The Sandbox Partners With Time Magazine to Launch the “Time Square” on the Metaverse

The popular blockchain gaming company, The Sandbox, has joined forces with TIMEpieces, the NFT arm of TIME Magazine. According to the announcement, the partnership’s goal is to reimagine Times Square, the iconic New York City landmark, as a virtual hub for commerce and art in the Metaverse. To consolidate this collaboration, TIME acquired land in The Sandbox. This newly acquired land will house the virtual TIME Square landmark and serve as the platform’s space for virtual experiences as TIMEPieces holders would be able to attend exclusive meetings on the land.…

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Metaverse can’t be built on the corporate business model, says EY innovation lead

Magnus Jones, the innovation lead at big four accounting firm Ernst & Young (EY) believes that the metaverse would be led by the young generation and it cannot be built on the same principles of the corporate business model. Jones’s comments came during an exclusive interview with Cointelegraph managing editor Alex Cohen at the European Blockchain Convention (EBC) 2022. The EY innovation lead shed light on the company’s investment strategy and why a significant chunk of it has gone towards younger generation firms and startups. He said that many of…

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Metaverse fractional ownership to form similarly to property loans: Casper exec

As metaverse land assets become more expensive, ownership becomes harder for normal users. Because of this, Ralf Kubli, Board Member at the Casper Association, argues that fractional ownership, similar to property loans in the real world, may gain traction within the virtual space through nonfungible tokens (NFTs).  Kubli told Cointelegraph that understanding fractional ownership within the metaverse is very similar to the legacy property system. As prices soar, many cannot afford to buy and own properties. This leads to people renting or leasing property, giving a form of fractional ownership.…

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Can Metaverse technology enhance human-AI efficiency?

Conversational AI systems in the metaverse resemble human-to-human communication. Voice assistant AI has found its way to the metaverses of the new era, powering use cases like lifestyle assistance and personalized recommendations. For instance, rather than driving to a travel agency’s office or talking to their overburdened customer service, users can hop on the metaverse and take a tour of multiple awe-inspiring locations with the assistance of an AI-powered bot. An AI concierge in a metaverse is a personified machine that delivers unique recommendations based on the avatar’s preferences. Take…

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A ‘very ambitious’ $100M Metaverse R&D hub is being built in Melbourne

Thailand based metaverse startup Translucia Global Innovation has partnered with the Australian software development firm Two Bulls and set aside an initial budget of $100 million to build a Metaverse Research and Development Center (MRDC) in Melbourne. Translucia is a subsidiary of art and entertainment company T&B Media Global which in October 2021 launched its “Translucia Metaverse” project, with a first stage investment of $283 million for the virtual world. Now, T&B are partnering with Two Bulls to build the MRDC to bring the project to life with a slated…

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The Metaverse Could Be Worth About $5 Trillion by 2030 

A report published by International Consulting Firm, Mckinsey & Company, suggested that the global spending in the metaverse could reach $5 trillion by 2030. The 77-page report titled “Value Creation in the Metaverse” analyzed the current adoption trend and drew additional insights from two global surveys. The first survey gathered data from 3,104 consumers across 11 countries, while the second polled a range of executives from 448 companies cutting across 15 industries in 10 countries. Using these data, McKinsey predicted that the future of consumer behavior in the metaverse would…

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