin operations with a user base of 38 million, corresponding to the mileage members of the company.
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