News
Mark Zuckerberg's Meta is dropping VR support for its flagship metaverse world, which it launched in 2021 as part of the company's big gamble on virtual worlds.
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Metaverse News
What is the metaverse? On a broad level, one metaverse definition might essentially describe the metaverse as an ongoing interoperable digital world filled with interactions, assets, experiences and other features that overlap with real life. The metaverse exists in various forms. One metaverse example might include a digital virtual reality world in which users own valuable items, represented as nonfungible tokens (NFT) that can be sold and transferred in the real world outside of that particular metaverse.
“The metaverse” can be used to describe all metaverse sub-categories in general. A specific metaverse, on the other hand, might be something such as a single specific metaverse NFT game, complete with metaverse real estate (digital real estate in that metaverse).
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Meta’s Reality Labs is set for cuts as the firm’s metaverse budget continues to decline amid push toward artificial intelligence development.
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Meta is reportedly cooling on the metaverse with planned 30% cuts in its virtual reality research department, Reality Labs, which shareholders seemingly support.
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DappRadar analyst Sara Gherghelas said the metaverse may not be dead after NFT sales linked to virtual worlds recorded their second consecutive month of heightened activity.
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The Sandbox co-founders, Arthur Madrid and Sebastien Borget, have transitioned to new strategic roles amid an ongoing business optimization, Borget told Cointelegraph.
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The Sandbox co-founder, Arthur Madrid, told Cointelegraph that players moving from one game to another with a single wallet remains one of the main narratives in Web3 gaming.
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AI startup Infinite Reality has bought the former music-sharing platform Napster with plans to add a music-focused metaverse to the music-streaming app.
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DTTM Operations, a Trump-owned company, has filed trademark applications for the word “TRUMP” in connection with a metaverse and NFT marketplace.
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Meta’s metaverse-building Reality Labs operating losses last year rose 10% to $17.7 billion, taking its total losses since 2020 to over $60 billion.
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Brendan Greene, the creator of PUBG, said his upcoming metaverse may integrate blockchain technology, but doesn’t have any plans for NFTs.
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The Nike-owned company received investment funding from Andreessen Horowitz during the peak of NFT summer in 2021.
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The division’s new leader has extensive experience developing metaverse hardware.
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The Chinese e-commerce giant has become the latest to slash resources for metaverse development as the focus shifts to AI.
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The Financial Industry Regulatory Authority says brokers and dealers are increasingly experimenting in the metaverse.
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A group of NFT holders sued the creators, claiming they took no significant steps to fulfill promised perks and had no knowledge of blockchain.
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