Meta unveils new virtual reality headset Quest Pro

SAN FRANCISCO, United States - A year after it rebranded itself in the name of building a metaverse, Meta unveiled a new version of its virtual reality headset tailored for working professionals.

The $1,500 Meta Quest Pro features a number of new features that are meant to improve users' perception of truly being in the presence of other people.

The headset makes it possible to view not only virtual worlds but also the real environment of the user, thanks to high-resolution outward-facing cameras.

"The moment that they begin to break into a smile or when they raise their eyebrow... your avatar should be able to express all of that and more," Meta chief Mark Zuckerberg said at Meta Connect, the company's giant's annual conference focused on virtual reality.

Customers can begin ordering the Quest Pro starting Tuesday, and the device will ship at the end of the month.

Meta said it is partnering with Microsoft and others to tune popular business and productivity software to virtual worlds using Quest Pro. 

Capabilities being worked on include using Quest Pro during virtual meetings on the Microsoft Teams platform, according to the two companies.

"At Microsoft, we're incredibly excited about the metaverse and how digital and physical worlds are coming together," Microsoft CEO Satya Nadella said during the presentation.

Facebook renamed itself Meta in October 2021 to signal a pivot to building its vision for an interactive virtual and augmented reality world that it sees as the future.

The move came as the company was facing a backlash after a whistleblower leaked documents suggesting the social media giant put profits over safety.

Meta is undergoing a difficult period financially due to dropping advertising revenues and fierce competition from other platforms such as TikTok, whose popularity has exploded.

About a third of the apps in the Quest app store brought in millions of dollars in revenue since launching there, according to Meta chief technology officer Andrew "Boz" Bosworth.

Some $1.5 billion has been spent overall on games and apps in the Quest store, and titles on the way to its virtual shelves include an "Iron Man" game set for release in November by Marvel Entertainment and Sony Interactive Entertainment, according to Meta executives.

Agence France-Presse

UAE's latest bet on tech: a ministry in the metaverse

DUBAI, United Arab Emirates - The United Arab Emirates, which already boasts the world's tallest skyscraper and has launched a bold Mars mission, now hopes to become a pioneer in the depths of the metaverse.

In a project launched at Dubai's gleaming Museum of the Future, it announced that the UAE's economy ministry was setting up shop inside the immersive virtual world that is now taking shape. 

Those who don their virtual reality goggles or use other means to venture within will find a ministry open for business with companies and even ready to sign bilateral agreements with foreign governments, officials said.

The metaverse is an online world where users will eventually be able to game, work and study, its proponents say -- although it is still in a "test" phase, the UAE's economy minister conceded.

Abdulla bin Touq Al Marri was speaking at the inaugural Dubai Metaverse Assembly, held at the museum whose innovative ring shape decorated with Arabic calligraphy flanks the city's main thoroughfare.

Representatives of tech giants mingled with entrepreneurs and developers exploring the potential of the metaverse, a network of digital spaces intended as an extension of the physical world.

"In the last couple of years we've seen investments, we've seen companies move in, and with the changes of the (visa) regime... we see talent coming in," Al Marri told AFP in an interview.

"We trained our employees to really immerse themselves in the metaverse, use the metaverse and engage with the Generation Z that is going to come," he added. 

The UAE, which has a history of bold projects including the 830-meter (2,723-foot) Burj Khalifa, hopes the metaverse can add $4 billion to annual GDP and 40,000 jobs to its workforce by 2030.

In its bid to become one of the world's top-10 metaverse economies, Dubai wants to attract 1,000 companies specializing in blockchain and related technologies, helped by eased visa rules for freelancers, entrepreneurs and creatives.

As the coronavirus pandemic pushed more people into the online world, "Covid really accelerated" the trend, Al Marri added. 

"We thought the metaverse is a phase technology" that might take 10 to 20 years to emerge," he said. "Covid-19 really immersed us so fast and expedited the use of the metaverse."

Virtual Mars trips 

Unlike the UAE's oil-rich capital, Abu Dhabi, crude represents just five percent of Dubai's economy which has pivoted towards business, tourism, real estate and new technologies.

The UAE has already introduced a law governing virtual assets and a regulatory body for cryptocurrencies, while welcoming major crypto exchange platforms.

One of the UAE's early private-sector metaverse projects is called 2117, named after the dream of Dubai's ruler Sheikh Mohammed bin Rashid to colonize Mars a century from now.

Metaverse users can now buy tickets to join a virtual shuttle carrying settlers to the red planet.

"A lot of us won't live long enough to see this mission with our own eyes," said Amin Al Zarouni, founder of the Bedu start-up behind the virtual Mars trip.

"We'll try to replicate this experience in the metaverse."

Until now, use of the metaverse is niche and even its architects say widespread adoption is years away. How it will develop is unknown.

According to Meta, which owns Facebook and other social media titans, Analysis Group research has shown that the metaverse could add $360 billion to GDP in the Middle East, North Africa and Turkey in 10 years, if it follows the growth pattern of mobile technology.

"We also know that when policy supports innovation, it accelerates the adoption of new technologies," the company said, when asked about Dubai's prospects of becoming a metaverse hub.

"If we look at the context of Dubai, there's already a clear strategy and goals to accelerate metaverse adoption and investments in the building blocks of the metaverse."

, Agence France-Presse

NYSE moves closer to NFT trading with trademark application

The New York Stock Exchange has filed an application to register the term "NYSE" for a marketplace for non-fungible tokens (NFTs), taking a step closer to setting up an online trading place for cryptocurrencies and NFTs.

The hype around cryptocurrencies last year spilled over to NFTs, a form of speculative investment that has attracted fans including former US first lady Melania Trump and Jamaican sprint great Usain Bolt.

Companies involved in this sector have also been backed by heavyweights Microsoft Corp and SoftBank Group Corp .

If the NYSE launches a new marketplace, it would compete with SuperRare, Rarible and NFT markeplace giant OpenSea, which was valued at $13.3 billion after its latest funding round.

However, a spokesperson for the NYSE said it has no immediate plans to launch cryptocurrency or NFT trading.

"(The NYSE) regularly considers new products and their impact on our trademarks and protects our intellectual property rights accordingly," the spokesperson added.

NFTs have left many baffled as to why so much money is spent on items that do not physically exist. Some also believe the industry is saturated by scammers and too often rewards viral art of low quality.

The NYSE minted its first set of NFTs in April last year, commemorating the first trades of six "notable" listings. 

The exchange's filing indicates it could enter into the metaverse too, as it seeks to provide "virtual reality, augmented reality and mixed reality software".

Metaverse refers to shared, immersive digital environments which can be accessed via virtual reality or augmented reality headsets or computer screens.

Besides NFTs, the exchange would also provide "an online marketplace for buyers, sellers and traders of virtual and digital assets, artwork", it said in a filing with the US Patent and Trademark Office dated Feb. 10.

-reuters-

Facebook plans to change its name - The Verge

Social media giant Facebook Inc is planning to rebrand itself with a new name next week to reflect its focus on building the metaverse, the Verge reported on Tuesday, citing a source with direct knowledge of the matter.

Facebook Chief Executive Officer Mark Zuckerberg plans to talk about the name change at the company's annual Connect conference on Oct. 28, but it could be unveiled sooner, the Verge reported.

A metaverse refers to shared virtual world environments, which people can access via the internet. The term can refer to digital spaces, which are made more lifelike by the use of virtual reality or augmented reality.

The rebranding would likely position Facebook's social media app as one of many products under a parent company, which will oversee groups like Instagram, WhatsApp, Oculus and more, the report added.

Facebook said it does not comment on rumor or speculation. (Reporting by Shivam Patel in Bengaluru; Editing by Rashmi Aich and Anil D'Silva)

-reuters-