ReportWire

Tag: Metaverse

  • The Metaverse Is Dead. ChatGPT Killed Zuckerberg’s Obsession | Entrepreneur

    The Metaverse Is Dead. ChatGPT Killed Zuckerberg’s Obsession | Entrepreneur

    [ad_1]

    This article originally appeared on Business Insider.

    The Metaverse, the once-buzzy technology that promised to allow users to hang out awkwardly in a disorientating video-game-like world, has died after being abandoned by the business world. It was three years old.

    The capital-M Metaverse, a descendant of the 1982 movie “Tron” and the 2003 video game “Second Life,” was born in 2021 when Facebook founder Mark Zuckerberg changed the name of his trillion-dollar company to Meta. After a much-heralded debut, the Metaverse became the obsession of the tech world and a quick hack to win over Wall Street investors. The hype could not save the Metaverse, however, and a lack of coherent vision for the product ultimately led to its decline. Once the tech industry turned to a new, more promising trend — generative AI — the fate of the Metaverse was sealed.

    The Metaverse is now headed to the tech industry’s graveyard of failed ideas. But the short life and ignominious death of the Metaverse offers a glaring indictment of the tech industry that birthed it.

    Grand promise

    From the moment of its delivery, Zuckerberg claimed that the Metaverse would be the future of the internet. The glitzy, spurious promotional video that accompanied Zuckerberg’s name-change announcement described a future where we’d be able to interact seamlessly in virtual worlds: Users would “make eye contact” and “feel like you’re right in the room together.” The Metaverse offered people the chance to engage in an “immersive” experience, he claimed.

    These grandiose promises heaped sky-high expectations on the Metaverse. The media swooned over the newborn concept: The Verge published a nearly 5,000-word-long interview with Zuckerberg immediately following the announcement — in which the writer called it “an expansive, immersive vision of the internet.” Glowing profiles of the Metaverse seemed to set it on a laudatory path, but the actual technology failed to deliver on this promise throughout its short life. A wonky virtual-reality interview with the CBS host Gayle King, where low-quality cartoon avatars of both King and Zuckerberg awkwardly motioned to each other, was a stark contrast to the futuristic vistas shown in Meta’s splashy introductory video.

    The Metaverse also suffered from an acute identity crisis. A functional business proposition requires a few things to thrive and grow: a clear use case, a target audience, and the willingness of customers to adopt the product. Zuckerberg waxed poetic about the Metaverse as “a vision that spans many companies” and “the successor to the mobile internet,” but he failed to articulate the basic business problems that the Metaverse would address. The concept of virtual worlds where users interact with each other using digital avatars is an old one, going back as far as the late 1990s with massively multiplayer online role-player games, such as “Meridian 59,” “Ultimate Online,” and “EverQuest.” And while the Metaverse supposedly built on these ideas with new technology, Zuckerberg’s one actual product — the VR platform Horizon Worlds, which required the use of an incredibly clunky Oculus headset — failed to suggest anything approaching a road map or a genuine vision. In spite of the Metaverse’s arrested conceptual development, a pliant press published statements about the future of the technology that were somewhere between unrealistic and outright irresponsible. The CNBC host Jim Cramer nodded approvingly when Zuckerberg claimed that 1 billion people would use the Metaverse and spend hundreds of dollars there, despite the Meta CEO’s inability to say what people would receive in exchange for their cash or why anyone would want to strap a clunky headset to their face to attend a low-quality, cartoon concert.

    A high-flying life

    The inability to define the Metaverse in any meaningful way didn’t get in the way of its ascension to the top of the business world. In the months following the Meta announcement, it seemed that every company had a Metaverse product on offer, despite it not being obvious what it was or why they should.

    Microsoft CEO Satya Nadella would say at the company’s 2021 Ignite Conference that he couldn’t “overstate how much of a breakthrough” the Metaverse was for his company, the industry, and the world. Roblox, an online game platform that has existed since 2004, rode the Metaverse hype wave to an initial public offering and a $41 billion valuation. Of course, the cryptocurrency industry took the ball and ran with it: The people behind the Bored Ape Yacht Club NFT company conned the press into believing that uploading someone’s digital monkey pictures into VR would be the key to “master the Metaverse.” Other crypto pumpers even successfully convinced people that digital land in the Metaverse would be the next frontier of real-estate investment. Even businesses that seemed to have little to do with tech jumped on board. Walmart joined the Metaverse. Disney joined the Metaverse.

    Despite Zuckerberg’s obsession with the Metaverse, the tech never lived up to the hype. Facebook

    Companies’ rush to get into the game led Wall Street investors, consultants, and analysts to try to one up each other’s projections for the Metaverse’s growth. The consulting firm Gartner claimed that 25% of people would spend at least one hour a day in the Metaverse by 2026. The Wall Street Journal said the Metaverse would change the way we work forever. The global consulting firm McKinsey predicted that the Metaverse could generate up to “$5 trillion in value,” adding that around 95% of business leaders expected the Metaverse to “positively impact their industry” within five to 10 years. Not to be outdone, Citi put out a massive report that declared the Metaverse would be a $13 trillion opportunity.

    A brutal downfall

    In spite of all this hype, the Metaverse did not lead a healthy life. Every single business idea or rosy market projection was built on the vague promises of a single CEO. And when people were actually offered the opportunity to try it out, nobody actually used the Metaverse.

    Decentraland, the most well-funded, decentralized, crypto-based Metaverse product (effectively a wonky online world you can “walk” around), only had around 38 daily active users in its “$1.3 billion ecosystem.” Decentraland would dispute this number, claiming that it had 8,000 daily active users — but that’s still only a fraction of the number of people playing large online games like “Fortnite.” Meta’s much-heralded efforts similarly struggled: By October 2022, Mashable reported that Horizon Worlds had less than 200,000 monthly active users — dramatically short of the 500,000 target Meta had set for the end of 2022. The Wall Street Journal reported that only about 9% of user-created worlds were visited by more than 50 players, and The Verge said that it was so buggy that even Meta employees eschewed it. Despite the might of a then-trillion-dollar company, Meta could not convince people to use the product it had staked its future on.

    The Metaverse fell seriously ill as the economy slowed and the hype around generative AI grew. Microsoft shuttered its virtual-workspace platform AltSpaceVR in January 2023, laid off the 100 members of its “industrial metaverse team,” and made a series of cuts to its HoloLens team. Disney shuttered its Metaverse division in March, and Walmart followed suit by ending its Roblox-based Metaverse projects. The billions of dollars invested and the breathless hype around a half-baked concept led to thousands — if not tens of thousands — of people losing their jobs.

    But the Metaverse was officially pulled off life support when it became clear that Zuckerberg and the company that launched the craze had moved on to greener financial pastures. Zuckerberg declared in a March update that Meta’s “single largest investment is advancing AI and building it into every one of our products.” Meta’s chief technology officer, Andrew Bosworth, told CNBC in April that he, along with Mark Zuckerberg and the company’s chief product officer, Chris Cox, were now spending most of their time on AI. The company has even stopped pitching the Metaverse to advertisers, despite spending more than $100 billion in research and development on its mission to be “Metaverse first.” While Zuckerberg may suggest that developing games for the Quest headsets is some sort of investment, the writing is on the wall: Meta is done with the Metaverse.

    Did anyone learn their lesson?

    While the idea of virtual worlds or collective online experiences may live on in some form, the Capital-M Metaverse is dead. It was preceded in death by a long line of tech fads like Web3 and Google Glass. It is survived by newfangled ideas like the aforementioned generative AI and the self-driving car. Despite this long lineage of disappointment, let’s be clear: The death of the Metaverse should be remembered as arguably one of the most historic failures in tech history.

    I do not believe that Mark Zuckerberg ever had any real interest in “the Metaverse,” because he never seemed to define it beyond a slightly tweaked Facebook with avatars and cumbersome hardware. It was the means to an increased share price, rather than any real vision for the future of human interaction. And Zuckerberg used his outsize wealth and power to get the whole of the tech industry and a good portion of the American business world into line behind this half-baked idea.

    The fact that Mark Zuckerberg has clearly stepped away from the Metaverse is a damning indictment of everyone who followed him, and anyone who still considers him a visionary tech leader. It should also be the cause for some serious reflection among the venture-capital community, which recklessly followed Zuckerberg into blowing billions of dollars on a hype cycle founded on the flimsiest possible press-release language. In a just world, Mark Zuckerberg should be fired as CEO of Meta (in the real world, this is actually impossible).

    Zuckerberg misled everyone, burned tens of billions of dollars, convinced an industry of followers to submit to his quixotic obsession, and then killed it the second that another idea started to interest Wall Street. There is no reason that a man who has overseen the layoffs of tens of thousands of people should run a major company. There is no future for Meta with Mark Zuckerberg at the helm: It will stagnate, and then it will die and follow the Metaverse into the proverbial grave.

    Ed Zitron is the CEO of EZPR, a national tech and business public-relations agency. He is also the author of the tech and culture newsletter Where’s Your Ed At.

    [ad_2]

    Ed Zitron

    Source link

  • The Metaverse Has Definitely Lost Steam — But Is It Dead? | Entrepreneur

    The Metaverse Has Definitely Lost Steam — But Is It Dead? | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    The Metaverse: an immersive virtual world where we can interact with each other using smartphones, PCs, special glasses or VR headsets. A digital world that up until recently enjoyed huge buzz and excitement surrounding the opportunities it might have presented for businesses and consumers alike.

    The Metaverse arrived with a variety of investment and money-making opportunities, where users could purchase a wide variety of digital goods and services for their avatars and their own virtual experiences. Ranging from brand-name accessories to cars in virtual stores and even being able to buy virtual land. The NBA’s Brooklyn Nets made sports history as the first pro sports team to broadcast a game in the metaverse, which they coined the “Netaverse.”

    Big early bets have been made on the Metaverse, too. Meta has spent eye-watering levels of money on its metaverse play. Reality Labs, the division inside Meta that houses Metaverse projects, recorded cumulative losses of nearly $24 billion across 2021 and 2022.

    Related: What Is the Metaverse and Why Is It Important to Entrepreneurs?

    Not as popular as expected

    But, as fast as the hype built around the Metaverse though (much the same time as Mark Zuckerberg made huge announcements about Facebook’s future being connected to an immersive 3D world and rebranding the company to Meta), interest equally waned. Evidence of this can be seen by looking at Google search traffic for the Metaverse, which dwindled significantly over recent months, taking it back to pre-announcement levels.

    Over the span of a few years, tech and entertainment giants invested heavily in building this virtual world, only to discover that most of us haven’t got much of an appetite for the Metaverse. It looks like we are much more attached to reality than tech leaders first thought. Statistics across retail and air travel confirm we are moving back into the real world following Covid-19 lockdowns. Most people still don’t yet understand what the Metaverse is, how it works or what it means for them, which could be categorized as a fairly significant failure considering the huge investments and media coverage this space has received.

    Meta has been actively slimming down its virtual world operations. Disney and Microsoft are both closing their Metaverse departments. Apple looks to have all but given up on its virtual reality headset, while Tinder has announced that it will abandon its plans for virtual world dating.

    What was once a potentially exciting business and investment opportunity has become a terribly expensive gamble that looks to have all but failed so far. The Metaverse is looking to be turning into a great corporate collapse, at least in the immediate term, with billions of dollars of investment at risk and reputations being impacted.

    Tech innovators and leaders tend to think in terms of the hype cycle: the roller coaster journey from concept to widespread adoption. For now, it looks like huge sums of investor money have been spent on a technology whose potential has yet to be realized — and may never be.

    More recently, Mark Zuckerberg made an announcement to the market about Meta’s renewed focus on AI, which could likely be a sign that he’s silently killing off the Metaverse project and walking away from the vast investments he’s made in this tech. And while Zuckerberg has pointed out that the Metaverse is a long-term investment for Meta — and he has promised to dial down the Metaverse rhetoric — this gamble is looking more and more like an example of corporate hubris.

    Related: Why Your Business Needs to Prepare for the Metaverse

    The metaverse is out and AI is in

    Generative AI has stolen the Metaverse’s thunder. The real-world application of OpenAI’s ChatGPT is hard to compete with at the moment, and rightly so. It has immediate and very real and meaningful uses that can be hugely helpful to individuals and to businesses. It’s having a meaningful impact on bottom lines across the world and isn’t speculative like the Metaverse.

    AI also goes well beyond ChatGPT. It can be categorized into four areas at the moment:

    1. Automated intelligence: Automates manual routine and non-routine tasks.
    2. Assisted intelligence: Assists people to perform particular tasks faster and sometimes better.
    3. Augmented intelligence: Helps people make better decisions.
    4. Autonomous intelligence: Automates decision-making processes without the need for human input.

    Whether it be machine learning, smart applications and appliances, digital assistants or autonomous vehicles, AI has very real scope across the global economy right now and also into the future, helping it avoid the tag of being a fad. As a result, it’s viewed as a safer and less risky investment bet.

    What needs to change for the Metaverse to recover?

    For the Metaverse to have any chance of success at some point in the future, consumer education must be front and center. Dissolve the mystery surrounding the virtual world and its applications to both consumers and businesses.

    The enormity of the challenge must not be underestimated. At its best, from a user experience perspective, the Metaverse requires hyper-realistic 3D display technology that would be offered through a normal pair of glasses. This virtual world is quite simply too early in its journey right now to have any real impact, hence it’s viewed as a dangerously speculative and risky investment at present.

    The Metaverse is not about to simply die on the vine overnight. With time, we will stop being asked to spend our time in virtual worlds using kooky avatars to simply chat with friends or hang out on some digital land we purchased. Virtual spaces will become far more natural and realistic — with time. And that’s the critical ingredient: time.

    I think that with its evolution, we will see it more broadly adopted, perhaps in a more narrow and focused manner — likely for short bursts, i.e. truly immersive experiences such as product launches, concerts, meetings, education and training, socializing and much more, rather than the inaccurate or unrealistic concept that we will somehow spend much of our waking days inside a virtual world.

    Related: 5 Metaverse Trends That Will Shape the Next Decade

    Is the Metaverse dead?

    An investment in the Metaverse is only as valuable as the demand for the technologies involved. When the hype was at its peak, there was an argument to be made about the value of an investment (albeit a risky one) in the virtual world, but when that hype dries up and the punters leave, that investment fast becomes worthless.

    While Meta has confirmed that it remains a long-term focus, and big corporates such as Siemans, Proctor and Gamble and others are using Metaverse technology for various applications related to their businesses, no one has yet brought that magical application or experience to the table as yet, probably because the hardware devices required to achieve this don’t yet exist.

    So is the Metaverse dead? I don’t think so. Not yet anyway. It’s too early to make that call. It’s not that the real world is back and the online world is in the past, but rather that the two will run in parallel. It is not that the online universe is going to disappear, but rather that it may have reached its limit — for now. If you have an appetite for significant risk-based investing, a passion for bleeding edge technology and making bets that are wildly speculative, then there’s probably an angle for you to explore in the Metaverse, but get advice and tread very carefully.

    [ad_2]

    Nathan Sinnott

    Source link

  • Facebook parent company urged keep minors out of metaverse

    Facebook parent company urged keep minors out of metaverse

    [ad_1]

    The metaverse is no place for kids, according to a group of more than 70 advocates for children’s rights and online privacy. Those concerned are asking Facebook’s parent company, Meta, to abandon its plans to attract young teens onto its Horizon Worlds metaverse platform because, they say, doing so will likely expose minors to sexually explicit and homophobic content.

    Top executives at the Center for Digital Democracy, the Center for Countering Digital Hate, Fairplay and other organizations sent a letter to Meta CEO Mark Zuckerberg on Friday arguing that allowing minors onto Horizon would also expose them to bullying.

    The letter comes one month after a Wall Street Journal article revealed that Meta aims to draw kids ages 13-17 onto the platform where users interact with each other. Currently the app only allows players 18 and older.

    “Meta is demonstrating once again that it doesn’t consider the best interest of young people when it develops plans to expand its business operations,” Katharina Kopp, deputy director for the Center for Digital Democracy, said in a statement. “Before it considers opening its Horizon Worlds metaverse operation to teens, it should first commit to fully exploring the potential consequences.” 


    Clinical psychologist on how to talk to teens about cyberbullying

    04:15

    Meta vowed Friday to make sure minors aren’t exposed to explicit material while on Horizon Worlds.

    “Before we make Horizon Worlds available to teens, we will have additional protections and tools in place to help provide age-appropriate experiences for them,” a company spokesperson told CBS News. “Quest headsets are for people 13+ and we encourage parents and caretakers to use our parental supervision tools, including managing access to apps, to help ensure safe experiences.” 

    Some users as young as 15 are already on Horizon Worlds and they have been exposed to racist insults and misogynistic language, advocates wrote, while pointing to a CCDH study published last month. Researchers from the study recorded interactions from 100 of Horizon Worlds’ most populated spaces and found that minors occupy 66 of those VR worlds. In one interaction inside a virtual courtroom, a user noticed a minor with a Black avatar was told “you’re Black, you’re sentenced to death, get out of here.”

    Horizon Worlds is Meta’s free social app where users don an Oculus headset, dive into a virtual reality environment, explore different spaces and interact with other users in real time. Meta launched it in December 2021, sparking a race with other tech companies to assert dominance in the metaverse market. So far, Meta has spent — and lost — billions of dollars in its effort to rule virtual spaces.

    “Potential life-long users”

    “Getting teens to use the platform is essential to Meta’s bottom line because they are potential life-long users, and their presence and support can make the platform seem trendy,” advocates wrote in their letter to Zuckerberg. “But what may be good for your bottom line may be incredibly harmful to young people.”

    Meta, which also owns Instagram, has been called out in the past for how teenagers use its platforms. Company documents show that Meta is aware of negative effects Instagram has on the self-image of many young users, particularly for teenage girls, but still gives them access, the Journal reported in 2021. 

    “Meta is making the same mistake with Horizon Worlds that it made with Facebook and Instagram,” Imran Ahmed, CEO of the Center for Countering Digital Hate, said in a statement. “They have prioritized profit over safety in their design of the product, failed to provide meaningful transparency, and refused to take responsibility for ensuring worlds are safe, especially for children.”

    Meta officials are now focused on opening Horizon Worlds specifically to 13 to 17-year-olds in an effort to improve user retention on the platform, the Journal reported, citing an internal memo from the tech giant. Meta hopes to increase the retention rate to 20%, up from the 11% the platform saw in January, according to the memo. 

    Khristopher J. Brooks

    Khristopher J. Brooks is a reporter for CBS MoneyWatch covering business, consumer and financial stories that range from economic inequality and housing issues to bankruptcies and the business of sports.

    [ad_2]

    Source link

  • Apple CEO Tim Cook explains why consumers would want a mixed-reality headset

    Apple CEO Tim Cook explains why consumers would want a mixed-reality headset

    [ad_1]

    Apple Inc. Chief Executive Tim Cook, GQ’s latest cover boy, has a sales pitch for a mixed-reality headset.

    “The idea that you could overlay the physical world with things from the digital world could greatly enhance people’s communication, people’s connection,” Cook told GQ, without confirming the rumored June 5 announcement of Apple’s
    AAPL,
    +0.77%
    Reality Pro headset.

    Apple’s plunge into the so-called metaverse would offer a jolt to a flagging industry as well as serious competition to Facebook parent Meta Platforms Inc.
    META,
    +0.53%    ,
    Alphabet Inc.’s
    GOOGL,
    +0.61%

    GOOG,
    +0.88%
    Google, Microsoft Corp.
    MSFT,
    -0.37%    ,
    Snap Inc.
    SNAP,
    +0.27%
    and others.

    “ ‘It’s the idea that there is this environment that may be even better than just the real world — to overlay the virtual world on top of it might be an even better world.’ ”


    — Tim Cook

    Creative users, the lifeblood of Apple’s business model, stand to gain the most from virtual-reality products, according to Cook.

    “It’s the idea that there is this environment that may be even better than just the real world — to overlay the virtual world on top of it might be an even better world,” Cook told GQ. “If it could accelerate creativity, if it could just help you do things that you do all day long and you didn’t really think about doing them in a different way.”

    Cook also looked inward during the far-ranging interview, explaining his persona and the challenges in succeeding the legendary Steve Jobs as Apple CEO. Jobs died in 2011.

    “I always hate the word normal in a lot of ways, because what some people use to describe normal equals straight,” Cook said. “Some people would use that word in that kind of way. I don’t know — I’ve been described as a lot of things, but probably normal is not among those.”

    Added Cook: “I knew I couldn’t be Steve. I don’t think anybody could be Steve. I think he was a once-in-a-hundred-years kind of individual, an original by any stretch of the imagination. And so what I had to do was to be the best version of myself.”

    From the archives (October 2011): Steve Jobs: MarketWatch’s CEO of the Decade

    [ad_2]

    Source link

  • Disney eliminates metaverse division in cost-cutting purge: report

    Disney eliminates metaverse division in cost-cutting purge: report

    [ad_1]

    The metaverse is among the first victims of Walt Disney Co.’s cost-cutting purge.

    The Magic Kingdom is shutting down its next-generation storytelling and consumer-experiences unit, the small division that was developing metaverse strategies, as part of a plan to slash 7,000 jobs, according to a Wall Street Journal report on Tuesday.

    Disney…

    [ad_2]

    Source link

  • The Pros and Cons of Big Brands Launching Web3 Projects | Entrepreneur

    The Pros and Cons of Big Brands Launching Web3 Projects | Entrepreneur

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    If you’ve been watching blockchain news, you likely saw the troubling figure that Web3 startup funding fell 74% in 2022. Yet megabrands such as Starbucks, Mastercard and Nike, all launching Web3 or Metaverse projects this year paints a conflicting image of Web3’s current status and future development.

    This may seem like deja-vu from the big-brand NFT craze in 2021 and early 2022, but these projects seem to be much more grounded in providing tangible value instead of manufacturing exclusivity. Major mainstream companies clearly see value in certain aspects of Web3, but with larger infrastructure still a work in progress, is this grand re-entry premature?

    Related: 4 Things to Consider Before Investing in Web3

    Big brand benevolence

    Large companies debuting and re-entering Web3 benefit the space by granting an undeniable cachet to the industry as a whole. Where blockchain-based developments have often been marked as gimmicks or marketing ploys, lower-profile launches show that Web3 technology can function with less fanfare by putting concrete user benefits at the forefront of product launches.

    A stamp of approval from companies outside the blockchain realm, and even the tech bubble, can solidify which Web3 use cases are viable. Gamer outrage drove gaming companies to backpedal on NFT integrations seriously, but we’ve seen virtually no public backlash to Starbucks transitioning its already incredibly successful rewards program to an NFT-based framework. Yes, it is essentially the same technology, but utilized in a way that enhances a service that non-crypto users already love instead of a useless distraction from a main product.

    Another key point of difference this time is the focus on the more tech and innovation-centered aspects of Web3, such as augmented reality (AR). Yes, Meta has long been the leader in this space with Oculus, but the details surrounding Apple launching its own “mixed reality” headset this spring gives a new level of prestige to AR progress. This news creates an even bigger splash considering Apple’s reputation for observing tech developments from the sidelines until it’s a clear win.

    If we’re measuring Web3 progress by a constant influx of VC dollars, then the state of the industry doesn’t look rosy in the short term. But the clear sustained interest from giants outside the industry shows that there is a solid curiosity and desire for Web3 technology. That being said, with big players entering the fold, there is room to question if Web3’s skeletal infrastructure and limited interoperability are ready for it.

    Related: Venture Capitalists are Pouring Money into Web3. Here’s Why.

    Too much too soon?

    A vote of confidence is vital for any industry’s growth, especially for smaller projects looking to get off the ground and build something revolutionary. But outside support doesn’t always guarantee that a platform or industry can succeed in the long term. Just look at the number of companies with an outpost in the primordial Metaverse project Second Life.

    Large-scale Metaverse infrastructures are still more of a sketch than a completed portrait. While big brand investment certainly fuels more frameworks to exist, it might not always have the best interests of a community at heart. What could end up happening is brands painting themselves into a corner, developing siloed Web3 worlds that only serve their customers and mimic the type of “walled garden” ecosystem that describes many internet platforms now.

    Companies that ignore the need for community-based frameworks do so to their detriment. Silicon Valley’s infamous “move fast and break things” mentality somewhat backfired on Web3 projects that didn’t realize you need an infrastructure to exist first before breaking it.

    By creating ecosystems that are not conducive to community growth, Web3 development and infrastructures become a black box, inaccessible to other projects or developers. This is where projects such as SendingNetwork, a software development kit (SDK) with tools that Web3 developers of all sizes can use to create community-centric platforms, step in to form an interconnected digital landscape. These sector-crossing initiatives are just as vital to creating a common Web3 foundation with projects trying to form the industry in its image.

    Related: They Say Web3 Is the Future of the Internet. But How?

    Making sure Web3 infrastructures are solid before courting larger projects can also help secure their interest in the long term. Companies of a certain stature have no qualms about experimenting in a new, potentially revenue-driving space, only to retreat after one bad quarter or plateaued growth. We’ve seen this happen in the blockchain space before, so it would be wise not to retread this path.

    Ultimately, there are clear benefits and drawbacks to megabrands hauling Web3 back into the mainstream. Where certain companies can lend legitimacy to the Web3 space, it’s important not to disregard the less glamorous yet vital strides smaller projects are taking to create common ground. Essentially, while brands invest in their projects, they should consider taking a big-picture approach to become fixtures in Web3 that bring in new communities outside their own corporatized space.

    [ad_2]

    Ariel Shapira

    Source link

  • Meta employees are reportedly bracing for more layoffs amid delays to finalized budgets: ‘It’s still a mess’

    Meta employees are reportedly bracing for more layoffs amid delays to finalized budgets: ‘It’s still a mess’

    [ad_1]

    Facebook parent Meta conducted its biggest-ever layoffs last November, shedding about 11,000 workers. But more jobs, it appears, are about to be axed.

    CEO Mark Zuckerberg noted in a Facebook post on Feb. 1, “We closed last year with some difficult layoffs and restructuring some teams. When we did this, I said clearly that this was the beginning of our focus on efficiency and not the end.” During an earnings call that same day, he announced 2023 will be Meta’s “year of efficiency.”

    While Meta workers wonder who will be deemed inefficient, the company has delayed finalizing multiple teams’ budgets, according to the Financial Times. Employees who spoke to the British paper on condition of anonymity said morale at the company was low and little work was getting done on some teams as they await abnormally slow budget decisions. 

    Meta declined to comment when contacted by Fortune.

    “Honestly, it’s still a mess,” one employee told the FT. “The year of efficiency is kicking off with a bunch of people getting paid to do nothing.”

    Other workers told the paper the next job cuts are expected next month.

    Middle managers have reason to be nervous.

    ‘More proactive about cutting projects’

    Zuckerberg wrote in his Facebook post, “We’re working on flattening our org structure and removing some layers of middle management to make decisions faster, as well as deploying AI tools to help our engineers be more productive. As part of this, we’re going to be more proactive about cutting projects that aren’t performing or may no longer be as crucial, but my main focus is on increasing the efficiency of how we execute our top priorities.”

    One of those priorities is the metaverse, a largely unrealized virtual world that has underwhelmed users and could take years to become profitable, if it ever does. The company’s metaverse division, Reality Labs, notched a loss of $13.7 billion for 2022, up from a $10.2 billion loss in 2021. 

    Investors have tried pressuring Zuckerberg to scale back the metaverse investments, to no avail. 

    In December, John Carmack, a virtual reality pioneer, left his high-level consulting role at Meta, where he worked on the metaverse. He tweeted on the way out, “I have always been pretty frustrated with how things get done at FB/Meta.  Everything necessary for spectacular success is right there, but it doesn’t get put together effectively.”

    Slow going with the metaverse and three consecutive quarters of year-over-year revenue declines, however, are not stopping stock buybacks at Meta. In its latest earnings statement, Meta said it had increased its share repurchase authorization by $40 billion, noting that last year it bought back about $28 billion.

    Many tech companies that over-hired during the pandemic, as demand surged for the services, have conducted large layoffs in recent months, leading to a sense of clashing headlines as the latest U.S. jobs report shows the lowest unemployment in 50 years.

    Learn how to navigate and strengthen trust in your business with The Trust Factor, a weekly newsletter examining what leaders need to succeed. Sign up here.

    [ad_2]

    Steve Mollman

    Source link

  • Facebook’s VR Division Lost $13.72 Billion In 2022

    Facebook’s VR Division Lost $13.72 Billion In 2022

    [ad_1]

    Image: Kotaku / Shutterstock / Kevin Dietsch (Getty Images)

    Facebook’s parent company, Meta, is having a decent day today after beating revenue and user activity forecasts for its final fiscal quarter of 2022. But its VR division isn’t helping the company make money. In fact, it’s costing the company billions in losses.

    While it’s true that Meta’s stock is rising in after-hours trading today after sharing fairly positive fourth-quarter financial results, its VR division, Reality Labs, didn’t have such positive news to share, as it’s continuing to blow through money at a shocking rate. Today, the company confirmed it lost over $4 billion to VR and metaverse development in its final quarter of 2022. And in total, it lost well over $13 billion in 2022 trying (and failing) to build a metaverse people would flock to.

    In comparison, Meta brought in $32.1 billion in revenue across all departments and apps.

    As reported by Decrypt.co, Meta’s Reality Labs only brought in $727 million in revenue in the closing months of 2022. That’s not great when compared to the billions spent on the division in the same year, but it’s also worse than you might think. That figure is down 17% from the division’s revenue in the same period of 2021. Ouch.

    Remember too that Facebook’s flagship metaverse software, Horizon Worlds, has basically been a giant flop, with reports that most worlds inside of it are empty and barely played. Not only that, but the company’s own employees barely use it, with a leaked internal memo showing that staff at Meta don’t enjoy using Horizons Worlds because it’s riddled with bugs and other quality issues.

    G/O Media may get a commission

    BrainMD

    Improve your bloodflow
    BrainMD claims this proprietary supplement increases blood flow to help your cognitive and cardiovascular functions

    Really the only big success story from Reality Labs is the Oculus Quest 2 headset, which was seen by many as an affordable alternative to pricey PC and console VR headsets and was also completely standalone. But in July Meta raised the price of that affordable headset by $100, with the 128GB model now costing $400 and the 256GB version now going for $500.

    In November 2022, Meta laid off 11,000 employees, blaming covid, “macroeconomic downturn, increased competition, and ads signal loss.” Zuckerberg blamed himself for the layoffs, but conveniently didn’t mention in his announcement of layoffs how much money the company is continuing to spent on VR and metaverse development. Over the past few years the company has spent tens of billions of dollars trying to make a VR-powered metaverse a thing.

    And now, in February 2023, following massive layoffs and continued losses, it only has an unappealing and empty PlayStation Home clone to show for all its troubles.

    [ad_2]

    Zack Zwiezen

    Source link

  • How NFTs Work — and How They Could Prove Profitable for Your Business

    How NFTs Work — and How They Could Prove Profitable for Your Business

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    2022 was an interesting year for NFTs (non-fungible tokens), to say the least. This was the year that saw public knowledge of NFTs go beyond Bitcoin and other cryptocurrencies to the field of digital collectibles, such as art and photographs.

    But while buying art and other collectibles may be getting most of the attention from the general public, they result in some of the more practical (and profitable) business applications getting overlooked. In reality, NFTs can have a variety of practical applications that help organizations achieve their existing business goals.

    First things first: How do NFTs work?

    NFTs are is cryptographic assets that are based on blockchain technology. The non-fungible aspect is important, as it gives NFTs distinctive properties that mean they cannot be replaced or replicated. They are unique, and can’t be manipulated or forged. Most often, we see NFTs in connection with digital assets, such as art, sports cards, games and other collectibles, where the blockchain provides a certificate of authenticity.

    NFTs can be bought and sold on the market, with pricing based on market demand, just like a physical product. However, the unique data that is part of the NFT makes it easy to validate ownership and verify the authenticity of the token.

    NFTs are also used to represent ownership details, memberships and more — and these varied use cases have proven key to business applications.

    Related: Here’s a Beginner’s Guide to Crypto, NFTs, and the Metaverse

    Linking digital tokens to physical benefits

    One key to generating business growth via NFTs is linking the tokens to a physical, real-world product or experience. As the report Brands in Web3 Q3 2022 by NFT Tech highlights, fashion brand Tiffany & Co. was able to turn NFTs into a set of exclusive physical goods. The company partnered with CryptoPunks to create an exclusive line of 250 “NFTiffs” pendants. Priced for 30 ETH (roughly $50,000 at the time), the unique pendants sold out in 22 minutes.

    Another example comes from the Australian Open. In 2022, the Australian Open launched a highly successful metaverse initiative of minting AO Art Ball NFTs that linked to data from live matches. This was paired with virtually hosting the Australian Open in a 3D virtual reality platform to provide an unprecedented level of access to one of tennis’s largest events.

    While the initial launch was successful in and of itself, the Australian Open’s commitment to this NFT initiative is poised to be even greater in 2023, with the announcement that holders of each Art Ball NFT will receive two complimentary seven-day Ground Passes to AO23’s finals week. Art Ball holders also gain access to additional exclusive experiences, such as streams and viewing suites through the “SuperSight” fan experience and access to other United Cup matches.

    With both Tiffany & Co. and the Australian Open, linking NFTs to real-world products or experiences proved to be a highly successful method for deepening relationships with their target audience.

    In addition, when NFTs are used in this way, they invite mass market participation, turning fans into financially-incentivized brand ambassadors who enjoy a high level of utility — and of course, can seamlessly trade their digital assets for real-world cash.

    Related: Putting the Intangible Into Your NFT Project

    Reaching new demographics

    NFTs don’t just help brands strengthen relationships with their existing customers — quite often, they can prove key to reaching a new audience entirely.

    Case in point: For quite some time, clothing brand Polo Ralph Lauren has seen its primary customer base largely concentrated among older adults, while younger demographics like millennials and Gen Z have been less interested in the clothing brand.

    In 2021 and 2022, however, Ralph Lauren made a full-fledged commitment to digital initiatives such as NFTs and the metaverse. These included launching a “phygital” fashion collection in Fortnite, as well as an exclusive digital clothing connection through the game Roblox.

    These digitally-focused efforts were a major success for the brand. As reported by Vogue Business, Polo Ralph Lauren saw its third-quarter revenue increase by 27% after the launch of its Roblox collection — with that growth largely driven by a 58% increase in the acquisition of new digital customers.

    In this case, strategic implementation of digital assets allowed Ralph Lauren to reach a younger target demographic in metaverse-style spaces where they would have the greatest appeal and potential impact.

    When done right, NFT initiatives can help revive sales and reinvigorate a brand’s image, making it more relevant and appealing in today’s competitive market.

    Using NFTs wisely for your business goals

    As these examples illustrate, the potential use cases for NFTs go well beyond selling digital art. With a strategic approach, businesses can use NFTs to find new ways to engage with younger, more tech-oriented demographics. NFT-based projects can help position your company as an innovator at the forefront of disrupting the marketplace.

    That being said, any business investment in NFTs should be done strategically. Major NFT failures in 2022 garnered a lot of media attention, and should serve as a powerful reminder for businesses as they enter this space. All investments in NFT should be done with the interests of the end customer in mind.

    When you focus on how your target audience could realistically benefit from your use of NFTs, you will be able to identify strategies that have true staying power, and that will build greater rapport between your brand and its most tech-savvy customers.

    [ad_2]

    Lucas Miller

    Source link

  • How Fashion Schools Are Teaching the Metaverse

    How Fashion Schools Are Teaching the Metaverse

    [ad_1]

    The last few years have brought about a shift in how people use technology in all facets of their lives. More than ever, virtual realities, decentralized transactions and non-fungible tokens are altering how we approach everything from social life to business to creativity. 

    In the past year alone, Prada‘s linked its monthly physical Timecapsule to NFTs that grant access to global Prada Crypted and special events. Meanwhile, Gucci partnered with animated celebrities company Superplastic to release 10 unique NFTs. The metaverse has become so popular, there’s even a Metaverse Fashion Week with brands like Etro, Dundas and Dolce & Gabbana. 

    [ad_2]

    Angela Wei

    Source link

  • A mix of resolutions and predictions for music in 2023 – National | Globalnews.ca

    A mix of resolutions and predictions for music in 2023 – National | Globalnews.ca

    [ad_1]

    Inspired by Quentin Tarantino’s book, Cinema Speculation, I resolved to spend 2023 going deep into the movies of the late 1960s and through the ’70s. Tubi has been my friend for the D-grade grindhouse and horror films that Tarantino loves (I do, too) while other on-demand channels have filled in some gaps.

    One of the first things I did was re-watch 2001: A Space Odyssey for the 945th time, paying close attention to the things Stanley Kubrick and Arthur C. Clarke got right and wrong about the future. Yes, they were pretty optimistic about the future of space exploration, but they viewed things from the space race era, a period when we went from janky rockets that exploded if you looked at them wrong to landing on the moon in less than 10 years. Why wouldn’t we have space tourism, moon colonies, and an atomic power mission to Jupiter overseen by a homicidal AI by 2001?

    Story continues below advertisement

    Both keeping a New Year’s resolution and predicting the future are hard, but I’m going to try to do both.

    Resolution: Learn more about the coming metaverse. I’ve had several eye-popping demonstrations of metaverse technology that make me think this will be a big part of the future of music. If I’m going to keep up, I’m going to have to buy some new hardware.

    Prediction: I’ll buy Apple’s new AR/VR headset when it comes out, use it for about a week, get bored, and move on to the next shiny object. My wife will then yell at me. I need help.

    Resolution: Start buying physical music magazines again. Having electronic issues delivered to my iPad is fine, but paper versions seem to contain a lot more.

    Prediction: I used to spend thousands on the monthly editions of Q, Mojo, Rolling Stone, Alternative Press, Record Collector, Prog, Classic Rock, and a ton of others. Some are still publishing actual magazines, but given the decline in inventory on magazine racks, they’re getting harder to find. Time to subscribe. I’m already enjoying having quarterly issues of the newly resurrected CREEM magazine show up in my mailbox. I feel good about this one.

    Read more:

    Alan Cross has seen the future of music and says it’s all about ‘Web3’ and the metaverse

    Read next:

    Virginia teacher shot by 6-year-old improving, but remains hospitalized: mayor

    Story continues below advertisement

    Resolution: Use the record review sections of those magazines to create fresh Spotify playlists. There’s too much music in the universe for anyone to sort through on their own. These review seconds are a godsend.

    Prediction: Already started. My Spotify Wrapped for 2023 is gonna be…weird.

    Trending Now

    Resolution: Cancel reoccurring subscriptions to streaming services I don’t use. During the pandemic, I ended up subscribing to all kinds of services just to keep myself occupied. It’s to the point where I don’t know everything I have. I really need to go through my credit card statements.

    Prediction: This is going to be a hassle, but it’s the fiscally responsible thing to do. Have I ever used BritBox more than a couple of times? How did I end up with two accounts for Qello? And who’s idea was it to get AMC+? Does this household really need that much Walking Dead content?

    Resolution: Change all those passwords that Google says have been compromised. That seems…important.

    Prediction: I must make time for this. I just have to figure out which password manager is best.


    Click to play video: 'Google releases Canada’s top trending searches for 2022'


    Google releases Canada’s top trending searches for 2022


    Resolution: Expand my musical range. In years past, I vowed to learn more about jazz and opera and failed at both.

    Prediction: I’ve given up on opera (I just can’t do it). Country will always be a no-go for me (I’ve tried so hard to no avail) And although I’ve made some headway with jazz (Brubeck, Davis), it’s still a struggle in most areas. Same with a lot of current hip-hop (I’m looking at you, Drake). I am, however, gaining ground with reggaeton and some African music, especially material coming out of Nigeria. It’s an eye- and ear-opening break from Western music. Recommended.

    Resolution: Keep an eye on AI-generated music. This is a part of the recorded music industry that’s set to explode.

    Prediction: I believe it’s only a matter of time before we have a string of hit songs generated by AI. Computer scientists know that if they can get a machine to create reasonable facsimiles of songs, it will be a major technological breakthrough. HYBE, the entertainment company behind K-pop juggernauts BTS, recently bought an AI firm capable of doing some amazing things with music. I wouldn’t be surprised to hear new BTS material over the next few years while the members complete their national service in South Korea. In the army? No problem. We’ll have AI cover off your parts.

    Resolution: Buy more merch at concerts. Especially swag from smaller bands at smaller venues. Merch sales are an important revenue stream. A good night at the merch table and the band can afford to sleep in a hotel instead of begging for space on a fan’s couch.

    Prediction: Done deal. Got vinyl for sale at your gig? I’m in.

    Resolution: Make time to listen to more of my vinyl collection. There’s no excuse not to. Besides, I’m buying vinyl at gigs.

    Prediction: I’m such a big fan of the format and the warm sound it delivers. Instead of binge-watching yet another true crime series on Netflix, my mind will be better served by being immersed in music. I can do this.

    Resolution: Clean up my CD closet. I have a small room off my home office with shelves and drawers full of CDs, all long since full. On top of the shelves is a pile of several hundred discs that have yet to be filed anywhere. The only way this is going to work is if I cull my collection. No problem. There are only about 10,000 CDs in there. The good thing is that they’re in alphabetical order. Mostly.

    Prediction: For the fifth year in a row, I’ll find some excuse to put it off. Meanwhile, that pile of unfiled discs will just get bigger. Better luck in 2024.

    —

    Story continues below advertisement

    Alan Cross is a broadcaster with Q107 and 102.1 the Edge and a commentator for Global News.

    Subscribe to Alan’s Ongoing History of New Music Podcast now on Apple Podcast or Google Play

    &copy 2023 Global News, a division of Corus Entertainment Inc.

    [ad_2]

    Alan Cross

    Source link

  • 3 Ways to Fuel Your Digital Media Growth in 2023

    3 Ways to Fuel Your Digital Media Growth in 2023

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    In light of recent shakeups at tech companies, a possible looming recession and enduring inflation, it’s never been more important for companies to reallocate marketing budgets across a variety of platforms to maximize return on investment. Collectively, Apple, Microsoft, Amazon, Alphabet (Google) and Meta (Facebook/Instagram) have lost more than $3 trillion in market value this year alone, according to Bloomberg.

    Frequent mass layoffs and highly volatile technology stock prices have led companies to wonder whether these firms are stable enough to continue advertising with. And even if they are, should channel priorities change?

    A few digital media shift highlights of 2022:

    • After Elon Musk’s chaotic takeover of Twitter — including his sudden departure as CEO and both introducing and then disposing of subscriptions for Twitter Blue — advertisers have been anxiously pulling paid media spend, fearing brand safety, misinformation and minimal content moderation.
    • Tech layoffs were so common that they quickly became trending hashtags, including #TwitterLayoffs and #MetaLayoffs.
    • Meta’s valuation plunged this past February and set off Wall Street’s worst drop in nearly a year, with Meta shares falling more than 26%, representing a $230 billion decrease in its market value, according to The New York Times. This plunge comes on the heels of Facebook’s re-brand to Meta, including a pivot from driving brand growth through performance-centric ads to its Metaverse future vision focused on augmented and virtual reality.

    Related: “Tweets are read ~100 times more than they are liked,” Musk Rolls Out New View Count Feature

    So, how can leaders confidently put together 2023 marketing budgets and forecast return on ad spend (ROAS) when the technology firms they’ve been advertising with — and upon which they have become so reliant to drive brand awareness, new leads and revenue — have seemingly become so unstable?

    My experience managing digital marketing at B2C companies like Nike, L’Oréal and Meta, and now as vice president of digital media at The Bliss Group (a data-driven marketing communications agency focused on financial services, professional services and healthcare) grants me unique insight into the future of these and other media platforms.

    With that in mind, here are tips for optimizing 2023 marketing plans and budgets:

    1. What do the metrics show? Re-evaluate your analytics

    Performance starts and ends with a weekly assessment of metrics. The ability to determine why numbers are up or down is critical in order to drive sustainable growth. For example, if Twitter is an important channel for your brand engagement strategy, start looking more closely at recent trends. Have your followers been significantly increasing or decreasing, and more quickly than usual? An unexpected increase could indicate bots, while a sudden decrease could indicate that followers are leaving the platform. If you’re seeing a significant decrease, it might impact referral traffic from Twitter to your company’s website, potentially leading to fewer new visits and leads.

    Tip: For Twitter, it might be worth pausing ads until the platform stabilizes, and re-allocating that budget portion to another channel like TikTok, Instagram or LinkedIn, depending on where your audience is. And for organic social media, be sure to monitor comments on your corporate Twitter account. If sentiment is trending more negatively than usual, re-consider the type of content you’re promoting and/or how frequently you post. For B2B firms, it might be worth re-focusing on other channels, like LinkedIn.

    Related: How to Make Social Media Marketing Effective for Your Brand

    2. Who are you talking to? Re-assess your audience

    The way advertisers identify and target audiences is changing, including increased friction between balancing data privacy best practices and delivering personalized content. To provide a truly one-to-one user journey, marketers need to have a clear understanding of who they’re talking to. The challenge? There has been a heightened global focus on data privacy, with government regulation at the forefront (i.e., GDPR in the EU, Google Chrome’s possible deprecation of third-party cookies and Apple’s iOS changes).

    Because of these shifts, it might become more difficult for companies to identify a highly segmented audience, track its behavior and assess paid media metrics. This could impact digital advertising campaigns’ re-targeting, measurement and attribution. (Source: Meta & Deloitte Digital, Q3 2022).

    Ensure that your organization clearly understands what audience data is being collected and by whom, what technology tools are housing that data and how you plan to leverage information in marketing communications and reporting. In other words, continue to invest in paid media campaigns, but be sure to prioritize owned media by capturing first-party data on your website, rather than being completely reliant on third-party data through various ad platforms.

    Tip: To grow an audience base through owned media, focus on collecting new email addresses on your website (lead generation), then follow up with a strategic lead nurture campaign in which your company sends segmented “Welcome” emails, with personalized content to new users. By honing your website customer relationship management strategy, if third-party cookies were to go away in the future, your company will be prepared, since it has already developed a direct relationship with its audience and captured information in a trustworthy way.

    Related: 3 Tips to Re-Engage With Isolated Consumers

    3. What happens after the click? Create a streamlined user experience

    More than 80% of smartphone users access email on their devices, but if they are not easily readable on mobile, consumers delete them in three seconds, according to HubSpot. If subscribers open your email, click on the content and land on your website, what messaging do they see? Do they take an action, or do they immediately leave? It’s critical to use responsive design and prioritize the mobile website journey.

    Tip: Create a seamless “after the click” experience. Align your company’s email with its website content. Develop concise benefits-oriented copy with a clear image, a consistent user experience that ensures all key messages are “above the fold” (at the top of the mobile landing page) and a clear call-to-action, using buttons that are action-oriented, such as “Download Now”). The simpler the user experience, the higher the engagement.

    [ad_2]

    Melissa Stone

    Source link

  • Now that Crypto Has Crashed, What’s Next for The Metaverse?

    Now that Crypto Has Crashed, What’s Next for The Metaverse?

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    The collapse of the crypto exchange platform FTX is sending shockwaves into the metaverse. The cryptocurrency exchange was once thought of as a stable and responsible leader in an industry which is often fast-changing and unregulated. In the wake of its failure, many wonder what the implications will be on the metaverse.

    While this moment for FTX will likely be viewed as a learning moment for crypto, metaverse and Web3 organizations and projects, it will also probably be seen as a huge opportunity that some saw for what it was while others missed it entirely. It’s essential to recognize that this is a great time to consider what’s possible in the metaverse and how you can best take advantage of it through your personal brand.

    Related: Metaverse: A Game-changing Innovation For Entrepreneurs

    Seize the moment

    The metaverse is only just beginning to take shape. As exciting as the VR and AR experiences offered today are, these are only the embryonic stages of what’s to come. A recent survey showed that 54% of experts expect the metaverse to be a refined and immersive aspect of daily life for a half billion or more people globally by 2040. This would be a cultural shift similar to the rise of the internet.

    As the metaverse develops, AR and VR experiences will be better able to reach and serve consumers than current technologies can. These new technologies will become a more significant part of our lives and offer users opportunities to purchase virtual and physical goods, travel and even receive healthcare. The metaverse will be an expansion of our daily lives.

    In this post-FTX moment, it’s possible that users will spend less in metaverse contexts because of FTX’s challenges on many cryptocurrency holders. This isn’t much different from the effects of an economic downturn, and it isn’t permanent. There will be an impact that’s widely felt, but it won’t last forever, and this momentary setback shouldn’t cloud our vision of what the metaverse will become.

    Now is the time to gain positioning in the metaverse. This technology will be a massive part of the future and offers unique opportunities to shape your brand and connect with consumers. Our lives are increasingly happening in a hybrid of on- and offline spaces. Don’t let fear prevent you from getting a foothold in this important space.

    Related: Why Your Business Needs to Prepare for the Metaverse

    Be real in the metaverse

    A lack of clarity on many levels made the end of FTX particularly shocking to many. The lack of clarity makes it seem like this came out of nowhere. An important lesson to learn here is that clarity is vital to the success of CEOs in metaverse and crypto spaces. People want to know what’s going on. They also need to have things explained to them in a way they can understand.

    The metaverse creates new opportunities to garner connections with customers and clients. Much like social media, the metaverse blends social connection and commerce in a way that allows people to connect with your brand on a human-to-human level. These connections can generate value for you and your customers and clients in new ways through the metaverse.

    Because the metaverse technology is so new, it’s easy to get caught up in the spectacle of the metaverse itself. Keep in mind, however, that customers value quality, authenticity and clarity in the virtual world just as much as they do offline. These things should be central to your brand –– they will help your customers to ease into the new world of the metaverse.

    Now is the perfect time for a reboot. Valuing clarity means being honest with users and customers about your business’s operations and values. This moment is an opportunity to show how things work behind the scenes. 58% of Americans say they do not understand the metaverse and NFTs –– you can be the one to guide them through this new world and get them excited about it.

    Be clear, simple and engaging when it comes to the metaverse. Go off the beaten path when communicating about crypto, NFTs and the metaverse. Emphasize user experience, and get people excited about what you’re doing in the metaverse. Don’t get overly technical; show users and customers that these spaces can be fun and easy to understand.

    Related: Your Brand Can Become Part of the Metaverse. Here’s How.

    Rebuilding trust will take time

    The fall of FTX will certainly have an economic impact within the metaverse since crypto is central to the financial functions of most metaverse platforms. These impacts won’t last forever, though –– economic recovery will occur over time. That being said, this is only one that we will see in the metaverse.

    It will take time to build back trust with investors. The days when the metaverse was seen almost as a get-rich-quick investment by venture capitalists are likely over. Investors will be pickier and more careful about the NFT, crypto and metaverse-based companies and products they choose to invest in.

    Clarity will be necessary to build back trust. Branding that emphasizes authenticity, transparency and clarity will connect with investors who feel less trustworthy of the metaverse. Investors will want to take advantage of the lower investment price in the metaverse we’re seeing right now. The opportunity is there; you just have to be willing and able to close the gap in trust.

    Crypto got its start in the wake of the financial crisis of 2009. It originates in people’s desire for decentralization, clarity and trust. Crypto is fundamentally adaptable, and it is still growing. Recovery is already happening. Remember where crypto came from and what its purpose is. Remain calm, emphasize clarity and trust and connectivity will continue to grow.

    [ad_2]

    Raoul Davis

    Source link

  • Elon Musk, the Crypto Crash, and the Coming AI Takeover: 2022’s Tech Mayhem Radically Changed Our Lives

    Elon Musk, the Crypto Crash, and the Coming AI Takeover: 2022’s Tech Mayhem Radically Changed Our Lives

    [ad_1]

    In the early-20th century, long before there was Twitter and the internet, iPhones and AI, Bitcoin and ChatGPT, when the skies of the Industrial Revolution were filled with dark soot and smokestacks and the streets around the world were a cavalcade of trotting horses and carriages, Vladimir Ilyich Lenin, then the leader of the Bolshevik Revolution and the first head of the Soviet Union, said the following: “There are decades where nothing happens; and there are weeks where decades happen.” If Lenin were alive today, I’m sure the saying would sound a little more like this: “There are minutes where nothing happens; and there are minutes where decades happen.”

    Everything is now an endless scroll that even if you spend an inordinate amount of your day in that vortex of limitless content and news and videos and gifs, you’ll still miss a million things. What was once a day’s worth of news is now projectile vomited onto the internet a million times an hour. Who do we have to thank for this perpetual anxiety? Silicon Valley, of course. And I’m here to tell you this is about to get much worse.

    This was the year of tech chaos. Just take a look at the busiest corner of the internet to see how quickly things can change in today’s technoscape. It has literally been less than two months since Elon Musk purchased Twitter for $44 billion, and since then, more than 5,000 people have been let go from the company (or quit), advertising revenue is down as some companies have reportedly lost confidence in Musk’s leadership, the company has changed directions more times than I can count, and the net worth of Twitter, according to analysts, is now just a measly $13 billion. By the time I finish writing this column, Musk may no longer be CEO of Twitter (after all, he said, based on a Twitter poll, he would step down when he finds a replacement who is “foolish” enough to take over). 

    Of course, Twitter is not the only vertiginous change over the past year. On January 1, 2022, a single Bitcoin was worth $47,738.59. Today, it’s since fallen 65% to be worth just over $16,000—and no one would be surprised if Bitcoin fell to zero, or rose back to $50,000, by the end of 2022. Remember NFTs? At the turn of the year they were all anyone could talk about. There were apes and penguins and movie stills and record albums and squiggly lines and John Cleese had an NFT bridge to sell you, and now, many of these things are in liquidation or have fallen by hundreds of millions of dollars. Jack Dorsey’s first tweet was turned into an NFT and purchased for $2.9 million in March of last year, and by April of this year, was worth only $280. Now the celebrities behind the BAYC, or Bored Ape Yacht Club, including Gwyneth Paltrow, Jimmy Fallon, and Guy Oseary, are being sued in a class-action lawsuit for urging people to buy “losing investments.”

    At the start of the year, Coinbase’s stock, which had just gone public a handful of months earlier, was worth around $250 a share. Today, it has fallen 85% to $34 a share. That’s a drop in market capitalization from $52 billion to $7.8 billion. Tesla stock, and market value, has been more than cut in half during the same time frame, shedding almost half a trillion dollars. The same is true for Meta, which lost hundreds of billions of dollars in value after Mark Zuckerberg decided the future of Facebook was the metaverse, and barely anyone on earth agreed with him. The entire NASDAQ composite, which started the year off at a high of 15,000 points is now bobbing around at about 10,000—compared to the last decade, where the composite has gone in the complete opposite direction.

    There was some upside to all the tech mayhem this year. For decades now, we’ve watched tech companies trample over the laws, and generally just fuck over customers—us!—and get away with it. And yet this year, Elizabeth Holmes was found guilty on four counts of fraud and sentenced to more than 11 years in prison for her crimes. Sam Bankman-Fried, the creator of the FTX crypto exchange, who had espoused that he was running his financial institution worth over $30 billion at its peak only for “effective altruism” (as in, he was making money to give it all away), was arrested too, after he bankrupted the company in what appears to be a Bernie Madoff–level disaster, by allegedly spending billions of dollars of customers money.

    And then there’s the biggest technological change of all over the past year, the advent of AI and ChatGPT, which didn’t even exist a month ago, never mind at the beginning of 2022. These artificial intelligent technologies may still be in their early stages, but the speed with which they are growing and the impact they could have on jobs (especially white-collar and creative jobs) is truly chilling and should give everyone pause. Seeing ChatGPT write legal briefs and short stories and screenplays is truly one of the most astounding—and terrifying—technological advancements I’ve personally seen over the past two decades as a technology reporter. 

    [ad_2]

    Nick Bilton

    Source link

  • Deepak Chopra Invites Everyone Into His Metaverse Home

    Deepak Chopra Invites Everyone Into His Metaverse Home

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    Hallmark symbols of business building and entrepreneurship are constructed on a series of rules, parameters and functions that rely on established experiences over time.

    What if I told you there is a world without limits built on a set of constructs, not rules? You would undoubtedly think a world with an endless horizon line might be less than calming.

    If you’re a famed thought leader (emphasis on thought) like Deepak Chopra, you cross the chasm without concern for what lies beneath your feet. The real-life Indiana Jones crossing a bridge on utter faith, Chopra and his partner Poonacha Machaiah are welcoming all of us into our own homes through their conscious Web3 platform, Seva.Love (meaning service and love in action).

    Related: 6 Ways to Push Your Limits and Accomplish Things You Never Thought Possible

    Let’s take the horizon line back two decades before Machaiah became the CEO of the Chopra Foundation and before Chopra himself became an author of over 90 books translated into almost 50 languages.

    Chopra and Machaiah met through a common friend and famed filmmaker of Elizabeth and Elizabeth: The Golden Age, Shekhar Kapur. It was at this meeting that the technology background of Machaiah and Chopra converged.

    “I met Deepak and quickly asked him about his vision. So many people pined to understand the vision of this icon. He responded by saying that he planned on reaching a billion people for a more peaceful, just, sustainable, healthier and joyful world. My reply was, sign me up!” shares Machaiah.

    Chopra wasn’t pitching Machaiah in the classic sense of business building, but he had ignited a path for the College of William and Mary grad that had been kindling under the surface for some time. “That conversation started our journey into wellbeing together. I wake up every day and ask myself, “Poonacha, what are you going to do to ensure a more peaceful, just, sustainable, healthier and joyful world?”

    Machaiah’s computer science and engineering background has proved complimentary to the globally renowned leader of the meditation revolution. He had been a part of the Motorola team that innovated cellphone technology, so new adventures were a part of his DNA. “Deepak focuses on our joint efforts through the lens of wellbeing and consciousness, and I look at our work through technology and the ability it [technology] has to democratize access for people.”

    Chopra and Machaiah believe that the world is at a nexus point in history and the world of Web3, or as they like to say, the multiverse has the potential to change the course of personal and professional experiences.

    Seva.Love has bundled together an initial consumer offering that aims to reach people outside of the standard Web3 fare. A combination of apps and metaverse meditation experiences are punctuated by the Chopraverse opening the digital door to Chopra’s “House of Enlightenment,” a Roblox offering under the Choprakids umbrella, and a curated library of educational resources created by the Chopra Foundation.

    Related: If You Have No Clue What Web3 Is, You’re Not Alone. Here’s a Breakdown of the Future of the Internet.

    The app gabl (Give. Ask. Borrow. Love.) is emblematic of leadership that understands business is about walking, not running. The app integrates documented experiences of good deeds in the physical world through social technology, seeding user behavior reflective of the Seva.Love world.

    Machaiah sees an opportunity to lean into the metaverse as a therapeutic. Chopra and his endlessly engaging partner, Machaiah, might be the best tandem to think beyond Web3 gaming conventions. They were at the forefront of online meditation offerings beating out Calm and Headspace. Having Oprah as a collaborator on the 21-day meditation challenge with Chopra and the foundation didn’t hurt either.

    “Imagine integrating an experience that helps you to breathe, to meditate. That is an experience that can lead to kindness. I believe the metaverse is going to be the place where digital therapeutics will come to play. And that’s the reason why Deepak and I are so excited about Seva.Love.”

    The story of Seva.Love is just evolving, and Chopra’s roots might explain his excitement for this stage of the endeavor.

    “My mother was one of the most interesting storytellers,” says Chopra. “When my little brother and I were young, she would entertain us with stories. But, she would stop halfway through her story. She would leave a cliffhanger for each of us to finish the next morning. We had to share our own conclusions and include all aspects, including the villain, the good and bad guys.”

    The unknown excites the global icon, citing those initial storytelling sessions as trigger points for his imagination. Chopra and Machaiah appear to have written a script that includes a vivid set of imaginative experiences where we all get to play in the scene. A welcomed opportunity for personal and professional experiences to take center stage.

    Coming home from a long day at the office has been forever and creatively depicted by Hollywood authors as an activity of respite in the face of the trials and tribulations of the cold, dark, unforgiving world of the adult experience. The front door closes, sealing off the subject from the unrelenting pressures of life.

    That physical door transforms through Chopra’s guidance and Machaiah’s tech wherewithal into a portal void of locks and peepholes to reveal a world governed by self-control, a sense of belonging and without outside edicts.

    The neighborhood is open. Chopra and Machaiah have laid out the welcome mat. Now, they believe, the time has come to hand over the keys to a new generation of digital users ready to take off, where life and one’s place converge to create wonderfully new and immersive adventures.

    The keys are yours, and Deepak Chopra and Poonacha Machaiah beam at being your hosts.

    [ad_2]

    Dr. Rod Berger

    Source link

  • 5 Metaverse Trends That Will Shape the Next Decade

    5 Metaverse Trends That Will Shape the Next Decade

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    In times of economic uncertainty, you can find unique entrepreneurial ideas emerging in the metaverse, often driving industry innovation and opening up new opportunities for businesses and individuals alike. As the metaverse continues to expand, here are five trends that will shape the next 10 years:

    1. Virtual content creation

    3D modeling has been used for many decades in almost all industries, such as gaming, engineering and architecture. All products, buildings, characters and environments have been created using 3D modeling tools on a computer. This industry is only projected to increase in value, reaching $6.33 billion in 2028. This number doesn’t include the metaverse space, which is predicted to reach $783.3 billion by 2024.

    As consumers migrate to the 3D space, the need for virtual goods has only increased. For example, the most popular Roblox metaverse has over 40 million games where its users exclusively create all items, characters, and environments. Those who are top creators can make a ton of money. Just look at Samuel Jordan, who reportedly makes up to $80,000 each month from selling his digital goods in Roblox.

    Related: Brace For Impact: It’s Time To Usher In The Metaverse

    2. Metaversal education

    Covid-19 has shifted most of the world to remote working and distance learning. Some of the fastest to adapt to this change included schoolchildren. The idea of learning digitally has really caught the younger generation to the point where one of the most popular metaverses, Minecraft, has an educational platform for distance learning.

    However, this is just the beginning of the global trend for online education. The online education market size is expected to reach $198.9 billion by 2030, according to Straits Research. Entrepreneurs should expect new virtual studying platforms to appear, as well as courses covering topics such as meta-marketing, avatar design and virtual law. This will open up a lot of career options for the younger generations that use the metaverse.

    3. Virtual social and music events

    Did you know that 4 million people attended Rod Stewart’s free concert on Copacabana Beach in Rio in 1994? It remained the most attended live show until Travis Scott performed in the Fortnight Metaverse in 2020, as more than 12 million players logged in for his virtual concert.

    Once other artists caught wind of this, they started planning their own virtual concerts. Artists such as Post Malone, Ariana Grande and Justin Bieber provided virtual concerts using the metaverse as their platform. This trend creates many opportunities for musicians and other event planners on platforms who want to capitalize on the popularity of virtual events.

    However, it’s important to start exploring these opportunities now, as global entertainment company, Live Nation, has already partnered with Snap this year to improve the virtual concert and social experience using AR technology.

    Related: 5 Technologies That Will Shape the Metaverse’s Future

    4. Avatar-based dating

    While millennials were getting married virtually during the Covid-19 lockdown, Gen Z has been using “stay at home” as an opportunity to date in the metaverse. Games today can provide more than entertainment; they can even introduce you to potential partners.

    Avatar-based dating is becoming more and more popular, with many new companies emerging that specialize in this service, such as Nevermet. This fast-growing avatar-based service allows users to match with other VR fans and then meet up anywhere in the metaverse. As this trend continues to grow, there will be more and more opportunities for entrepreneurs to enter this space.

    5. Metfluencing

    When it comes to influencers, the metaverse has become a prime platform for marketing and advertising products and services. This is mostly due to its interactive platform, which allows users to engage with each other in real-time.

    This trend is known as “metfluencing,” which refers to when an influencer leverages their popularity in the metaverse to influence other users. For example, Albert Spencer Aretz, also known as Flamingo, is an American Roblox Gamer whose “let’s play” videos are gaining millions of views. His estimated net worth is over $20 million, as reported by various sources. Due to his popularity, brands are now paying him to promote their products on his channel. If you’ve ever considered becoming an influencer, the metaverse is definitely a great place to start.

    Related: Your Brand Can Become Part of the Metaverse. Here’s How.

    The metaverse is an ever-evolving ecosystem that’s becoming increasingly popular and accessible. As more people turn to this virtual reality, entrepreneurs should look for ways to take advantage of the opportunities available in the metaverse. From establishing an online education platform to promoting products via metfluencing, there are plenty of avenues to explore. With the right strategy, you can use the metaverse to create your own successful business.

    [ad_2]

    Ashot Gabrelyanov

    Source link

  • Must Read: Altu Launches Collaboration With Photographer Alvin Baltrop, 10 Hours Inside Bergdorf Goodman

    Must Read: Altu Launches Collaboration With Photographer Alvin Baltrop, 10 Hours Inside Bergdorf Goodman

    [ad_1]

    These are the stories making headlines in fashion on Thursday.

    Altu launches capsule with Alvin Baltrop
    Joseph Altuzarra‘s “genderful” brand Altu has launched its first-ever capsule collection: a collaboration memorializing the late Bronx-born photographer Alvin Baltrop. Proceeds the collection will help fund the preservation and archive of Baltrop’s unseen images. Trousers, T-shirts, hoodies and a leather jacket feature Baltrop’s groundbreaking photography of New York City’s gay and queer culture of the 1970s and 1980s. “Part historical, part autobiographical, his photographs brim with raw sensuality and eroticism, yet are also full of tenderness and love. They are deeply touching and affecting, and I am so honored to celebrate Alvin Baltrop’s work in this special collection,” said Altuzarra. It’s available at Altu.world. {Fashionista inbox}

    [ad_2]

    Brooke Frischer

    Source link

  • How the Metaverse Will Transform Marketing

    How the Metaverse Will Transform Marketing

    [ad_1]

    Opinions expressed by Entrepreneur contributors are their own.

    One of the most innovative ideas to gain momentum is the concept of the metaverse. For marketers, it’s critical to understand what the metaverse is and how it will impact the way brands promote their products and services.

    Related: Oculus Founder Slams Mark Zuckerberg’s ‘Terrible’ Metaverse

    What is the metaverse?

    Think about science fiction movies from the early- to mid-20th century. In those films, they depicted the future of floating cities with millions of flying cars zipping around (for those that can’t afford teleportation, of course). Some aspects of these films came true, such as robots depicted in the 1927 film Metropolis or video calls shown in the 1968 movie 2001: A Space Odyssey. Of course, much of today’s technology looks very different from those early predictions. The same can be said about the metaverse.

    Although there has been talk over the past decade about the creation of a metaverse, most people are still unclear about what the metaverse is. Part of the challenge in defining the metaverse is that it’s still very early in the stages of development. The reality is that we don’t know how the metaverse will look in the future. The metaverse is truly at a point where science fiction is beginning to meet reality.

    Much of the promotional metaverse content we see now is aspirational and doesn’t represent what can be done with today’s technology. What’s exciting is that the future is unknown.

    Related: Your Brand Can Become Part of the Metaverse. Here’s How.

    The metaverse and Web 3.0

    Although the metaverse will be a significant innovation in this century, its development is not an isolated event. The development of the metaverse is just one part of a much bigger transformation of digital technology. It’s difficult to imagine a metaverse built on top of our existing infrastructure. For this reason, many companies are shifting their focus to the creation and adoption of a third iteration of the internet (named Web3 or Web 3.0).

    For marketers, it’s important to understand the technology that is being envisioned for Web 3.0, as many of these innovations will be incorporated into and power the metaverse. The first version of the internet (Web 1.0) was focused on simple protocols that could be used to share and deliver information. Web 2.0 took this a step further, with the focus being on user-created content (email, blogs, video content) and peer-to-peer interactions (social media). The evolution to Web 3.0 will transition the internet to a trustless and permissionless version of the internet, meaning that people will have more control over their data and use of the internet.

    Web 3.0 will be heavily powered by blockchain technology, artificial intelligence and virtual and augmented reality. Web 3.0 will also shift to a more decentralized model where sites, applications and tools are collectively shared and developed. These technologies will include decentralized finance platforms (Defi), decentralized applications (dApps), and decentralized autonomous organizations (DOAs).

    Related: How Small Businesses Can Use the Metaverse to Increase Their Customers

    How to use the metaverse for marketing today

    Companies all over the world are starting to realize that their advertising and marketing efforts will likely be highly disrupted by the shift from physical to digital spaces. Today, the metaverse industry is valued at more than $61 billion. This is expected to increase rapidly, with some projecting a total market value of over $400 billion in the next five years. Savvy marketers must understand how to start taking advantage of new opportunities to promote their products and services across digital platforms. Here are five ways marketers can get started today.

    1. Incorporate the metaverse into your marketing strategy

    The most important thing marketers can do today is to develop a comprehensive strategy on how their company will adapt and transition its efforts to digital spaces. Because the metaverse is largely still in development, resources should be allocated to monitoring and understanding this emerging technology. Companies that have the best visibility to new technology and advancement in the space will have a significant advantage. At the speed that technology is moving, reactive approaches will be ineffective.

    2. Create your own digital spaces

    Brands should consider creating their own digital spaces within existing digital platforms. There is a wide range of strategies when it comes to creating these spaces, depending on the type of product or service you are marketing. Companies with physical products might consider building a digital version of one of their brick-and-mortar locations. For example, an auto manufacturer can create a digital auto showroom where users can check out the latest models.

    3. Immersive experiences

    Traditional marketing approaches have worked for decades, but the metaverse environment will demand more immersive experiences. For example, a major movie theater brand could create a virtual movie theater where you could visit and watch a movie with friends who are thousands of miles away. Or a Michelin-starred restaurant could invite visitors to join them in a digital kitchen to learn how to cook alongside world-famous chefs.

    4. Digital collectibles

    In the real world, some companies focus on giving out branded items such as T-shirts or other collectibles to their biggest fans. This can work similarly in the metaverse. Some companies are focusing on creating and distributing digital collectibles. These can range from unique badges to skins that can change the appearance of the user’s avatar. Disney is a great example by allowing Fortnite players to “dress” their in-game characters in Marvel or Star Wars-themed skins. Many of these skins are used to promote upcoming films or other events.

    NFT (non-fungible token) technology can create unique and exclusive collectibles that can be issued to users.

    5. Traditional marketing with a digital twist

    Although new approaches will be needed across metaverse marketing, traditional marketing efforts shouldn’t be tossed aside entirely. The metaverse world might still allow for many traditional types of advertising, such as billboards and advertising on the side of digital buildings. We’re already seeing this as major companies plaster digital advertising across digital stadiums in popular sports games, much like they would in real life.

    Related: 5 Metaverse Jobs That Could Make Your Kids Rich

    The metaverse creates unlimited marketing potential

    In the short term, there may be some limitations on the types of digital advertising and marketing you can conduct in the metaverse. For example, a cookie manufacturer might rely on the scent of freshly baked chocolate chip cookies to sell their product. Smelling digital cookies (unfortunately) isn’t an option. So, some companies may need to get more creative when it comes to how they market their products.

    However, there is much more flexibility than there are limitations within the metaverse. For example, a natural history museum could promote a new dinosaur exhibit by attracting young users to spend an afternoon working as a “digital zookeeper” feeding and caring for a virtual baby Triceratops.

    At the end of the day, the most creative and innovative marketing departments will shine in this new digital world.

    Related: This Entrepreneur Is Using The Metaverse to Create an Immersive Virtual Lesbian Bar so It’s Accessible to All

    [ad_2]

    Nicholas Leighton

    Source link

  • Must Read: CFDA Debuts NFT Collection, Why Fashion Needs Government Regulation

    Must Read: CFDA Debuts NFT Collection, Why Fashion Needs Government Regulation

    [ad_1]

    These are the stories making headlines in fashion on Friday.

    CFDA debuts NFT collection
    The Council of Fashion Designers of America is launching a metaverse initiative in honor of its 60th anniversary. The organization has worked with members on NFTs, some of which were revealed Friday, leading up to the full unveiling on Dec. 12. The collection will spotlight seven fashion houses and designers including Coach, Diane von Furstenberg, Michael Kors, Tommy Hilfiger, Vivienne Tam, Wes Gordon for Carolina Herrera and Willy Chavarria. They each come with various perks and benefits, and bids will start at $15,000 or $25,000. {WWD}

    [ad_2]

    Brooke Frischer

    Source link

  • Pantone’s 2023 Color of the Year Is ‘Viva Magenta’

    Pantone’s 2023 Color of the Year Is ‘Viva Magenta’

    [ad_1]

    Pantone’s 2023 color of the year is a “a carmine red,” made in conjunction with an AI tool, named Viva Magenta. Per a press release, it is “an unconventional shade for an unconventional time.”

    The hue is as exuberant as the feeling of coming “back outside” post-lockdown, which even Beyoncé sang in this year’s chart-topping hit “Break My Soul.” It’s inspired by cochineal, a precious dye that typically comes from a scale insect. But more than being unique in getting its inspiration from critters, Pantone’s 2023 color of the year is different than all the rest in a major way: It’s metaverse-ready.

    [ad_2]

    Andrea Bossi

    Source link