Tag: metaverse

Japanese Watch Giant Casio Forays into NFT Space: Details

Japan-based watch making brand Casio has decided to engage with a younger generation of clientele. Casio has launched an NFT series with eight digital art pieces that have been created in partnership with Astar zkEVM. Banking on Japan’s gaming culture, Casio’s NFTs will be made available on Astar’s Yogi Origin game. In recent years, Japan has come forward to show its support to the Web3 sector, especially under the leadership of its tech-friendly Prime Minister, Fumio Kishida.

A layer-2 blockchain for Ethereum, Astar zkEVM uses zero-knowledge proofs to increase scalability and reduce transaction costs. Announcing its partnership with Casio on X, Astar zkEVM informed the community members that these NFTs will be available within the ‘YoPort’ tab of the Yoki Origins game. Essentially, Casio has not rolled out its NFT series on traditional NFT marketplaces like OpenSea and Magic Eden.

“In celebration of Casio Watch’s 50-year legacy, we’re thrilled to announce the launch of exclusive commemorative NFTs inspired by iconic Casio timepieces. Minting Method: Unlock the thrill with Gacha & Reveal mechanics,” the blockchain platform said in its announcement.

These NFTs are tied to some benefits for holders. Ten holders of the NFTs will get a chance a limited-edition original G-Shock watches. In addition, owners of these NFTs can also receive ASTR tokens equivalent to JPY 10,000. At the time of writing, one ASTR token was trading at JPY 16.40, as per Kraken crypto exchange.

“Please note, the number of winners and contents are subject to change. Stay tuned for winner announcements,” Astar Network added.

This is not the first time that Casio has forayed into the Web3 arena. Back in 2023, the watch brand partnered with Polygon to launch a collection of 15,000 free-to-mint G-Shock Creator Pass NFTs. At the time, Casio had also launched its G-Shock NFTs into the metaverse.

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IIT-Madras Begins Draft Work on ‘Metaverse India Policy and Standards’ with Industry Veterans

The metaverse market, that is expected to grow at an annual rate of 37.7 percent in the next six years, is estimated to reach the valuation of $74.4 billion (roughly Rs. 6,20,918 crore) by the end of 2024. Gearing up to withstand the force of advancements in Web3, IIT Madras has begun drafting policies to oversee the metaverse sector. Called the XTIC (the eXperiential Technology Innovation Centre), a research and development body incubated by the IIT-M, has begun work around something called the ‘Metaverse India Policy and Standards (MIPS)’.

The XTIC has established a dedicated committee to conduct research around the predictable use cases and loopholes in the current metaverse ecosystem. The committee will address the technical and ethical shortcomings to make the industrial use of this digital technology safer and more advanced.

Rrahul Sethi, a veteran from India’s tech space who recently launched a metaverse experience centre in NCR’s Noida, is part of this committee. In conversation with Gadgets360, Sethi noted that the MIPS will not curate policies and standards around the metaverse on its own, but will collaborate with industry players, conduct dialogues, and publish reports for the government to refer to while centrally deploying Web3-related policies.

“The metaverse is a rapidly evolving concept. Experts and leaders from across India and from other parts of the world will join in here collectively to discuss these standards and create awareness around them,” Sethi said.

A fully-functional virtual universe, the metaverse ecosystem is built on blockchain networks. The technology offers a hyper-realistic virtual ecosystem where people can work, socialise, play games, and window shop from the comfort of their homes.

In a recently released report, the World Economic Forum (WEF) said that 92 percent manufacturing firms in the US are already exploring ways to add a metaverse twist to their existing business operations.

“The industrial metaverse, is projected to be a $100 billion (roughly Rs. 8,29,018 crore) market globally by 2030. The metaverse will propel the next phase of industrial revolution through the convergence of digital twins, a core building block of the industrial metaverse, and four rapidly evolving fields – spatial computing, Artificial Intelligence (AI), Web3, and blockchain,” the report had said at the time.

Now that IIT-M has kickstarted the process of drafting rules to oversee the Web3 sector, the committee will analyse the potential impacts of metaverse across sectors including education, healthcare, gaming, and enterprise, and propose strategies to maximise benefits.

Addressing ethical, privacy, and security issues linked to metaverse and collaborating with stakeholders from industry, academia, and government to gather diverse perspectives and insights are part of the committee’s agenda.

“These are major outcome goals but we are still deliberating on more. Government bodies will also use the reports to set standards,” Sethi added.

Back in January, China also formed a body that would set the standards for use and exploration of metaverse there.

Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. 

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Samsung Partners With Wilder World Metaverse Game, Will Offer NFT Rewards as Part of Web3 TV Bundle

Samsung, the South Korean tech giant, has been taking small steps to engage with Web3 without directly exposing its massive user base to volatile digital assets. In a fresh development, Samsung has announced a partnership with metaverse game Wilder World. Through this partnership, Wilder World will provide NFT rewards to fifteen customers of Samsung’s exclusive Web3 TV bundle. This deal, for Wilder World, will offer the game inroads into millions of houses through Samsung’s smart televisions.

A free-to-roam metaverse ecosystem, Wilder World is primarily a competitive racing game that launched for alpha testing in December 2023 and will begin a wider rollout this year. The team behind the game announced its partnership with Samsung via an official post on X on Wednesday.

In Samsung’s next sale of exclusive Web3 TV bundles, fifteen select buyers will get Wilder World NFTs as rewards. Through this partnership, the metaverse game expects to add new players to its ecosystem.

Samsung, catching up with the advancements in emerging technologies, is essentially looking to connect with a newer generation of customers. The Seoul-based company is hence integrating Web3 elements like the metaverse and NFTs with its newer range of products.

Samsung has long maintained its lead in the television market. In 2023, the company reportedly occupied a 30.1 percent market share of televisions sold globally, which was slightly higher than the previous year’s 29.7 percent. With its new initiatives, Samsung could directly bring Web3 technologies to its vast user base.

This is not the first time that the tech mammoth has taken a Web3-friendly approach. In April 2023, for instance, Samsung teamed up with Crypto.com to bring asset trading services on devices from the Galaxy Z fold series.

In 2022, Samsung tied up with partners Theta Labs and Nifty Gateway to get NFTs to its smart TV and smartphone ecosystems.

In fact, the same year Samsung introduced the world’s first TV-based NFT explorer. Later that year, the company started rolling out smart TV models that came with features like NFT buying and management.

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Meta Records 16 Percent Uptick in 2023 Annual Revenue, Metaverse Unit Still Under Loss

Mark Zuckerberg, the chief of Meta (previously Facebook) recently disclosed revenue details about the company’s last quarter. Meta clocked a revenue of $40.1 billion (roughly Rs. 3,34,416 crore) between September and December. In total, the social media and Web3 mammoth managed to reel-in $134.9 billion (roughly Rs. 11,25,119 crore) in the year of 2023. On a yearly basis, Meta’s revenue has spiked by 16 percent. It is, however, interesting that Meta’s Reality Labs unit has only seen losses since 2021.

In an earnings report posted on March 4, Zuckerberg acknowledged having seen a good period revenue-wise. Despite his Reality Labs unit seeing losses, the tech mogul lauded the advancements this initiative has ushered in emerging advanced technologies.

“We had a good quarter as our community and business continue to grow. We’ve made a lot of progress on our vision for advancing AI and the metaverse,” the 39-year-old multi-billionaire said in his statement.

Zuckerberg solidified his commitment to explore the metaverse when he rebranded Facebook to Meta in 2021. At the time, a new unit was set up within the company called the Reality Labs. This special body was tasked with conducting research and development around metaverse and its use cases.

In the last three years, Reality Labs released metaverse and augmented reality (AR) hardware products like the Quest VR headset lineup to further the adoption of these technologies. As of March 2023, Meta has reportedly sold 20 million Quest headsets.

Despite its ongoing efforts however, Meta’s Reality Labs unit only met with losses when it comes to its revenues. Meta reportedly revealed in February that Reality Labs suffered a loss of $46.5 billion while generating nearly $11 billion (roughly Rs. 91,744 crore) in revenue in the fourth quarter of 2023.

Prior to that, Reality Labs had lost $13.7 billion (roughly Rs. 1,12,200 crore) in 2022.

Despite these financial consequences, Zuckerberg has kept his estimation about the upcoming metaverse boom intact. In May 2023, Meta had commissioned a study that claimed that the metaverse could contribute as much as $760 billion (roughly Rs. 62,36,088 crore) or about 2.4 percent to the US annual gross domestic product (GDP) by 2035.

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India’s Diverse Bazaars to Democratise with Metaverse, Says BWA Chief; Hails Reliance and Nykaa

The metaverse technology seems to have a bright future in India, use cases of which are being foreseen in plenty by experts from the industry. In a recent conversation with Gadgets360, Dilip Chenoy, the chairperson of Bharat Web3 Association highlighted a special industrial use case of the metaverse. Chenoy said, the hyper-realistic visuals that metaverse supports – will democratise the diverse bazaar ecosystem of the country and give it a powerful nudge on a global level.

“AI-powered vendors will engage in negotiations digitally. Augmented Reality (AR) will allow you to virtually try on makeup, clothes, and accessories before making a purchase. This is not a distant reality; it’s the transformative potential the metaverse holds for Indian retail. In India, brands such as Reliance and Nykaa are at the forefront, experimenting with AR/ VR technologies to create virtual showrooms,” Chenoy told Gadgets360.

The upcoming time has been termed as an ‘era of transformation’ for India’s retail sector. As far as the growth projection for the sector is concerned, India’s value retail market, excluding food and grocery, will likely surge to $170 billion (roughly Rs. 14,09,495 crore) by 2026, reports citing findings by Wazir Advisors had claimed in January. In 2023, the valuation of India’s value retail sector stood at $111 billion (roughly Rs. 9,20,317 crore).

Chenoy has expressed confidence that ample availability of metaverse technology will contribute heavily to the growth of Indian bazaars and authentic crafts in nearing times.

“Geographical barriers crumble, providing small businesses in India with the opportunity to reach global audiences. As India enthusiastically embraces this digital revolution, the future of shopping promises to be both exhilarating and transformative,” the chief of BWA added.

India stands out globally with one of the largest Web3 developer workforces, several players from the industry including Coinbase CEO Brian Armstrong have applauded in recent years. Earlier this year, Mark Zukerberg’s Meta also reached out to the telecom regulator of India seeking to ramp up dialogues and discussions around the ethical use-cases and development of technologies like AI and the metaverse.

Under the circumstances, Chenoy says, all India needs is a regulatory clarification that finalises the dos and don’ts for members and stakeholders of the Web3 industry.

“The Reserve Bank of India (RBI) has taken a proactive stance by actively encouraging blockchain adoption in payment systems and guiding banks through its regulatory sandbox initiative. Despite the growing interest, regulatory uncertainty poses a hurdle for startups venturing into the space. Clear regulations and policies are imperative to instil confidence in companies exploring this transformative technology,” Chenoy noted.

The BWA came into existence in November 2022. It comprises of representatives from India’s crypto and Web3 space who collectively collaborate with the government to foster the growth of the sector in India.

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Metaverse in Healthcare Market Size Estimated to Reach Nearly $500 Billion by 2033: Report

Metaverse, the virtual universe created by Facebook parent Meta, is yet to take off but the technology is seemingly carving a niche in sensitive sectors like education and healthcare. The global metaverse healthcare market is projected to reach a valuation of nearly $500 billion (roughly Rs. 41,44,020 crore) by 2033. This figure has been estimated by market research firm Spherical Insights, which published its recent report on metaverse’s potential to boom in the healthcare sector in the next nine years. meta

According to the Spherical Insights report, the global metaverse in healthcare market size is growing at a compound annual growth rate (CAGR) of 49.3 percent from 2023 to 2033. The report, published last month, said that the worldwide metaverse in healthcare market size was expected to hit $496.26 billion (roughly Rs. 41,12,780 crore) by 2033. The metaverse healthcare market size was estimated at $8.97 billion last year. The report also noted that the Asia Pacific market was expected to grow the fastest during the forecast period.

The integration of metaverse into healthcare studies and research has the potential bring new and collaborative approaches in the sector, the report claimed. Navigating through futuristic surgical training methods and telemedicine can be made visually more explanatory via the metaverse technology.

The metaverse can also help healthcare professionals train and practice their skills in practical augmented and virtual reality sessions. The technology can also go a long way in aiding remote consultation and patient monitoring.

The report attributes the estimated growth to several factors like the increased usage of telemedicine in cases of remote patient consultations and patient monitoring for at-home care recipients and the rise in use of AR and VR technology in hospitals and clinics for surgical procedures. “Virtual reality (VR) and augmented reality (AR) technologies can enable more realistic virtual appointments, consultations, and examinations will boost the metaverse in healthcare market growth,” it said.

While the report by Spherical Insights estimates the metaverse healthcare sector to boom to a nearly $500 billion market, other market research firms like Towards Healthcare, and Research and Markets put out a more conservative estimate, with projected CAGR of 26.3 percent and 34 percent, respectively. The Tower Healthcare report estimates the metaverse in healthcare market size to cross $81.99 billion by 2032.

Medical companies and brands are already starting to establish themselves in the metaverse to become early adopters of this technology. Back in 2022 for instance, Hyderabad-based Yashoda Hospitals set up an experience zone in the Decentraland metaverse, claiming to become India’s first chain of hospitals to do so.

Built atop blockchain networks, metaverse ecosystems are fully functional virtual environments for people to work together, play games, and socialise as digital avatars from the privacy and comfort of their homes.

As per a report published by research firm InsightAce Analytic in October 2023, the coming together of the metaverse and the education sector is expected to be churning over $102 billion (roughly Rs. 8,48,980 crore) by the year 2031.

Researchers from the sector, however, have advised tech firms to bring their focus on producing affordable and advanced hardware capable of letting people explore the metaverse to its full potential.

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Mumbaikars Will Soon be Able to Check City Development Status Through Metaverse

In the otherwise crypto-sceptic India, some Web3 sectors are making government-authorised inroads into people’s day-to-day lives. Metaverse, for instance, is one such Web3 technology. In a recent development, Devendra Fadnavis, the deputy chief minister of Maharashtra unveiled the ‘Mumbai Metropolis Metaverse’. This blockchain-based virtual portal will enable the estimated population of 21 million dwellers to check up on city developments through the metaverse. People outside of the city will also be able to see the city’s undergoing transformation.

Through an interactive 3D and Virtual Reality (VR)-based interface, this free-of-cost platform will provide an immersive insight into the ongoing developments in and around Mumbai.

“Just click on these links to see how Mumbai is all set to transform within next few years, rather within few months,” Fadnavis posted in a tweet along with access links to the Mumbai Metropolis Metaverse for Android, iOS, and the web browser.

As per the official page of this metaverse portal, this project is powered by Meta, Hungama, and GOQii among other brands. The portal not only lets visitors navigate through the financial capital of the country, but also allows them to indulge in games that include activities such as designing the city.

This is first time that an Indian city has launched itself on the metaverse at a time when international players from the sector are showing interest in India expansion.

The Sandbox, a popular metaverse platform based in Hong Kong for instance, is looking to make India its largest market in the next two years.

On the sidelines of the expansion of metaverse in India, Meta recently reached out to the Telecom Regulatory Authority of India (TRAI), insisting that India must promote dialogue between the policymakers and the industry stakeholders to ensure the constant growth of technologies like AI and the metaverse. The metaverse market is estimated to reach the valuation of $800 billion (roughly Rs. 59,58,700 crore) by the end of 2024.

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Exploring Integration of Neurological AI with Technologies Like Web3, QX Lab AI Co-Founder Says

QX Lab AI is attempting to take on offerings like Gemini and ChatGPT from tech giants like Google and OpenAI by integrating new functionality into its own AI service. Created by three Indian founders, this AI startup recently unveiled its generative AI platform named ‘Ask Qx’. What differentiates this platform from its competitors is that Ask QX is 70 percent ‘neurologically trained,’ according to the company. The UAE-based company has now revealed that it is planning to add support for Web3 technology to Ask Qx.

Earlier this month, QX Lab AI launched Ask QX, a service capable of generating AI-based responses to prompts in over 100 languages. In the coming months, the use of this AI with crypto and metaverse are subjects that the company is working on adding support for.

“We are investigating potential synergies that could offer enhanced security, privacy, and decentralised control, which are foundational to Web3. Integration of our neurologically trained AI algorithm with Web3 is currently in the exploratory phase,” said Tathagat Prakash, Co-Founder of QX Lab AI and chief scientist behind Ask Qx, in conversation with Gadgets360.

Presently, Web3 protocols are at a risk of being breached by malicious users. Web3 players working on projects related to metaverse and crypto are laying special focus on ensuring that their projects are protected with multiple layers of security to protect their users and investors and prevent them from exiting the ecosystem, fearing losses.

Ask QX, as per its chief scientist, is equipped with a multi-layer security strategy to make its general use, as well as its integration with Web3, as secure as possible.

“To protect against sophisticated cyber threats, we have state-of-the-art encryption, continuous security audits, and the use of advanced anomaly detection systems,” said Prakash. These systems in place are trained to pre-emptively identify and neutralise potential breaches.

In recent times, several companies have explored the potential of merging metaverse and AI technologies to make the former more immersive and responsive to the end users. AI can help design and personalise digital environments, enhance virtual collaboration, and maintain smart contracts to finetune the metaverse technology, that is rapidly gaining prominence in the global gaming industry.

While the market cap of the AI sector is projected to reach the valuation of $738.80bn by 2030, the metaverse market is estimated to reach $1,303.4 billion in the next six years.

The increasing use of these new age technologies, however, have given rise to several environment-related concerns. The large scale of computer power that is needed to run and maintain these operations is resulting in substantially high influx of carbon emissions and other greenhouse gases.

Addressing these concerns, Prakash said that QX Labs AI is ‘pioneering’ a unique architecture designed for environmental sustainability. “We aim to significantly reduce the carbon footprint of our AI operations by optimising model efficiency, leveraging cutting-edge techniques in model compression and using energy-efficient computing,” he noted.

 

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Apple’s Vision Pro Headset to Get First Metaverse App with ‘Ultra Realistic Graphics’

By the second quarter of this year, Apple’s Vision Pro headset is likely to get its first metaverse app. Victoria VR, a firm that works on projects related to web3 and virtual reality is developing this app for the Vision Pro. As per the initial announcement disclosed over the weekend, the app will feature ultra realistic graphics to make the headset experience as immersive as technologically possible. With this, Victoria VR is looking to connect with the members of the global high-end gaming sector at a time when the global games market is poised to reach the valuation of $256.9 billion (roughly Rs. 21,33,268 crore) by 2025.

Apple released its futuristic, mixed reality (XR) Vision Pro headset on February 2, 2024 – several months after announcing it at its Worldwide Developers Conference on June 5, 2023. The headset is outlandishly priced at $3,499 (roughly Rs. 2.9 lakh).

Deploying its app on the Vision Pro, Victoria VR is looking to integrate Apple’s inhouse technology with its own and offer life-like play experience to gamers.

“There will be new opportunities every day encouraging users to return and engage with the world. We will host competitions and give daily/weekly/monthly rewards for users and working with the top tier of the gaming industry, we will be creating a series of Quests and mini-games drawing on the rich experience gained from our predecessors,” Victoria VR said in its whitepaper released earliler this week.

It is interesting, that despite Apple’s reluctance to let its users engage with volatile virtual digital assets like cryptocurrencies, Victoria VR’s app will expose Vision users to crypto and NFT activities.

“Our primary focus will be targeting users of cryptocurrencies and speculators as early adopters. We will become one of the main global marketplaces for NFTs. Within Victoria VR, users will be able to create NFT’s and securely trade in and outworld NFTs in the The Big Market VR,” the whitepaper further noted.

Apple, as of now, has not addressed the crypto-related elements of VR games on the Vision Pro. The iPhone-maker has previously come under fire from members of the Web3 industry for obstructing app growths on its App Store.

In April 2023, a California appeals court had also called Apple’s policy of not allowing app developers to integrate third party payment methods with their services as ‘unlawful’. The court ruling is expected to bring changes to Apple’s App Store payment practices in the EU and could also allow Web3 apps to add more operability to their iOS iterations.

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Anti-Crypto China Forms Standard-Setting Body for Metaverse, Huawei and Tencent Join Team

China, that banned all uses of cryptocurrencies back in September 2021, is taking an interest in exploring the metaverse sector. The country has gathered a bunch of its native tech giants to form a body that would set the standards for use and exploration of metaverse in China. Huawei, Ant Group, Tencent, and Baidu are among the tech majors that have been included to be part of this newly formed organisation. A group of universities and institutions have also been made part of this project bringing the total member headcount to 60.

Moving forward, China is planning to conduct thorough research around the potential applications and possibilities of manufacturing and communicating using the metaverse. China is also looking to explore the concept of ‘digital humans’, a report by China’s Global Times said this week.

“The use of digital humans and virtual environments can boost productivity and reduce costs for businesses,” the report quoted Liu Dingding, a tech industry analyst as saying.

Among other initiatives that the group will undertake, members plan to train people around metaverse and participate in the formulation of global industry standards to govern the technology.

Built on blockchain, the metaverse can be explained as a fully functional virtual universe that provides a digitally immersive environment for people to work, socialise, and play games in. Cryptocurrencies like Bitcoin, Ether, Solana amongst others are used to purchase virtual commodities in the metaverse.

In that respect, its rather interesting that China – that is strictly anti-crypto – is now turning its focus to experiment with the metaverse tech.

As per a Global Times’ report, this shift in the country’s focus comes after its Ministry of Industry and Information Technology (MIIT) unveiled an ambitious three-year action plan for the industrial innovation and development of the metaverse in September 2023.

China’s metaverse industry is projected to boom to the valuation of CNY 180 billion ($25.29 billion or Rs. 2,08,049 crore) in the next two years by 2026. The country is also reportedly exploring digital IDs and real punishments for crimes committed in the metaverse.

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