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A metaverse prophet's warning- POLITICO – POLITICO

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How the next wave of technology is upending the global economy and its power structures
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By DEREK ROBERTSON 
06/01/2022 05:13 PM EDT
Just minutes before we sent this newsletter out, Meta’s COO Sheryl Sandberg announced via — what else — a Facebook post","link":{"target":"NEW","attributes":[],"url":"https://www.facebook.com/sheryl/posts/10166258399565177","_id":"00000181-22d2-d3ba-ab85-7afb45b1000c","_type":"33ac701a-72c1-316a-a3a5-13918cf384df"},"_id":"00000181-22d2-d3ba-ab85-7afb45b1000d","_type":"02ec1f82-5e56-3b8c-af6e-6fc7c8772266"}”>Facebook post that she’s stepping down after nearly a decade and a half with the tech giant.
In Sandberg’s time with the company it went from a social media company to one intent on driving the digital future this newsletter covers, and from a tech up-and-comer to a global corporate power. When Meta makes internal policy it does so not only with profits or its monthly active users in mind, but China, social cohesion, even American democracy itself — making Sandberg one of the most important behind-the-scenes players in American life for the 14 years she’s helped run the company.
The impact Meta, née Facebook has had over that span of time is, of course, a subject of intense debate and scrutiny, not least around Sandberg herself","link":{"target":"NEW","attributes":[],"url":"https://www.nytimes.com/2018/11/14/technology/facebook-data-russia-election-racism.html","_id":"00000181-22d2-d3ba-ab85-7afb45b1000e","_type":"33ac701a-72c1-316a-a3a5-13918cf384df"},"_id":"00000181-22d2-d3ba-ab85-7afb45b1000f","_type":"02ec1f82-5e56-3b8c-af6e-6fc7c8772266"}”>Sandberg herself — who will remain on Meta’s board of directors as the company continues its pivot towards a new dimension of public life.

Philip Rosedale speaks onstage at Imagination Day during the 2016 Tribeca Film Festival. | Mike Coppola/Getty Images for Tribeca Film Festival
It’s really, really hard to build a world.
The metaverse is still constructed more of questions than answers. If the internet becomes more immersive and virtualized, who will create the spaces where we spend our time? Who will profit from them? Who’s watching out for us?
And who’s even thinking seriously about these questions?
There’s an answer to that last one: Philip Rosedale.
Rosedale is the founder of Linden Labs, creators of the massive, ahead-of-its-time virtual world “Second Life.” Since he started working in digital media and virtual reality in the 1990s, Rosedale has seen what can go right, what can go very wrong, and what can even go to court as virtual worlds grow to incorporate not-inconsiderate portions of the real one.
In a spate of recent public appearances that included two separate metaverse-focused panels at Davos last week, he has a warning for its architects: Don’t screw it up as badly as we did the current version of the internet.
“We’ve got enough problems with humanity right now, without adding a physically identified version of reality on the internet,” Rosedale said. “We have to tactically look at the internet as it currently exists and ask, who owns the spaces where people are hanging out, what are the rules of engagement, what’s the moderation strategy, and learn how to do this right.”
I spoke with Rosedale today via Zoom — which, he repeatedly pointed out, is still both technically smoother and capable of more nuance and expression than any kind of VR interaction.
He worries about using existing tech-world business models for the next version of the internet, given the widespread harassment and discord those business models have fostered on 2D social media platforms. As Rosedale sees it, the metaverse as currently conceived runs the risk of amplifying all those harms and more, potentially driving us to “lose ourselves as a species.”
“These are all ideas that are really futuristic, and they’re fraught with peril,” Rosedale said. “And opportunity, but probably even a little more peril.”
With the onrushing hype around Meta’s vision for the metaverse — not to mention blockchain-powered, headline-grabbing spaces like Decentraland","link":{"target":"NEW","attributes":[],"url":"https://decentraland.org/","_id":"00000181-22d2-d3ba-ab85-7afb45b30002","_type":"33ac701a-72c1-316a-a3a5-13918cf384df"},"_id":"00000181-22d2-d3ba-ab85-7afb45b30003","_type":"02ec1f82-5e56-3b8c-af6e-6fc7c8772266"}”>like Decentraland — the closed-circuit, idealistic sandbox that is Second Life feels like a vision of an alternate future that never quite took hold. But in fact, although statistics aren’t public and are hard to track, the platform still maintains a robust user base","link":{"target":"NEW","attributes":[],"url":"https://www.mic.com/impact/second-life-still-has-dedicated-users-in-2020-heres-what-keeps-them-sticking-around-18693758","_id":"00000181-22d2-d3ba-ab85-7afb45b30004","_type":"33ac701a-72c1-316a-a3a5-13918cf384df"},"_id":"00000181-22d2-d3ba-ab85-7afb45b30005","_type":"02ec1f82-5e56-3b8c-af6e-6fc7c8772266"}”>user base of hundreds of thousands each day, some of whom have been visiting Second Life for nearly 20 years.
And there are plenty of ways in which Second Life predated not just the idea of a totally immersive virtual world, but aspects of crypto and Web3 as well — the in-game “Linden dollar” has a real-life dollar peg to which it can be cashed out; the virtual world’s most fundamental building blocks are functionally equivalent to NFTs.
But it’s the ways in which Second Life is different from the modern conception","link":{"target":"NEW","attributes":[],"url":"https://www.matthewball.vc/the-metaverse-primer","_id":"00000181-22d2-d3ba-ab85-7afb45b30006","_type":"33ac701a-72c1-316a-a3a5-13918cf384df"},"_id":"00000181-22d2-d3ba-ab85-7afb45b30007","_type":"02ec1f82-5e56-3b8c-af6e-6fc7c8772266"}”>modern conception of a metaverse of real-world shopping, immersive gaming, and total interoperability that reveal the barriers to making that world real. In a world with one central authority, like Second Life, it’s very clear who sets the rules and settles the disputes (even when they occasionally spill into real-life courts","link":{"target":"NEW","attributes":[],"url":"http://lawy-ers.com/BraggvLinden_Complaint.pdf","_id":"00000181-22d2-d3ba-ab85-7afb45b30008","_type":"33ac701a-72c1-316a-a3a5-13918cf384df"},"_id":"00000181-22d2-d3ba-ab85-7afb45b30009","_type":"02ec1f82-5e56-3b8c-af6e-6fc7c8772266"}”>real-life courts, as has happened on several occasions","link":{"target":"NEW","attributes":[],"url":"https://modemworld.me/2010/04/22/echoes-of-bragg-evans-et-al-vs-linden-lab/","_id":"00000181-22d2-d3ba-ab85-7afb45b3000a","_type":"33ac701a-72c1-316a-a3a5-13918cf384df"},"_id":"00000181-22d2-d3ba-ab85-7afb45b3000b","_type":"02ec1f82-5e56-3b8c-af6e-6fc7c8772266"}”>several occasions).
I asked Rosedale what he thought of Meta’s recent proposal for metaverse shared governance","link":{"target":"NEW","attributes":[],"url":"https://nickclegg.medium.com/making-the-metaverse-what-it-is-how-it-will-be-built-and-why-it-matters-3710f7570b04","_id":"00000181-22d2-d3ba-ab85-7afb45b3000c","_type":"33ac701a-72c1-316a-a3a5-13918cf384df"},"_id":"00000181-22d2-d3ba-ab85-7afb45b3000d","_type":"02ec1f82-5e56-3b8c-af6e-6fc7c8772266"}”>recent proposal for metaverse shared governance. His answer was straightforward: as long as Facebook retains its ad-based business model it can make whatever rules it likes — but those rules will be ultimately tied by the perverse incentives for behavior with which social media users are now all too familiar.
“Any centralized company such as Facebook that’s trying to maximize shareholder value is going to create an environment of rules that allows people to do too much harm to each other,” Rosedale said. “The ideas that maximize profits for a company are not contained in the social contract that humans need to behave civilly.”
If people do transfer their current internet activity to the metaverse in large numbers, as companies like Meta hope, it’ll be because both technological advances have made the experience seamless enough and said companies have created a world appealing enough to persistently distract from the real one.
Rosedale says that will be much easier said than done.
“Second Life is important in this discussion because it’s the best example of what might happen once we’re there,” Rosedale said. “But it’s still hard, and there’s still no evidence that we’re going there.”

As I pushed my foot to the pedal","link":{"target":"NEW","attributes":[],"url":"https://www.youtube.com/watch?v=PYHR3hAZOUM","_id":"00000181-22d2-d3ba-ab85-7afb45b50000","_type":"33ac701a-72c1-316a-a3a5-13918cf384df"},"_id":"00000181-22d2-d3ba-ab85-7afb45b50001","_type":"02ec1f82-5e56-3b8c-af6e-6fc7c8772266"}”>As I pushed my foot to the pedal, I was driving much too fast”… to hear the regulator-mandated sound of the electric vehicle revolution.
Damon Krukowski, the indie rock veteran, poet, and blogger wrote this week","link":{"target":"NEW","attributes":[],"url":"https://dadadrummer.substack.com/p/enter-sandman?s=r","_id":"00000181-22d2-d3ba-ab85-7afb45b50002","_type":"33ac701a-72c1-316a-a3a5-13918cf384df"},"_id":"00000181-22d2-d3ba-ab85-7afb45b50003","_type":"02ec1f82-5e56-3b8c-af6e-6fc7c8772266"}”>wrote this week about his discovery of — and annoyance by — the ambient noise emitted by the current model of the hybrid Honda Accord, which turns out to have been composed by fellow musicians and futurists Holly Herndon and Mat Dryhurst (featured in last week’s DFD).
When Herndon and Dryhurst were commissioned to produce the vehicle’s substitute for traditional engine noise, they set out to make something that wasn’t “skeuomorphic” — that is, duplicative of an older object, like, say, an old Ford Galaxie","link":{"target":"NEW","attributes":[],"url":"https://en.wikipedia.org/wiki/Ford_Galaxie","_id":"00000181-22d2-d3ba-ab85-7afb45b50006","_type":"33ac701a-72c1-316a-a3a5-13918cf384df"},"_id":"00000181-22d2-d3ba-ab85-7afb45b50007","_type":"02ec1f82-5e56-3b8c-af6e-6fc7c8772266"}”>Ford Galaxie. So instead of the low rumble of a traditional fuel-injection engine, the vehicle emits an eerie, angelic hum","link":{"target":"NEW","attributes":[],"url":"https://youtu.be/HGqD34AS76E","_id":"00000181-22d2-d3ba-ab85-7afb45b50008","_type":"33ac701a-72c1-316a-a3a5-13918cf384df"},"_id":"00000181-22d2-d3ba-ab85-7afb45b50009","_type":"02ec1f82-5e56-3b8c-af6e-6fc7c8772266"}”>angelic hum that recalls the work of the recently deceased composer Vangelis.
There’s a decidedly skeuomorphic catch to all of this, however. As it happens, the creative challenge is the result of a federal regulation that requires electric vehicles to emit noise","link":{"target":"NEW","attributes":[],"url":"https://www.reuters.com/article/us-autos-regulations-sounds/u-s-finalizes-long-delayed-quiet-cars-rule-extending-deadline-idUSKCN1GA2GV","_id":"00000181-22d2-d3ba-ab85-7afb45b5000a","_type":"33ac701a-72c1-316a-a3a5-13918cf384df"},"_id":"00000181-22d2-d3ba-ab85-7afb45b5000b","_type":"02ec1f82-5e56-3b8c-af6e-6fc7c8772266"}”>requires electric vehicles to emit noise at speeds lower than 18.6 miles per hour (or a more even 30 kilometers per hour) in order to avoid catching pedestrians or the blind by surprise.
So Krukowski might be unlikely to get his desired peace and quiet anytime soon, even in an EV-heavy Boston neighborhood. But at the very least the regulatory landscape around the new technology allows for some creative wiggle room, and sparks some unexpected creativity — compared to skeuomorphic old Europe, where regulators have mandated that electric vehicles replicate the sound of a gas engine","link":{"target":"NEW","attributes":[],"url":"https://www.greencarreports.com/news/1123871_breaking-the-silence-in-europe-evs-must-sound-like-gas-cars","_id":"00000181-22d2-d3ba-ab85-7afb45b5000c","_type":"33ac701a-72c1-316a-a3a5-13918cf384df"},"_id":"00000181-22d2-d3ba-ab85-7afb45b5000d","_type":"02ec1f82-5e56-3b8c-af6e-6fc7c8772266"}”>replicate the sound of a gas engine.

Stay in touch with the whole team: Ben Schreckinger (bschreckinger@politico.com","link":{"target":"NEW","attributes":[],"url":"mailto:bschreckinger@politico.com","_id":"00000181-22d2-d3ba-ab85-7afb45b60000","_type":"33ac701a-72c1-316a-a3a5-13918cf384df"},"_id":"00000181-22d2-d3ba-ab85-7afb45b60001","_type":"02ec1f82-5e56-3b8c-af6e-6fc7c8772266"}”>[email protected]); Derek Robertson (drobertson@politico.com","link":{"target":"NEW","attributes":[],"url":"mailto:drobertson@politico.com","_id":"00000181-22d2-d3ba-ab85-7afb45b60002","_type":"33ac701a-72c1-316a-a3a5-13918cf384df"},"_id":"00000181-22d2-d3ba-ab85-7afb45b60003","_type":"02ec1f82-5e56-3b8c-af6e-6fc7c8772266"}”>drober[email protected]); Konstantin Kakaes (kkakaes@politico.com","link":{"target":"NEW","attributes":[],"url":"mailto:kkakaes@politico.com","_id":"00000181-22d2-d3ba-ab85-7afb45b60004","_type":"33ac701a-72c1-316a-a3a5-13918cf384df"},"_id":"00000181-22d2-d3ba-ab85-7afb45b60005","_type":"02ec1f82-5e56-3b8c-af6e-6fc7c8772266"}”>[email protected]);  and Heidi Vogt (hvogt@politico.com","link":{"target":"NEW","attributes":[],"url":"mailto:hvogt@politico.com","_id":"00000181-22d2-d3ba-ab85-7afb45b70000","_type":"33ac701a-72c1-316a-a3a5-13918cf384df"},"_id":"00000181-22d2-d3ba-ab85-7afb45b70001","_type":"02ec1f82-5e56-3b8c-af6e-6fc7c8772266"}”>[email protected]).
If you’ve had this newsletter forwarded to you, you can sign up here","link":{"target":"NEW","attributes":[],"url":"https://www.politico.com/newsletters/morning-tech/archive","_id":"00000181-22d2-d3ba-ab85-7afb45b70002","_type":"33ac701a-72c1-316a-a3a5-13918cf384df"},"_id":"00000181-22d2-d3ba-ab85-7afb45b70003","_type":"02ec1f82-5e56-3b8c-af6e-6fc7c8772266"}”>sign up here. And read our mission statement here.
© 2022 POLITICO LLC

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Top 3 Metaverse Crypto Coins Below $0.01 to Watch in June 2022 – The VR Soldier

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Cryptocurrency markets continue to trade sideways this week, with Bitcoin and Ethereum managing a spectacular recovery after bottoming out on June 18th. There are several popular niches for crypto tokens, including NFTs, AI & Big Data, DeFi, and Metaverse. Metaverse crypto coins are showing green across the board, making it an excellent opportunity to cover several undervalued projects with a unit price below 1 cent to watch in June 2022.
Note: The list below is ordered by the unit price of each project, lowest to highest.
Launched in April 2019, Verasity (VRA) is a blockchain company and Metaverse crypto coin looking to build an entirely new experience in AdTech, Esports, and digital rights management.
Verasity features its unique Proof-of-View protocol, which can identify fraudulent online traffic and discard it from analytics platforms, thereby increasing ad revenue for publishers and conversions for advertisers. The PoV protocol also featured NFT authentication features, which help identify fraudulent and copycat collections looking to capitalize on a primary project and its community.
verasity proof-of-view
Due to its unique nature, Verasity’s Proof-of-View technology passed a patent examination by the Chinese Patent Office in January 2022, signaling the tremendous potential for the protocol and the project.
For its product layer, Verasity includes VeraEsports – an Esports platform partnering with some of the most prominent players in the game, such as PUBG Mobile, Valorant, CS:GO, etc. Verasity also features its online crypto wallet – VeraWallet, with guaranteed security and growth for your portfolio. VeraWallet is an ultra-secure, all-in-one digital currency wallet for people who love esports and NFTs.
Moreover, VRA is one of the top Metaverse crypto coins with some of the highest staking yields, offering up to 18.25% on VRA tokens until April 2023. Users can stake their VRA tokens in Verasity’s VeraWallet.
verasity veraviews
Last but not least, Verasity features an earning platform – VeraViews, which enables users to earn VRA tokens for watching content online.
Verasity currently features a market cap of $57 million with a 24-hour trading volume of $6.8 million. Its low unit price of $0.0055 make it a highly undervalued project worth keeping an eye on in June 2022.
VRA is the primary ERC-20 Ethereum-based digital asset for the platform. VRA can be used to earn rewards, payment for various services, etc.
You can purchase VRA on Gate.io, Poloniex, KuCoin, Hotcoin Global, OKX, Bittrex, etc.
Launched in September 2021, Star Atlas (ATLAS) is one of the market’s most anticipated Metaverse crypto games. It features some of the best designs out of all the Metaverse crypto coins and includes a robust NFT marketplace where users can purchase in-game assets to be used in the game when it’s released.
star atlas
Star Atlas, by far, has one of the best design teams behind the project, and we recommend checking out the platform if you haven’t yet. The game is currently in development, but users can check out the website, a few teaser trailers, and its NFT marketplace.
Star Atlas is built on the Solana blockchain, so to interact with its NFT dApp, we recommend connecting with a Solana-supported Web3 wallet like Phantom.
The game itself involves strategy and exploration. Users can explore Star Atlas’ planets in its Metaverse, complete missions, collect resources, and earn rewards via the game’s play-to-earn model.
One unique feature about Star Atlas is its recent partnership with The Sandbox, one of the highest-valued Metaverse crypto projects on the market. The partnership will revolutionize interoperability between the Ethereum and Solana blockchains in a first-of-its-kind collaboration.
Star Atlas includes a dual-token economy consisting of two Solana-based tokens: ATLAS and POLIS. While ATLAS is the primary utility asset for Star Atlas, which enables users to buy NFTs on the marketplace and interact with its Metaverse, POLIS is the governance token providing voting power to holders looking to participate in the Star Atlas DAO.
star atlas
With a current market capitalization of $15 million and a unit price of $0.007, Star Atlas is highly undervalued. Star Atlas has tremendous long-term potential, and we recommend keeping a close eye on the project in June 2022.
You can buy ATLAS on FTX, Gate.io, Kraken, Raydium, LBank, MEXC, Ascend EX (BitMax), OKcoin, Paribu, BitMart, CoinEx, Bitrue, XT.COM, CoinTiger, etc.
Launched in July 2021, Metahero (HERO) is building an ultra-realistic Metaverse enabling users to scan themselves and other real-world objects into Metahero’s digital realm with extreme precision.
metahero and wolf digital world partnership
Metahero partnered with Wolf Digital World, the leaders in 3D photogrammetric scanning technology already utilized by AAA game developers like CD Project, the team behind Cyberpunk 2077 and The Witcher Series, to create realistic animations and 3D models.
Metahero features its Metaverse called Everdome, which completed a presale raising over $9 million in its seed funding round, signaling the tremendous community support for the project.
While Metahero’s primary utility asset is HERO, Everdome’s token is DOME. Both tokens are BEP-20 BNB Chain crypto assets as Metahero and Everdome are built on the BNB chain. Metahero is one of the most underrated Metaverse crypto coins on BNB, and we recommend keeping a close eye on it in June 2022.
Metahero is undervalued now, as the bear market pushed its valuation to $50 million. With a unit price of $0.0099, it’s a tremendous low-priced coin to watch in June 2022.
In recent news, Metahero announced that it appointed Mariusz Król, the founder of WOLF Group, as the CEO of Metahero. According to the announcement:
“Both teams will continue to deliver at the highest level, each with a unilateral focus, in order to increase and optimize output for both projects.”
You can purchase the HERO token on KuCoin, Gate.io, Bybit, LBank, PancakeSwap (V2), Crypto.com, AAX, CoinEx, Biswap, XT.COM, etc.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.
Follow us on Twitter @thevrsoldier to stay updated with the latest Crypto, NFT, AI, and Metaverse news!
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It can be quite difficult to find cryptocurrencies that are worth purchasing in the current financial market as the number…
© 2022 The VR Soldier
© 2022 The VR Soldier

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Facebook's Metaverse is Expanding the Attack Surface – Trend Micro

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Use the CRI to assess your organization’s preparedness against attacks, and get a snapshot of cyber risk across organizations globally.
Content added to Folio
Privacy & Risks
Understand the cybersecurity risks in the Metaverse
By: William Malik August 08, 2022 Read time:  ( words)
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Thirty years ago, Paramount trademarked the name “Holodeck.” An artifact of Star Trek: The Next Generation, the holodeck was a magical, computer-generated world where characters lived in another realm – either a historical place or an entirely fictious domain, based on old movies, books, or a character’s imagination. As in much science fiction, the holodeck’s inner workings were never explained, except when dealing with a malfunction: the safety protocols stopped working, an alien took over the controls, a fictional character escaped, all of which put one or more character’s lives at risk.
Also, thirty years ago, Gartner published a research report “Client Server and Cooperative Processing.” It described the underlying model behind client/server computing and described the forms simple two-tiered architectures might take. As a side effect, the report described why client/server computing makes sense (as opposed to doing everything on one machine). Different types of computers have a different ration of computational power to available data. Historically, mainframes tend to be data-rich (tuned to run at 100% processor utilization) and MIPS-poor, while PCs tend to be MIPS-rich (rarely exceeding significant processor utilization) and data-poor – by a factor of about 3,000. If the computational problem involves lots of data but relatively little processing power, a mainframe-style computer fits the bill. If the problem involves lots of processing but not much data, a PC makes sense. And if the problem requires lots of data and lots of processing, then split the problem into two parts – and put the data-heavy part on one, and the compute-intensive part on the other.
Enter the Metaverse
The holodeck is the limiting case of a computational problem requiring lots of data and lots of processing. We can be sure that it is implemented using a multi-tiered architecture. Which brings us to the metaverse, our real-world version of the holodeck. The metaverse will provide a rich, immersive experience when the user wears AR glasses and gloves with haptic feedback (local client computing for compute-intensive tasks) fronting a richly connected network of servers holding vast amounts of data about the background, landscape, avatars, and the physics of the virtual environment.
From a security perspective the metaverse presents every possible attack surface. The primary IT components connect using IP but the many devices needed to flesh out the illusion will run a multitude of industrial control system protocols. Cost pressures will drive vendors building the infrastructure to source low-cost IIoT components, which still lack basic security and privacy controls. Even in the holodeck, advanced authentication was easily forged. Man-in-the-middle attacks will proliferate. Privacy will be non-existent, because people react to sensory input faster than they know, and the local client hardware will pick up and remember those reactions. While people are exploring their virtual world, the virtual world is constantly monitoring and evaluating the individual’s likes, wants, and preferences. The mountain of profile data will make marketing vastly more persuasive, not just for consumer products but also for political advertisement targeting. Vance Packard would be in awe of the metaverse’s power.
Security conventionally guarantees that data shall not be lost, altered, or inadvertently disclosed. Adding the industrial control system mandate for safety brings us to a new model for cybersecurity fitting the threats the metaverse will unleash. Since effective cybersecurity combines technology with policy and user education, we are a long way from securing the metaverse. The architecture is just now coming to light. The proper procedures are far from a first draft, and regulations a decade behind that. For now, the strongest link remains the people using it. Be careful, and thoughtful, about what you want to share and how you would keep a secret in this new virtual world. “Arch!” doesn’t work quite yet.
ReferencesHOLODECK Trademark 74327473, filed Oct 31, 1992.
“Client/Server and Cooperative Processing – a Guide for the Perplexed,” William Malik, Tony Percy, W. Roy Schulte, Gartner, Stamford, CT. October 1992
The Hidden Persuaders, Vance Packard, David McKay Co., New York, 1957.

What do you think? Let me know @WilliamMalikTM
William Malik
VP, Infrastructure Strategies

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AR Service Provider Flowing Cloud Eyes to Become First Metaverse-Related Stock Listed in Hong Kong – Pandaily

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Pandaily
Everything about China's Innovation
On September 22, a document from the Hong Kong Stock Exchange (HKEx) showed that Flowing Cloud, a Chinese tech firm, passed the listing hearing and it will start trading on the main board of the exchange at the end of this month. The firm thus may become “the first Metaverse-related stock listed in Hong Kong.”
Founded in 2008, the firm switched its focus from the game business to AR/VR content and services in April 2017, completing the transformation in May 2019. Now its business mainly covers AR/VR marketing services, AR/VR content and AR/VR SaaS (software as a service).
In view of the fact that AR/VR content and services belongs to the Metaverse ecosystem, the firm has started to build its own Metaverse platform, called Flowing Cloud Metaverse, and will release it in the future. There is a virtual commercial market that allows users to move freely and become merchants, providing access to Metaverse for enterprises and individual users. The platform will connect them together.
The firm also provides AR/VR SaaS services. Recently, it announced a strategic cooperation agreement with the short video sharing app Kuaishou. The contents of the deal include providing convenient editing tools for Kuaishou content creators based on a SaaS platform, which is widely applicable to panoramic pictures and other immersive videos. Creators can make 3D models, add special effects and use other interactive functions.
Flowing Cloud currently maintains relatively considerable revenue growth and profitability. According to its prospectus, the revenues of Feitian Yundong were 251 million yuan ($35.5 million) in 2019, 339 million yuan in 2020 and 595 million yuan in 2021. During the period, the net profit was 42 million yuan, 60 million yuan and 72 million yuan respectively. In the first quarter of 2022, its revenue increased by 64.75% from 139 million yuan in the same period of 2021 to 229 million yuan; The net profit increased by 315.78% from about 9.19 million yuan in the same period of 2021 to 38.21 million yuan.
SEE ALSO: Inkeverse Launches Social Metaverse Product Targeted at Gen Z
The net proceeds from this IPO will be mainly for enhancing R&D capabilities and improving technical infrastructure. The firm will enhance its sales and marketing functions, promote potential mergers, acquisitions and strategic investments, and develop the above-mentioned Metaverse platform. Further, the funds will be added to working capital and general corporate purposes.
Investment and financing in the field of Metaverse are in full swing. According to the Investment and Financing Data Report of Metaverse released by Chinese market research firm 100EC in July this year, the financing amount of the Metaverse in China has reached 5.46 billion yuan. In China, there are 160,000 digital human business enterprises and more than 20 provincial governments involved in the building up of the Metaverse. Dora Liu, Deputy CEO and Chief Quality and Transformation Officer at Deloitte China, pointed out that in 2030, China’s Metaverse market will reach 40 trillion yuan, which will count 20% of the country’s GDP, and electronic products and wearable devices in Metaverse will be worth $100 billion.
Domestic leading enterprises are also speeding up the layout of Metaverse. In June this year, Tencent was reported to have set up an “XR-ExtendedReality” department, which is tasked with building an extended reality business including software and hardware for Tencent and will become part of the company’s Interactive Entertainment Group (IEG). In addition, in September 2021, Alibaba launched AYAYI, a digital manager, and in March 2022, it led the investment in Nreal, a Chinese mixed reality (MR) technology startup. Baidu, ByteDance and NetEase have also invested in this field.
Builtopia, a metaverse technology service provider, has recently completed a seed round financing worth tens of millions of yuan led by Shunwei Capital. The funds will be mainly used for technology upgrades and marketing.
On July 13, the HASHII encrypted digital print was jointly released by Inmyshow Digital, a new media marketing company, and Skyworth, a television manufacturer.
This week: Tencent’s NFT marketplace Huanhe to close down, Zipmex becomes latest crypto exchange to halt withdrawals, Hong Kong monetary chief said crypto and DeFi won’t disappear, and more.
The Sandbox announced a new partnership on July 27 with global gaming company Gravity, aimed at bringing Ragnarok, a massively multiplayer online role-playing game created by Gravity, into the metaverse.

A Guide to China's Tech World


TechBuzz China by Pandaily

Pandaily is a tech media based in Beijing. Our mission is to deliver premium content and contextual insights on China’s technology scene to the worldwide tech community.
The automated manchine translation of regional languages is powered by NiuTrans.
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