【TIMELINE】2023/04#4
◉Financing in the Metaverse sector
XRU, a Singapore-based NFT sports platform established in April 2022, has been fully acquired by a Southeast Asian crypto fund, which also participated in XRUN's latest strategic financing round. However, the specific terms and amount of the acquisition transaction, as well as information about the acquiring party, have not been publicly disclosed. XRUN previously raised several million dollars in funding, with investors including Bitin Capital and BlockACE Capital of Singapore, Block Patch of South Korea, and Skyline Capital of the UK. It is reported that after this transaction is completed, the XRUN brand will be upgraded to FitVerse, a sports and health metaverse.
Recently, XR content company XRSPACE announced the completion of $25 million in financing, led by Foxconn Technology Group. It is reported that the new funds will be used for the development of its next-generation 3D live streaming and social experiences, the development of AI-driven virtual social platforms, and the development of innovative partnerships in China, Japan, and the United States. It is understood that Foxconn's parent company, Hon Hai Technology, announced a $100 million investment agreement with XRSPACE in February 2022, which will be divided into three tranches. This financing is the first tranche of the three transactions, with Foxconn investing $15 million and holding a portion of XRSPACE's shares. Official records show that XRSPACE was founded by former HTC CEO and founder Alvin Wang Graylin in April 2017, with the goal of creating a metaverse platform. The company launched its first XR product, XRSpace MOVA, and XR social platform, MANOVA, in May 2020, and launched the online virtual exhibition platform GOXR and virtual music world PartyOn in 2021.
On April 24th, it was reported that the metaverse office platform Katmai had completed $22 million in financing. Katmai aims to completely change the remote work environment by combining 3D virtual offices, cameras, and avatars. The company combines its video conferencing with real-time 3D engines, bringing people together in immersive, customized, and realistic environments that can be accessed through a web browser without the need for VR devices.
Recently, Japanese VR game developer CharacterBank announced the completion of approximately 350 million yen in financing. This round of financing was invested by FreakOut Shinsei Fund, NetEase Games, Dricom, Sawada Investment, SMBC Venture Capital, and others. The new funds will be used to strengthen recruitment and expand business. It is reported that since 2019, CharacterBank has participated in the development of three VR games and has expanded to various platforms. Among them, the game RUINSMAGUS, released in July last year, has received good reviews in the United States and China and is the only Japanese work selected for the Meta Global "Best of Quest 2022" award, with total sales exceeding 50,000.
Recently, Digital Kingdom signed a subscription agreement for a total of 646 million shares, raising approximately HKD 143 million. The subscriber, Chen Libai, is the founder and chairman of ADATA Technology Co., Ltd. The above funds are planned to be invested in technology exploration related to artificial intelligence, virtual humans, and other areas.
Web3 entertainment technology platform VEGA announced the completion of a $2 million seed round financing, led by Arcane Group, with participation from New Wheel Capital and several other industry investors. The funds from this round of financing will be used to expand operations and development teams, expand global markets, promote technological innovation, and establish partnerships.
On April 24th, it was announced that NFT marketplace Colecti received a €470,000 equity investment from Lisk and will launch an NFT marketplace on Lisk. This financing is part of Colecti's pre-seed round of financing. Previously, Web3 platform Lisk launched an accelerator program aimed at providing up to CHF 250,000 ($270,000) in grants to developers who wish to develop applications in its ecosystem and said it will specifically focus on startups dedicated to developing specific blockchain solutions.
◉NFT & Blockchain
On April 23, it was reported that the floor price for the second series of former US President Trump's personal NFT "Trump Digital Trading Cards" was less than $78, down more than 20% from the initial sale price of $99. According to data from Open Sea, the floor price of the NFT series dropped rapidly on April 19, now at 0.042 ETH, equivalent to about $77.87. As of April 22, the NFT series had sold 14,755 units with a trading volume of 1037 ETH, worth about $1.9 million.
Mattel Creations, the digital collectibles platform under US toy manufacturer Mattel, will launch a P2P (peer-to-peer) marketplace feature on April 27, supported by NFT company Rarible. It is reported that Mattel is the manufacturer of Barbie dolls, and launched its NFT market, Mattel Creations, on the Flow chain in November last year.
On April 23, 1confirmation partner Richard Chen tweeted that it is becoming increasingly clear that Blur is a parasite in the NFT ecosystem. Investors who continue to support Blur will ruin their own reputation like the investors of FTX or the Terra conspiracy group. Blur founder Pacman also tried to create a cult of personality around himself, and historically, such cults never end well in the cryptocurrency industry.
On April 23, French luxury giant LVMH held its annual shareholder meeting at the Carrousel du Louvre in Paris, where Chairman and CEO Bernard Arnault stated that when the company has NFTs, they will use them to sell a real shoe or a real bottle of wine.
◉VR & AR & XR
Recently, AR solutions provider Eolian announced the successful production and delivery of a $10 million Augmented Reality Tactical Assault Kit (ARTAK) to the US Special Operations Command (USSOCOM). Eolian's founder and CEO, Michael McCormack, said, "The ARTAK capability represents a significant leap forward for our Special Operations Forces in enhancing mission planning, situational awareness, and C2, and we are proud to contribute to their operational readiness." The company stated that it remains committed to providing cutting-edge technology to support the evolving needs of the defense industry and plans to collaborate with the US Special Operations Command and other defense agencies in the future to enhance the capabilities of the US Armed Forces.
Canon recently launched a VR chat app "Kokomo," which is available on the App Lab platform and supports Quest, Quest 2, and Quest Pro headsets, with companion apps available for iOS and Android. TechCrunch editor Haje Jan Kamps said, "If all goes according to plan, 'Kokomo' will be the best without the huge cost of a typical remote rendering system." However, in practice, things are usually not that simple. In the first test connection, the jittering image dropped to three to four frames per second in some cases. In addition, the full-body virtualization seen through the camera appears to be two-dimensional, sometimes reminiscent of animated cardboard cutouts. The facial "mask" overlaid on the screen also repeatedly disappears and reappears, often disturbing the immersion. If Canon can solve all these problems during the "Kokomo" early access period, then this concept is very promising.
Enterprise VR headset manufacturer VRgineers has recently developed a portable VR combat flight simulator that can be used to train pilots on various combat aircraft, including airplanes and helicopters. The entire system can be accommodated in a large suitcase and deployed anywhere it is needed. Although the company claims that the system is affordable, they have not yet disclosed the specific price, and it is speculated to be in the tens of thousands of dollars, which seems like a lot but is much cheaper compared to many professional VR flight simulators.
On April 20th, the US Patent and Trademark Office announced an Apple patent application related to streaming immersive video content for display to users wearing the upcoming XR headset. Apple points out in their patent that conventional immersive video content cannot be presented to users based on the position of their bodies, so a 360° visual experience cannot be achieved. Currently, developers and/or engineers can learn more about the details of this invention by referring to Apple's patent application US 20230117742.
Recently, YVR, the iconic virtual reality technology brand owned by the Dreamplay Group, announced the launch of its spatial sensing function, becoming the first VR all-in-one machine brand in the country to launch this feature. In November 2022, YVR officially launched its multi-map memory function, becoming the first VR all-in-one machine brand in the country to exclusively and innovatively launch this function. With just one setup, the safe boundary memory can be automatically awakened when the user enters the area again, greatly optimizing the user experience.
Recently, according to an estimate by a market analyst and investor, consumers have spent 3 billion US dollars on VR applications. He sees it as a turning point in the VR industry. Since 2016, VR developers have generated approximately 3 billion US dollars in revenue. That year saw the emergence of the first wave of consumer devices: Oculus Rift, HTC Vive, and PSVR. Most of the sales came from the Meta Quest Store launched in 2019.
◉Top
Recently, Changi Airport Group (CAG) in Singapore launched a virtual experience of its metaverse airport, ChangiVerse, on the online gaming platform Roblox. ChangiVerse is a virtual airport named developed in partnership with Accenture's metaverse Continium business group, where users can explore freely and earn airline tickets as rewards by playing games within the virtual space. The airport is composed of three areas, where users can explore the departure hall, which features the iconic indoor waterfall and greenery of the integrated "Jewel Changi Airport," and other landmarks. Users can participate in mini-games, earn points, and access special items and areas in the virtual space. CAG's Senior Vice President of the Enterprise Digital Ecosystem and Business Units, Hung Jean, stated, "As customers become increasingly proficient in digital technologies and interact in digital spaces, ChangiVerse is committed to innovating and experimenting to engage and serve customers better."
Meta, VR Heroes, and the National Research Institute are partnering to provide free training workshops for Polish educators on how to incorporate AR/VR education into their classrooms. The workshop will use the Meta Quest 2 headset and special education applications to introduce the benefits of AR and VR in education and how to use them correctly. The workshop will also discuss the impact of VR on students. The goal of this workshop is to share knowledge about innovative technology and help educators understand the benefits of integrating it into the curriculum, including fostering students' creativity skills and digital literacy. VR Heroes co-founder Tomasz Dobosz stated, "Students will participate in a simulated 3D environment, allowing them to explore virtual objects and environments in ways that traditional classrooms cannot provide, and interact with them." Jakub Turowski, Meta's Director of Central and Eastern European Public Policy, emphasized that AR and VR offer significant opportunities for education: "We can show them, instead of just telling students what life was like in ancient Rome or taking them to the Louvre or the Arctic Circle."
Bill Gates discussed educational technology with DreamBox CEO Jessie Woolley-Wilson at the ASU GSV Summit. Gates believes that a significant influx of funds into the educational technology industry will drive transformation and help achieve education equity, but investors should be prepared for failures. The continuous breakthroughs in the field of AI will undoubtedly disrupt the education sector, and education equity is within reach, but that does not mean investors should blindly enter the market. Currently, many key developments occur at the platform level, relying heavily on breakthroughs by Google, Microsoft, and OpenAI. Gates believes that the AI revolution is disrupting the education industry, but the chance of success for entering the educational technology field is only two in a thousand.