Latest Metaverse News! The EU is making strategic moves to establish itself as a frontrunner in the Metaverse. Its goal is to counter Big Tech dominance and drive economic growth. Birmingham schools are embracing innovative VR technology to combat knife crime among young individuals. Meanwhile, Matterport and Equinox Technologies are teaming up to expand digital twin solutions in the Middle East and Africa, catering to the region's urbanization needs. These developments highlight the increasing convergence of technology and society. The Metaverse, VR, and digital twins keep offering unique opportunities for education, commerce, and architectural innovation. Read the article to discover each exciting initiative in this Metaverse News roundup.
The European Commission is taking proactive measures to establish its leadership in the Metaverse. The EU recognizes the potential economic growth of this nascent sphere. Hence, it aims to prevent Big Tech companies from monopolizing it and ensure adherence to EU values and fundamental rights.
The EU's initiative seeks to create an open and interoperable Metaverse ecosystem. In fact, it anticipated significant market growth to exceed 800 billion euros by 2030. Key components of the plan include several features. Among them are fostering collaboration among creators, media companies, and other stakeholders and establishing regulatory sandboxes to facilitate Metaverse experimentation. Finally, providing skills development programs and virtual public services.
Commission Vice President Margrethe Vestager emphasizes the importance of putting people at the center of the Metaverse and aligning its development with EU digital rights and principles. This approach aims to address concerns regarding privacy, disinformation, and ensuring a fair and inclusive digital environment for all.
EU currently does not have specific regulations for the Metaverse. However, existing rules related to privacy and AI regulations are expected to apply to this new field. The EU aims to leverage its established regulatory framework to guide the development of the Metaverse and ensure compliance with EU standards.
Birmingham schools are taking an innovative approach to address the pressing issue of knife crime among young individuals. By utilizing virtual reality technology, these schools aim to educate and raise awareness about the consequences of knife crime.
Through VR headsets, Birmingham students are placed in realistic scenarios that mirror the dangers associated with knife crime. By making critical decisions within these simulations, students gain a deeper understanding of the potential consequences and the impact that knife crime can have on individuals and communities.
Furthermore, alarming statistics reveal the growing concern about knife crime among young people in Birmingham. These figures highlight the necessity for effective strategies to combat this issue and empower young individuals to make informed choices.
Unlike low-engagement traditional teaching methods, VR offers an immersive and captivating experience. In fact, it will help students empathize with the real-life implications of their actions. By experiencing scenarios from different perspectives, students gain a comprehensive understanding of the emotional and physical impact of knife crime.
The adoption of VR in Birmingham schools signifies a significant step forward in addressing knife crime among young people. Moreover, this initiative showcases immersive experiences that have the potential to provide impactful and effective education, setting an example for other communities to follow.
Matterport, a leader in digital twin technology, partnered with Equinox Technologies to distribute its digital twin platform in the Middle East and Africa. This collaboration aims to meet the increasing demand for innovative architectural solutions and support the region's rapid urbanization efforts.
Equinox Technologies, with its extensive experience in cybersecurity, cloud computing, and IT operations, will leverage Matterport's digital twin platform to provide facility management, progress monitoring, and property marketing solutions. This partnership expands Matterport's market reach and delivers precise and high-quality digital twins to clients in the region.
The Gulf Cooperation Council has over $1.36 trillion worth of real estate projects planned or underway, creating a significant opportunity for digital twin solutions. Equinox's expertise in geospatial services and digital twins will support the region's ambitious construction and real estate projects.
The Middle East and Africa are witnessing a surge in urbanization, with iconic construction projects driving the need for innovative architectural solutions. By partnering with Equinox, Matterport aims to tap into this market and provide 3D capture and digital twin solutions to meet the region's evolving demands.
Matterport's digital twin platform has gained traction globally, with more than 25% of the Fortune 1000 utilizing it for remote facility management and marketing. The platform enables organizations to transform buildings into data, enhancing every aspect of the building lifecycle.
Punjab National Bank (PNB), India's third-largest public sector bank, has taken a bold step into the Metaverse by opening a virtual branch. This move aligns with the growing trend of financial institutions embracing Metaverse experiences. PNB's virtual branch will be powered by Kiya.ai, a digital financial services solutions product developed by Infrasoft Technology.
PNB Metaverse offers customers a virtual banking experience. Moreover, it enables them to access services such as making deposits and exploring various products and services, including retail and SME loans and government flagship schemes. Additionally, customers can conveniently access the virtual branch from their homes or offices using their mobile phones or computers. Furthermore, the platform allows users to engage with banking services in immersive digital avatar formats.
Shri Atul Kumar Goel, MD & CEO of PNB, highlights the importance of embracing digital advances in the banking sector. He emphasizes the use of 3D environments and social media to enhance customer engagement. Moreover, PNB's technology partner, Kiya.ai, plays a crucial role in bringing these digital experiences to the bank's Gen Z customer base. The partnership aims to provide customers with informative facilities, increase customer engagement rates, streamline the customer acquisition process, and deliver hyper-personalized customer experiences.
LG U+, Korea's third-largest wireless carrier, announced to enter the fashion Metaverse business. Partnering with Ation Fashion and 3D simulation-based costume design software Z-Emotion, LG U+ has created Meta Slap, an online marketplace that merges the virtual and physical worlds. This platform aims to empower office workers to engage in Metaverse commerce and explore new opportunities in the fashion industry.
Meta Slap, LG U+'s digital services platform, offers a unique blend of avatar clothes and items alongside offline products. Through this platform, users can delve into the Metaverse and discover a range of fashion options. LG U+ has joined forces with Ation Fashion, known for their casual brand Polham, and Z-Emotion, a specialist in 3D simulation-based costume production software. By leveraging these partnerships, LG U+ aims to provide a comprehensive Metaverse fashion experience to its users.
LG U+ recognizes the immense potential of fashion in the Metaverse. With Roblox reporting that a significant portion of its users dress up their avatars on a weekly basis, the demand for Metaverse fashion is evident. By incorporating AI into the platform's fitting rooms, LG U+, Ation Fashion, and Z-Emotion aim to enhance the virtual shopping experience and cater to the evolving needs of Metaverse users.
The business of fashion in the Metaverse has experienced substantial growth in the past 18 months. Companies like DRESSX, a digital fashion designer, have forged partnerships with major players like Warner Music Group. Luxury brands, including Gucci, Ralph Lauren, and L'Oreal, have also ventured into Metaverse fashion. Investors have shown keen interest, with notable funding rounds for House of BlueBerry and DRESSX. This influx of mainstream companies and investments indicates a strong and sustained interest in the Metaverse industry.