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Metaverse

Metaverse
The metaverse is a conceptual next-generation version of the internet that consists of shared three-dimensional (3D) virtual worlds where people can interact, trade, play games and do more. The term was coined by the science-fiction writer Neal Stephenson in his 1992 novel Snow Crash, but a broader, multi-platform version of the concept gained widespread recognition in 2021 when Facebook changed its name to Meta.
A visitor tries a Meta Quest 3 virtual reality headset. Photo: AP
Meta Platforms

Meta plans budget cuts as high as 30% to its metaverse efforts

Mark Zuckerberg’s metaverse vision has not taken off despite his conviction that people will one day work and play in virtual worlds.

Icons and Influencers

Video | VTubers: the virtual stars redefining entertainment

Icons and Influencers

Video | VTubers: the virtual stars redefining entertainment

Facebook

Facebook owner Meta lays off more than 100 employees in Reality Labs

The job cuts affected staff focused on creating VR experiences for Meta’s Quest headsets, and those working on hardware.

A person tries out a MetaQuest 3 headset at the Facebook parent’s headquarters in Menlo Park, California. Photo: AFP
Artificial intelligence

Alibaba deepens push into AI smart glasses

A new partnership will see Alibaba Cloud develop customised AI models for RayNeo products, the companies say.

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Alibaba

Alibaba cuts ‘dozens of employees’ at metaverse unit as sector’s hype cools down

The lay-offs affected Alibaba metaverse unit Yuanjing’s operations in Shanghai and Hangzhou, according to a report.

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VR and AR

Smart glasses, AI features to boost AR and VR headsets growth

VR and AR headset makers are expected to ship over three times more devices in 2028 than this year, says research firm IDC.

A man tries out a Quest 3 virtual-reality headset at the Meta Platforms headquarters in Menlo Park, California. Photo: AFP
Blockchain

Web3 firm Animoca Brands trading for as little as a quarter of last valuation

Yat Siu, chairman of the blockchain video gaming firm, said secondary market trading does not accurately reflect the value of the Hong Kong-based company.

Artificial intelligence

Opinion | Does AI think we have already lost control of AI?

AI earnestly examines its navel and declares, on balance, in bullets, that we should just live with it

China's economic recovery

Humanoid robots, 6G on the horizon as China seeks to hop tech hurdles

China’s Ministry of Industry and Information Technology on Friday laid out a plan to make breakthroughs in emerging industries while preserving traditional manufacturing as a foundation.

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A staff member demonstrates a gesture-controlled robot during the 2024 World AI Conference in Shanghai. Photo: Xinhua
Blockchain

Hong Kong blockchain gaming firm Animoca weighing 2025-26 IPO, founder says

Animoca Brands co-founder Yat Siu said he hopes an IPO will bring ‘more attention to Web3’ and Asian markets, with a possible Hong Kong listing.

Animoca Brands is the biggest Web3 company in Hong Kong, with a portfolio of more than 400 start-ups. Photo: Shutterstock
Blockchain

Hong Kong’s Animoca Brands enters Saudi Arabia’s Web3 ground floor

The Web3 video gaming unicorn has signed an MOU with Saudi Arabia’s state-backed science park, months after a US$50 million investment in its Neom smart city.

Semiconductors

ByteDance invests in chip firm InnoStar as VR unit Pico faces Apple’s Vision Pro

ByteDance’s latest semiconductor-related investment shows the lengths being taken by the company to overcome the impact of tighter US tech sanctions on mainland China.

Technology

Opinion | When Sora meets VR, AI offers great rewards – and risks

OpenAI’s groundbreaking Sora, which generates video from text prompts, could offer never-before immersive experiences when combined with virtual reality – but could also boost misinformation and erode trust.

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A video created by OpenAI’s new text-to-video Sora tool plays on a monitor on February 16. The Microsoft-backed company said the new platform was being tested but released a few videos, accompanied by the text prompts, of what it said was possible. Photo: AFP
VR and AR

Apple’s Vision Pro lifts the prospects for extended reality sector: Rokid CEO

Rokid chief executive Misa Zhu Mingming said Apple’s Vision Pro headset is expected to spur broader demand for more affordable and ergonomically designed AR and VR wearable devices.

Rokid expects to double unit sales of its augmented reality glasses to around 400,000 this year, from nearly 200,000 in 2023. Photo: Handout
Cryptocurrency

Cryptocurrency unicorns Animoca Brands and HashKey agree to partnership

Under the deal, Animoca Brands will list its Sand cryptocurrency token on HashKey Exchange as the crypto firms gear up for a recovery in the battered virtual asset market.

China technology

China convenes Huawei, Tencent, Baidu to draft metaverse standards

The newly formed working group is tasked with building, maintaining and promoting metaverse industry standards, China’s technology regulator says.

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VR and AR

China augmented reality start-up Rokid gets US$70 million in new funding round

Rokid deal comes as Chinese authorities increasingly step up as private equity investors in projects in line with local development strategies.

Rokid’s AR glasses on display at CES International in 2018. Photo: AP
Singapore

‘Girl math’, MH370 jokes: Singapore’s biggest social media stories of 2023

Singapore may be small, but its capacity for online drama is surprisingly huge. Read on for the year’s biggest social media stories to set tongues wagging in the city state.

China technology

Beijing to draft national Web3 development plan amid strict cryptocurrency ban

China’s Ministry of Industry and Information Technology said a strategic Web3 development plan will be drafted ‘in line with the country’s conditions’.

Fame and celebrity

Meet 4Eve, the Thai pop girl group who could rival Blackpink

The T-pop girl group just gave a Metaverse concert in The Sandbox – and its members Jorin and Punch have modelled for Dior, Balenciaga and Tom Ford Beauty

Meet 4Eve, the Thai girl group that’s giving Blackpink a run for its money. Photo: @4eve_official/Instagram
Russia

Russia puts Meta spokesman on wanted list

Andy Stone was added to the list on Sunday, Russian state new reported, weeks after Russian authorities in October classified Meta as a ‘terrorist and extremist’ organisation.

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Meta’s logo at the company’s headquarters in California. Russia has added Meta’s spokesman Andy Stone to a wanted list, according to an online database maintained by the country’s interior ministry. Photo: AP
NFTs

Bored Apes descend on Hong Kong amid NFT firm’s bet on Asia

The first ApeFest outside New York drew thousands of people from 60 countries, with support from the Hong Kong government, according to Yuga Labs.

Technology

Facebook owner to lay off employees in metaverse chip unit

The unit, called Facebook Agile Silicon Team, or FAST, develops custom chips for Meta’s AR and VR devices, which currently use silicon from external provider Qualcomm.

Apple

Meta launches Quest 3 headset, just ahead of Apple’s Vision Pro

The Facebook owner has introduced its latest line-up of head-worn devices, staking fresh claim to the VR/AR industry just ahead of Apple pushing into the market.

An attendee tries the Meta Quest 3 at the Connect developer conference in Menlo Park, California, on Wednesday. Photo: AP Photo
Video gaming

Genshin Impact creator miHoYo switches chairman role to another co-founder

The change in leadership at miHoYo comes at a time when the Shanghai-based firm has become the main challenger to Tencent Holdings and NetEase in the world’s largest video gaming market.

The change in leadership at miHoYo comes at a time when the Shanghai-based firm has become the main challenger to Tencent Holdings and NetEase in the world’s largest video gaming market. Photo: SCMP
VR and AR

Chinese start-up counts on Apple’s headset to unleash XR demand

With Apple on track to launch its Vision Pro headset next year, GDI thinks the world is ready to embrace VR and related technologies.

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China technology

China wants up to 5 metaverse companies with ‘global influence’ by 2025

A new blueprint issued by five national Chinese agencies aims to develop the domestic metaverse for industrial use through technologies like blockchain and AI.

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