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Metaverse of Entertainment Expected to Grow to Almost $29 Billion Driven by Consumer Spending by 2026, Study Says – Metaverse Bitcoin News – Bitcoin News

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by Sergio Goschenko
A study from Technavio, a market research firm, has predicted that the area of the metaverse dedicated to entertainment, including virtual concerts, video games, and movies, will grow to $28.92 billion in value from 2021 to 2026. The report states that 33% of this growth will originate in U.S. markets, due to the intersection of gaming and film companies.
The metaverse and its future adoption continue to be a matter of active research by market forecasting companies. A report issued on Nov. 11 by Technavio, a market research firm, has determined that the market size of the metaverse initiatives related to entertainment will grow to reach $28.92 billion in the period from 2021 to 2026.
The report identified two key areas that will fuel this growth, including the rising consumer spending on virtual concerts and virtual events, made possible by the growing advancements in virtual reality (VR) and augmented reality (AR) technologies. The second key factor is the rising adoption of online gaming, which, combined with the aforementioned technologies, offers a level of immersion that will encourage spending in this area.
However, the study also shows that there will be challenges to the growth of the market, including concerns regarding privacy and security in the metaverse. This issue has already been raised by institutions like the World Economic Forum (WEF) and even Interpol, with the latter already starting to bring their services into a police-focused metaverse.
The study further predicts the rise of the metaverse in film production, forecasting that movies will become interactive and viewers will be able to affect the cinematic environments, using VR technology for this purpose. There have been attempts at achieving this before, but none have commanded mass mainstream success.
Most of the projected metaverse growth will come from the U.S., according to the study, due to a confluence of factors. 33% of the increase is projected to originate in the area thanks in part to the “rapid convergence of the entertainment industry and traction of the gaming culture, the integration of gaming services into the service offerings of major entertainment brands, and increased investment to create more immersive gaming and entertainment experiences.”
Other reports have also made projections about the metaverse in the entertainment industry. On Sept. 12, JPMorgan stated that the Chinese metaverse gaming market could explode to over $100 billion in value. Also, in March, Citi predicted the metaverse might be a $13 trillion opportunity.
What do you think about the metaverse of entertainment and its projected growth? Tell us in the comments section below.
Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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Utherverse CEO Brian Shuster Granted Seven New Patents for … – Business Wire

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Internet pioneer now boasts more than 100 tech and internet-enabling patents
NEW YORK–(BUSINESS WIRE)–Brian Shuster, founder and CEO of Utherverse, one of the largest metaverse platforms in the world, has been granted seven new patents for technologies designed to enhance the metaverse experience. The new technologies will begin to be deployed in the metaverse’s next generation platform, due to launch by mid-2023.

The new patents add to Utherverse’s already formidable mountain of intellectual property, addressing a variety of problems and vulnerabilities within metaverse platforms, ranging from the physics of movement and immersive displays to physical interaction between users and animation control.
“For more than two decades we have been working to enhance users’ experiences on the internet,” said Shuster. “These new patents span the three key metaverse pillars of software, hardware and remote touch; solve some inherent and significant problems with the operation of metaverse platforms; and greatly improve the ability of users to exist and thrive in hyper-realistic virtual worlds. They will provide developers with the capability to continually innovate.”
Shuster is now an inventor of more than 100 patents for internet enabling technologies. The abstracts of the seven new patents read in part:
Utherverse is a metaverse platform that enables developers to build interconnected virtual worlds, provides hyper-realistic immersive experiences for consumers and opportunities for companies to market and monetize their products and services. Utherverse generates revenue from custom metaverse building services, sales of NFTs and a variety of business verticals including advertising/marketing, shopping/retail, conferences/conventions, education, dating, lifestyle, entertainment events/performances, VIP experiences and virtual offices. The Utherverse platform was launched in 2005 by internet visionary Brian Shuster. A beta version of the next generation Utherverse platform is expected to launch by mid-2023. To date, the platform has served 50 million+ users with 32 billion+ virtual commerce transactions. Utherverse has developed the technology and received more than 40 patents critical toward operating large-scale metaverses. The company is based in British Columbia, Canada. More information can be found online at Utherverse.io; Twitter/Instagram: @Utherverse; Facebook: /UtherverseDigital; LinkedIn: /utherverse-digital-inc/; Telegram: /UtherverseAnnouncements; Discord: /Utherverse.io.
Steve Honig
The Honig Company, LLC
818-986-4300
press@honigllc.com
Steve Honig
The Honig Company, LLC
818-986-4300
press@honigllc.com

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Meta is desperately trying to make the metaverse happen – MIT Technology Review

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Will web access and avatar legs be enough?
The star of Tuesday’s Meta Connect, the so-called “state of the union” for the company formerly known as Facebook, was Meta Quest Pro. Meta’s newest virtual-reality headset clocks in at a whopping $1,499.99. That’s a significant price jump from its previous iteration, Meta Quest 2, which could be yours for $399.99—not exactly cheap, but still in triple-digit territory.
That price hike, coupled with Meta’s insistence throughout the virtual event that the company envisioned the metaverse as a “next-generation social platform” accessible to everyone, sort of feels like a blatant contradiction. Even if you are among the lucky few who can shell out a grand and a half for a virtual-reality headset, would you really want to?
That’s the question Meta seems to be grappling with. While the headset price jumped, nearly all the company’s other big moves are aimed at a common and simple baseline: making the metaverse something people actually want to use. 
Meta’s metaverse hasn’t exactly had a smooth year. Less than a year ago, founder Mark Zuckerberg rebranded what was then Facebook in an effort to show that the company was pivoting to what he believed was the future of our digital lives. Since then, Meta has been saddled with hiccups and gaffes, including a much-ballyhooed avatar of Zuckerberg that got memed to oblivion, a report suggesting that the company’s employees were less than enthused about the metaverse, and allegations of virtual sexual assault.
A woman was sexually harassed on Meta’s VR social media platform. She’s not the first—and won’t be the last.
So its current strategy seems to be to release a string of updates to see what might get people interested—a “throw spaghetti at the wall and see what sticks” approach, if you will. 
Besides the Meta Quest Pro, the company also announced at the event that it was going to open up Horizon Worlds, the social media platform within Meta’s metaverse, to mobile and desktop users, so people without a headset will be able to access the virtual world.
That’s a notable step: it’s a tacit admission that VR headsets aren’t taking off as quickly as the company would like. Without a critical mass of people who understand what the metaverse feels like or even is, Meta can’t hope to have its products adopted. Opening its virtual worlds to the formats consumers are comfortable with (their text messages, their browsers, the company’s beleaguered Instagram platform) gives people who aren’t open to shelling out $399.99—much less $1,499.99—a way to experience the new world.
What’s also made the metaverse a hard sell is the disorienting experience of being a floating, legless torso, and Meta announced that it won’t be that way anymore. Previously, Andrew Bosworth, Meta’s CTO, said in an Instagram AMA that full-body avatars were difficult to implement, particularly because VR tracking usually comes from someone’s real-life eyes and hands. “Tracking your own legs accurately is super hard and basically not workable just from a physics standpoint with existing headsets,” he said in February.
But Zuckerberg (or, rather, his leggy avatar) announced at the event that the company was going to use artificial intelligence to map out legs in the metaverse, allowing avatars the ability not only to walk and run but also to wear digital clothing for their legs (a marketplace that Zuckerberg has said he is eager to participate in; Roblox, a gaming platform I’ve written about before, currently has a comfortable share of the market). This would be a huge step to improving how users think about movement in the metaverse and how they decide to represent themselves there.
But even with legs, and even with the ability to roam the metaverse without a headset strapped to your face, the key question remains: Is Meta’s metaverse something people will actually buy into? It’s worth noting that even employees at Meta are skeptical about the company’s vision, with one going so far as to say the amount spent on these projects to date made him “sick to [his] stomach.”
A free, shareable version of the metaverse accessible via weblink will open the previously closed world up to people who may not have hundreds of dollars to burn, and it’s a huge move toward democratizing the space. It might lead people to buy Meta’s claim that talking to a cartoon version of your boss is totally cool—and, more broadly, that the metaverse really is the next digital plane on which we’ll conduct our lives. 
But it might also do the opposite: people might hop on the link and find that even in its now full-bodied state, the metaverse, er, doesn’t have legs.
An avatar of the singer, who died in 1997, performed with live rappers on Meta’s Horizon Worlds.
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OREO Launches Its Own VR Metaverse Experience – VRScout

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The OREOVERSE is available now via Horzion Worlds.
This week OREO unveiled a new limited-edition flavor, the Most OREO OREO, which features real OREO grind mixed in the creme. In celebration of the new product, the company has created its own metaverse experience accessible on Meta Quest 2 and Meta Quest Pro headsets.
According to the company, the OREOVERSE features a variety of “cookie-themed” games that have you building delicious treats in VR for a chance at $50,000. As part of the campaign, TV personality Martha Stewart and her gardener Ryan McCallister will stream themselves exploring the OREOVERSE next week on the OREO brand’s social channels.
“We’re so excited to enter the metaverse! OREO is the cookie that begs to be played with and we love to create new opportunities for our fans to connect with each other and share that playful spirit,” said Julia Rosenbloom, Senior Brand Manager, OREO, in an official release. “The Most OREO OREO cookie gives fans a whole new way to playfully engage with us. By scanning the pack, they will ‘dunk into’ the new OREOVERSE world.”
“I am excited to make my metaverse debut in partnership with one of my favorite cookie brands, OREO, and having Ryan there with me will make it all the more fun,” added Martha Stewart. “The two of us have had our fair share of adventures over the last 10 years and have been able to navigate just about anything together, especially in the garden!”
The OREOVERSE is accessible now on Meta Quest 2 and Meta Quest Pro headsets via Horizon Worlds, Meta’s own social VR metaverse. Marth Stewart’s OREOVERSE excursion will begin on Monday, January 30th at 10:00 am ET on Facebook and Instagram. For more information visit here.
Image Credit: OREO
Kyle is a writer for VRScout also working in new media production. He’s also a part-time bounty hunter.
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