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news – Metaverse
This week in Web 3.0: March 2022
08/03/2022
Web 3.0 is continuing its takeover of 2022, with some big name brands having already announced their plans to take part in the Web3.0 revolution. In our previous article, we took a look at some of these brands such as, JP Morgan and McDonalds, and their plans for the Metaverse.
This trend is set to continue, with more instantly recognizable companies and brands announcing their plans to create virtual experiences in Web 3.0. In this article we will take a look at some of the biggest Web 3.0 headlines from the past 2 weeks.
What is Web 3.0?
Some of the key features of Web 3.0 are the Metaverse, Non-Fungible Tokens and Decentralised Autonomous Organizations (DAOs).
For more information on these topics, please check out our articles on the following topics.
Web 3.0 is constantly evolving and there is always some exciting news and developments occurring. In this article we will take a look at some of the biggest developments to have happened over the past 2 weeks.
L’Oreal introduces virtual cosmetics to the Metaverse
L’Oreal have begun to follow the leads of several leading companies and are turning their attention to the Metaverse. L’Oreal has submitted 17 trademark applications to the World Intellectual Property Organization. These trademark applications suggest that L’Oreal is planning to offer and sell virtual cosmetics and perfumes in the Metaverse.
L’Oreal plans to make it possible for all of its users to be able to purchase, sell, and trade all of their virtual cosmetics.
South Korea and Saudi Arabia announce planes to invest in the Metaverse
South Korea’s Ministry of ICT, Science, and Future Planning have pledged 223.7 billion KRW ($186.7 million) to help create a Metaverse ecosystem to support the growth of digital content and corporate growth within the country.
Saudi Arabia will also make significant investments in the Metaverse. Recent reports from Saudi Arabia suggest that more than $6.4 billion has been earmarked for developing the Metaverse in the country.
Out of this $6.4 billion allocated to this project, $1 billion will be used as an investment in NEOM Tech & Digital Company. NEOM plans to launch its own Metaverse/3D digital world where users can interact with one another.
Furthermore, Aramco, Saudi Arabia’s state-owned oil company will also invest $1 billion in companies with a focus on futuristic technology, including those working on projects in various blockchains.
Shiba Inu will release virtual land in the metaverse
The team behind the Cryptocurrency, Shiba Inu are set to offer plots of virtual land for sale in a soon to be released metaverse.
Twitter and Microsoft to build a classroom in the Metaverse
Manish Maheshwari, the former CEO of Twitter India, and Tanay Pratap, a former executive of Microsoft, have announced that their new company, Invact Metaversity, are planning to construct virtual classrooms in the Metaverse. These classrooms will be used to run a 3D immersive virtual learning platform that allows students to attend online MBA classes in the Metaverse as animated avatars.
Manchester City to build the world’s first virtual football stadium
Leading Premier League football team, Manchester City have announced a 3-year agreement with VR specialists from Sony. The aim of this partnership will be to construct the world’s first virtual football stadium. The specialists from Sony will map the Etihad Stadium digitally and then develop a virtual replica of Etihad to transform it into a central hub of Manchester City in the VR world.
The Sandbox and SHIBUYA109 to Launch “SHIBUYA109 LAND”!
Leading Metaverse, The Sandbox has partnered with SHIBUYA109 Entertainment Corporation to create SHIBUYA109 in The Sandbox metaverse.
The partnership will establish a touristic SHIBUYA109 LAND in The Sandbox. SHIBUYA109 LAND is a virtual representation of the famous Shibuya district, including SHIBUYA109 department store in the Metaverse.
SHIBUYA109 plans to develop a variety of businesses within the Sandbox. Current ideas include selling NFTs, mini-games where you can obtain NFTs, and advertising in the Metaverse.
In conclusion
The Metaverse continues to grow at an impressive rate and offers a great many opportunities for potential for everyone including regular guests in the Metaverse and companies. Big name brands are expected to keep embracing the Metaverse and more and more virtual experiences are expected to open.
If you are interested in learning more about how your business could get involved with the Metaverse, why not book a Consultation with one of our Blockchain experts here
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