Metaverse≠games

Good morning! Welcome to The Daily Moon. It’s a brand new week. Some more SBF? He has been on a media blitz showing up everywhere from Twitter spaces to large newspapers. In an interview he says he doesn’t know what happened to the billions of dollars of customer funds. He says they may have made its way to Alameda and then been traded. Wow.

Moving on, today we talk about the non-gamer metaverse, and a fair deal for creators.

The markets were shaky. Bitcoin was just above $17,000 and Ethereum was at $1,250 levels. Nasdaq fell on weak cues. Back home, Sensex and Nifty dipped ahead of the US jobs data release.

Metaverse Is Not What You Think 

What is the metaverse? The story we’ve been sold by the likes of Meta is that you strap on a headset and then hang out with your friends and family in virtual reality. Currently, the closest use case for that outside of hanging out is gaming.

But that’s not where the metaverse ends. It’s where it starts. 5G testbeds, replicas of manufacturing plants, fire safety monitoring, and hospitals are all being built on the metaverse.

In fact, the metaverse’s future may not even be for the average consumer. The way things are evolving, it is possible that it could develop into a bustling marketplace for large businesses, which either replace physical spaces or become digital twins.

We are twinning Think of a factory where machines run round the clock without human intervention. But sometimes the machines don’t work and workers need to intervene. A lot of money is lost if that happens. The assembly line comes to a stop and then engineers need to work on solving the problem. But the next step in AI is when it can predict when things will break down. And that’s one of the large digital twin use case being built out.

For instance, Siemens has developed an industrial metaverse with chip-maker Nvidia.

The advantages of testing on the metaverse are two-fold:

• Lower costs: It is cheaper to set up R&D labs in the metaverse. The simulations run live and around the clock.

• Multiple testbeds: Unlike a physical space which has logistical constraints to run multiple simulations, the metaverse has infinite space. This means companies can run a number of pilots at the same time.

Employee time is also saved because technology does the routine inspections. For example, setting up a digital twin of a 5G manufacturing centre in Finland has helped Nokia increase annual productivity by 30%.

Built for emergencies Digital Twins are not just for experiments. Some businesses have used the metaverse to prevent emergencies. In Australia, for instance, energy company TasNetworks has deployed a digital twin of its power transmission line. This metaverse model gives real-time fire hazard updates for the power lines.

For sectors such as healthcare, metaverse-based research labs are considered far safer because of zero contamination risks. At Indiana University, a professor is developing a digital twin of the human immune system. This digital space will be a research zone to explore new medicines for ailments such as autoimmune disorders, cancer and viral infections.

Another use-case that’s emerged is for medical facilities. The UAE has built the world’s first metaverse hospital where patients can access services from wherever they are. The metaverse hospital premises can also double up as a research facility for medical professionals.

This is just the beginning. We’re still in the early days of the metaverse. If you’re old enough, think of this as the dial up age for the metaverse. Super speed internet is close and a lot of value is about to be created. Who knows, maybe Meta’s bet will eventually make money too.

Magic Eden’s Creator Loyalties

NFT creators on Solana-based marketplace Magic Eden won’t be left at sea. It has launched a new tool to enforce creator royalties for new Solana NFT collections. Just days after rival marketplace OpenSea enforced creator royalties.

Let’s break this down for you:

1. It gives creators the power to ban marketplaces that do not enforce royalties.

2. Creators can work on dynamic royalties, freeze authority and personalised trading.

ICYMIJust like OpenSea, Magic Eden had made royalties for creators optional in October. That didn’t go down well with people, which forced this change.

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