Meta Q2 earnings: Reality Labs losses top $7.7B year to date
Meanwhile, Meta’s metaverse-building business has racked up around $21 billion in losses since the start of 2022.
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Značka: VR
‘Extended reality’ to create 860K jobs by 2025: EU Commission
The European Commission has laid out its plans for becoming a “world leader” in Web 4.0 and the Metaverse.
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Meta ‘powering through’ with Metaverse plans despite doubts — Zuckerberg
Meta CEO Mark Zuckerberg is still hopeful about the company’s Metaverse plans regardless of the billions of dollars it’s sucking up from the company, claiming “someone has to build that.”Appearing remotely for an interview at the Nov. 30 DealBook Summit in New York, Zuckerberg was asked his thoughts on whether the tech giants’ Metaverse play was still viable given its cost and the doubts cast over the platform, answering:“I think things look very different on a ten-year time horizon than the zone that we’re in for the next few years […] I’m still completely optimistic about all the things that we’ve been optimistic about.”He added part of “seeing things through” in the longer term was “powering through” the doubts held about its ambitions.Meta’s latest earnings, released on Oct. 26, revealed the largest-ever quarterly loss in its metaverse-building arm Reality Labs dating back to the fourth quarter of 2020. Zuckerberg’s virtual reality has cost $9.44 billion in 2022, closing in on the over $10 billion in losses recorded for 2021.On the earnings call at the time Zuckerberg was unfazed by the cost, calling its metaverse the “next computing platform.” He doubled down on this claim at DealBook:“We’re not going to be here in the 2030s communicating and using computing devices that are exactly the same as what we have today, and someone has to build that and invest in it and believe in it.”However, Zuckerberg admitted that the plans have come at a cost, Meta had to lay off 11,000 employees on Nov. 9 and the CEO said it had “planned out massive investments,” including into hardware to support its metaverse.He said the company “thought that the economy and the business were going to go in in a certain direction” based on positive indicators relating to e-commerce businesses during the height of the COVID-19 pandemic in 2021. “Obviously it hasn’t turned out that way,” Zuckerberg added.“Our kind of operational focus over the next few years is going to be on efficiency and discipline and rigor and kind of just operating in a much tighter environment.”Despite the apparent focus from Meta to build its metaverse, Zuckerberg claimed 80% of company investments are funneled into its flagship social media platforms and will continue that way “for quite some time.”Investments in Reality Labs are “less than 20%” at least “until the Metaverse becomes a larger thing” he said. Related: The metaverse is happening without Meta’s permissionOf the 20% invested in Reality Labs, Zuckerberg said 40% of it goes toward its Virtual Reality (VR) headsets with the other “half or more” building what he considers “the long-term most important form factor […] Normal-looking glasses that can put holograms in the world.”Zuck takes bite at AppleZuckerberg also took a few jabs at its peer tech company Apple regarding its restrictive App Store policies, the likes of which have placed restrictions on crypto exchanges and nonfungible token (NFT) marketplaces, saying:“I do think Apple has sort of singled themselves out as the only company that is trying to control unilaterally what apps get on a device and I don’t think that’s a sustainable or good place to be.”He pointed to other computing platforms such as Windows and Android which are not as restrictive and even allow other app markets and sideloading — the use of third-party software or apps.He added its been Meta’s commitment to allow sideloading with its existing VR units and upcoming Augmented Reality (AR) units and hoped the future Metaverse platforms were also open in such a manner.“I do think it is it is problematic for one company to be able to control what kind of app experiences get on the device.”
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Apple job listings and patents hint at foray into ‘3D mixed-reality world’
Technology giant Apple appears to be working towards the development of a metaverse-sounding “3D mixed-reality world,” according to related patent filings and recent job postings.Since Nov. 1, over 30 jobs have been listed on Apple’s careers page related to augmented and virtual reality (AR/VR) with the Big Tech player seeking a mix of software and hardware engineers to be mostly based in its Technology Development Group (TDG).TDG is a secretive team within Apple that may reportedly stem as far back as 2017, which is understood to be working on developing AR and VR technology. Apple has never officially confirmed such a device was in the works, though it is widely considered a tech industry “open secret.”While Apple is currently hiring for over 150 positions according to its careers page, one particular job opening from August makes particular mention to a type of “3D mixed-reality world”.The job ad is for an AR/VR network engineer, with part of the description reading:“In this role you will work closely with other developers and build tools and frameworks to enable connected experiences in a 3D mixed-reality world.”A Nov. 9 Digitimes report citing unnamed sources said an Apple AR/VR headset will be assembled by Taiwanese electronics firm Pegatron — a company Apple currently uses for its iPhone 14 device — with mass production expected in Q1 2023.A spokesperson for Pegatron told Cointelegraph it was “not able to comment on information related to a specific customer or product due to confidentiality.”Cointelegraph contacted Apple for comment but did not receive a response.Meanwhile, patent filings from the United States Patent and Trademark Office (USPTO) reveal in August that Apple trademarked “Reality One” and “Reality Pro”, both described as “photographic and optical apparatus and instruments” and “virtual and augmented reality headsets, goggles, and glasses.”The filings were made under a Delaware shell company called “Immersive Health Solutions LLC”, a tactic often used by large companies such as Apple in an attempt to keep their future product plans private.A search of Delaware’s business entities shows the company was created on Feb. 11 by “The Corporation Trust Company” the world’s largest registered agent service firm used by Apple and other well-known companies such as Google, Walmart, and Coca-Cola.The same firm was used in a trademark application for a “RealityOS” in Dec. 2021 in what’s believed to be Apple’s operating system used for its reported upcoming headset.Other trademark filings, such as one made in China under Apple Inc., show a haptic “VR glove” tracking the movement of individual fingers which further point to the company’s play at a possible Metaverse space.Related: Trademarks filed for NFTs, metaverse and cryptocurrencies soar to new levels in 2022Apple CEO Tim Cook has already stated his thoughts on the Metaverse, on a Q1 2022 earnings call in January when asked about the company’s Metaverse opportunities said “we see a lot of potential in this space and are investing accordingly.”Multiple reports emerged in Jan. 2022 that Apple was slated to release the headset during its June Worldwide Developer Conference but didn’t come to fruition due to a series of development challenges.
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Developing countries love the Metaverse, rich nations not keen: WEF survey
Excitement for the Metaverse and virtual or augmented reality (VR/AR) is much greater in developing countries than in high-income countries according to a survey conducted for the World Economic Forum (WEF).Market research firm Ipsos released the results of the survey on May 25 showing the concept is now widely recognized: 52% of more than 21,000 adults surveyed across 29 countries are familiar with the Metaverse and 50% have positive feelings about engaging with it in daily life.China, India, Peru, Saudi Arabia, and Colombia were the top five countries where two-thirds or more of respondents said they had positive feelings towards it.China had the highest, with 78% harboring positive feelings toward using a metaverse daily followed by India at 75%.Feelings by country of engaging in a metaverse in daily life, darker areas indicate higher percentage of positive feelings in that region. Source: IpsosThe lowest scoring countries with less than one-thirds of respondents positive about the Metaverse were also countries with the highest incomes.Japan scored the lowest with just 22% exhibiting positive feelings followed by the United Kingdom (26%), Belgium (30%), Canada (30%), France (31%), then Germany (31%).Interestingly the concept was less familiar in those high income countries too, with fewer than 30% in France, Belgium and Germany.Turkey was most familiar with the Metaverse at 86%, followed by India (80%), China (73%) and the higher income country of South Korea (71%). Poland scored the lowest at 27%.Respondents were also surveyed on the areas of life they agree the Metaverse will impact the most. Developing countries such as South Africa, China and India agreed areas like virtual learning, entertainment, digital socializing and even applications like remote surgery would make an impact on people’s lives.Related: How the Metaverse could impact the lives of kidsAgain respondents from high income Japan, Belgium and France had the lowest percentages of those who agreed that Metaverse applications would significantly change people’s lives.Developing countries seem to be more enthusiastic about crypto and blockchain across the board, according to an April report from cryptocurrency exchange Gemini which pointed out half of respondents in India, Brazil and the Asia Pacific region purchased their first cryptocurrency in 2021.The report made the case that inflation and currency devaluation are the drivers of crypto adoption in those regions stating that residents of countries that experienced 50% or more currency devaluation were five times more likely to plan to purchase crypto over countries that experienced less inflation.
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Is Walmart gearing up to enter the Metaverse?
It appears that retail giant Walmart Inc. is getting ready to enter the Metaverse with patent filings indicating that it plans to create its own cryptocurrency and NFT collection. The multinational retailer filed several new trademarks with the U.S. Patent and Trademark Office on Dec. 30, however, they remained unnoticed until a Jan. 16 report by CNBC shed more light on Walmart’s ambitions. Walmart filed a total of seven patent applications at the time, including three under its existing advertising division “Walmart Connect”. The applications included plans to create and sell “virtual goods,” including the likes of electronics, toys, appliances, apparel, and home decor. There’s also mention of a “digital currency” and “digital token”, and opportunities to buy and sell NFTs.Meanwhile, a separate application suggests plans to trademark the Walmart brand name and logo in virtual reality (VR) and augmented reality (AR), with the possibility of introducing “physical fitness training services” in VR and AR. This is how Walmart envisions Shopping in the #Metaverse.Thoughts? pic.twitter.com/5l7KhoBse7— Homo Digitalis (@DigitalisHomo) January 3, 2022This comes as the latest in a string of recent events indicating Walmart’s interest in the Metaverse. In August, the retail giant listed a job vacancy for a “digital currency and crypto product lead” to drive digital currency strategy. The job listing has since been removed but it is unclear whether the role was filled. A Linkedin search for a person working at Walmart with the role turns over no results. Back in October, Walmart also partnered with crypto ATM company Coinstar and crypto-cash exchange Coinme to install 200 Bitcoin ATMs in its stores across the United States. In addition, Walmart has used blockchain technology for supply chain management, customer marketplaces, and smart appliances since 2018. Related: Fake news: Litecoin price surges 35% following Walmart adoption hoaxAccording to analysts from Morgan Stanley, the Metaverse could present an $8 trillion opportunity for retailers. During the third quarter of 2021, Walmart saw sales reach $11.1 billion according to Digital Commerce 360. Walmart is the largest private employer in the U.S. with a market capitalization of over $406 billion. It operates a chain of hypermarkets, discount department stores, and grocery stores.
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Nifty News: Mike Tyson loves Solana, Aoki stops show to flaunt NFT, Apple and the 'AR Verse'
Mike Tyson is living the $DREAMBoxing icon Mike Tyson has stepped into the ring this week, after he shared his enthusiasm for Solana and unveiled a partnership with mental health-focused crypto project TheDreamChain ($DREAM). In the first round, Tyson — who previously launched an NFT project on Ethereum via OpenSea last year — tweeted on Jan. 13 that he was a born-again Solana (SOL) proponent while sharing a screenshot of a new NFT he’d snapped up from the Catalina Whale Mixer project. The Solana-based Catalina Whale Mixer NFTs currently have a floor price of 15 SOL ($2,200), and Tyson’s NFT depicts a whale version of himself wearing a world championship belt along with his famous face tattoo. All in on Solana… Just copped a Catalina Whale… pow pow! pic.twitter.com/97voS15B8y— Mike Tyson (@MikeTyson) January 12, 2022In round two later that day, the 55-year-old tweeted about either what appears to be a partnership or paid celebrity promotion with TheDreamChain. The token’s unusual selling point is that it’s just as difficult and limited to trade as a stock.“It’s the first of its kind that can only be traded during US stock market hours. Could revolutionize the space and help the mental health of the crypto community.”According to TheDreamChain’s website, its token $DREAM is only available for trade between the standard stock exchange hours of 9:30am to 4:pm, with the idea being that 24/7 trading is causing a mental health crisis amongst crypto traders. The project states that it will divert 0.5% of all transaction fees to its own foundation, which will donate funds to mental health charities or use the capital to sign partnerships with non-profit organizations. Apple looking at AR, not the MetaverseAmid a landrush from tech giants toward the Metaverse, Apple won’t be rushing in with its latest gadget according to Bloomberg’s Apple tech reporter Mark Gurman. Gurman shared snippets from the latest Q&A section of his paid consumer tech newsletter via Twitter on Jan. 10 regarding Apple’s upcoming virtual reality headset. He noted that: “Here’s one word I’d be shocked to hear on stage when Apple announced its headset: Metaverse.”“I’ve been told pretty directly that the idea of a completely virtual world where users can escape to — like the can in Meta Platfroms/Facebook’s vision of the future — is off-limits from Apple,” he added. According to Gurman’s understanding, current and former Apple execs such as Jony Ive have always envisioned the firm’s VR headset to be a device used in short “bursts” for gaming, content consumption and communication and not as part of a full-blown Metaverse experience. Instead, Apple is said to be eyeing the augmented reality space (AR) in which the user’s physical experience is enhanced with digital or virtual features via devices such as eye lenses, as they can be worn all day and don’t distract from the immediate environment. Lots of interest in my take on “Apple Reality” and the Metaverse https://t.co/ZmacFcOC9k pic.twitter.com/C4SNbFbULp— Mark Gurman (@markgurman) January 9, 2022
Artemis launches mobile-focused NFT social media platformHong Kong-based blockchain firm Artemis Market launched a new social media and NFT trading platform yesterday. According to a Jan. 13 announcement, the Solana-based platform has initially launched a desktop and mobile web version with limited functionality, and will be rolling out a mobile app and full social features in the near future. Artemis is hoping to attract new users with 0% transaction fees on trading until the end of February. We know all of you have been waiting for this day…And we are finally LAUNCHING NOWhttps://t.co/OBLamZSR18What’s more? ✨0% TRANSACTION FEE✨until end of Feb!Join us and start trading on Artemis NOW!#Solana #NFT #NFTlaunch #NFTmarketplace #SocialFi #ListAndEarn #0TxnFee— Artemis Market (@Artemis_Market) January 13, 2022
The firm stated that it was focused on building a one stop shop mobile platform to provide a user-friendly platform that can be accessed on the go, as it highlighted that the NFT sector currently lacks a “compelling user experience” despite its booming popularity. “We want our users to be able to conduct their whole NFT experience all in one app. From discovering and hanging out with creators, to collecting NFTs, to interacting, sharing and commenting with friends.”Related: China aims to separate NFTs from crypto via new blockchain infrastructureSteve Aoki stops live show to flaunt NFT acquisitionMillionaire DJ Steve Aoki abruptly stopped one of his live music events this week to flaunt a freshly acquired NFT that many of his fans could only dream to afford. Aoki tweeted a video on Jan. 12 sharing his glee at snapping an NFT from the Doodles collection accompanied by a caption that read: “Had to stop my show to celebrate my excitement on my doodle! Nfts make me feel like a kid again.”The Doodles project consists of 10,000 NFT avatars featuring art by popular Canadian artist Burnt Toast. The NFTs currently have a floor price of 11.75 Ether (ETH) worth roughly $38,300 at the time of writing.Aoki is a major NFT proponent with his fingers in multiple honey pots, and his latest behavior suggests early signs of a crippling NFT addiction.Other Nifty NewsA group of editors on Wikipedia voted against classifying NFTs as a form of art on Jan. 12, opting to exclude NFT art sales from the list of top art sales of living artists. They have agreed to re-open discussions at a later date however. U.S.-based music streaming platform LÜM is slated to relaunch as an NFT platform later this quarter. It is shifting its focus to musician-focused fan NFTs that enable users to support the artist of their choosing.
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