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From Virtual Visions to Reality Check: Navigating the Metaverse The buzz around the metaverse has cooled off significantly compared to a year ago, when it was seen as the future of technology. The idea that we could be building a more connected world with a more prominent place for digital communication technologies still holds true, but the vision presented by companies like Meta and Facebook may not be the path that the metaverse ultimately
takes.
The metaverse was a concept that had been discussed in tech circles for years, but it wasn't until the Facebook Connect conference in 2021 that the idea really gained traction. When Mark Zuckerberg announced Facebook's plans
to build a metaverse, the world took notice, and many believed that the idea was here to stay. However, things have not gone according to plan for Zuckerberg and his company. Meta's Horizon Worlds, a metaverse platform, has attracted fewer users than expected, and the basic appearance of the avatars and lack of things to do have been major factors in its underwhelming performance. Zuckerberg's vision of the metaverse was centered around virtual reality, but the technology has not caught on in the way he hoped. The VR platform is expensive and uncomfortable and has failed to find a mass market audience since Facebook acquired Oculus eight years prior.
In contrast, Palmer Luckey's definition of the metaverse is a persistent, synchronous, and live space without any user limit, with a fully functioning
economy, interoperability of data, and content created by a range of creators. This vision bears a striking resemblance to the early design of the popular online game, World of Warcraft. PC gaming has been ahead of the curve when it comes to the metaverse concept, with persistent, always-on worlds and massive player numbers being central to the gaming experience since the days of Ultima
Online. Games like EVE have shown us how player-regulated economies can function and sustain themselves. The company most responsible for pushing the idea of the metaverse into the public consciousness is Meta, but its ambitious plans have been put on hold due to falling advertising sales and interest rate hikes that make the metaverse too risky for investors. Epic Games and its game
Fortnite are now considered the most likely to deliver on the metaverse, with 14% of survey respondents ranking it as the top choice. In contrast, Meta and Roblox were only seen as having a 7% and 5% chance of delivering on the metaverse, respectively. The metaverse has also been a testing ground for advertisers, providing a glimpse into what a new frontier of advertising could look like and giving them the chance to reach gaming audiences. However, the ad downturn and interest rate rises have
impacted the companies most focused on making the metaverse a reality. So, what exactly is the metaverse, and what should it be? The concept of the metaverse is a virtual world where users can interact with each other and with virtual objects in a way that mimics the real world. It should be a place where people can experience new things and connect with each other in a way that transcends
the limitations of the physical world. However, to truly be a metaverse, it needs to have its own economy, governance, and culture. Sweden is embracing the metaverse, recognizing the potential for a new form of reality that could bring people together in new and innovative ways. The Swedish government is investing in research and development to make the metaverse a reality, and companies are
working to make sure that they are at the forefront of the new technology. Sweden’s early adoption of the metaverse can be attributed to its unique combination of a tech-savvy culture and a limited domestic market. Companies, including startups, in Sweden are “born global,” with a mindset focused on global expansion from the outset. The country has a long history of innovation and
collaboration, making it an ideal place for experimentation with new technology and ideas. Additionally, Sweden’s experience with specific industries, such as the game industry, has put the country at the forefront of the metaverse trend. This combination of factors is what makes Sweden an ideal place for the exploration of the metaverse and its potential. With so many Swedish companies and individuals already dipping their toes into the metaverse, it is clear that the country is poised to play
a significant role in its development and evolution.
However, despite the hype and excitement surrounding the metaverse, the technology is still in its early stages and there are many challenges that need to be addressed before it can become a reality. The recent downfall of social media has only added fuel to the fire of the metaverse, but the fact remains that the world is not yet ready for this new form of reality. One of the reasons why the metaverse has yet to fully take off is due to the many issues that have arisen with blockchain, crypto, NFTs, and other related technologies. The vision of a future where blockchain is the key to everything seemed to be too good to be true and many people began to question the validity of these claims. In particular, the crypto-exchange market has faced many challenges, with billions of dollars lost in crypto-exchanges and questions about the sustainability of some of the surviving ones. The market for NFTs has also faced many challenges, with investment scams, privacy issues, and even instances of obscene images being contained within crypto wallets. Additionally,
DAOs (distributed autonomous organizations) have also faced challenges in becoming more democratic and managed by people working for a common good. Instead, many of them have fallen into scam territory and have not been able to deliver on their promises. While it is clear that the metaverse will happen, it may not happen in the way that Meta or Facebook wants it to. The metaverse will need
to be innovative, rethinking human-computer interaction, and evolving beyond the current skeuomorphic virtual environments. It will also need to address the issues surrounding NFTs and blockchain, which have been plagued by investment scams, privacy issues, and a lack of simplicity for the average user. The metaverse is not a pipe dream, but it is not yet clear what form it will take. While
the hype may have cooled off compared to a year ago, the potential for a new form of reality that brings people together in innovative ways is still there. Companies like Sweden are investing in the metaverse and working to make it a reality, and gamers and other early adopters are already living in a metaverse of sorts through virtual gaming worlds. Whether the metaverse will be a
utopia or a dystopia remains to be seen, but it is clear that it will happen, and it will change the way we live, work, and connect with each other. |
All the news you need today, in a format that isn't TL:DR, summarized for the busy executive.
GitHub, owned by Microsoft, will lay off 10% of its workforce (300 employees) in the coming quarter and transition to a fully remote company after its office leases end. This decision is part of Microsoft's company-wide effort to cut jobs and reduce spending due to slowing sales, with plans to lay off 10,000
employees this quarter and reduce its real estate footprint globally. CEO Thomas Dohmke stated in an email to staff that the layoffs will maintain the short-term health of the business and allow for investment in AI, such as the OpenAI-powered Copilot code suggestion tool. Disney has announced a restructuring of its entertainment divisions,
which will see Alan Bergman and Dana Walden promoted to co-chairs of Disney Entertainment. The executives will oversee all streaming businesses, including Disney+ and Hulu, and be given the responsibility for all international (non-sports) content, operations and functions, including marketing, ad sales, content sales, distribution and technology. Jimmy Pitaro, head of ESPN, will also be part of the team. The changes will see shared services supporting both Disney Entertainment and ESPN
and Rebecca Campbell, Chairman of International Content and Operations, will leave the company. A new report from the Annenberg School for Communication at the University of Pennsylvania suggests that privacy laws passed by six US states are not enough to protect consumers' data. The authors argue that many people do not understand how
companies use data and therefore cannot make informed decisions about tracking. They recommend restrictions on advertisers' use of data and the restriction of advertising-based business models to only contextual advertising. The report comes as the Federal Trade Commission considers privacy regulations, and the results of a survey of over 2,000 adults showed that many people lack knowledge about data collection and sharing. The report concludes that "notice-and-consent" may be ineffective and
suggests that restrictions on the collection and use of consumer data are necessary. Twitter is placing ads from Super Bowl advertisers next to posts from controversial users who spread hate and conspiracy theories, according to research by the Center for Countering Digital Hate. The research found that CEO Elon Musk has failed to
protect the brand safety of Twitter's remaining major advertisers. An example is an ad from Fiverr appearing next to a tweet from Andrew Tate, who has been banned from the platform before and has now been reinstated under Musk's "General Amnesty" rule. The report highlights the money Twitter is making from such placements and estimated that ads placed next to 10 bad actors could generate up to $19 million in annual advertising revenue for the platform. The #StopToxicTwitter coalition, consisting
of over 60 civil-rights groups, will increase pressure on brands to stop advertising on Twitter. News Corp. is cutting over 1,000 jobs, 5% of its workforce, amid a difficult economic environment and rising interest rates. CEO Robert Thomson says that the job cuts, expected to save the company $30 million, will be completed by the end of
the year and will help create a solid platform for future profitability. The company reported falling earnings in its fiscal Q2, with a tough advertising environment, and acknowledged it is still in talks to sell its digital real estate unit. The near-term outlook is also challenging due to higher costs, supply chain pressures, and inflationary pressures. Shopify has released over a hundred updates to its Shop App, designed to make the mobile shopping experience smoother and more streamlined. The new features include Shop Minis, which allows developers to extend the Shopify app functionality to the Shop App, Shop Store customizations for branding, Shop Cash campaigns for targeting high-value customers, and Sign in with Shop to identify these customers earlier in the buying process. Shopify has also introduced a one-page
checkout and a drag-and-drop Checkout Editor to build an entire checkout experience without the need for coding. These improvements are aimed at boosting sales and reducing abandoned carts on smart devices for Shopify merchants and developers. "Deinfluencing" is a new trend on TikTok where people push back against trendy products promoted by
influencers and instead promote less expensive alternatives. This trend has led to a discussion about the impact on influencers, whose brand deals make up a multi-billion dollar industry. Some marketers believe that this trend is still influencing by another name. People are deinfluencing themselves to save money and think more consciously about their purchases, especially given the current economy. Influencers and social media marketing managers such as Emma Austin are promoting the
idea of putting the power back into the hands of consumers. Austin believes that in order to resonate with consumers during a time of deinfluencing, brands should work with influencers who are very specific to their niche and have a good reputation in their community. Engaged Nation, a digital marketing firm focused on employee engagement
solutions, has partnered with IHUBApp, an award-winning hub-based app platform that has been shown to increase employee engagement by up to 195%. The IHUBApp platform uses the latest in progressive web app technology and automation to streamline and enhance team communications, increase engagement, and improve productivity. The REACH™ TEAM platform powered by IHUBApp is now available exclusively through Engaged Nation and is expected to create a measurable return on investment for
clients. The partnership between Engaged Nation and IHUBApp is seen as a major step forward in using technology to improve employee engagement and productivity in a variety of industries. Priceline is introducing its new brand platform, "Go To Your Happy Price," during Super Bowl LVII through a series of commercials and digital ads. The
pre-game spots feature brand ambassador Kaley Cuoco, while digital ads will be available starting at kickoff, with interactive elements accessing over $5 million in travel deals. The platform aims to capitalize on the resurgence in travel and the trend of "revenge travel," as well as offer affordable options amid inflation. The campaign will also include takeovers of Meta, TikTok, and YouTube, influencer marketing, audio and podcast ads, and the release of the theme song on streaming platforms.
This is Priceline's first work with its new creative agency, Mirimar. Elon Musk, the CEO of Twitter, has instructed employees to halt new feature development and focus on maximizing system stability and robustness after an hour-long outage on the platform on Wednesday. The outage affected the ability of users to tweet, send, or read
direct messages. With the upcoming Super Bowl, the CEO emphasized the importance of fixing the platform's stability issues. |
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The world of video games and advertising has changed dramatically in recent years, with
big brands and marketers taking note of the massive success of popular games like Fortnite and using them to target specific audiences with their advertising. This is a big shift from the past, where video games were seen as just a form of entertainment for children and teenagers, and marketers were hesitant to invest in this type of advertising. But now, with more than 80% of gaming adults saying they would be interested in seeing a brand advertise within a game, the trend has shifted towards
in-game advertising. So, what is driving this trend towards in-game advertising and why are brands so interested in using video games to reach their target audience? To answer these questions, it’s important to understand what makes video games so appealing to consumers and how they can be used to reach them. READ MORE OF THIS STORY |
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