Facebook doubles down on the metaverse (4th Week, October)

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Oct 21 2021
Facebook is planning to rebrand the company with a new name
Facebook will be changing it name, turning Facebook into one of its many services it will offer also reemphasizing that the company will focus more on developing for the metaverse.
China's big tech firms also piling into the metaverse
Gaming giant Tencent is set to sharpen focus on developments in the metaverse space with a new gaming studio under subsidiary TiMi Studios — F1 Studio which is "dedicated to the exploration of the future form of gaming". "An open world game, on console and PC, is currently a strategic priority," the spokesperson added.
TikTok owner ByteDance is also seen to be taking steps into the space with the acquisition of VR startup Pico Interactive. ByteDance told Insider that it's "optimistic about the future of VR."
Ecommerce giant Alibaba, too, has joined the fray by registering several trademarks — including "Ali Metaverse".
Other Chinese tech firms starting to jostle in the space include short-video-app owner Kuaishou, video-streaming service iQiyi, and electric-carmaker Li Auto.
Roblox unveils electronic music festival in the metaverse
Roblox has partneed with music event promoter Insomniac to create electronic music festivals for its platform. The companies plan to create the “world’s largest dance music festival, Electric Daisy Carnival (EDC), to the metaverse.”
In the first-ever persistent music festival on Roblox, fans will be able to immerse themselves in the magic of EDC’s globally-recognized festival stages and areas like Cosmic Meadow, Circuit Grounds, Camp EDC, Pixel Forest and more.
Snap is launching a global studio to develop branded AR experiences
The new studio is called Arcadia and aims to help companies develop experiences that can be used across web platforms and app-based AR environments.
The studio will partner with brands and creators to engage with Snapchat’s millennial and Gen Z audience.
Apple Augmented-Reality Glasses Could Show Up This Time Next Year
TFI Securities analyst Ming-Chi Kuo wrote in a research note Tuesday that he thinks mass production of what he describes as an AR/MR “head mounted display” has been pushed out by two quarters to 2022’s fourth quarter. Kuo writes that he thinks the displays will support “a wide range and variety of applications,” including productivity, social networking, communications, multimedia, and gaming, “and will replace some consumer electronics equipped with displays in the long run.”
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