metaverse Archives - Read Selective

Into The Metaverse: How India Can Leverage The Multi-Billion Dollar Opportunity

Facebook’s name change to Meta was a line in the sand, an announcement that the metaverse had arrived. The concept of the metaverse is still very much undefined and evolving. While some definitions describe it as a fully immersive virtual world, others, including myself, perceive it as an extension of our current digital communication tools, such as Zoom, WhatsApp, or Google Meet.

While ideas about how the metaverse might remain blurry, there’s no doubting its economic potential. In India, things are looking good, with Deloitte predicting the metaverse could boost the economy by $79 Bn to $148 Bn annually by 2035. That’s 1.3–2.4% of the Gross Domestic Product (GDP).

New Digital Economy

With help from augmented reality (AR), virtual reality (VR), and a host of other technologies, the metaverse will provide new ways for humans to interact with the world virtually. People will socialise, work, shop, and find entertainment in a virtual space available 24/7.

Welcome to a new digital economy with new rules of engagement. In the future, a real estate agent in the metaverse might take homebuyers on virtual tours of physical properties. An engineer could replicate an online model of a yet-to-be-manufactured tool, giving investors a 360-degree experience of how it would look, feel, and work. The emergence of digital twin cities could improve urban planning practices.

Already elements of the metaverse are being used to train retail staff and healthcare personnel. And there’s more in store. Last year, a Hong Kong-based luxury fashion brand held a virtual fashion show with no physical apparel, then offered VR and AR tools enabling shoppers to trial clothes virtually before placing an order. It resulted in less inventory, a lower carbon footprint, and a new way to shop.

In a recent online sneaker purchase with Adidas, I was struck by the powerful impact of AR in providing an immersive, lifelike experience. With AR, I was not only able to see what the shoes looked like on my feet, but I could also feel their texture and get a true sense of their fit.

Source: https://inc42.com/resources/into-the-metaverse-how-india-can-leverage-the-multi-billion-dollar-opportunity/

Meta plans thousands more layoffs as soon as this week

In its earlier round of cuts, Meta slashed 11,000 workers in what was its first-ever major layoff

Meta CEO Mark Zuckerberg. Credit: Reuters Photo

Meta Platforms Inc., the owner of Facebook and Instagram, is planning a fresh round of layoffs and will cut thousands of employees as soon as this week, according to people familiar with the matter.

The world’s largest social networking company is eliminating more jobs, on top of a 13 per cent reduction in November, in a bid to become a more efficient organisation. In its earlier round of cuts, Meta slashed 11,000 workers in what was its first-ever major layoff. The company has also been working to flatten its organization, giving buyout packages to managers and cutting whole teams it deems nonessential, Bloomberg News reported in February, a move that is still being finalized and could affect thousands of staffers.

The imminent round of cuts is being driven by financial targets and is separate from the “flattening,” said the people, who asked not to be identified discussing internal matters. Meta, which has seen a slowdown in advertising revenue and has shifted focus to a virtual-reality platform called the metaverse, has been asking directors and vice presidents to make lists of employees that can be let go, the people said. A Meta spokesperson declined to comment on the plans on Monday.

Source : https://www.deccanherald.com/business/business-news/meta-plans-thousands-more-layoffs-as-soon-as-this-week-1197910.html

Brands Are Already Making Millions in the Metaverse. Here’s What Business Owners Need To Know.

Metaverse readselective — Photo: Getty Images

If you’re still skeptical about the metaverse, you certainly aren’t alone. According to a recent survey, 55 percent of adults with yearly incomes over $100,000 said they were not interested or excited about the concept, while 37 percent said they were primarily worried about it. Only 6 percent of respondents claimed to be excited about the metaverse.

Those numbers might not seem encouraging, but it’s important to remember that one of the most popular metaverse platforms currently available, Roblox, averages more than 54 million daily users, the vast majority of whom are Gen-Z or younger. Those users have cumulatively spent more than $1 billion on digital items such as outfits or accessories designed to be worn by player avatars.

Kids and young adults nowadays are incredibly literate in social media and technology, and they’ve already made their interest in the metaverse clear, says Winnie Burke, senior director of global partnerships at Roblox. In the platform’s “Creator Mode,” players can use Lego-like digital “blocks” to build virtual worlds from scratch, and then share those worlds online or jump into other environments with their friends. Over 30 million of these virtual worlds have been created so far.

Source: https://www.inc.com/ben-sherry/roblox-forever-21-metaverse-e-commerce.html

Brand Building On The Metaverse: Three Tips For Entrepreneurs

By Vikas Agrawal is co-founder at Infobrandz, an elite team of visual communication experts taking content marketing to the next level.

GETTY

The metaverse can take branding to a whole new reality, and innovative virtual experiences will be your ticket.

The concept of a metaverse may seem too ambitious, extravagant and contemporary. But economists know it’s going to be big. Bloomberg Intelligence analysts predict that it may be an $800 billion market opportunity.

Here are three things you can do to build your brand (and make it stand out) in the metaverse.

Plan Branding Experiences For The Metaverse

Branding opportunities in the metaverse aren’t exclusively for big-name brands with virtually bottomless pockets.

Small businesses—from startups to individual content creators—can build their “metaverse footprint” by planning rich, immersive digital experiences for their audience.

Mary Spio, the founder of Ceek, told Forbes that the metaverse “will enable content creators to connect with audiences in a whole new way.” For example, in an immersive virtual reality metaverse, you can join friends and step into a movie, feel the rush of your favorite team running by you, spend time up close and personal with your favorite bands and enjoy live concerts, sports and more.

With some creativity, the opportunities for brands, regardless of size, are virtually limitless. You can do presentations and events in a virtual space; do one-on-one virtual consultations; take online courses to new, virtual heights and more. And if you’re doing Facebook Live auctions, think metaverse auctions with NFTs—using cryptocurrencies as payments.

There are no rules when it comes to the virtual experiences you can create. But as the global launch of the metaverse grows closer, the spectrum between good and bad branding ideas is becoming more clearly defined.

Source: https://www.forbes.com/sites/theyec/2022/03/21/brand-building-on-the-metaverse-three-tips-for-entrepreneurs/?sh=500a91097279

ETSA 2021: India will lead the charge on new tech like Web 3.0 & metaverse, says Rajeev Chandrasekhar

Rajeev Chandrasekhar, Union Minister of State for Skill Development and Entrepreneurship, and Electronics and IT.

India will definitely lead the charge on capitalising on the business opportunity emerging from next-generation technologies Web 3.0 and the Metaverse , said Rajeev Chandrasekhar, Union Minister of State for Skill Development and Entrepreneurship, and Electronics and IT.

Newer opportunities also extend into electronics, deep tech to quantum computing among others, the minister said speaking at the seventh edition of the ET Startup Awards 2021 event held in Bengaluru today.

“If you’re a dispassionate observer of nations, India is today one of pre-eminent countries in using technology and being at the forefront of innovation. We will be leading the charge into Web 3 and all of the innovations around the Internet…,” he said at an interactive session with ET’s Surabhi Agarwal.

Referring to prime minister Narendra Modi’s speech about the “Techade” Chandrasekhar said the wholesome push into innovation in India will be delivered by improvements in the fields of electronics and system design, semiconductors, Artificial Intelligence, deep technology, and quantum computing.

India had announced a semiconductor policy late last year, offering incentives for investment in the manufacturing of chips. The minister said the push towards a holistic innovation economy also stems from a global search to find alternatives to China’s domination in these areas.

On the several issues around the data protection policy and frameworks being deliberated by the Centre, the minister sought to assure the business community that the policymakers would ensure the rules don’t become roadblocks: “We will not do anything knee jerk or even remotely as a speed bump to retard the momentum in the startup ecosystem today. This is in itself a clarity…”

Speaking of the startup ecosystem, Chandrasekhar said the Indian community has come a long way from the position before 2014, with the government creating an enabling environment for startups to thrive. The Minister quoted a Credit Suisse report to drive home the point that access to capital in the Indian business system has grown enormously. “The Government will keep expanding these opportunities.”

Source : https://economictimes.indiatimes.com/tech/startups/etsa-2021-india-will-lead-the-charge-on-new-tech-like-web-3-0-metaverse-says-rajeev-chandrasekhar/articleshow/90172994.cms?from=mdr