Popular cryptocurrency exchange, Binance.US, is building space in Portals, a metaverse platform built on the Solana blockchain. Portals is a metaverse platform that allows users to explore buildings and interactive rooms in a dense urban setting.
Chris Lund, Portals’ head of community and partnerships, verified this to CoinDesk through Twitter. “Binance.US is gaining a presence in Portals Downtown with a focus on virtual delivery of the latest news, charts, and events,” he said.
He also mentioned that FTX.US, the American arm of crypto exchange FTX, will open a branch in Portals.
Binance.US spokesperson said the virtual buildout is meant to be a gathering place for exchange users
Binance. The virtual buildout, according to US spokesperson Zachary Tindall, is intended to be a gathering area for exchange users. “We are establishing a venue in the metaverse for the Binance.US community to come together,” he said in an email to CoinDesk. It’s the first of many forward-thinking initiatives we’ll take as we expand and reach out to our community in new settings.”
What you should know
Metaverses are a type of virtual environment in which individuals may interact in the same way they do in the real world, but on a digital level.
Many businesses have rushed into open metaverses like The Sandbox and Decentraland, which are both based on Ethereum. Portals, which is based on the high-speed Solana blockchain rather than the Ethereum blockchain. Appears to be an early favorite among investors.
Chris Lund also indicated that Solana-based projects such as Raydium, Magic Eden, Audius, Bonfida, and others will have a presence in the Portals metaverse, according to CoinDesk.
Traditional companies have also begun to turn their attention towards the metaverse
Traditional businesses are also becoming more interested in the notion of a metaverse. Many firms, like Walmart and Nike, are apparently constructing metaverses to cater to their business niches since social media behemoth Facebook underwent a significant redesign and became Meta in a larger effort to lead metaverse-based apps.
Samsung, the multinational electronics giant, has opened a metaverse counterpart of its Samsung 837 site in New York City in Decentraland. The pop-up location, dubbed “Samsung 837X,” contained quests that led to exclusive NFTs and live mixed-reality events.
Since many firms have purchased digital lands in various metaverses. 2022 looks to be the year that metaverses garner a lot of attention on the cryptocurrency market. For instance, in the previous 30 days, Decentraland has witnessed the largest NFT land transaction, with a plot of 116 pieces of land in the virtual world’s Fashion Street District selling for 618,000 MANA tokens.
Meta Reportedly Defeats FTC to Receive Court Approval to Acquire Within
Meta, Facebook and Instagram’s parent company, has reportedly won court approval for the acquisition of VR fitness app Supernatural’s maker, Within, after the Federal Trade Commission attempted to block the deal.
A US district judge, Edward Davila in San Jose California, “denied the FTC’s request for a preliminary injunction to block the proposed transaction” in a sealed decision on Wednesday, reported Bloomberg, citing a source familiar with the ruling.
Meta’s plan was to acquire Within and Supernatural back in October 2021, but it was blocked by the FTC’s complaint file to stop the deal. The FTC’s complaint was justified by saying Meta already owns a “virtual reality empire.”
Following the news, shares of Meta were slightly positive on Wednesday afternoon.
Facebook and The FTC also declined to comment with Bloomberg’s query citing the sealed nature of Davila’s decisions.
Push for Metaverse
The reported victory in this case may boost Mark Zuckerberg’s push towards the Metaverse. Zuckerberg’s Meta Quest 2 is arguably the best VR headset, even after a massive hike in its price last year.
Meta Quest Pro for $1500 and Meta Quest 3 are also in the company’s VR line-up, which has already developed VR spaces for work and play.
The Supernatural, developed by Within, was one of the first subscription-based services on the original Meta Quest.
Supernatural, a fitness app that features video instructors and motion-tracked workout routines, carries similarities to Meta’s successful fitness VR music game Beat Saber. Beat Saber was also acquired by Meta in 2019.
A trial before the FTC’s administrative judge will start on Feb. 13. The FTC will also decide if it will continue with the case. Lina Khan, the chair of the FTC, was appointed by US President Joe Biden to bolster antitrust enforcement as a key principle of his administration’s economic policy. Hence, if this order stands, this loss to Meta will be a significant setback for Khan.
The FTC sued Meta back in July, arguing this acquisition would expand its dominance in the consumer VR market, highlighting its purchase of Beat Saber three years ago. The agency even emphasized that the addition of Within would even eliminate a “beneficial rivalry” between the two companies.
At the time, “the case was) based on ideology and speculation, not evidence, the idea that this acquisition would lead to anticompetitive outcomes in a dynamic space with as much entry and growth as online and connected fitness is simply not credible,” said a Meta spokesperson in a statement.
It’s still to be decided whether this will be the end of this story or not, as the FTC has declined to comment.
“Out of respect for the court’s orders, the FTC is not in a position to comment at this time,” FTC director of public affairs Douglas Farrar told The Verge.
Within would be the third start-up acquired by social media giants over the last decade if this case ends here and Meta purchases one more VR start-up. Previously, Meta acquired Oculus in 2014 before purchasing Beat Saber in 2019.
How AI Can Accelerate Metaverse Development
Artificial intelligence (AI) is poised to accelerate the creation and development of the metaverse, with multiple companies including Nvidia, Google, and OpenAI creating AI-powered 3D tools.
The public is already familiar with chatbots and AI-image generators, both of which can be leveraged to speed up development cycles for the metaverse. Text-to-3D generators, among other type of 3D generators, accelerate that process still further, and empower enthusiasts to channel their creative urges in new arenas.
The filling the metaverse problem
In the earliest days of the internet most users passively consumed the world wide web as they surfed from site to site. The emergence of social media empowered users to share their own content, and the internet experienced a cambrian explosion of information.
Filling the metaverse means learning the lessons of the early internet all over again argues Rev Lebaredian, VP for omniverse and simulation technology at Nvidia. This time, however, ordinary people will need greater levels of assistance to create the content.
“We’re able to fill the internet with interesting stuff because everybody is capable of taking a picture, recording a video, or writing words,” said Lebaredian on January 27. “If we are going to create a 3D internet, then you absolutely have to have the people who are participating in it creating content as well, and the only hope we have of making that happen is if AI can help us.”
Nvidia holds the belief that AI and the metaverse are intrinsically linked, and that both rely heavily upon each other.
“Just as AI is crucial to the expansion of the metaverse, so too is the metaverse to the expansion of AI,” explains Gavriel State, director of the system software team at NVIDIA.
“Digital twins in the metaverse are providing physically accurate virtual environments that allow developers to simulate and test AI,” says State before concluding, “Generative AI is key to scaling these digital twins and virtual environments that will usher in a new era of AI and the metaverse.”
The here and now
Sean Ellul, co-founder of the 3D development studio Metaverse Architects, is a big believer in transformative potential of AI-generated content.
In a recent interview with TIME Ellul revealed how his own firm has incorporated ChatGPT into a multitude of everyday tasks including brainstorming creative ideas, writing code and composing texts for decks and emails.
“I can’t stress how helpful this has been to us,” says Ellul who has gone all-in on AI, using it as regularly as most internet users use Google.
Ellul also takes the process one step further by prompting MidJourney to create floor plans for buildings which he can then use a template for 3D models. It’s a process which would undoubtedly be a little too complex for the average person, but it’s a powerful time-saving technique for Ellul and his team.
Case in point, the following floor plan was created from the Ellul prompt: “create a floor plan sketch with measurements and dimensions of a house plan built on one floor including two bedrooms three bathrooms kitchen and living and a garden. Include furnishing.”
Ellul also uses MidJourney to help him create virtual non-player characters (NPCs). In one example Ellul used 9 different female faces to create a composite image with MidJourney. The resulting image produced a fresh-faced nordic female with blonde hair.
Ellul then returns to ChatGPT to find out who this young woman is. Ellul prompts ChatGPT to “generate a backstory for a 24-year-old woman from a tiny village in a fantasy setting who works at an inn.”
ChatGPT suggests that the woman is named Elspeth, and that she, “worked as a farmhand, a blacksmith’s apprentice, and even as a barmaid in a bustling city town. But no matter where she went, she always felt like something was missing.”
Tools to make it happen
The challenge for AI is to transform a character such as Elspeth from a 2D image and chatbot-inspired biography into a fully realized character in three dimensions
The field is not short of competitors who are creating tools to make that dream reality.
In November Nvidia announced Magic3D, a high-resolution text-to-3D image generator. According to Nvidia the tool is capable of transforming a text prompt into a fully-realized 3D model in 40 minutes.
At the moment there remain limits to what these tools can accomplish on their own with significant human intervention and expertise in the fields of 3D modeling. The question, therefore, is how long until that is no longer true.
According to Nvidia’s Lebaredian a future in which every person can create their own virtual worlds with the help of AI assistants is not too far away.
“I would say ten years from now, I’m fairly certain that most people are going to be able to create high quality 3D content just by talking to the computer,” says Lebaredian. “And I’m bullish that it’s going to happen much earlier.”
Hiroshima Adopts Metaverse in Education
The use of the metaverse is continuously increasing in different sectors, and now it has become a part of university classes in the city of Hiroshima, Japan. The universities of Hiroshima are using this technology as extracurricular activities and part of the classes as well, Japan Times reported.
Also read: Jobs In The Metaverse, Now and Tomorrow
The metaverse allows its users to create avatars to represent themselves while communicating with people from all around the world. Metaverse makes the user feel as if they are talking by looking into each other’s eyes, unlike Zoom and Teams.
Hiroshima universities use the metaverse for classes and extracurricular activities. By creating avatars, students can communicate and socialize with others from far away. #Metaverses
— Sanjar (@sanjar_mohamed) January 30, 2023
Solving Absence Problem
Having such unique features, it has also become the solution for students who are absent from school but still want to attend classes.
“I was feeling distressed and depressed as I only had the chance to speak with my family during my absence from school,” said Noa, a 16-year-old first-year high school student from Hiroshima.
But the time has changed, she was able to participate in a program even while being absent from school through the use of a virtual setup.
— Q.E.D (@wizcap) January 30, 2023
“I could spend quality time while feeling relaxed,” she said after taking part in a program held last fall in a metaverse to support absentees from school.
Three people attended that program organized by a local group to make up for absent students.
Noa entered the metaverse as a female avatar with cat ears and travelled with other attendees to hear high school students share their experiences of being absent from school.
The virtual world, also offers a solution for those who hesitate to speak up in reality. It provides a platform where individuals can communicate without psychological barriers, as they feel more comfortable with others in the virtual world.
“Students who were silent at first could make a presentation on a (virtual) stage in the end,” said Kenichi Okamura, 23, head of the group that organized the program. “I really felt the potential of the metaverse.”
The Hiroshima Prefecture board of education has partnered with the non-profit organization Katariba in Tokyo to offer metaverse-related activities as a learning option for students, per Japan Times.
University Classes in Metaverse
Not, just the bridge for the school absentees, metaverse has also became the topic of university classes in Japan.
“By looking ahead with neofuturistic perspectives, I wanted to try and see how the classes can be expanded,” said Hiroaki Kanoe, a professor of science education at Hijiyama University in Hiroshima, who taught parts of some classes in the metaverse last year.
Kanoe asked third-year students about how the metaverse can be utilized in education during his virtual seminar with them.
The potential of #Metaverse in education is limitless!
Imagine immersive experiences, interactive lessons & boundless opportunities for students.
— Vladimir Radu-Radulescu (@VladimirRadu_R) January 30, 2023
Kanoe was intrigued when his student became deeply involved in the discussion surrounding the use of metaverse in education. They even proposed having a virtual environment open during summer holidays, which could potentially reduce absenteeism.
“Compared with online classes, you can feel the presence of others as if you are in a classroom,” said Soko Hamaen, 21, a third-year student who attended a class in metaverse.
“I hope to explore the uses of the metaverse while making clear the purpose of what to do with the technology, instead of jumping at it only because it is new,” said Kanoe.
With the value of the industry estimated to be worth $13 trillion by 2030, the metaverse is being expanded into different areas of livelihood.
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