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Facebook: A Metaverse-Owned Social Networking Site Success Story! – Inventiva

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There are very few people in today’s digital age who are not using the social media site Facebook. Facebook started out as a social network for a specific group of college students, but it has now developed into a vital tool for everyday socialising and professional networking.
As the owner of a small business, Facebook might be just what you need to identify potential employees, attract new customers, or monitor your rivals’ activities. Additionally, you don’t need to create a new Facebook profile in order to browse Facebook material.
Meta Platforms is the owner of the American social networking site Facebook. In 2004, Mark Zuckerberg and three other undergraduates from Harvard University started Facebook.
Despite the fact that Facebook is free to use, the majority of the platform’s revenue is generated through advertisements. Users can create accounts, submit images, join pre-existing communities, or create new ones.
Facebook’s success is partly due to its founder Mark Zuckerberg’s determination that users be honest about who they actually are from the start because fake pages are strictly prohibited.
Transparency, in accordance with the company’s operations, is essential for fostering interpersonal relationships, exchanging knowledge and suggestions, and advancing society as a whole. It was also mentioned that businesses find it simpler to communicate with clients about their services and products thanks to Facebook users’ bottom-up, peer-to-peer networking.
Continue reading this article to learn more about Facebook, a company owned by Meta, including how it benefits us, its business model, founding history, and many other things.
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Facebook, an American-based social networking and online social media platform is owned by Meta Platforms. Among the features of the website are Timeline or wall, a section on the user’s homepage where users can post content and friends can send messages, Status, which enables users to inform friends of their current location or a specific set of circumstances, and News Feed, which alerts users to updates to their friends’ statuses and profiles.
Users can send and receive messages, as well as converse with one another. The Like button, which is present on many other websites, allows users to express their approval for content on Facebook.
Facebook opened up membership to those above the age of 13 in 2006, increasing its user base beyond students. Just as Zuckerberg predicted, advertisers were able to establish new and fruitful ties with consumers.
Facebook announced in October 2021 that Meta Platforms will be the new name of its parent company. The name change indicated a shift in emphasis to the “metaverse,” a participatory augmented reality world. Facebook, a social networking site, is now a part of the Meta Platform.
Customers can participate in the social media market, which consists of sales by entities, generating, and sharing content and information (organizations, single traders, or partnerships). Users of social media platforms can share images, videos, and audio files.
Sales of advertisements and other services offered through social networks are the main sources of income for this business. The social media industry is divided into two distinct categories: social media advertising and subscriptions.
With a compound annual growth rate (CAGR) of 39.7%, the global social media industry is anticipated to increase from $159.68 billion in 2021 to $223.11 billion in 2022.
The COVID-19 impacts, which had previously resulted in restrictive measures including social isolation, the closure of commercial businesses, and remote work, all of which presented operational issues, are now causing businesses to restructure their operations and recover. The market is anticipated to reach $309 billion in 2025 at a CAGR of 32%.
The Asia Pacific was the most significant area in 2020, accounting for 46% of the worldwide social media market. North America, the second-largest region, accounted for 32% of the global market. South America held the position of the smallest region in the global social media market.
The term Facebook was chosen because each Harvard student received one of them, which contained photos of their friends and were referred to as Facebooks, according to David Kirkpatrick’s book The Facebook Effect. This is how “Facebook” got its name because the company uses its social media platform to help individuals connect with their friends and family.
According to some, the little F symbol on Facebook’s website stands for either the word Facebook or the idea of bringing friends together.
The slogan for Facebook has changed from “It’s Free and Always Will Be” to “It’s Quick and Easy.” Between August 6 and August 7, 2019, it was mysteriously modified, and Facebook didn’t say why.
Mark Zuckerberg, Andrew McCollum, Chris Hughes, Dustin Moskovitz, and Eduardo Saverin established Facebook.
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American entrepreneur, media personality, and philanthropist Mark Zuckerberg. His most notable accomplishment is co-founding Meta Platforms, Inc., formerly known as Facebook, Inc., where he currently holds the positions of chairman, CEO, and largest shareholder. Additionally, he is a co-founder and board member of Breakthrough Starshot, a project to construct solar-powered spacecraft.
In 2014, Andrew McCollum became the CEO of the entertainment-focused OTT streaming service Philo. Philo made its national premiere in November 2017. Before taking over as CEO, Andrew served on the Philo board of directors, oversaw the company’s founders, and was one of its earliest investors.
Before joining Philo, Andrew was a part of the Facebook founding team and has always been interested in the social design of products. After leaving Facebook, Andrew served as an Entrepreneur in Residence for two of Philo’s backers, New Enterprise Associates (NEA) and Flybridge Partners. He continues to be an active angel investor and advisor during the start-up phase of a business.
Chris Hughes (born on November 26, 1983) is an American entrepreneur who co-founded Facebook with two of his Harvard classmates and served as its spokesperson. From 2012 until 2016, he served as The New Republic’s publisher and chief editor. Hughes is the Economic Security Project’s co-chair as of 2019.
Asana’s CEO and co-founder are Dustin Moskovitz. Both Good Ventures and the Open Philanthropy Project were co-founded by him. In addition, he helped found Facebook.
The co-founder and partner of B Capital Group are Eduardo Saverin. Mr Saverin was an early investor and a co-founder of Facebook. Mr Saverin is keen to invest money in the upcoming technological advancements.
As a technology investor and supervisor, he has advised and collaborated closely with a variety of companies of various sizes and phases, all of which have one thing in common: a passion for people-centric technology and a mobile platform lean with global aspirations.
In December 2021, the Facebook team had 71,970 registered full-time employees.
The social networking site Facebook was first launched as FaceMash on October 28, 2003, before changing its name to Facebook on February 4, 2004. Mark Zuckerberg and his Harvard University classmates founded it. The website’s creators initially only allowed Harvard students to join.
However, it was subsequently extended to cover more colleges in the Boston area, the Ivy League, and eventually the majority of American and Canadian universities, corporations, and, by September 2006, every person over the age of 13 with an active email account.
The Wall was added to a Facebook user’s online profile in September 2004. This extensively utilised feature, which allowed users’ friends to submit content to their Walls, quickly contributed significantly to the network’s social component. By the end of 2004, Facebook had amassed one million active users.
The company was still trailing Myspace, the most popular online social network at the time, which had five million subscribers. However, over time MySpace was unable to compete with Facebook.
2005 became a significant year for the business. Here, the concept of “tagging” individuals in pictures uploaded to the website was developed. In pictures that other Facebook friends may see, people identified themselves and other people using tags. Facebook members have unrestricted photo uploads. In 2005, high school and university students from other countries were given permission to enlist in the “Facebook army.” It had six million monthly active users by year’s end.
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Giving individuals the ability to create community and unite the world is central to Facebook’s aim.
Based on the company’s social media service offerings, Facebook’s corporate mission statement is “People use Facebook to keep connected with friends and family, discover what’s going on in the world, and share and express what matters to them.”
The company is more than just an online social networking service, as shown by its corporate vision. Instead, the company promotes meaningful conversation and information sharing among specific clients.
The main way that Facebook generates revenue is by displaying advertisements from companies on its Facebook and Instagram apps. 98 per cent of Facebook’s $86 billion in income in 2020 came from advertisements. Sales of the Oculus and Portal devices, as well as fees for development costs, accounted for the majority of the remaining 2 per cent of revenues.
The core of Facebook’s business plan is to offer its services and technologies to billions of users without charge to make money by allowing companies to advertise to users. Facebook auction-based pricing is used by advertisers, and it is based on supply and demand.
That suggests that Facebook’s users—those who use its services—are not the ones who pay for them. The actual clients are small businesses that advertise on Facebook’s selection of applications. The initial incarnation of Facebook’s e-commerce capabilities, Facebook Shops, was released, making the company’s emphasis on small businesses much clear.
Despite its past and current issues, Facebook is succeeding greatly. Sales climbed by 22 per cent to $86 billion in 2020 despite the COVID-19 pandemic. It had a net income of $29 billion and a profit margin of 38%.
Facebook starts experimenting with polygon NFTs and Ethereum on profiles.
In a report dated July 1, 2022, Facebook declared that it has already begun implementing NFTs for some American creators. Initially supporting NFTs on Polygon and Ethereum, the platform will soon include support for NFTs on Solana and Flow as well, according to a spokesman for the social media behemoth.
The users’ Facebook accounts will feature a “digital collectables area,” where they may exhibit their NFTs, which are unique blockchain tokens that reflect ownership, according to a post by Meta Product Manager Navdeep Singh.
The users would be able to connect their Facebook profiles to their bitcoin wallets, Singh added. Additionally, they will be given the choice to turn their NFTs into Facebook posts, which may then be shared, liked, commented on, and answered just like any other Facebook postings.
Face recognition will gradually be removed from Facebook’s social network, the business revealed in November 2021. According to Meta, Facebook’s newly established parent company, its use would be restricted across all products, and over a billion saved faces will be destroyed.
Over a billion saved faces will be erased in the coming weeks, said Jerome Pesenti, vice president of artificial intelligence at Meta. The elimination of such a sizable database indicates that Meta will restrict the use of facial recognition in its anticipated “metaverse” projects, which will initially entail real people interacting in sizable virtual settings, such as gaming environments.
Technology behemoths like: are Facebook’s main rivals.
Google
YouTube
Twitter
Snapchat
Pinterest
LinkedIn
WeChat
Amazon
Microsoft
Apple
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Facebook’s prominence and size have drawn criticism from a number of sources. Internet privacy, its face recognition technology, excessive data retention, the addictiveness of DeepFace, and its use in the workplace, including employers’ access to employee accounts, are all issues.
Facebook has received criticism for its usage of electricity, tax avoidance, compliance with real-name user verification rules, censorship, and involvement in the US PRISM surveillance programme.
Facebook users are alleged to have negative psychological effects like stress, envy, lack of focus, and social media addiction. Facebook has been under fire for allowing users to publish offensive or illegal material. The specifics include copyright and intellectual property violations, rape, hate speech, terrorist incitement, fake news, crimes, murders, and live-streaming violent events.
In an effort to temporarily restore peace in the wake of the worst anti-Muslim violence the nation had seen since the Easter Sunday massacre the year before, Sri Lanka temporarily disabled both WhatsApp and Facebook in May 2019. Facebook eliminated 3 billion bogus accounts during the fourth quarter of 2018 and the first quarter of 2019, increasing the overall number of monthly active users to 2.39 billion.
The business announced that the Federal Trade Commission was looking into it for antitrust violations in late July 2019.
According to sources from July 15, 2022, Facebook is going to lay off workers and has already instructed the process managers to identify the underachievers and move them to exit. According to reports, the corporation has been experiencing difficulties due to macroeconomic factors, which have hurt its advertising revenue.
Facebook has changed its name to “Meta,” and CEO Mark Zuckerberg claims that moving forward, the company will put the “metaverse first,” which means you won’t need a Facebook account to use other Meta products.
Additionally, it implies that the business would split its operations into two groups: one for its app family and another for its upcoming platform initiatives (the latter group will be known as Reality Labs).
While developing their social networking applications will continue to be a top focus, he thinks the company’s identity will gradually become less dependent on a particular good or service.
According to Zuckerberg, who believes it will be the next form of integrated virtual media to emerge after video, the metaverse will essentially be an incarnation of the internet (which evolved from photos and texts).
You’ll be able to completely engross yourself in these activities as opposed to staring at a screen. That can most likely be achieved by fostering a strong sense of presence in a communal setting, which would serve as the metaverse’s defining attribute. The company will need to provide hardware for this, such as the Oculus Quest 2 or other models.
The company is considering giving incentives to developers and new users to sign up. These choices include cost-cutting, subsidising technology, and selling products at a loss in order to increase adoption.
It’s important to emphasise that Zuckerberg’s imagined metaverse is far from complete. According to Zuckerberg, just the basic building blocks function right now. In the end, technological challenges persist; for example, it is challenging to fit sophisticated computers and augmented reality technologies into a pair of eyeglasses.
In a founder’s letter, Zuckerberg promises to promote security and privacy on this new “social technology” network, but it will be interesting to see if he can convince people to use it—especially younger generations who have been leaving Facebook behind. Many people wonder if a new interface won’t only bring up the same old problems.
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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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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.
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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
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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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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.

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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.
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