Daily

THE RACE TO (VIRTUAL) SPACE

Brands take on the metaverse

We’re living through a modern-day version of the Space Race, but this time it’s a race to a virtual world. With the metaverse projected to be worth $800 billion by 2024, it’s not just Facebook making the sprint (Snapchat, we see you!). Today, we’re giving readers an inside look into our (virtual) futures as we cover all things metaverse and spotlight brands moving into the developing digital space.

MESH FOR TEAMS

Microsoft jumps into the metaverse with Mesh, its mash-up of mixed-reality (read XR as in AR/VR) and Microsoft Teams capabilities. Available to everyone through “standard smartphones and laptops to mixed-reality headsets,” Mesh for Teams’ focus is to help bring aspects of togetherness into our virtual world. Set to release in the first half of 2022, Mesh features include customizable avatars whose faces change based on audio cues and immersive spaces where users from around the world can come together face to face (or shall we say avatar to avatar). As the metaverse expands, we’re likely to see more niche advancements as brands mark their spot in the future reality.

TENCENT X F1 STUDIO

The world’s “largest video gaming business by revenue,” Tencent, who also runs WeChat, is in the works of developing their own metaverse through an alleged newly established F1 studio. With an already mega footprint in social networks, gaming, mobile payments, and virtual offices, Tencent is proving to be a mighty foe for Facebook (or are we calling them Meta now?). While the metaverse is imagined as an interconnected world of many virtual environments, including avatars and digital currency, the backend ownership by what will likely be a few begs us to ask– will the future metaverse really stay open?

DOUBLE 11 METAVERSE ART EXHIBITION

Meta-human avatar Ayayi welcomed consumers to Tmall’s NFT exhibition featuring eight limited-edition NFT collections. The ‘Double 11 Metaverse Art Exhibition’ featured luxury labels like Burberry and Coach, some of which created NFTs customers can virtually interact with. Priced affordably, the exhibit attempted to remove barriers of entry to “improve consumer acceptance and participation of the new digital art form.” Selling out of all 1,000 copies, Burberry bridges physical reality with virtual by providing consumers matching physical scarfs to those in their NFTs– talk about reality transcending fashion!