Category: Virtual Reality

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Crypto News Metaverse NFTs Virtual Reality

Sony Partners with Theta Labs to Launch Interactive 3D NFTs

NFTs are set to go 3D as the result of a partnership between Sony and Theta Labs that has revolutionary ramifications for how future viewers engage with the metaverse.

The Theta Project will take the form of a decentralised video streaming and/or delivery network with its own native crypto asset, THETA. Associated NFTs will be crafted for the Sony Spatial Reality Display (SRD) and are designed for three-dimensional viewing. They will also be available in 2D versions:

Sony’s SRD is a tablet-like device that leverages technologies such as augmented reality and 3D enhancements. The Japanese multinational’s official YouTube channel has issued a video that showcases the device:

Nick Colsey, Sony’s VP of business development, believes NFTs will only enhance the SRD experience:

Immersive, three-dimensional NFTs are a great way to showcase the potential of Sony’s SRD for metaverse enthusiasts and collectors. Theta’s NFTs are the latest way we can show our rapid adoption of metaverse-friendly technology.

Nick Colsey, VP of business development, Sony Corporation

No Need For Designated 3D Eyewear

The revolutionary aspect of the SRD monitor is that it allows the viewer to partake in 3D experiences without the need for traditional 3D accessories such as glasses or goggles. Instead, the device tracks eye movement and automatically adjusts the 3D display as the viewer moves.

As Theta Labs’ co-founder and CEO Mitch Liu notes, “the metaverse is already 3D”, which opens up the need for users to be able to “visualise and showcase their NFTs in a way that has a physical presence”.

Release Date TBA

Sony and Theta will jointly release an NFT called ‘The Tiki Guy’, which takes the form of a 3D tiki mask. Only 10 of these NFTs will be minted. All NFTs (including the 2D versions) will be released on ThetaDrop, Theta Labs’ NFT marketplace. When? “Later this year” is as accurate as the forecast gets.

In February, Samsung’s South Korean customers who ordered the new Galaxy S22 smartphone or S8 tablet were able to collect Theta-based NFTs with their purchases. And almost a year ago, Sony Interactive Entertainment published a patent application for an eSports betting platform that would support Bitcoin payments.

It’s clear on the evidence of their latest partnership announcement that both Sony and Theta are marching deeper into crypto-based leisure territory. With Sony’s net profit down 12 percent year-on-year according to fiscal Q1 figures, perhaps Theta’s NFTs will prove just the tonic.

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Crypto News Facebook Metaverse Social media Virtual Reality

Meta Launches a Metaverse-Themed Store in San Francisco

Meta, the parent company of Facebook, will open a physical metaverse-themed store in the San Francisco Bay area. A feature of the store will be wall-to-wall curved LED screens that display what users see using virtual reality (VR) headsets.

In an April 25 announcement, Meta said it would be opening its doors in the Burlingame, California location on May 9. The store, situated on the Meta campus, is aimed at providing interactive demos for the company’s hardware products, including VR headsets, video communications displays, and smart glasses.

Virtual reality now in the hands of Meta Store customers. Source: wsj.com

According to store head Martin Gilliard, “The Meta Store is going to help people make that connection to how our products can be the gateway to the metaverse in the future.” He added:

We’re not selling the metaverse in our store, but hopefully people will come in and walk out knowing a little bit more about how our products will help connect them to it.

Martin Gilliard, store head, Meta Store

Backlash Greets Meta’s Metaverse Vision

Facebook rebranded as Meta in October 2021 saying it was time it focused its efforts on expanding beyond social media, later announcing its metaverse vision for connecting online social experiences and the physical world.

Although its plans may be well-intentioned, Meta has since received a lot of backlash in the Twittersphere:

Meta Makes More Moves in the Metaverse

Only a week ago, Meta announced the launch of a digital economy that will allow users to sell virtual goods for its VR game as it continues to expand in the metaverse. Meta is also looking into introducing non-blockchain-based virtual tokens and loans as it seeks new revenue streams against a backdrop of fierce competition in the social media landscape.

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Crypto News Facebook Gaming Metaverse Virtual Reality

Meta Launches Digital Economy Allowing Users to Sell Virtual Goods for its VR Game

The metaverse may yet be years away in terms of functionality, but that hasn’t stopped Meta (nee Facebook) rolling out the first stages of a new digital economy to underpin its role in that brave new world.

The social media behemoth is already testing features that will enable creators to make money trading virtual items and effects in the company’s virtual reality (VR) game, Horizon Worlds.

According to Meaghan Fitzgerald, Horizon’s product marketing director, creators will be able to trade anything from virtual accessories to VIP access to their own private zone in the metaverse. American participants in the pilot will also be able to earn bonuses from a US$10 million fund set up by Meta to incentivise creators.

Meta May Pocket up to 50% of Bonus Payouts to Creators

Meta says it will reward creators whose virtual worlds prove especially popular among users with monthly bonus payouts. While that program will not be subject to fees, the virtual items marketplace could see Meta take a cut of up to 50 percent.

As it stands, Meta will take a 25 percent cut of the percentage left after the platform fee; with Meta’s Quest Store charging a 30 percent commission, that leaves creators with slightly over half the sale price for each item. Meta evidently thinks that’s a fair thing:

We think it’s a pretty competitive rate in the market. We believe in the other platforms being able to have their share.

Vivek Sharma, VP of Horizon Worlds, Meta

That said, Meta considers Apple’s 30 percent take rate as “too aggressive” for the iPhone ecosystem and has intentionally lowered its mobile rate for certain in-app purchases.

For more on how Horizon Worlds will work, Meta has helpfully supplied a video (see below) featuring VR versions of CEO Mark Zuckerberg and his Horizon team of creators. Try not to be disconcerted by the fact that each avatar only exists from the waist up, yet they require virtual stools to “sit” on:

Amid all this talk of virtual worlds, Zuckerberg announced earlier this month that Meta is exploring the creation of non-blockchain-based virtual currencies, which employees have internally dubbed “Zuck Bucks“. We can now perhaps see where he’s going with this idea.

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Blockchain Crypto News Metaverse NFTs Tokens Virtual Reality

Music Concerts in the Metaverse: the New Wave of Adoption?

A new project called Animal Concerts is building a virtual touring company to host virtual live music events in the Metaverse. Through the project, artists can earn up to 50 percent of revenues from both ticket and NFT sales.

It’s time for the next generation of concertgoers and fans to deck out your home theatre, get a VR headset and watch your favourite artists from the comfort of your lounge.

The Animal’s Metaverse will include online concerts, virtual merchandise in the form of digital collectible NFTs, and a community of superfans. Bringing together all aspects of a real-world live event, Animal Concerts will be the hub for delivering online immersive virtual reality experiences for fans like nothing they’ve encountered before. Founder Colin Fitzpatrick says the goal is to become the “Netflix of live streaming concerts”.

With 360-degree cameras on stage, you can use a VR headset to get an immersive experience – like you are dancing on stage with your favourite bands, from your living room anywhere in the world. We want to enable you to enjoy the concert with friends by seeing their avatars.

Colin Fitzpatrick, founder, Animal Concerts

The platform will use cutting-edge technology, setting up multiple 360-degree cameras on stage to feed high-quality footage and audio directly into punters’ VR headsets. Click here to read the full roadmap of features outlined in the Animal Concerts Whitepaper.

A-List Artists to Promote the Metaverse

Animal Concerts will leverage the online fan reach of the A-list artists it promotes by contracting them to help market and push the brand of the platform. “No other crypto will have this many celebrities onboard, promoting us on social media,” its website boasts. “Propelled by these celebs, we will achieve the biggest social following of any cryptocurrency.”

Restrictions on travel and gathering in numbers over the past two years of the pandemic has decimated the revenues of artists who rely on live performance to generate income. Album sales have also been in sharp decline as streaming services continue to replace traditional methods of music consumption.

Round Up Your ANIMAL token

$ANIMAL will be the native token for Animal Concerts. Holding the Animal token will allow users:

  • payment for concert tickets, NFTs and other merchandise on the Animal Concerts marketplace;
  • tiered rewards for early investors;
  • governance, voting and fan interaction, free tickets, limited-edition merch and early access to unique materials and collectibles;
  • discounts for fans purchasing tickets with the ANIMAL token over platforms such as Ticketmaster, etc;
  • participation in online communities of loyal fans; and
  • creation of art, gaming and music NFTs.

At Last, a Serious Challenge to Spotify

Major streaming service Spotify, however, has been criticised for undercutting musicians’ revenues and has upset the industry with its unfavourable artist royalties distribution model. Animal Concerts is set to change this, allowing performers to earn 50 percent of revenues from both ticket and NFT sales. By benefiting the artists directly, Animal Concerts provides a massive incentive for celebrities to entice their fans into the metaverse.

Aiming to launch upwards of 20 virtual reality concerts in 2022 along with NFT collectibles, Animal Concerts has announced a lineup of artists that includes Adele, Arctic Monkeys, Beastie Boys, Backstreet Boys, Bruno Mars, Drake, Ellie Goulding, Fatboy Slim, Frank Ocean, Gwen Stefani, the Killers, Kings of Leon, Miley Cyrus and more.

Teaming up with some of the biggest players in the metaverse, Animal Concerts has partnered with 3D virtual world platform Decentraland, NFT and gaming giant Enjin, and blockchain payment company Circle, among others.

Participate in the IDO

Animal Concerts will be launching on PolkaBridge on January 18. To participate, fill out the registration form for Animal Concerts before January 17 and be sure to have ETH in your wallet:

As a precursor to the Animal Concerts model, in October the US financial services company Republic announced the launch of “Republic Music”, an investment product offering “an entirely new way to create, produce and share royalties from music”.

In an earlier challenge to the dominance of Spotify, Audius, a music streaming platform based on the Ethereum and Solana blockchains, partnered with popular Chinese video-sharing and social media app TikTok to create TikTok Sounds. Within 24 hours of the August announcement, the $AUDIO token’s price spiked over 200 percent.

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Facebook NFTs Social media Virtual Reality

Facebook Rebrands as it Shifts Focus Towards the Metaverse

Troubled social media giant Facebook sees the growing metaverse – think of it as the internet on steroids – as the future of its business, and has now made it official by announcing the company will henceforth be known as Meta.

Meta will be the name for the overall company, although most of its individual apps and services – such as Facebook itself, Messenger, WhatsApp and Instagram – will maintain their current branding under the Meta umbrella.

“The metaverse isn’t a single product one company can build alone,” tweeted Nick Clegg, Facebook’s Global Affairs VP, exactly a month ago. “Just like the internet, the metaverse exists whether Facebook is there or not. And it won’t be built overnight. Many of these products will only be fully realised in the next 10-15 years.”

It’s clear that, by very definition, Meta fully intends to own the metaverse, starting right now. “I think we’re basically moving from being Facebook first as a company to being metaverse first,” CEO and founder Mark Zuckerberg said after announcing the name-change during the streaming keynote for this week’s annual Facebook Connect event.

What, Exactly, Is the Metaverse?

So what, exactly, is the metaverse? It’s a term loosely describing the future evolution of the internet, in which the flat apps and websites used today are gradually replaced by 3D environments and shared spaces, making interactions more “immersive”, to use a word Zuckerberg is especially fond of.

The metaverse won’t be a single entity, rather a conceptual collection of open worlds and settings joined by interoperable assets and experiences. Collectible NFT assets, for example, could be turned into 3D avatars that owners could place into all sorts of web spaces, whether for work, play, exercise, or social interactions.

Facebook – sorry, Meta – clearly wants to lead the charge into the metaverse. The company has announced it will invest US$50 million over the next two years into research and partnerships, and that it aims to hire 10,000 people across Europe in the next five years to aid in the effort.

The Ultimate Diversionary Tactic?

The company has said it will help build the metaverse “responsibly”, and took time in this week’s keynote to highlight its focus on privacy and open collaboration with external creators and firms. Cynics might say that’s a direct response to criticisms directed at Facebook over the years (and especially lately, by whistleblower and former employee Frances Haugen) in regards to privacy, security, its failure to control fake news, misinformation and hate speech, and accusations of incipient harm to teenagers’ mental health.

The US Federal Trade Commission has also filed an antitrust lawsuit against (pre-Meta) Facebook accusing it of anti-competitive practices. As Forrester Research director Mike Proulx has said, changing FB’s name to Meta “doesn’t suddenly erase the systemic issues plaguing the company”. In other words, never mind all that, look at our new, shiny name!

On December 1, FB/Meta shares will start trading under a new ticker symbol, MVRS. Hmmm … wonder what that stands for?

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Facebook Gaming Social media Virtual Reality

Facebook Promises 10,000 Jobs For Its ‘Metaverse’, but Users Aren’t Buying It

Facebook recently announced that over the next five years it plans to hire 10,000 new employees in specialised fields to start building its metaverse. However, many are calling on the multinational tech company to instead shift its efforts toward creating a safer, more trusted and responsible social network.

According to an official blog post on October 17, Facebook is full steam ahead for its metaverse project. To make this dream a reality, the company will need many more staff with specialised skills. To this end, it will be offering 10,000 new jobs across Europe alone.

Over the next five years, Facebook is looking to find new recruits for roles varying from software engineering to product design, and associated business functions. Many jobs are expected to be remote, which should appeal to a wide variety of EU residents.

Facebook’s global business group vice-president, Nicola Mendelsohn, stated in an interview that “these 10,000 highly skilled jobs are really, for us, going to put Europeans at the heart of our plans for the company’s future”.

Facebook’s Metaverse Will Be ‘Open and Interoperable’

According to Mendelsohn, no single company will own the metaverse. “It’s going to be like the internet – the key feature(s) will be openness and interoperability,” she said. The sentiment stands in stark contrast to the reputation Facebook has garnered, for years, as a not very transparent centralised entity.

Founder Mark Zuckerberg has described the metaverse as an “embodied internet” which will unlock access to “new creative, social, and economic opportunities” for all those who participate. With the aim being that “Europeans will be shaping it right from the start”.

A metaverse is an online world where people can game, work and communicate in a virtual environment, often using VR and AR technologies. In an interview with the BBC, Verity McIntosh, a VR expert at the University of the West of England, stated that:

Part of the reason Facebook is so heavily invested in VR/AR is that the granularity of data available when users interact on these platforms is an order of magnitude higher than on screen-based media […] it’s not just about where I click and what I choose to share, it’s about where I choose to go, how I stand, what I look at for longest, the subtle ways that I physically move my body and react to certain stimuli. It’s a direct route to my subconscious, and that is gold to a data capitalist.

Verity McIntosh, VR expert, University of the West of England

Doubts have previously been voiced about Facebook’s US$50 million investment to build a ‘Responsible Metaverse’, as reported by Crypto News Australia last month.

Some Say Facebook Should Focus Its Attention on More Pressing Matters

Cybersecurity expert Jake Moore told the Daily Mail that there is no doubt the metaverse will make serious amounts of money, but that the current Facebook platform “clearly needs attention” as to how well the platform deals with online abuse and the way misinformation is currently spread. 

Facebook has made building the metaverse one of its big priorities. However, many people feel that they should be focusing their efforts elsewhere. As Ben Sizer, a software engineer from Nottingham, UK, tweeted: “Facebook is a company that has roughly 15,000 moderators who are mostly underpaid outsourcers.” 

The metaverse announcement comes as the company deals with the fallout of a damaging scandal, major outages of its services, and calls for regulation to curb its pervasive influence. Facebook also faced a barrage of criticism after former employee Frances Haugen leaked internal studies showing that it knew its sites could be harmful to the mental health of teenagers. 

Last month, The Washington Post suggested that Facebook’s interest in the metaverse is “part of a broader push to rehabilitate the company’s reputation with policymakers and reposition [the social media giant] to shape the regulation of next-wave internet technologies”.

In April, Ireland’s Data Protection Commission launched an investigation into Facebook over a data leak of hundreds of millions of its users’ personal information. At the moment, Facebook is facing the prospect of defending itself in court, on the one hand, while trying to gain political allies through economic initiatives such as this new jobs pledge, on the other.