Japan’s Prime Minister Pledges Strong Support for Web3 and Metaverse Revolution

During the WebX conference in Tokyo, Prime Minister Fumio Kishida of Japan delivered a compelling video presentation reaffirming his commitment to embracing Web3 technology and harnessing the metaverse’s vast economic potential. Kishida views Web3 as a driving force behind a new era of capitalism in Japan, one defined by innovation, startups, and digital progress, all while prioritizing user safety and reviving the content industry.

Stressing the government’s dedication to the Web3 movement, Koichi Hagiuda, the policy research council chairman of the ruling Liberal Democratic Party, advocated for an inclusive approach, encouraging everyone, even those unfamiliar with Web3, to actively shape Japan’s future in this rapidly evolving field.

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US’s Vision for Virtual Worlds: Navigating Crypto, Metaverse, and Web4 Evolution

Since the hype surrounding the metaverse digital world in 2021 sent major cryptocurrencies, like Bitcoin (BTC) and Ethereum, to record highs, the crypto market has experienced significant fluctuations. However, the Covid-era momentum for Bitcoin has been challenging to recapture in 2023, partly due to tech companies scaling back their metaverse plans and global monetary tightening led by the Federal Reserve. Nevertheless, the Chief Executive of major crypto exchange Binance hints at the potential for the next crypto bull run.

Amid this backdrop, a leaked European Union (EU) draft document has surfaced, indicating the trading bloc’s interest in creating a system of “global governance” to harness the “unprecedented opportunities” presented by virtual worlds. The document recognizes the positive impact of virtual worlds on various societal areas, including healthcare, education, and culture. It also acknowledges the emergence of crypto-based decentralized autonomous organizations (DAOs) as new forms of global governance.

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Nanjing Leads the Way: China Launches Metaverse Innovation Platform

On May 22, Nanjing, the capital city of China’s Jiangsu province, made a significant stride in metaverse research and development by inaugurating the China Metaverse Technology and Application Innovation Platform. Led by the Nanjing University of Information Science and Technology (NUIST), this state-backed entity aims to propel metaverse-related initiatives across the country.

The platform brings together a consortium of founding members comprising esteemed academic institutions and metaverse-focused companies from various regions in mainland China. By leveraging the collective expertise and resources of these partners, the platform seeks to advance research and development in metaverse-related fields.

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Meta’s new AI project turns doodles into animated figures

Meta’s intention in making Animated Drawings an open-source project is to enable other developers to innovate and provide users with more diverse and immersive experiences

Meta, the parent company of Facebook, has announced a new AI project that can turn simple doodles into animated figures. The project, called “Doodle to Life,” uses machine learning algorithms to analyze hand-drawn sketches and transform them into animated 3D characters.

The technology behind Doodle to Life is based on Meta’s existing machine learning models for understanding and processing natural language. By adapting these models to interpret doodles, the company hopes to create a new form of expression that is accessible to anyone.

“Everyone can draw a doodle, but not everyone can animate a character,” said Ficus Kirkpatrick, Head of AI at Meta. “With Doodle to Life, we’re making it easy for anyone to bring their ideas to life in a fun and creative way.”

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Hugo Boss Enters the Metaverse with a Virtual Showroom Created with AI

Hugo Boss has entered the metaverse with a virtual showroom created using artificial intelligence (AI). The fashion house collaborated with a creative agency, Superplastic, to design and develop the 3D showroom. The virtual space showcases the brand’s latest clothing collection and is accessible through a web browser or a virtual reality headset.

According to the brand’s CEO, Daniel Grieder, the virtual showroom is a “revolutionary way of showcasing our latest collections.” He believes that the metaverse will play a significant role in the future of fashion retail, saying, “The metaverse is becoming an increasingly important platform for engagement, and we are excited to explore its potential.”

The virtual showroom features an avatar that guides visitors through the space and provides information on the brand and its products. The avatar is a digital representation of the brand’s ambassador, actor Chris Hemsworth, and was created using AI technology. “We used AI to create a highly realistic avatar of Chris Hemsworth that interacts with visitors in real-time,” said Paul Budnitz, CEO of Superplastic.

The use of AI technology in creating the virtual showroom has allowed the brand to personalize the experience for each visitor. “We are using AI to understand the preferences and behaviors of our visitors and offer a personalized experience,” said Grieder. “This allows us to better connect with our customers and create a more engaging experience.”

The virtual showroom is part of Hugo Boss’s broader digital transformation strategy, which includes expanding its e-commerce capabilities and enhancing its digital presence. The brand aims to offer customers a seamless omnichannel experience, where they can easily switch between online and offline channels.

In conclusion, Hugo Boss’s entry into the metaverse with a virtual showroom is a significant step for the brand and the fashion industry as a whole. The use of AI technology in creating a personalized and engaging experience for customers shows the potential of the metaverse in revolutionizing the way we shop for fashion. As Grieder said, “This is just the beginning, and we look forward to exploring the metaverse further in the future.”

Via The Impactlab

Building the Ultimate Metaverse: How Blockchain is Changing the Game for Virtual Reality

Blockchain technology is changing the game for virtual reality and the concept of the metaverse, according to a recent article in Devdiscourse. The metaverse is a virtual space where users can interact with one another in real time, using avatars to represent themselves.

One of the key benefits of blockchain technology in the metaverse is its ability to create a decentralized system. This means that the ownership and control of virtual assets, such as virtual real estate or virtual currency, can be distributed among users rather than being controlled by a central authority. This can help to create a more democratic and equitable system, where users have more control over their virtual lives.

Another benefit of blockchain technology in the metaverse is its ability to create a more secure and transparent system. Blockchain allows for the creation of immutable records, which means that transactions and ownership records cannot be altered or deleted. This can help to prevent fraud and ensure that users are able to trust the virtual economy.

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How AI can make the metaverse a more interactive space

The metaverse will likely impact physical and social interactions, with artificial intelligence a critical factor in this shift. 

The potential behind the metaverse is becoming greater as virtual and physical worlds converge. Market intelligence firm Contrive Datum Insights recently found that the global metaverse market is estimated to surpass $1.3 trillion by 2030. According to the study, this growth will be driven by newly adopted virtual economy trends, combined with the rise of both crypto and online games.

Additionally, a recent survey conducted by CoinWire highlighted that the metaverse would likely reshape social lifestyles. CoinWire found that 69% of respondents believe that the metaverse will eventually modify social lifestyles due to new approaches taken for entertainment and activities. 

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Red Wing Shoes wants virtual homes designed in Roblox to become real homes

This is a tiny home designed in Roblox.

Talk about moving from the metaverse to real life. 

Red Wing Shoes is launching the Builders Exchange Program so that people can design “tiny houses” in the virtual world of Roblox that could become actual homes in the real world.

For every five skilled trades workers leaving the industry, only one is joining. But Red Wing Shoes figured out people are building but not in the traditional way we all think about; millions of young people are building in the virtual world in places like Roblox.

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Honda and Sony Join Forces to Create EVs to Take You to the Metaverse

By 2026, Sony Honda Mobility will produce EVs that have at least some self-driving capability and will be packed with Sony content.

By Emily Dreibelbis

Honda is prepping to release its first electric SUV in 2024, in partnership with GM, but it’s also now teaming up with Sony on entertainment-focused EVs that will hit the market in 2026.

Sony, which gave us the Walkman, PlayStation, and films like Spider Man, Jumanji, and The Karate Kid, will have an equal, 50% stake in the newly formed Sony Honda Mobility Inc. (SHM)(Opens in a new window). 

“SHM aims to evolve the mobility space into the entertainment and emotional space, by seamlessly integrating real and virtual worlds, and exploring new entertainment possibilities through digital innovations such as the metaverse,” Honda says. 

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Into the metaverse: How conversational AI will build its experiential foundation

By Raj Koneru

The much-hyped metaverse concept — once thought of as a futuristic, hypothetical online destination — is quickly becoming a new kind of internet. As more users interact with one another in these virtual environments, brands will realize new opportunities for engaging their target audiences. Companies such as Meta (formerly Facebook) are rapidly making plans to expand into the metaverse, altering and advancing how people will work, socialize, shop and even bank in the future. 

While some completely disagree with the positive potential of this digital world, it cannot be refuted that the metaverse is a topic that many have heard of and will become increasingly ubiquitous. Gaming may be its most obvious initial use case, as consumers and gamers alike are steadily continuing to merge their physical and digital lives. This is something that’s been happening since the arrival of the iPhone, a device that has become an extension of our brains and bodies. As technology progresses and advances, it’s only natural that more parts of our lives will be embedded into the digital world. 

With more people opting to “live” inside the metaverse, there will be routine tasks that require more advanced and intuitive communication. Be it mailing a letter, purchasing land or buying a burger, there must be a proper way to scale communications through artificial intelligence. Technologies like CAIP (conversational AI platforms) will allow brands to design more appealing and engaging user experiences in this burgeoning virtual environment.

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Europe wants to shape the future of virtual worlds with rules and taxes

By Natasha Lomas

EU lawmakers are moving in on the metaverse and making it plain that, whatever newfangled virtual world/s and/or immersive social connectivity that tech industry hype involving the term may refer to, these next-gen virtual spaces won’t escape one hard reality: Regulation.

There may be a second metaverse certainty too, if the Commission gets its way: Network infrastructure taxes.

The EU’s internal market commissioner, Thierry Breton, said today it believes some of the profits made in an increasingly immersive software realm should flow to providers of the network backbone required to host these virtual spaces — a suggestion that’s sure to trigger a fresh round of net neutrality pearl-clutching.

The Commission has been signalling for some months that it wants to find a way to support mobile operators to expand rollouts of next-gen cellular technologies — via imposing some kind of a levy on U.S. tech giants to help fund European network infrastructure — following heavy lobbying by local telcos.

Last week, Breton revealed it plans to consult on network infrastructure cost contribution ideas in Q1 next year — as part of a wider metaverse-focused initiative, with the latter proposal coming later in the year.

More details of the bloc’s thinking on fostering development of virtual spaces and the network pipes needed to connect them has emerged today.

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3 Aspects of the Real Estate Industry That Can Benefit Immensely from the Metaverse

As mainstream adoption grows people are finding more use cases for business within the digital realm. 

By Anthony Georgiades

The metaverse is already providing us with a wealth of new experiences and has spurred limitless speculation around the many avenues for its future expansion. These possibilities — which are beginning to appear infinite — are enjoyable and sometimes even practical for consumers, meaning they have the potential to be extremely lucrative for the businesses implementing them.

While current interactions and excitement around the metaverse fall heavily on realistic fashion shows, concerts and immersive video games, there are various applications that go beyond pure entertainment.

The deep value of the metaverse lies in the pragmatic applications it can power. In a globalized world where distributed work and communication is on the rise, metaverse applications allow users to engage with one another remotely in a far more collaborative and interactive setting. It removes the need for tedious obligations and offers more practical, efficient alternatives to in-person tasks, which sometimes require long wait times or long-distance travel.

From the perspective of realistic use cases for augmented reality (AR) and virtual reality (VR) technology, the real estate industry in particular stands to benefit immensely from the metaverse. From breaking ground on the construction of a new home to its reselling years later, the metaverse and its immersive architecture can have a major impact. Here’s how:

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