Metaverse News

WPP Launches The Metaverse Foundry to offer Production and Design in the Metaverse.
The WPP Group has announced the launch of The Metaverse Foundry, a unit specialized in the design and production of brand experiences in the Metaverse that will work as part of Hogarth, the British holding’s multinational content production company.

WPP Launches The Metaverse Foundry Project

The new unit is part of Hogarth, the content production company of the British holding company.
It will have a global team of more than seven hundred creatives, producers, and developers.

WPP thus joins the strong trend of interest and activity around virtual universes that have been generated in recent months and in which companies from the advertising sector and technology companies and brands are participating.

The Metaverse Foundry is made up of a multinational team of more than seven hundred creatives, visual artists, producers, developers, and technology experts, with whom it will offer the full range of services required to generate brand experiences in the virtual universe: design, production, arts and visual phases, development of virtual reality and augmented reality applications, technology, and research.

The services of the new unit will be available to all WPP agencies and clients. They will work closely with two group companies: Subversive, specialized in virtual events and immersive experiences, and Ars Thanea, a studio dedicated to visual effects and animation.

Clients with Ongoing Projects

WPP reports that the group’s agencies are currently working on Metaverse-Bound projects for clients, including Wendy’s, Under Armor, Duracell, Pfizer, Pizza Hut, and Bombay Sapphire. According to the group’s statement, the virtual universe market is expected to be worth $1 trillion in 2021, and growth will be “in the double digits shortly.

This is how the experts define the Metaverse: experimental, useful for brands and Metaverse pending regulations.

Alfonso Marian, President of Ogilvy, has moderated a meeting between three professionals in this field.

The guests have given their definition of the concept and have analyzed its usefulness for advertising purposes.

Since Mark Zuckerberg changed the name of Facebook to Meta and popularized the concept of the metaverse, this alternative universe yet to be defined has captured the interest of the media, companies, and some individuals.

However, no matter how much is said about it, the truth is that it is still a vague subject and that it requires extensive knowledge to understand its technological and humanistic dimension.

The Ogilvy agency has organized an online meeting to obtain a panoramic view of this phenomenon. In it, Alfonso Marian, President of Ogilvy Spain, spoke with three experts from different areas related to the metaverse: Marc Pérez Miralles, CEO and Founding Partner of PlayOffNations; Laura Raya González, Director at U-tad of Postgraduate courses in Immersive Technologies and Virtual Reality and R&D projects in Computer Graphics; and Pere Pérez Ninou, Head of Innovation at Mediapro.

The success story of the American brand Wendy’s, which has taken advantage of video games to make its streamings and gain notoriety in a campaign together with VML Y&R, has been the starting point of the discussion in which the experts, moderated by Marian, have contributed their definitions of the Metaverse.

The first to respond was Laura Raya: “A Metaverse is a place where we will be able to reproduce all our social dynamics and live experiences similar to those of real life, but which require a virtual world.”

For his part, Marc Pérez has pulled from the archive to comment that “the term Metaverse was coined in 1992 referring to the liberation of physical space that converges with virtual space”. The eSports expert also described this alternate reality as “the future internet.”

In another line, more related to video games, Pere Pérez has expressed that the Metaverse “has enormous potential” and moves away from the dystopian concept that has permeated the popular imagination.

Investigating its characteristics, Raya has exposed some of the qualities that virtual reality should have to be considered a metaverse.

He explained that the future of these developments lies “in the capacity we have to build them” and in the synchronous advance of other technologies, such as the Blockchain or low latency connections. “It is essential to be in the Metaverse, but it is not easy since you have to generate the feeling of presence,” the researcher explained.

Advantages for Brands after Metaverse Pending Regulations?

After delimiting and concretizing the definition of the Metaverse and its particularities, the president of Ogilvy Spain has invited those present to analyze what role this reality will play in the world of brands. Pere Pérez has advocated experimentation, that is, because firms gradually introduce themselves into these new realities without fear of being wrong, since right now, the use of Metaverses in advertising campaigns is not something massive.

The expert has also mentioned examples such as Nikeland, Nike’s emergence in Roblox, or Limited Drops, a Gucci action in which its products were marketed in the previous video game.

Following the argument of Mediapro’s Head of Innovation, Marian has stated: “It is as if the brand were one more user who creates his avatar and defines what he wants to be.” Next, Marc Pérez has given one of the keys to the future of brands in the Metaverse :

Instead of being part of the environment by location, brands should be the environment.

Marc Perez (PlayOffNations)

Switching gears, Laura Raya has spotlighted another potential revenue source in the metaverse: user data. “Companies are going to get a lot of information from users in the metaverse. Before Facebook, the main business model of Meta is that, and they bill billions for the data.”

And concerning data, NFTs have also come to the fore. Marc Pérez has pointed out that individuals seek to “be part of the digital economy.” They are no longer satisfied with spending money on single-use items but instead want to increase the value of their purchases. “It is essential that the user has a remuneration for what he does to build loyalty,” the CEO of PlayOffNations added.

To conclude, Alfonso Marían has posed the last question: “Does the Metaverse suit me or do I adapt to the Metaverse?”. Being such a broad question, the experts have answered by focusing on their area of ​​specialization.

The Head of Mediapro’s Innovation has put itself in the shoes of a company that wants to enter the Metaverse and has recommended “not being ambitious” and “understanding the ecosystem before making big bets.”

From the same perspective, Marc Pérez has advocated strategy. “Brands have to understand all the variables, know the experiences of other brands, and approach experts in the field,” he asserted.

Finally, Haya has investigated the dangers of using the Metaverse for users to generate a sensation of reality.

It is necessary to resort to biofeedback technologies that monitor different physical stimuli of our body and reproduce realistic sensations. “If my avatar suffers a violation of any harassment, I will be feeling it.

The development of the Metaverse has to go hand in hand with a legal and educational framework so that it does not get out of hand”, the academic has riveted.

The Rumor Around the Metaverse is taking the Technology Sector by Storm. The Metaverses buzzword is taking the technology sector to the forefront.

Chipmaker NVidia Corp. and gaming firm Roblox Corp. are just two companies that have seen a surge in value after Facebook founder Mark Zuckerberg changed his company name to emphasize the shift to the real. Virtual.

In the short time of just three weeks, hundreds of tech companies contributed hundreds of millions of dollars to their market capitalization.

In the case of Nvidia, Roblox, and the newly rebranded Meta Platforms Inc., it’s an estimated $230 billion. Since November, Nvidia has grown by 18%, while Roblox has gained 39 percent.

The Metaverse, a digital world where users can socialize, play games, and do business, is a multi-trillion-dollar opportunity, according to Epic Games Inc.

CEO Tim Sweeney. But widespread adoption of virtual real-time and augmented reality technology can only occur if Apple Inc. joins the party, Morgan Stanley analysts said.

“”The Metaverse is real, but it’s just beginning to emerge,” said Neil Campling, an analyst of Mirabaud Securities. “”Some of the biggest winners of the Metaverse games will be platforms and companies that have the capacity,” Campling said, including Tencent Holdings Ltd. and Microsoft Corp.

Morgan Stanley sees Meta Platforms and Roblox as the top winners in an area expected to take several years to be mainstream. Still, it is evident that during Q3 earnings calls, Metaverse mentions are scheduled for companies to be part of Bloomberg World.

The large and mid-cap price returns index is a popular choice, and Metaverse appears three times more often than the prior quarter.

Names that are linked with the Matterport metaverse Yalla Gain, and Meta

The restless pursuit of space is apparent. It is evident that the Roundhill Ball Metaverse ETF, an exchange-traded fund focusing on the subject, reported that it had surpassed $500 million of the assets it manages and doubled in just two weeks. The ETF holdings comprise Nvidia, Roblox, Amazon.com Inc., and Qualcomm Inc.

It’s not only a technological phenomenon. There’s a lot of talk about creating digital avatars for social games that feature the most prestigious luxury brands. The digital version of Gucci’s Dionysus bag was sold via Roblox for around $4,115. Roblox platform for $4,115. It is a lot more than the real product.

While the potential for market expansion for the Metaverse may still be years away, it has been a boon to some businesses in the new ecosystem.

Arista Networks Inc. and Seagate Technology Holdings Plc are among the stocks that have appreciated in November, fueled by optimism that companies such as Meta Platforms and Amazon will continue to invest in technology for data centers.

Arista Networks gained 28 percent in November, and Seagate 16 percent.

“Whatever the future may hold, it will require speedy processing,” said Jason Benowitz, the senior portfolio manager at Roosevelt Investment Group. “We constantly think about new and improved ways to use data and see a huge increase in streaming data, propelling the companies in that group ahead, whether or not the metaverse will ever become an actuality.”

During critical political meetings in China, the Metaverse Regulation Studies found themselves at the debates’ center. The Chinese delegates, all aware of the impact of this sector in the future, wished to establish their regulations during their discussions.

They believe that urgent action is needed to prevent this sector from endangering data security and encouraging speculation.

The Metaverse is gaining momentum in China, and it raises questions. It was integrated into the government plans at the beginning of the year; now, the Chinese authorities point out that its development is not without consequences.

The government is well aware of the challenges of this sector in the field of data security.

The Metaverse Regulation Studies in China

After scrutiny of the industry, the government saw the importance of governing data security and ensuring information protection in this booming industry.

In addition, significant speculation is observed in the middle of the metaverse. There are many frauds and illegal fundraising schemes related to this sector in China.

More and more dishonest people are launching fake metaverse projects to extort large sums of money.

The Chinese authorities have decided to take measures to end these situations. To that end, MP Kong Falong suggests the establishment of a national research institution in the metaverse. Action will also be taken against sponsors of illegal projects in the sector.

When considering the regulation of the metaverse sector, the Chinese government intends to contribute to the development of this sector.

MP Kong told local media that we must support the technological development of the metaverse sector to position China as a leader in this field. According to the town’s newspaper, one of the measures taken to this end is launching a fund of $158 million to develop this industry further.

The Tongzhou government in Beijing, which does not want to remain on the sidelines of the development of the metaverse, has also taken action.

He intends to subsidize the rental costs of all the premises installed in his district to work on the metaverse.

The Chinese government quickly understood that the metaverse is less and less compatible with respect for privacy.

They also noted that with the development of this sector, more and more speculations are observed.

Therefore, they decided to take action to curb these situations before they escalate by regulating the Metaverse. At the same time, it intends to participate in developing this sector through concrete actions.