Walt Disney is refocusing its priorities and is no longer pursuing Metaverse strategies
1 year ago 1 min read

Disney Shuts Down Metaverse Division in Major Restructuring Move

Walt Disney is refocusing its priorities and is no longer pursuing Metaverse strategies, according to reports. The entertainment giant is eliminating its entire “next-generation storytelling and consumer experiences” division, which had almost 50 members, as part of its restructuring plan. The head of the Metaverse division, Mike White, has been promoted to SVP of consumer experiences and platforms, but it is unclear in what capacity he will function in the future. Disney’s move comes as the company seeks to make $5.5 billion in cuts and reduce its headcount by nearly 7,000 across the company over the next two months. Reports

Nissan is the latest automotive giant to invest in Web3
1 year ago 1 min read

Nissan Ventures into Metaverse with Web3 Trademarks and Sales Experimentation

Japanese carmaker Nissan is the latest automotive giant to invest in Web3 technology, filing four new trademarks related to the decentralized web in the United States. The trademarks cover the Infiniti, Nismo, and Nissan brands and outline plans to create virtual clothes, cars, headgear, trading cards, toys, tickets, and a nonfungible token (NFT) marketplace for trading and minting NFTs. The company is also planning to offer metaverse advertising services and other “entertainment services” covering online video, images, artwork, tickets, audio, sounds, music, and trading cards, as well as a website with information about Nissan’s proposed NFTs and how they will

South Korea announced investments in a fund dedicated to driving metaverse
1 year ago 1 min read

South Korea Launches Metaverse Fund to Boost Economic Growth

While some global economies have been focused on the instability and ecosystem collapses of cryptocurrencies, South Korea is taking a different approach. The country has recognized the potential of the metaverse as a new economic growth engine and is doubling down on investments in the space. The Ministry of Science and ICT in South Korea recently announced investments in a fund dedicated to driving metaverse initiatives in the country. The government invested approximately $18.1 million (24 billion Korean won) with the goal of creating a fund of over 40 billion Korean won (around $30.2 million) for metaverse development. Through the

European Commission
1 year ago 1 min read

European Commission Takes Steps to Ensure Fair Competition in the Metaverse

As technology continues to evolve at an unprecedented rate, regulators are struggling to keep up. Margrethe Vestager, the executive vice president of the European Commission for a Europe fit for the digital age, and commissioner for competition since 2014, has urged businesses and lawmakers to consider the implications of emerging technologies like the metaverse and ChatGPT. Speaking at the Keystone Conference, Vestager emphasized how the shift to a digital economy has brought both risks and opportunities for everyone. However, she also warned that legislation lags behind technological advancements and called on regulators to anticipate and plan for changes. For example,

Colombia Makes History With Meta's Metaverse Technology in Virtual Court Hearing
1 year ago 1 min read

Colombian Lawmakers Conduct Virtual Court Hearing Using Meta’s VR Tech

Colombian lawmakers recently held a two-hour court hearing using virtual reality technology provided by Meta, the parent company of Facebook. The meeting, which was streamed live on YouTube, marked the first full virtual hearing held by Colombian lawmakers and was reportedly successful. Lawyers donned virtual headsets and participated in the meeting as computer-generated avatars, using Meta’s Horizon Workrooms. While some viewers felt that using virtual avatars took away from the seriousness of the hearing, the event represents a landmark moment in the technology’s use in legal proceedings. Virtual meetings and court hearings became more common in 2020 due to the

Immutable has made its second round of layoffs, cutting 11% of its staff.
1 year ago 1 min read

Crypto game company Immutable lays off staff for second time in less than a year

The Australian blockchain gaming company Immutable has made its second round of layoffs, cutting 11% of its staff. According to the Sydney Morning Herald, CEO James Ferguson explained that the cuts were necessary to extend the company’s runway and concentrate on the most important projects. The changes will involve outsourcing the development of more traditional game aspects to partners and reorganizing some of its divisions. The developer, known for its blockchain trading card game Gods Unchained, had previously laid off over 20 employees, or about 8% of its total headcount in July 2022. Immutable is a pioneer in blockchain and

Tencent has become the latest tech giant to scale back its plans for the metaverse
1 year ago 1 min read

Tencent cuts back on metaverse hardware plans

In a recent Reuters report, it was revealed that Tencent has become the latest tech giant to scale back its plans for the metaverse as it steps back from creating virtual reality hardware. The company has also implemented headcount and cost cuts in its metaverse unit. Tencent had previously planned to build software and hardware for the nascent industry, but has now decided to reduce the size of the unit, which was launched in June and had around 300 employees. Despite the cuts, Tencent says it will not disband the unit completely. The report highlights the need for profitability and

Paris Hilton is taking her ventures to the virtual world
1 year ago 1 min read

Paris Hilton Brings Romance to the Metaverse with ‘Parisland’ in The Sandbox

Paris Hilton is taking her ventures to the virtual world with the launch of “Parisland,” a gamified dating experience in the metaverse of The Sandbox. This imaginative reality show will allow players to enter the metaverse beginning February 13 and interact with five other players, complete exciting quests, and ultimately choose a partner. In a statement, Sandbox Co-Founder and COO Sebastien Borget expressed that the design of Parisland was aimed at fostering genuine relationships and connections between players. The dating experience was developed in collaboration with 11:11 Media and its Web3 and metaverse strategy lead, Cynthia Miller, hopes that users

the partnership ceremony between The Sandbox and the Saudi Arabia
1 year ago 1 min read

Saudi Arabia Invests in The Sandbox’s Metaverse Vision

The metaverse’s development continues to be a hot topic in the Middle East region, as evidenced by the recent LEAP conference in Riyadh, Saudi Arabia. The conference provided a platform for key players in the industry to discuss and explore new opportunities in the field. The highlight of the conference was the partnership ceremony between The Sandbox and the Saudi Arabia Digital Government Authority (DGA). The two organizations signed a memorandum of understanding (MOU) for the purpose of “exploring, advising, and supporting” one another in the development of the metaverse. While the details of the partnership have not been disclosed,

Interpol to Enforce Rules in Metaverse
1 year ago 1 min read

Interpol Prepares to Take Action Against Metaverse Infractions

Interpol is taking steps to ensure that metaverse crimes do not go unpunished. The organization has launched its own metaverse and created a dedicated unit to fight crypto crimes. However, Interpol is facing issues with defining what constitutes a metaverse crime, as well as raising awareness about potential crimes. Interpol Secretary General Jurgen Stock believes that “sophisticated and professional” criminals are taking advantage of new technologies to commit crimes, and the list of possible crimes will only expand to include crimes against children, data theft, money laundering, financial fraud, counterfeiting, ransomware, phishing, and sexual assault and harassment. With that in

Meta Platforms reported a wider loss of $13.7 billion
1 year ago 1 min read

Meta’s Reality Labs Division Reports Wider Loss of $13.7 Billion in 2022

Meta Platforms, formerly known as Facebook, has reported losses in its Reality Labs division, which develops virtual reality (VR) technologies. Despite the losses, the company plans to continue investing in the sector as it sees significant long-term opportunities. Reality Labs reported a loss of $13.7 billion in 2022 compared to $10.2 billion in 2021. The CEO, Mark Zuckerberg, said the company will launch its next-generation VR headset which will feature Meta Reality. Meta’s net income for the full year through Dec. 31 fell 41% to $23.2 billion. Despite this, the company’s stock price rose over 20% in after-hours trading on

Suzhou to become metaverse hub
1 year ago 1 min read

China’s Suzhou City Stakes Its Claim as a Metaverse Hub

Suzhou, a city in China’s Jiangsu Province has announced a plan to become a hub for metaverse development and innovation by attracting over 200 companies in the VR tech industry by 2025. The city will focus on 30 areas, including healthcare, tourism, education, and city administration, and aims for metaverse-related industries to be worth 200 billion yuan (US$29.77 billion) by 2025. However, it faces competition from other cities in China such as Shanghai, Beijing, Guangzhou, Chongqing, Jinan, and the provinces of Zhejiang and Henan that have published their own plans for metaverse development. South Korea is also actively pursuing metaverse