Connect with us

Metaverse

How Peloton can use the metaverse to regain its pandemic success – Quartz

Published

on

Discover
Editions
More from Quartz
Follow Quartz
These are the core obsessions that drive our newsroom—defining topics of seismic importance to the global economy.
These are some of our most ambitious editorial projects. Enjoy!
Our emails are made to shine in your inbox, with something fresh every morning, afternoon, and weekend.
Media & entertainment reporter
After reaching its all-time peak in January of 2021, Peloton’s stock began a steep decline as an end to pandemic lockdowns led to less interest in the fitness company’s offerings, and the overproduction created a surplus of exercise equipment. A couple of weeks ago, after news the fitness brand would temporarily halt production of new stationary bikes and treadmills, the company’s stock dropped by 24%, bringing its stock price below its initial public offering price. 
Even cutting prices on Peloton bikes by 20% in August didn’t reignite the high interest the pandemic afforded the company just a year prior. The rapid decline of the brand has led to one activist investor, Blackwells Capital, which holds less than a 5% stake in the company, to call for the removal of Peloton founder and CEO, John Foley. Additionally, the firm has suggested that Peloton be sold off to one of the tech or fitness giants, like Apple, Disney, Sony, or Nike. 
But there could be another answer to Peloton’s woes hiding in another pandemic success story: the metaverse. 
One of the keys to Peloton’s success is the screen positioned in front of the stationary bike and treadmill user. Beyond showing riders and runners statistics and coaching videos, the screens also deliver a feature called Scenic Rides, which virtually take users on trips through places like Hawaii, France, Australia, Italy, and other interesting locales. The screen-based tour works to make long stationary biking sessions seem a lot shorter and less stressful. But what if instead of watching the video from a couple of feet away, the user could instead be immersed in the virtual environments presented on the screen? 
That’s exactly the experience delivered by Boston-based startup VirZoom, which focused on virtual reality (VR) experiences paired with stationary bikes and treadmills. Founded in 2015, the company initially offered its own stationary bikes to go along with its VR fitness software but has since moved to a model that uses a small motion sensor that can be attached to most stationary bikes. 
When the company got its start, exercising in VR was part of an extreme niche of early adopters. However, the popularity of the Meta Quest 2 has rapidly taken VR mainstream, and along with it, immersive exercise apps like Beat Saber, which Meta acquired in 2019. In October, Meta revealed that Beat Saber, which encourages users to interact with virtual objects to generate calisthenic exercises, pulled in $100 million in revenue on the Quest platform. 
So far, VirZoom remains small, with just $12 million in investment funding, and about 270,000 “lifetime active users.” Peloton’s scale, currently at nearly 5.9 million members, could rapidly bring a large new user base into the metaverse through a partnership or acquisition of the VR fitness company. 
Between Jan. 1, 2020 and today, VirZoom claims it has seen a 450% increase in subscribers, driven mostly by the mainstream traction of the Meta Quest 2.
“Our tech lets you move freely through virtual worlds instead of teleporting around in them, and our VR fitness apps employ that concept,” VirZoom co-founder and CEO Eric Janszen told Quartz. “Interest from institutional investors has grown considerably.”
In November, Peloton said it had nearly $1 billion in cash on hand. A recent crowdfunding effort by VirZoom values the startup at around $24 million, which would make it an easy purchase for Peloton—assuming the stationary bike company doesn’t already have its own VR plans. 
In June, Peloton posted a job listing looking for a product manager to work on gaming and “3D experiences.” The posting could be related to the next iteration of Peloton’s Lanebreak game, or it could be something much more. Whichever route the company decides to take, all tech innovation roads currently lead to some branch of the metaverse, and Peloton can still gamify its way back to success if it pedals quickly enough.   
📬 Kick off each morning with coffee and the Daily Brief (BYO coffee).
By providing your email, you agree to the Quartz Privacy Policy.
Make business better™
Discover
Topics
More
© 2022 Quartz Media, Inc. All rights reserved.
↑ Beam me up, Scotty
Discover
Editions
More from Quartz
Follow Quartz

source

Metaverse

Money Laundering via Metaverse, DeFi, NFTs Targeted by EU Lawmakers’ Latest Draft – CoinDesk

Published

on

source

Continue Reading

Metaverse

Lamina1 Presents Inaugural “Open Metaverse Conference” Connecting the Worlds of Blockchain and the Metaverse for a Next-Gen Internet – Business Wire

Published

on

Featuring a keynote from co-founder and futurist Neal Stephenson, the first-of-its-kind event aims to empower creators and coders to build the Open Metaverse together
LOS ANGELES–(BUSINESS WIRE)–Lamina1, a Layer 1 blockchain optimized for the Open Metaverse, today announced its role as founding sponsor of the Open Metaverse Conference, a first-of-its-kind industry event bringing together the worlds of the Metaverse and Web3 to build a more open and immersive Internet. The two-day conference will take place from February 8-9, 2023 in Los Angeles, California, and will gather experts and builders spanning Metaverse experiences, Web3, and entertainment.

Co-founded by Neal Stephenson, renowned futurist and science fiction author who originally coined the term “Metaverse,” and cryptocurrency pioneer Peter Vessenes, founder of the first VC-backed Bitcoin company, Lamina1 will provide the infrastructure to empower rapid expansion of the Open Metaverse. As the founding sponsor of the Open Metaverse Conference, Lamina1 will provide a forum for critical conversations around identity, privacy and interoperability, while exploring how audience engagement, creative storytelling, and the technicalities of blockchain can work hand-in-hand to make the vision of the Open Metaverse a reality.
The Open Metaverse Conference will feature keynotes from renowned technologists and storytellers who are pioneering visions for the next era of the Internet. Attendees will hear from Lamina1 co-founders Neal Stephenson and Peter Vessenes, as well as Philip Rosedale, founder of virtual world Second Life (Linden Lab) and co-founder of virtual platform High Fidelity, John Gaeta, Oscar-winning VFX pioneer (The Matrix) and CCO of character persona company Inworld AI, Cathy Hackl, Metaverse and Web3 strategist and founder of design consultancy Journey, and other industry crossover leaders to be announced. Keynote sessions will be complemented by diverse speakers and side events spanning games, art, entertainment, and commerce. To connect these key areas of culture with the technology that enables them, the Open Metaverse Conference will also facilitate technological deep dives for attendees from leaders in Web3, immersive computing, and technology standards groups. Presenting partners include the Metaverse Standards Forum, the Open Metaverse Interoperability Group, and the Open Metaverse Alliance for Web3 (OMA3), all organizations fostering interoperability.
“We are at a moment in time when developers, creatives, and producers can finally design the seamless and persistent experiences we’ve dreamed about,” said Jamil Moledina, Vice President of Games Partnerships and Media at Lamina1. “The Open Metaverse Conference will serve as the big tent for everyone who’s thinking about creating never-before-possible experiences that allow creators and consumers to enter unique virtual worlds on a level playing field.”
“OMA3 is pleased to collaborate with Lamina1 and the Open Metaverse Conference in promoting interoperability,” said Robby Yung, CEO of Animoca Brands. “OMA3 looks forward to developing talk tracks to encourage the creation of a more open and immersive internet.”
The conference will encourage interdisciplinary dialogue through debates, pitch sessions, roundtable discussions, and networking opportunities to help drive new ideas and connections.
“We felt a real sense of urgency to facilitate discussion with our colleagues and creators across the spectrum,” said Rebecca Barkin, President of Lamina1. “We know that the Open Metaverse will be built collaboratively and with a set of shared values, and we’re happy to provide this forum to address the needs of the community and to solve big problems together.”
For more information on the Open Metaverse Conference, visit www.openmetaverseconf.com.
About Open Metaverse Conference 
The Open Metaverse Conference (OMC) is an industry-first event presented by Lamina1 focused on bringing together the Metaverse and blockchain technology. The conference gathers key stakeholders spanning developers, creatives, producers, product owners, and executives to ask and address big questions around the development of a truly Open Metaverse that leverages open-source, collaborative principles and blockchain decentralization.
About Lamina1 
Lamina1 is a Layer1 blockchain optimized for the Open Metaverse. The brainchild of legendary futurist Neal Stephenson (who first conceptualized the term “Metaverse” in his 1992 best-selling novel Snow Crash) and Peter Vessenes, a foundational leader in the crypto space from the early days of Bitcoin – Lamina1 is on a mission to deliver the blockchain technology, interoperating tools, and decentralized services that will establish it as the preferred destination for creators building a more immersive Internet. It is the first provably carbon-negative blockchain in the world.
K.C. Maas
Wachsman
kc.maas@wachsman.com
K.C. Maas
Wachsman
kc.maas@wachsman.com

source

Continue Reading

Metaverse

Facebook Founder, Zuckerberg Drops Out Of 10 Richest Men After Losing Half Of Fortunes – SaharaReporters.com

Published

on

According to Forbes, the Facebook founder has lost more than half his fortune—a staggering $76.8 billion—since September 2021, dropping him from No. 3 on The Forbes 400 list of the U.S.’ wealthiest people to No. 11. Worth $57.7 billion on this year’s list.
 
Meta chief executive officer, Mark Zuckerberg has lost his spot in the list as one of the 10 richest people in America.
According to Forbes, the Facebook founder has lost more than half his fortune—a staggering $76.8 billion—since September 2021, dropping him from No. 3 on The Forbes 400 list of the U.S.’ wealthiest people to No. 11. Worth $57.7 billion on this year’s list.
Zuck trails Walmart heir Jim Walton, former New York City mayor Michael Bloomberg and other tech moguls such as ex-Microsoft CEO Steve Ballmer and Google founders Sergey Brin and Larry Page. No one in America has lost as much money over the past year as Zuckerberg.
He has the cratering stock price of Meta (formerly Facebook) to thank for his exit from the top 10. Shares have plunged 57% since last year’s Forbes 400, which used stock prices from September 3, 2021. Tech stocks are generally in a slump with the market downturn, but Meta’s fall outpaces both the Nasdaq (-9.8%) and the S&P 500 (-13.5%), as well as Microsoft’s 14% decline, Google-parent Alphabet‘s 25% drop and Amazon’s 27% dive.
Investors are spooked by a privacy policy update from Apple last year that made it harder for tech companies to track users across apps, impacting Meta’s ad sales. Meta reported its first-ever quarterly revenue decline in July–a 1% drop, to $28.8 billion.
“Facebook makes most of its money from advertising, and now it just doesn’t have that data anymore,” says Mark Zgutowicz, an analyst at research and investment banking firm Benchmark.
“All those data signals went away, which basically means that advertisers are having trouble telling whether a campaign was successful or not.”
Compounding the problem for Meta, TikTok is luring away advertisers, along with lucrative Gen Z and millennial users. In February, Meta announced its first-ever quarterly loss of daily active users. A recent internal report showed that Meta’s TikTok clone, Instagram Reels, is struggling to compete, according to Wall Street Journal report.
Under normal circumstances, a slight dip in revenue might be manageable, but Meta is also investing heavily in virtual reality and the metaverse, which is dragging down operating profit. In 2021, the company’s metaverse division, Meta Reality Labs, lost $10 billion. While the metaverse is all Zuckerberg wants to talk about, investors are less enthusiastic so far. “It’s a long tail investment and, for now, it’s kind of a cash suck,” Zgutowicz says.
Zuckerberg first became a billionaire in 2008, just four years after founding Facebook. At 23, he was the youngest self-made billionaire at the time, debuting at No. 321 on The Forbes 400, worth $1.5 billion. By 2011, Zuckerberg’s net worth had increased nearly 12 fold to $17.5 billion.
This year isn’t the first time Zuckerberg’s net worth has taken a dive. After Facebook’s famously disappointing IPO in 2012, Zuckerberg fell from No. 14 to No. 36 on The Forbes 400. But it didn’t last long. The following year, Zuckerberg bounced back and, up until now, his fortune has continued to climb. Despite the litany of controversies and scandals plaguing the company, Facebook’s ad machine had reliably churned out enough money to impress investors, sending Zuckerberg’s net worth soaring to $134.5 billion last year, his highest net worth ever.
View the discussion thread.
SaharaReporters.com is an outstanding, groundbreaking news website that encourages citizen journalists to report ongoing corruption and government malfeasance in Africa. Using photos, text, and video dynamically, the site informs and prompts concerned African citizens and activists globally to act, denouncing officially-sanctioned corruption, the material impoverishment of its citizenry, defilement of the environment, and the callous disregard of the democratic principles enshrined in the constitution.
Copyright © 2006–2022 Sahara Reporters, Inc. All rights reserved. — Privacy Policy

source

Continue Reading

Trending

Copyright © Diaily Meta News