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Spain Will Provide 8 Million Euros in Grants to Develop Video Game and Metaverse Experiences

Spain Will Provide 8 Million Euros in Grants to Develop Video Game and Metaverse ExperiencesThe Ministry of Culture and Sports of Spain has decided to direct 8 million euros ($8.5 million) toward the development of video games and narrative metaverse experiences. The program, part of the Spanish “Recovery, Transformation, and Resilience Plan” will give grants directed to incubate projects in these areas in 2023. Spain Directs 8 Million Euros […]

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Current infrastructure can’t support the Metaverse, says Huawei report

Huawei’s Middle East region's chief strategist outlined that networks have issues with throughput, rendering and download speeds that need solving.

Chinese telecom giant Huawei doesn’t believe current telecom infrastructure is enough to cope with the needs of the Metaverse, adding that 5G and 6G networks just might.

The comments came from Huawei’s Middle East region's Chief Expert on Business & Strategy Consulting, Abhinav Purohit, who published a three-part blog series on Dec. 20 focused on the potential of the Metaverse sector and where telecom companies will fit into the picture.

Describing what the Metaverse is, or what its actualization will look like, Purohit outlined that a “metaverse is a collective virtual shared space” which will “allow geographically distant participants to enjoy realistic, spatially-aware experiences that seamlessly blend virtual content in a user’s physical world.”

He also added that the notion of an open Metaverse is closely tied to the Web3 movement as inbuilt economies will be enabled by “digital currencies and non-fungible tokens (NFTs).”

To realize such a vision, download speeds, streaming quality, mobile devices and Metaverse hardware — among other things — will likely need rapid improvements to enable a smoothly operated virtual sphere, he said.

Purohit said delivering a fully polished and immersive experience, requires a host of tech advancements to take place, commenting:

“Delivering such an experience will require innovations in fields like hybrid local and remote real-time rendering, video compression, edge computing, and cross-layer visibility.”

He also believes there will need to be changes to cellular standards, network optimizations and improved latency between devices and mobile networks.

Purohit said that latency (responsiveness of a network), symmetric bandwidth (the speed in which data transfers) and quality of experience (network throughput) are the key issues currently holding back metaverse networks.

He ultimately asserts that large scale adoption of “5G networks will dramatically improve bandwidth while reducing network contention and latency, while 6G will increase speeds by yet another order of magnitude.”

To put 5G network speeds in to context compared to a fixed wireless broadband scenario, 5G can reportedly hit speeds of 1,000 Megabytes per second (MBps). These speeds make it much faster that the national average internet speeds in the U.S. of 119.03 MBps as per High Speed Internet data.

Related: One-third of singles are ready to date in the Metaverse: Survey

Looking outside of the Metaverse, there does seem to be a significant push to get 5G fully operational across the globe, with data from the Global mobile Suppliers Association (GSA) indicating 501 operators in 153 countries and territories investing in 5G as of August 2022.

Out of those 501 operators, GSA’s data also shows that 222 of them have already launched 5G mobile services in 89 countries and territories. Given that 5G isn’t fully rolled out and adopted as the mobile standard across the globe however, it remains to be seen if a fully scale Metaverse can be supported by it.

Indian crypto exchange Mudrex explains withdrawal suspension

Animoca Brands is the most funded metaverse developer in 2022: Nasdaq

New data from Nasdaq research revealed that over the last investors were keener to back late-stage industry leaders such as Animoca Brands compared to early-stage startups.

The crypto bear market has also been called a builder’s market by many leading figures and companies in the industry.

New data from Nasdaq reveals that investors had this mindset as they continued to sink money into Web3, particularly metaverse-related projects.

According to the data over the last year 216 metaverse funding deals were completed, totaling out to nearly US$2 billion in funding. At the top of the funding pool were “support” based services, aka the main components for building.

“Digital architects, game designers, AI developers, content creators and custom metaverse services were suddenly needed to build metaverse experiences.."

Animoca Brands, a major metaverse ecosystem developer, was revealed to have done the most metaverse deals over the last year, with 15 closed deals. The company received over $564 million in funding in 2022.

It also recently announced that it plans to launch a billion dollar metaverse fund for developers in the space.

The report said that larger metaverse platforms received more attention from investors this year. Though this paves the way for smaller, more niche projects in the future. According to Nasdaq, especially those with “open metaverse” plans will have the upper hand.

Related: Web3 devs ‘more active than ever’ amid crypto winter: Report​​

Looking forward, the report says support services AI and avatar firms will continue to see major investment. Additionally the expansion of open metaverse platforms will define the next phase of development, along with improved economic models and usability in GameFi.

2021 was the year of the year of the nonfungible token (NFT), this year could similarly be looked at as the year of the metaverse, as it came in second place as the Oxford dictionary’s word of the year.

Both existed prior to their respective booms, however this was the year when both developers, brands and consumers jumped on board en masse. In fact research even shows that the metaverse is a key factor in long-term NFT success.

Another recent survey revealed that over 90% of consumers are curious about the metaverse and how it will shape their digital experiences.

Indian crypto exchange Mudrex explains withdrawal suspension

Meta Will Continue to Push Metaverse Investments in 2023 According to Head Of Reality Labs

Meta Will Continue to Push Metaverse Investments in 2023 According to Head Of Reality LabsMeta will continue to invest in VR (virtual reality) tech in 2023, according to statements made by Andrew Bosworth, head of Reality Labs, the metaverse division of the company. While Meta has made some changes and adapted to the current shaky economic atmosphere, Bosworth states that the company is still committed to its metaverse pivot. […]

Indian crypto exchange Mudrex explains withdrawal suspension

One-third of singles are ready to date in the Metaverse: Survey

Data from a new survey from Dating.com says the metaverse can help propel dating into the future, especially as avatars become more reflective of users.

Online dating has already become a commonplace activity in modern-day romance. Data from Statista forecasted nearly 280 million online dating users by 2024.

Now with data from a recent survey conducted by Dating.com, an online matchmaking platform, the numbers say many singles are ready to take their search for love into the metaverse. According to the survey, those looking for love continue to turn to technology, with 33% of singles planning to date in the metaverse.

The survey highlighted that the use of metaverse avatars can help put an emphasis on, “communication and digital intimacy before in-person discovery."

Moreover, the metaverse is a borderless world, which can trigger singles to meet from anywhere.

“With advancements in dating app technology and the metaverse, more daters are open to making connections that span different cities, countries and even continents."

The survey revealed that one third of all respondents said they are open to relationships with people not in their local geographical region.

This comes as additional data finds consumer interest in the metaverse on an upward trend. Data from business and technology strategy adviser Capgemini, says more than 90% of consumers are metaverse-curious.

Related: Metaverse experience to sway real-world travel choices in 2023: Survey

Digital identity and, more specifically, identity in the metaverse has been a major talking point for both users and developers over the last year.

As various industries in the real world are stepping into digital reality, the tools users have available to piece together a digital identity are increasing. Whether it be through wearables from a legacy brand or owning land in virtual reality, our digital selves have the potential to represent a lot about who we are and our status.

However, as more personal data is given over to digital reality in order to make the most realistic version of users, the risk of identity theft and other exploits increases.

A recent survey from Kaspersky revealed metaverse exploitation and abuse are projected to rise in the next year.

Indian crypto exchange Mudrex explains withdrawal suspension

Meta VR Consultant John Carmack Leaves Company; Criticizes Inefficiencies of VR and Metaverse Projects

Meta VR Consultant John Carmack Leaves Company; Criticizes Inefficiencies of VR and Metaverse ProjectsJohn Carmack, the founder of renowned company ID Software and executive consultant on VR for Meta, has announced he is leaving Meta. Among the reasons for this departure, Carmack signals that there are inefficiencies and self-sabotage at Meta that have affected the work that the company is doing regarding its VR (virtual reality) and metaverse […]

Indian crypto exchange Mudrex explains withdrawal suspension

Chinese Zhejiang Province Aims to Build a $28.7 Billion Metaverse Industry by 2025

Chinese Zhejiang Province Aims to Build a .7 Billion Metaverse Industry by 2025Zhejiang, a coastal province of China, has presented a metaverse development plan that seeks to build a metaverse hub in its territory. The plan aims to entice the creation of a $28.7 billion metaverse industry and construct an ecosystem of several companies integrating this tech as part of its operations by 2025. Zhejiang Presents Metaverse […]

Indian crypto exchange Mudrex explains withdrawal suspension

FTX Collapse Has Rekindled Security and Reliability Concerns for Web3 Projects Says Marketing Expert

FTX Collapse Has Rekindled Security and Reliability Concerns for Web3 Projects Says Marketing ExpertThe fallout from the collapse of failed crypto exchange FTX is forcing Web3 brands, and projects previously focused on managing the public’s perception, to concentrate on fighting for their very legitimacy, Laura K. Inamedinova, a Web3 marketing expert, has said. Besides just trying to convince backers and investors, Inamedinova said Web3 players have the more […]

Indian crypto exchange Mudrex explains withdrawal suspension

Capgemini: Nine out of Ten Consumers Interested in the Metaverse

Capgemini: Nine out of Ten Consumers Interested in the MetaverseA report issued by Capgemini, a consulting firm, has found that most consumers are at least curious about the metaverse and what it might bring to their lives. The report, which also examined consumer and company expectations of immersive experiences, explains that many are already taking advantage of the metaverse concept. Capgemini: Metaverse Seeing Interest […]

Indian crypto exchange Mudrex explains withdrawal suspension

Metaverse experience to sway real-world travel choices in 2023: Survey

A survey participated by 24,179 respondents across 32 countries reveal that nearly half, or 43% of the respondents, intend to use virtual reality to inspire their choices.

As borders open up following prolonged COVID-induced travel restrictions, the Metaverse, one of the latest sub-crypto ecosystems, is set to help travelers decide on the destinations they want to experience in person, reveals a new survey conducted by Booking.com personally.

Popular online travel agency Booking.com surveyed 24,179 respondents across 32 countries, which revealed travelers’ strong interest in virtually exploring destinations as they decide on their itinerary. Out of the lot, people most likely to try out travel experiences in the metaverse were Gen Z (45%) and Millennials (43%).

Nearly half, or 43% of the respondents, confirmed their will to use virtual reality to inspire their choices. Among this group, around 4574 participants believe in traveling to new places only after experiencing it virtually.

Moreover, over 35% of the respondents are open to spending multiple days in the Metaverse to get the hang of the surroundings offered across popular destinations. According to Booking.com, supporting technologies such as haptic feedback will help improve this experience by allowing users to experience sandy beaches and tropical sun without stepping outside.

Most popular type of vacation. Source: Booking.com

However, 60% of the respondents believe that the experiences the Metaverse and virtual technologies offer don’t come close to in-person experiences. Some of the most popular destinations for 2023 include São Paulo (Brazil), Pondicherry (India), Hobart (Australia) and Bolzano (Italy).

Related: Metaverse ‘explosion’ will be driven by B2B, not retail consumers: KPMG partner

Tech giant Microsoft’s plan to step into the Metaverse business hit a massive roadblock after the United States Federal Trade Commission (FTC) sought to block the acquisition of Activision Blizzard.

The acquisition of Activision Blizzard for $69 billion would have played “a key role in the development of metaverse platforms,” according to Microsoft CEO and chairman Satya Nadella. However, the FTC pointed out Microsoft’s anti-competitive practices, wherein the company limited the distribution of console games after acquiring rival gaming companies.

Indian crypto exchange Mudrex explains withdrawal suspension