Metaverse investments are revolutionizing the digital landscape with a massive influx of funds. DappRadar's report highlights that Metaverse investments account for a significant portion of total funds in Web3 projects. On one hand, the gaming sector is booming, with platforms like World of Dypians emerging, whereas, on the other, have led to groundbreaking collaborations like the one between Kakao Healthcare and the South Korean government. Another highlight is Mythical Games reaching Unicorn status, fueled by $37 million in Metaverse investments. Furthermore, this trend propelled the induction of industry veterans in The Mesmerise Group, and also catalyzed Sony Network Communications' strategic alliance with Startale Labs. This underscores the pivotal role and accelerating trend of Metaverse investments in shaping the gaming and healthcare sectors.
DappRadar’s latest report reveals that, Metaverse projects have amassed a staggering $707 million in investments during the first half of 2023, constituting 44% of total Web3 investments. This influx underscores the Metaverse's resilience and appeal despite the overall market downturn.
One driving force behind this trend is the AR/VR sector, which has demonstrated a significant influence on the Metaverse. Particularly, tokens like SAND and MANA experienced a 5% surge following the launch of Apple's Vision Pro headset. However, this growth faced a temporary hiccup when the U.S. Securities and Exchange Commission classified these tokens as securities.
Another crucial component of the Metaverse is digital land. During Q1 2023, the trade volume of digital land grew to $311 million, its highest since May 2022. Furthermore, the number of digital land sales increased by 83%, hitting a record of 146,690. Unfortunately, Q2 witnessed a significant 81% decline in trade volumes.
Despite these challenges, the Metaverse continues to exhibit substantial growth. Partnerships like that between Animoca and Mitsui, a prominent Japanese trading firm, exemplify the expanding global interest in the Metaverse and Web3 technologies. Additionally, the emergence of Bitcoin Ordinals, NFT-like assets, marks an innovative utilization of the Bitcoin blockchain within the Metaverse.
Mythical Games, an esteemed game publisher, has successfully secured a staggering $37 million in its Series C1 funding round. This round was led by Scytale Digital, and included participation from ARK Invest, Animoca Brands, MoonPay, among others. The company maintains its coveted unicorn status, boasting a valuation exceeding $1 billion. This capital infusion is poised to underpin the company's quest to attain profitability by the end of the year.
A key development within Mythical’s strategy is the impending launch of its new game, Nitro National World Tour, which has had its non-fungible tokens (NFTs) in presales since February. Furthermore, the influx of capital is expected to aid in the creation of an in-game marketplace for NFL Rivals, another title under Mythical's banner which recently surpassed 1 million downloads.
Another noteworthy development is the migration of the Mythical Chain from the Ethereum blockchain to the Polkadot ecosystem. The slow transaction speeds and exorbitant transaction costs on Ethereum have been cited as the main impetus behind this transition. The move is framed as aligning with the company’s scaling objectives.
Lastly, Mythical Games is no stranger to the world of NFTs. With an impressive $29 million in sales over the past month, it ranks as one of the leading blockchains in terms of NFT sale volume.
On June 28, Sony Network Communications, a subsidiary of Sony, announced a significant investment and collaboration with Startale Labs, a Japanese Web3 infrastructure technology company. The $3.5 million investment aims to build a foundation for the widespread adoption of Web3.
This collaboration will accelerate Startale's development of Web3 services and products. One of Startale’s missions is to create all-in-one solutions for Web3 development, focusing on seamlessly bridging real-world assets with the Web3 ecosystem. This is aimed at providing smooth experiences for users interacting with blockchain technologies.
Jun Watanabe, president and representative director for Sony Network Communications, has been appointed as a director of Startale Labs. His experience and expertise are expected to be invaluable in driving the vision of the collaboration forward. Furthermore, Watanabe is a co-founder of the Astar Network, which is part of the Polkadot ecosystem and has been associated with Startale Labs.
It is noteworthy that Sony’s involvement in the Web3 space isn't new. Earlier in March 2023, Sony Interactive Entertainment filed a patent related to NFTs, allowing users to transfer and use NFTs across multiple gaming platforms. This recent investment in Startale Labs reaffirms Sony’s commitment to emerging technologies and the decentralized web.
On Wednesday, Kakao Healthcare announced that the South Korean government has selected it as the final operator for the 2023 Metaverse Pioneer Project in the medical sector. The project is a collaboration between the Ministry of Science and ICT and the National Information and Communications Promotion Agency (NIPA).
The initiative seeks to overcome spatial and temporal constraints of the Metaverse and healthcare services, to promote national health, and pave the way for future advancements. At present, the healthcare field utilizes Metaverse predominantly for hospital promotion, medical education, and professional collaboration.
Kakao Healthcare Consortium plans to construct a Metaverse platform expandable to various personalized health management services, specifically concentrating on musculoskeletal and mental health management. With the escalating number of musculoskeletal disorders and mental health issues, this venture is expected to address a critical need in healthcare.
South Korea has witnessed a steady surge in musculoskeletal disorders, with approximately 17.6 million patients in 2019. Additionally, there is an escalating demand for mental health services, as work-related stress and depression rates soar, placing Korea as the country with the highest prevalence of depression among OECD countries.
World of Dypians has emerged as the biggest Metaverse sandbox gaming platform, aiming to secure a slice of the Metaverse market, which is projected to become a $900 billion market by 2030. Featuring multiple blockchain support, the platform is live on both Ethereum and BNB Chain mainnets.
World of Dypians sets itself apart by aiming to introduce new users to crypto through engaging content and educational campaigns such as crypto museums. The platform has already attracted thousands of users and secured partnerships with prominent players in the Web3 and blockchain ecosystem such as Chainlink, KuCoin, Coin98, Avalanche, Gate.io, MEXC Global, and Easy2Stake.
The World of Dypians Metaverse boasts an expansive 2,000-square-kilometer virtual world with AI, NFT functionality, and high-resolution graphics. Players can explore maps, hunt creatures, earn rewards, and purchase NFTs.
Unique elements in World of Dypians include Campaign Mode, Multiplayer Mode, Open World, Sandbox, and Play to Earn. These features allow players to journey through maps, complete challenges, gain rewards, build structures, and engage in social interaction.
World of Dypians also incorporates Land NFTs, allowing users to purchase land and construct buildings in prime locations. The platform also features the DYP token, utilized for in-game purchases and upgrades.
The Mesmerise Group, a distinguished leader in immersive technology, artificial intelligence, and sustainability for enterprises, announced the induction of four accomplished executives into its fold. The hirings include Michael Hoffman, Michael House, and Ally Kaiser, all of whom have had illustrious careers at Microsoft and contributed significantly to XR solutions.
The trio, along with being co-founders of IQXR, a Mesmerise Group company, will hold key positions, guiding IQXR in creating an intelligent spatial computing platform. This platform aims to streamline immersive content creation, enabling independent software vendors, system integrators, and enterprise XR teams to efficiently build solutions while reducing resource investment.
The IQXR team will be focusing on five crucial elements: recognizing the importance of cross-device compatibility, adopting open standards, streamlining content creation, understanding enterprise requirements, and staying ahead of advancements in edge computing.
Danny Haydon also joins as the Head of Customer Engagement, bringing extensive experience in sales enablement and business development. His role will enhance The Mesmerise Group's market presence and develop partner channels.
As spatial computing evolves, The Mesmerise Group remains committed to setting the standard for excellence in the industry, making the Metaverse more usable and scalable for enterprises. The addition of these executives will undoubtedly contribute to realizing this vision.