The month of May has been an interesting one in the metaverse digital space. The metaverse concept is gradually hitting home; it’s no longer being seen as a puff of wind. While we thought it will be over soon, some are working so hard to get a foot in the door. Following are some of the interesting events that occurred there in May.
Hong Kong Police Sets to Combat Crime In The Metaverse
With the increase in the acceptance and use of the metaverse, there’s also the fear of increased crime, such fraud and abuse, in the digital space. The Hong Kong police has made strides towards combating these anticipated crimes. The cyber security arm of the Hong Kong Police Force recently launched a platform they called ‘CyberDefender’. The overall object of the project is to help prevent crime in the metaverse. Through the platform, members of the public can be educated on the potential dangers emanating from the Web3 and metaverse space. Some of the crimes highlighted by Chief Inspector Ip Cheuk-yu of the CSTCB include fraud, hacking, theft, and sexual offences. In a statement issued by the Cyber Security and Technology Crime Bureau (CSTCB) of the Hong Kong Police Force on May 27, he stated:
“All crimes in cyberspace could also happen in the metaverse. The platform was designed to prepare users for the challenges ahead in the digital age. The decentralized nature of virtual assets in Web3 may also increase the likelihood of cyber criminals targeting end point devices, virtual asset wallets and smart contracts.”
According to the press statement, in 2022 alone, 2,336 virtual asset-related crimes were reported which incurred a cost of $1.7 Billion to victims. In Q1 2023, 663 crimes were reported. The Hong Kong Police Force promised to keep educating the younger generation, raising awareness among teenagers regarding the latest advancements in information technology, potential pitfalls and the importance of preventing technology crimes. All these will be done using the ‘CyberDefender Metaverse’ platform.
Chinese City Mulls Over Plan to Become a Global Metaverse Hub
The Zhengzhou municipality of China, which is the capital of the Henan province of China is aiming to become a global metaverse hub. The government of this municipality has announced several policy proposals which is targeted at supporting metaverse companies operating within its jurisdiction. Some of the policies entails cash benefits and incentive which would attract metaverse-related companies to the area. The framework of some of these new policies allows that metaverse companies that relocate their headquarters to Zhengzhou may receive a startup capital investment of up to 200 million yuan ($28.34 million) and other benefits such as rent subsidies. More so, all companies developing metaverse use cases in the city, whether headquartered there or not, will be eligible for up to 5 million yuan (around $710,000) for each certified workable project.
The policy formulation is planned to target two major areas: research into metaverse-related technologies, such as virtual reality, augmented reality, and brain-computer interfaces, and the application of metaverse technologies in real-world industries, such as education, entertainment, and commerce. The Zhengzhou government plans to establish a 10 billion yuan metaverse industrial fund, from which it hopes to fund these new metaverse initiatives. There will also be collaboration with other government agencies and investment firms to provide a further 50 billion yuan ($7.08 billion) in funding to support metaverse-related development projects. In addition, a metaverse company stands the chance of winning cash rewards upon its listing on China’s primary stock exchanges. It is the hope of the Zhengzhou government that by 2025, metaverse-related industries will generate an annual revenue exceeding 200 billion yuan ($28.34 billion). However, the special date for the allocation of funds is yet to be announced.
Alex Greenwood Drops Three Original NFT Trainers at OKX Collective Metaverse Exhibition
Manchester City’s Alex Greenwood has dropped three original NFT trainers at the OKX metaverse exhibition. These NFTs are free as part of AG5 x OKX collection on the OKX NFT Marketplace. The NFT trainers were collaboratively designed by Greenwood and NFT designer Nas. The focus are on key traits that lead to success on the football pitch and in life. The NFTs have been given names such as ‘Adaptable’, ‘Calm & Patience’ and ‘Commitment & Passion,’ and they are available for free via airdrop and as part of the ‘AG5 x OKX’ NFT collection on the OKX NFT Marketplace. In the words of Alex Greenwood:
“Working closely with OKX on these trainer designs has been great. They give a sense of how I approach challenges on the pitch. I’m excited to see them launch in my personal OKX metaverse showroom!”
Haider Rafique, Global Chief Marketing Officer at OKX, added to Alex’s voice by saying:
“With any metaverse, the next step after creating the environment is to enhance the experience by curating objects and items that fans are eager to engage with and collect. This is an incredible way to bring fans into the experience and let them interact with their favorite athletes or public figures in a way they haven’t experienced before. This is how we make the metaverse a living, breathing environment.”
Exclusive behind-the-scenes content on Alex and Nas’s creative process will be made available to visitors of the OKX Collective metaverse while entering competitions to win prizes, including passes to team trainings, match tickets and much more. Fans will also be able to revisit the metaverse DJ set performed by Jack Grealish and Oliver Heldens as well as the instructive metaverse experiences with Manchester City Captain İlkay Gündoğan and defender Rúben Dias.
Cosmetics Brand Laneige Opens a Metaverse Store
Laneige, a South Korean cosmetic and skin care brand, is opening a shop in the metaverse. The virtual store will feature animation, gamification, an immersive 360-degree video functionality, and a seamless checkout experience. Created in collaboration with Obsess – a metaverse shopping platform builder – this is the company’s first virtual store. Five virtual rooms have been created around Laneige goods and content. They consist of an undersea realm, a carousel candyland, and a drifting cloud dreamland. Sydney Sweeney, an actress and spokesperson for the brand, will share exclusive content during an interactive educational “lab” which will allow customers to learn about the ingredients used in Laneige products.
This virtual shop experience will also allow users to participate in a skincare quiz, which will help individuals choose products that best match their skin type. More than that, players will be able to win products and rewards by completing virtual scavenger hunts. Beauty products are massively streaming into the metaverse. Earlier this month, Urban Decay threw a party in the metaverse. It is worthy of mention that Obsess has previously built metaverse shopping platforms for Ralph Lauren, Universal Music Group, Mattel, Tommy Hilfiger, Charlotte Tilbury, and other noted brands. In the words of Neha Singh, Founder and CEO of Obsess:
“Virtual stores are scaling rapidly in both brand and consumer adoption, and data from the 85 million+ user interactions that have happened on the Obsess platform proves that these interactive stores increase customer engagement and purchase behavior.”
Meta Eyes Partnership with Magic Leap
Magic Leap specialises in developing custom parts that are essential technologies needed for the metaverse. Meta, formerly Facebook, is looking to form a multiyear partnership with augmented reality (AR) start-up Magic Leap. A report by Financial Times disclosed that Meta is looking for ways that Magic Leap might offer intellectual property licensing and contract manufacturing in North America, to assist it in developing mainstream AR devices. People who are in the know concerning the talks added that no specific joint Meta-Magic Leap headgear is anticipated to result from the agreement. Although Meta has refused to comment on the development, two ex-employees said that Magic Leap’s “biggest asset” is the effectiveness of its “waveguides”- a technique that enables thin glass in front of the user’s eyes to conjure up realistic images at varying depths.
Without confirming the talks, Magic Leap said that partnerships were becoming a “significant line of business and growing opportunity for Magic Leap”. Magic Leap was founded in 2010 and it is based in Florida. It has raised more than $3.5bn in funding rounds from the likes of Google, Qualcomm and Alibaba. The news comes as iPhone maker Apple prepares to launch its virtual reality (VR) headset, which is expected to offer access to hundreds of thousands of apps.
Cardiology Connects with the Metaverse at Congress
Cardiovascular disease is the top cause of death for humans in the world, imposing the highest medical burden globally. With the rising number of elderly, the incidence of cardiovascular disease will keep rising in China. Currently, there are 330 million people with the disease in the nation. The Oriental Congress of Cardiology featured a heart intervention surgery conducted by robot through remote control. Each year, the congress brings the latest theory and newest technology on cardiology. This year, robots and digital medicine are the major topics. The remote controlled robotic surgery was conducted by Dr Ge Junbo. The AI-supported medicine and pan-vascular medicine, which were initiated at the congress, have been widely recognized and adopted in the medical practice.
In the words of Dr. Ge Junbo from Zhongshan Hospital and Chairman of the congress:
“Metaverse provides a new view for medicine, since it can create a digital twin, which means a model consisting of the patient’s real data of biology, organ, tissue and cells. Based on the digital model, doctors can forecast disease risk, do diagnosis, analyze treatment outcome and provide the best treatment. A patient’s digital twin will have great and wide application in the future. Though the route of metaverse in medicine is long, it will definitely bring new hope and advantage in the future. OCC is not only a platform for medics to do professional exchange but also an opportunity to discuss the future of cardiology. In addition to improving skills, we must keep innovation, exploration and have a bigger view. Training is also highlighted in the congress. Grassroots education, technical training and standardized processes are all available at the congress.”
BBC Studios and Reality+ Collaborate to Bring Iconic Brands to The Sandbox Metaverse
BBC Studios and Reality+ have collaborated to launch an interactive experience in The Sandbox. Fans can now anticipate engaging with their favorite material in The Sandbox’s dynamic atmosphere and obtaining access to a private BBC event venue. Reports have it that this collaboration will allow fans to engage with immersive content from their favorite brands, including Top Gear and Doctor Who, in The Sandbox’s setting. They will also take advantage of a BBC event space. According to the experts, “the metaverse is dead” due to being overhyped. While this joint venture will mark the first time that the BBC will ever have a home in the metaverse, The Sandbox has fully embraced the metaverse concept as a continuous shared digital world in which players and businesses may create, control, and monetize their experiences on the blockchain.
In a statement, BBC Studios’ President of Brands and Licensing, Nicki Sheard, expressed joy at the partnership between BBC Studios and Reality+ and The Sandbox. The following are her words:
“I’m thrilled that BBC Studios is collaborating with Reality+ and The Sandbox on this intriguing project. Although the metaverse is still in its infancy, she admitted that it has the potential to influence how people consume and engage with entertainment in the future. She stressed how this endeavor fits with BBC Studios’ overarching plans to launch their brands into new markets. She emphasized embracing cutting-edge platforms and technology as essential components of their growth plan. Warner Music Group, Ubisoft, Gucci Vault, The Walking Dead, and Adidas are just over 400 entertainment companies that have already joined The Sandbox.”
Expert Opinion
What do you think? Do you still think that the metaverse is a bundle of hype? For me, I think the metaverse has come to stay. While there are concerns about how the 3D world will affect people who spend time there, especially children, the Hong Kong Police Force is set out on a mission to enlighten users through the CyberDefence. It is worth saying that these concerns are founded. However, that would not wish the metaverse away. Better take advantage of the metaverse in any way you can; the earlier the better.