March 14, 2023

Metaverse Highlights: Week of March 14, 2023

It is expected that the next iteration of the powerful A.I. system Chat GPT will be launched next week This new iteration will allow the creation of text content, images, and video  prompts, with many potential applications for the metaverse – with potentially industry-changing consequences. 

For now, however, we highlight three major developments from this week’s news:

  • First, the launch by Amazon of a new NFT marketplace will pave the way to the democratization of NFTs beyond early adopters. With Amazon’s ability to reach millions of customers, this might be a breakthrough for the mass adoption of NFTs. 
  • Second, Meta is building a decentralized social media app to compete with Twitter. Those who have tried to compete with Twitter have failed before, but uncertainty about the platform's future might make it more vulnerable to disruption this time. 

  • Third, South Korea actively supports Metaverse projects, with a new $51 million investment into the sector. 

These three developments point to the continued involvement of large companies and influential countries with the metaverse, which, with new advancements in VR and AI, could accelerate the sector’s rise in 2023.


The bottom line: According to the details revealed by the sources who are familiar with the matter, the e-commerce giant is finally preparing to begin its NFT journey. The new NFT marketplace will also focus on blockchain-based gaming for users, where they can earn NFTs in return. The new platform will initially only be accessible to US users via the “Amazon Digital Marketplace” tab on the website. Other regions will gradually be able to access the marketplace soon.

The bottom line: “We’re exploring a standalone decentralized social network for sharing text updates. We believe there’s an opportunity for a separate space where creators and public figures can share timely updates about their interests,” a Meta spokesperson said. This new decentralized app, codenamed P92, is still under development.

The bottom line: South Korea is investing 27.7 billion Korean won (US$21 million) into local services looking to utilize the metaverse, the ministry of science announced Wednesday, following Tuesday’s news that it would establish a US$30 million metaverse fund to help startups expand their businesses. The investment will support 13 new projects in sectors including healthcare, education, and tourism that will innovate services using the metaverse to improve services for the public.

The bottom line: There are a lot of people who want blockchain games to stand and deliver. Urvit Goel, vice president of games at Polygon, recently talked to Venture Beat about how the blockchain protocol company is trying hard to make that happen. He notes that Polygon has been at the forefront of web3 gaming with its recent integration of the popular NFT marketplace Magic Eden and top games in the industry, such as The Sandbox, Dencentral Games, and more.

The bottom line: Cointelegraph spoke with two executives from Innerword — a metaverse peer-to-peer mental health support group program — about how the metaverse can change the next generation of mental healthcare services. Connectivity is a trait inherently built into virtual environments, as is the ability to connect with more anonymity via the use of avatars and usernames. Both these things help people open up more and be more vulnerable, leading to faster healing.

The bottom line: Lego, the interlocking toy brick company, is preparing to present details of a metaverse initiative built in partnership with Epic Games, the company behind Fortnite, according to the Financial Times. The move would clarify the company's future actionstoward establishing a presence in virtual worlds, targeting users in digital markets.

The bottom line: One exciting domain of exploration for blockchain's future ison-chain analytics. In traditional markets, investors have access to very limited information, and they must make predictive assumptions with many missing variables. The breadth and availability of information crypto investors can glean from on-chain analytics are changing the investing landscape.

The bottom line: Blockchain technology can potentially boost numerous industries’ productivity, security, and transparency, reducing costs and enhancing customer experiences. Therefore, countries are investing in developing and using blockchain technology to address different societal and economic concerns. For now, El Salvador, Portugal, Singapore, Malta, and the UAE have emerged as global pioneers in adopting blockchain technology.

The bottom line: A new report from Bloomberg Intelligence (BI) has found that a slowdown in consumer spending and a lack of standards may remain a drag on virtual and augmented reality adoption, but Apple's likely entry into the market with a new headset could be a catalyst for faster growth in the metaverse, which may reach $615 billion by 2030. Advances will likely be driven by virtual 3D for shopping, events, social media and other consumer apps.

The bottom line: Even though Meta bars children under 18 from its VR app, Horizon Worlds, data shows that kids and teens are using the program in droves, suscepting themselves to bigotry, harassment and explicit content. The company’s long-term content moderation strategy remains unclear.

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