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.
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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.
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
- Augmented reality helmets were developed for training Fighter Pilots. Air Force pilots will use augmented reality helmets to train.
- XRA Commended the CHIPS and Science Act. President Joe Biden signed the H.R.7178 Act after lawmakers on Capitol Hill passed the landmark bill.
- The Taiwanese Ministry of Digital Affairs is looking to implement decentralized technology into its web portal to fight against cyberattacks.
- £2 million funding has been secured to build a cutting-edge extended reality lab in Bury St Edmunds for students across Suffolk.
- The Edit Ldn is entering the metaverse with a premium store within Bloktopia’s crypto paradise. The Edit Ldn are a High-end global marketplace for sneakers.
Events to be at
- Aug 23-28 Cologne | Gamescom
- Aug 26-27 Shanghai | AWE Asia – Exclusive 20% off code
- Aug 31 – Sep 10 Venice | Venice Film Festival
- Sep 22-25 London | EGX London
- Sep 22 – 23 London | Zebu Live – Web3 & Crypto Conference
- Oct 3-4 San Fran | Metabeat
- Oct 20 – 21 Lisbon | AWE EU
- Nov 28 – Dec 02 Rotterdam | Immersive Tech Week
- Dec 02 Rotterdam | The 6th International VR Awards
Our best wishes for a productive day. Please send any news, comments, and flowers to [email protected].