Epic Games enters digital fashion

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Emerging tech trends like AI, VR, and web3 are disrupting the fashion world at breakneck speeds.

Once a week, the Metaproof team will break down the top stories, feature expert Q&A’s, and serve up the hottest links tracking tech’s impact on the fashion industry.

✨ Top Picks

The Future, today. In just 3 minutes.

1/ Epic Games invested in a digital fashion company (Link)

Details remain sparse, but gaming powerhouse Epic Games and digital fashion company CLO Virtual Fashion have officially purchased shares in each other.

While the announcement doesn’t cite the amount of each other’s investment, the new partnership signals Epic’s foray and interest in digital fashion as part of its sprawling metaverse ambitions.

CLO Virtual Fashion provides tools, such as fashion design software, to its target market, and this already integrates with Epic’s Unreal Engine and a marketplace where garment designs can be purchased and sold.

This field expands Unreal Engine’s goal of being used beyond game development, deemed a way to break into the “complex” virtual worlds and break down “a creative barrier for digital fashion creators” today.

2/ Roblox lures users with improved metaverse, but they are not dropping much cash (Link)

While the popular gaming metaverse has successfully drawn in new users and hiked its revenue, the challenge remains: make those sales profitable.

Fast facts on Roblox so far:

• A strong bookings performance in previous quarters and in monthly data reported through March gives Roblox investors peace of mind for the time being, according to analysts. This reduces pressures to launch new products.

• The growth in bookings is attributed to consistent gains in daily active users (DAUs), which climbed 22% YoY in February and 26% YoY in March.

• In this ecosystem, users purchase robux to buy in-game assets like special powers, virtual clothing, as well as accessories for their avatars. Meanwhile, its open-ecosystem approach allows game developers to create their own content and earn robux, which they can cash out or spend inside the firm’s metaverse.

3/ Google unveils dozens of AI updates during annual I/O developer conference (Link)

In the recent Google I/O developer conference held on May 11, Google announced numerous updates, with a significant focus on AI:

• Search Labs - Allows US users to test AI-related products and ideas

• Code Tips - Provides insights for writing better code

• Add to Sheet - Adds search results directly into a spreadsheet

• Help Me Write - Generates a full draft of an email based on a prompt

• Immersive View for Routes - Produces high-fidelity views using AI, including live air quality, weather, and traffic data, with a time slider to view predictive data for later in the day

• Geospatial Creator - A tool created in partnership with Adobe to facilitate design, visualization, and publishing of world-anchored immersive content

Google's chatbot Bard is set to be upgraded with plugins for services such as Spotify, Walmart, Indeed, YouTube, and more, making it suitable for everyday use.

4/ AI is hot—but Meta is still ‘really interested in the metaverse,’ exec claims (Link)

Meta remains dedicated to the development of the metaverse, according to Nicola Mendelsohn, head of its Global Business Group. The emphasis is on Meta still being "really interested" in the metaverse and CEO Mark Zuckerberg being clear about this commitment.

While reaffirming its commitment to the metaverse, speculations on a tectonic shift in purpose and direction, mostly toward AI, abound. Q1 2023 saw Meta's metaverse-focused Reality Lab incur a loss of $3.9B, indicating continued investment.

Generative AI is seen by Meta as a key technology for building the metaverse, particularly in conjunction with the Quest virtual reality headsets.

John Hegeman, VP of Monetization at Meta, said: "AI will help us develop the metaverse more effectively and the metaverse will be another great opportunity to create value for folks with AI.”

5/ AI girlfriend launches with a 5000 person waiting list (Link)

An AI clone of 23-year-old influencer Caryn Marjorie, Caryn costs $1 per minute to talk to. She’s trained on Marjorie’s voice, uses OpenAI’s GPT-4 and voice models to respond to messages from users on Telegram, and now has 1000+ romantic partners.

This isn’t, however, the first time an AI chatbot is designed to have a relationship with a user and serve an emotional end. Some choice examples include apps like Replika, a virtual AI friend, and Chai, an app to chat with a number of AI friends, already used by millions worldwide.

🏃‍♂️ Quick Hits

🎮 Gaming

• Blockchain gaming dominates on-chain transactions, comprising 38% of all crypto transactions despite seeing 10% fewer daily active wallets in April versus the previous month. (Link)

• Metaverse game platform Runiverse launches the first web3 game tournament to be hosted on esports tournament platform ESL. (Link)

• The gaming industry sees growth, with countries within Asia Pacific dominating the landscape. (Link)

• In the web3 game, players nurture their DigiToads to assert their strength and might in the swamp arena. (Link)

• BLOCKLORDS is a multiplayer strategy game designed with a simple principle: “Fun Conquers All.” (Link)

• Plushie Guardians is a new web3 gaming universe that’s just announced the sale of NFTs for its first game. (Link)

🕶 Fashion

• Web3 brand Boss Beauties dropped virtual collectibles in collaboration with Mintel’s iconic Barbie on May 10. (Link)

• Screen wear is the new streetwear: How the fashion industry sees digital assets as a potential treasure trove. (Link)

• Google is testing AI for shopping with what it has dubbed Search Generative Experience (SGE). (Link)

• Let’s talk trademark: It's essential for brand owners to keep in mind that they will face the genuine-use requirement in the metaverse as well. (Link)

• The Kim Kardashian of web3? A closer look at gmoney’s web3 fashion empire and how 9dcc is disrupting luxury. (Link)

🏀 Sports

• Floki is 1st ever crypto partner of the World Table Tennis for the ITTF World Table Tennis Championships Finals 2023. (Link)

• IMPACT Wrestling vaults into NFT collectibles, including exclusive offerings with Santino Marella and Mickie James. (Link)

• In March, The BIG3 was named "Best in Web3" by Sports Business Journal for the league's web3 project Forever Experience Action Tokens (FEATs). (Link)

• Spanish professional football league LaLiga launches the AI-driven Meet LaLiga initiative to assert Spanish prowess in two things: football and AI. (Link)

• In karate combat sport entertainment in web3, it’s an NFT but called a playable digital fighter. (Link)

🎥 Media & Entertainment

• Rolling Stone breaks down virtual girl group MAVE:, how the digital quartet was created, and the future of AI in the music industry. (Link)

• Starburst opens Juicyverse in the metaverse mall TheMall, where users can engage in virtual entertainment using the MetaVRse Engine 2.0. (Link)

• See how Pepsi's Latin fusion metaverse dance class bridges gaps with Hispanic audiences. (Link)

• Twitter launches an initial version of encryption for DMs. (Link)

• UK’s Eurovision sees Gen Z consumers embracing metaverse, 5G, and AR for enhanced viewing. (Link)

• MetaCannes ushers in FILM3’s next wave of cinema at Cannes Film Festival. (Link)

🖼 Art

• Ape of faith: Yuga Labs’ new CEO buys Bored Ape NFT for $90,000. (Link)

• Japan-based railway operator JR Kyushu launches NFTs on Astar network. (Link)

• Breaking boundaries: YuYu’s personal journey as a queer artist in the NFT world. (Link)

• A deeper look into 3D NFTs. (Link)

• Tensor is nearing its place as the top Solana-based NFT marketplace in terms of market share. (Link)

• BBC is set to enter web3 with Doctor Who NFTs. (Link)

• Why Divinci, Sri Lanka’s first metaverse art exhibition? (Link)

🤖 AI

• Microsoft puts stakes in Builder.ai, a company specializing in AI-enabled code and app development. (Link)

• AI will likely help you lead a more human-centric life. (Link)

• How is AI shaping marketing? (Link)

• SLAIT pivots from translating sign language to AI-powered interactive lessons. (Link)

• Google’s Bard AI chatbot launches in Australia with a vow to develop it ethically. (Link)

• Japan takes steps toward generative AI guidelines. (Link)

• Now there’s an AI oncology mentor for cancer patients. (Link)

💸 Funding & Partnerships

• Artizen raises $2.2M to create NFT cultural artifacts. (Link)

• The Odsy Foundation raises $7.5M in seed round to decentralize access control in web3. (Link)

• NFT platform Vibe secures $4M in seed funding. (Link)

• Lucem Health raises $7.7M for AI clinical solutions. (Link)

• Everseen raises $71M to battle retail theft using AI. (Link)

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All content on this newsletter is for informational purposes only and does not aim to serve as or replace expert investment advice.

📈 If you are a startup building in the metaverse / web3 ecosystem and are raising capital, please reach out to Sfermion. Sfermion is an investment firm focused on accelerating the emergence of the metaverse 📈

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