Insights EDU

Virtual Real Estate Crashes, $100m Fund Launches & Nvidia Go All In #MWB

Zuri Lives

15 Aug 2022 | 2 min read

Good morning Metaverse Business Brief readers. Big news on the tech advancements front along with plenty of updates on Metaverse funding. Welcome to our weekly roundup.

Prefer to listen to your brief?

Top Stories

At the SIGGRAPH 2022 conference, Nvidia revealed their latest set of software innovations for computer graphics and a series of technology innovations that will bring the metaverse and AI closer together than ever before. Nvidia also announced their Omniverse Avatar Cloud Engine designed to create AI-powered virtual assistants.

The virtual real estate market is crashing despite a McKinsey report predicting a $5 trillion market by 2030. All thanks to massive declines in the prices of virtual lands in 2022, led by user interests waning and a crypto bear market. Metaverse projects built on the Ethereum blockchain, including the Sandbox and Decentraland, have witnessed substantial declines too.

Lenovo teased a ‘Legion VR700’ headset in a poster shared on social media in China. The poster shows a headset with a halo strap and at least two cameras on the top corners of the front for tracking likely, No cable is visible, suggesting it could be a standalone headset.

In Funding

FundamentalVR has raised $20 million in a round of funding to accelerate skill transfer and surgical proficiency through virtual reality and mixed reality applications.

Africa’s first Metaverse venue SodaWorld has secured initial global investment from a prestigious Swiss venture capital firm: CV VC. The technology start-up enables artists to earn much-needed revenue from within the Metaverse.

Singapore’s LongHash Ventures has launched a new fund worth $100 million after the Asian Web3 VC received strong support from global investors. The LongHash Ventures Fund II is backed by several Web3 VCs, single-family offices, and Web3 founders

Everdome a Dubai Metaverse company secures $10 million funding. The investment will be made through a structured token agreement, and comes during a period of heightened activity for Everdome as it looks to auction land plots in the metaverse.

Keep an eye on

Events to be at

Our best wishes for a productive day. Please send any news, comments, and flowers to [email protected].

About the author:

Pardon the interruption

Sign up to our newsletter to receive updates on everything XR.

Thanks, we'll be in touch!