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.

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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.

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