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Economy January 26, 2022

Tech giants in China are seeking metaverse development

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As “metaverse” became the buzzword of 2021, Chinese tech giants are also looking for opportunities in what might be the next phase in the Internet’s evolution.

The company’s annual developers’ conference, Baidu Create 2021, took place last month in Xirang, which is its take on the metaverse.

Users must construct avatars in order to enter the digital sphere. After that, users are free to explore and interact with other avatars in a variety of ways. Including attending conferences and taking virtual tours.

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The annual developers’ conference of Baidu represented China’s first event held entirely in the metaverse.

The Communication University of China (CUC) opened a virtual campus in Xirang earlier this month. Making it China’s first academic institution to do so.

Using 3D modeling, street view data, and other digital tools, the CUC digital art department reconstructed the campus. Students and guests can use VR headgear, mobile phones, and laptops to explore the virtual campus.

The tech giants Huawei and Beijing Shougang Park collaborated on a metaverse experience activity earlier this month. Users can access a new world by scanning a QR code with their cellphones in the park, where they can see a robot band perform and watch a virtual light show. AR group warfare games allow users to fully immerse themselves in a gaming experience.

The tech giant Nubia Technology set up a professional team to focus in the metaverse

Recently, ZTE subsidiary Nubia Technical Co., Ltd. announced the formation of a professional technology team focused on metaverse hardware.

NetEase and the government of Sanya, in the south China island state of Hainan, signed a strategic partnership deal last month. As part of the agreement, NetEase will establish its Hainan headquarters and create a metaverse industrial base project in Sanya.

NetEase’s founder and CEO, Ding Lei, stated in a financial report meeting last November that the company is ready for the metaverse. “When the starting pistol goes off, we might be faster than everyone else,” Ding added.

In its immersive activity system Yaotai, Netease demonstrated the metaverse’s muscles. The 16th International Symposium on Biomineralization was held in Yaotai in August, marking the debut of the immersive activity system.

Yaotai increased the sense of reality and virtual meeting immersion

During the November shopping rush last year, e-commerce behemoth Alibaba organized a “Metaverse Art Exhibition” on its Tmall/Taobao mobile app. Customers might acquire a free digital collection with the purchase of a limited-edition physical item, such as a Burberry scarf.

A digital avatar of Beethoven conducted the “metaverse symphony,” which included players playing virtual instruments incorporating brands such as the Bobbi Brown trumpet and Coca-Cola drums. These virtual products are also available for purchase by consumers.

Last month, Tencent announced the formal debut of TMELAND, China’s first virtual music festival. Users can create virtual images, chat and engage with one another, and enjoy immersive aural entertainment that blends reality and the virtual world via virtual live streaming and virtual concerts.

Michelle D. Madsen graduated from the University of Westminster and has been deeply involved in the world of finance ever since. She has worked as a Broadcast Journalist hosting various news shows and informative webcasts about the financial markets. Since 2004 she has also been writing for MetaNews daily, her attention to detail, and her in-depth knowledge of the financial markets have led her to cover Foreign Exchange and commodities. The world of finance has changed in the last few years with the introduction and rising popularity of cryptocurrencies and the Metaverse. She has in no means been left behind, adding this to her bank of intellect and is now also an expert in cryptocurrencies. For the last ten years, Ms. Madsen has been engaged in the financial market. She has notedly written a great number of incredibly informative reviews for the crypto, NFT and the Metaverse. Her wealth of knowledge has enabled her to become a leading expert in the field. She continues to inform the public writing up-to-date, thorough reviews for the readers of MetaNews as she has for the last decade.

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Economy

Microsoft clearly engages in the metaverse using Q2 earnings call

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Satya Nadella, CEO of Microsoft, revealed his vision for the metaverse at the company’s Q2 2022 earnings call.

Overall, the company’s Q2 2022 filing showed a significant increase in cloud-based services. Microsoft reported $51.7 billion in revenue, a 20% increase over the previous year. Intelligent Cloud revenue was $18.3 billion, a 26 percent increase over the previous year. Azure drove a 29 percent increase in sales for server goods and cloud services. As well as a 46 percent increase in revenue for other cloud services.

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Among the trends noted by Nadella on the earnings call was a “structural shift in PC demand.”

According to Microsoft CFO Amy Hood, Windows revenue from PC manufacturers increased by 25%, which was “far over expectations”. She stated that demand was being driven by the PC market’s success, particularly in the commercial category.

According to an earnings call transcript obtained on the financial blog site Seeking Alpha, Nadella envisions the metaverse as the next wave of the Internet. “Just as the initial wave of the Internet has allowed anyone to construct a website, I believe the next wave of the Internet will be a more open world where people, whether companies, game developers, or anyone else, may create their own metaverse world,” he stated.

“The first place we see this is the increasing digitization of people, places, and things to truly enable organizations automate operations at the next level,” he explained. “So, today, we have a number of examples of customers engaging with us through Azure IoT, Digital Twins, and Mesh. So that’s what you’ll see in Azure, and we’re investing heavily on it.”

Nadella sees prospects for Dynamics 365 Connected Spaces further up the software stack. This in-development technology is to control physical operations in physical areas such as a store, a connected factory, or a building. “We now have a suite that powers entirely by connected spaces,” he explained. Microsoft’s goal, he noted, is to automate physical operations.

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Economy

Style.me introduces its wearable NFTs in the metaverse

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Style.me, the industry-leading 3D fashion technology company, has launched a new innovative offering that enables designers to become metaverse-capable creators. In addition this latest step extends the company’s solutions into the world of digital fashion and NFTs. Moreover building on its growing success in virtual fitting and styling.

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The company Style.me mints and distributes fashion NFTs

Style.me creates and distributes fashion NFTs, allowing people to wear, share, and use them across the metaverse. In addition, the company gives its partners the ability to bring their physical collections into the digital realm through bespoke “phygital” experiences.

The company Style.me’s plug-and-play technologies will allow metaverse projects to make digital fashion accessible to their communities. New experiences, such as virtual runway presentations, exhibitions, and live events, will be possible for designers and companies.

Style.me, with its 3D and AR technologies, is at the forefront of making digital fashion more accessible

Fashion NFT utilities are now limited, and Style.me is at the forefront of making digital fashion more accessible with its 3D and AR technology.

Style.me’s President, Rufus Parkinson, stated. “Style.me’s mission has been to enable consumers to see and interact with fashion in the digital environment since its inception. We believe that digital fashion and NFTs will alter the industry by allowing us to leverage our patented technology to open up a new dimension of user experiences.”

Combined with blockchain technology and the rapid expansion of the metaverse, digital fashion will explode in the next few years. Morgan Stanley estimates that the premium digital fashion sector alone will reach $20 billion by 2030.

Style.me’s goods are already in high demand, with consumption rising 386 percent in the last year, and this additional fashion NFT offering offers up even more prospects for growth in the digital fashion industry.

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Economy

Metaverse: Tencent is updating QQ with the Unreal game engine

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According to an upgraded version of the program, Tencent Holdings has stealthily integrated the Unreal Engine video game engine into its increasingly obsolete QQ messaging network. Hence, analysts believe the move is part of the social media and gaming giant’s entrance into the metaverse.

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According to LibChecker, a third-party app inspection tool, the Shenzhen-based company updated QQ last month. The new version, which was formerly a chat app, includes portions of the Unreal Engine video game engine.

Tencent launched a new app feature called Super QQ Show, which is a 3D interactive arena where users can socialize, watch shows, and play games, at the same time as the update. As a result, observers claim the move is Tencent’s latest attempt to establish a footprint in the metaverse.

Resuscitating QQ.

The decision also demonstrates Tencent’s commitment to resuscitate QQ, its second most popular messaging platform behind WeChat with 590 million monthly active users, which had fallen out of favor in recent years as Chinese netizens shifted their attention to short videos and other platforms.

In China, the metaverse is gaining traction. Although the country has not yet developed a national plan for the concept, like South Korea has, officials in some key cities have pushed businesses to investigate it. For example, one of four frontiers to explore in Shanghai’s future five-year plan is the metaverse.

The Super QQ Show is currently under testing by a small number of users. Tencent staff uploaded screenshots and video footage of the functionality. Which shows players dressing up their avatars in 3D, decorating their homes, and visiting others. Thus similar to Nintendo’s Animal Crossing video game franchise.

The Unreal Engine is utilized in successful games such as Bioshock and Mass Effect. Tencent owns a 40% share in Epic Games, which operates the engine in the United States. Last year, Epic Games was one of the first worldwide tech behemoths to make metaverse development a top priority. Epic’s flagship game, Fortnite, considered as one of the market’s leading metaverse initiatives.

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