The metaverse, a digital space that allows users to communicate and move virtually in their three-dimensional avatars or digital representations, is being seen as the future of business and human interaction.
Last month, Chipotle Mexican Grill offered free burritos to customers who visited the restaurant virtually on Roblox – an online gaming platform.
Each day from October 28 to 31, the first 30,000 Roblox users who visited the virtual Chipotle restaurant in a Halloween-themed costume received a code for a free burrito.
“As a digital innovator, we are always experimenting on new platforms to meet our guests where they are,” said Chris Brandt, chief marketing officer at Chipotle.
“Roblox's popularity has boomed over the past year … and we know our fans will be excited to celebrate the next evolution of burrito in the metaverse,” Mr Brandt said.
Here is a look at the history of the metaverse and its potential opportunities.
What is the metaverse?
The term was coined by Neal Stephenson in his 1992 sci-fi novel Snow Crash, which covered subjects such as computer science, politics, cryptography and philosophy.
Hailed as a successor to the internet, the metaverse is a set of immersive spaces shared by users, where they can interact, innovate and engage other people who are not in the same physical space. They do it by creating 3D avatars.
Based on augmented reality principles, it merges physical and virtual existences in a shared online space.
How does it work?
It is a mix of work and play.
With the metaverse, users can create their digital representation and use it while attending virtual family gatherings or office meetings. They can also attend the virtual streaming of a music concert where their 3D avatar will appear among the audience. Their digital representation can shop online, lend their belongings to colleagues or friends, try new products, such as clothes and shoes, at virtual shops and pay for them using digital currencies.
But we are still in the initial stages of the development of the metaverse. Industry experts say it might take 10 to 15 years to fully realise metaverse products and it will work well when all stakeholders create a compatible digital ecosystem.
An underappreciated innovation opportunity for Facebook
Social networking site Meta, formerly Facebook, plans to spend $10 billion this year on Reality Labs – its metaverse division – despite the platform facing controversies that have led to calls for tighter regulation.
Industry analysts say despite the recent hype, the metaverse is Facebook’s “most potent and underappreciated innovation opportunity”.
“About every decade we believe companies need to reinvent themselves to address large new markets and satisfy investors for the long term,” the US venture capital company Loup Ventures said in a note to clients.
“For a company the size of Facebook, with an expected $150 billion in revenue next year, maintaining growth requires a massive, greenfield opportunity … we believe the metaverse is a sufficiently large opportunity for a company the size of Facebook to chase.”
Who else is eyeing the metaverse?
Technology giant Microsoft aims to allow avatars to share PowerPoint presentations and Excel files in Teams – an app that offers workspace chat, videoconferencing and file storage – next year.
Software maker Unity is developing a concept called “digital twins” – a virtual copy of the real world. Graphics chip maker Nvidia is developing a technology called Omniverse that will link 3D virtual worlds in the metaverse.
Tencent Holdings, the world's largest gaming company by revenue, is reportedly developing an advanced gaming studio to focus on the metaverse.
In September, the Chinese company filed to register nearly 100 metaverse-related trademarks. They include QQ Metaverse, QQ Music Metaverse and Kings Metaverse, similar to the names of the company’s messaging app, music-streaming service and mobile game Honour of Kings.
In March, Gucci released branded virtual trainers, allowing users to wear them on social media only.
UK start-up Auroboros has launched what it calls a “biomimicry digital collection”, which allows users to buy looks to wear on Snapchat. Buyers submit an image of themselves, on to which high-quality sci-fi fantasy digital wear is added. This image can then be uploaded to Snapchat through a filter.
How safe is the metaverse?
While building the metaverse, companies need to minimise the amount of data that is used and build a parallel digital world that gives users control over their data.
Industry experts say developers need to make sure these technologies are designed inclusively and in a way that is accessible.
It is essential to keep people safe online and give them tools to act or get help if they see something they are not comfortable with, Facebook said.
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Sholto Byrnes on Myanmar politics
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The bio
Who inspires you?
I am in awe of the remarkable women in the Arab region, both big and small, pushing boundaries and becoming role models for generations. Emily Nasrallah was a writer, journalist, teacher and women’s rights activist
How do you relax?
Yoga relaxes me and helps me relieve tension, especially now when we’re practically chained to laptops and desks. I enjoy learning more about music and the history of famous music bands and genres.
What is favourite book?
The Perks of Being a Wallflower - I think I've read it more than 7 times
What is your favourite Arabic film?
Hala2 Lawen (Translation: Where Do We Go Now?) by Nadine Labaki
What is favourite English film?
Mamma Mia
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If you’re interested in a career at Google, deep dive into the different career paths and pinpoint the space you want to join. When you know your space, you’re likely to identify the skills you need to develop.
21 Lessons for the 21st Century
Yuval Noah Harari, Jonathan Cape
Recycle Reuse Repurpose
New central waste facility on site at expo Dubai South area to handle estimated 173 tonne of waste generated daily by millions of visitors
Recyclables such as plastic, paper, glass will be collected from bins on the expo site and taken to the new expo Central Waste Facility on site
Organic waste will be processed at the new onsite Central Waste Facility, treated and converted into compost to be re-used to green the expo area
Of 173 tonnes of waste daily, an estimated 39 per cent will be recyclables, 48 per cent organic waste and 13 per cent general waste.
About 147 tonnes will be recycled and converted to new products at another existing facility in Ras Al Khor
Recycling at Ras Al Khor unit:
Plastic items to be converted to plastic bags and recycled
Paper pulp moulded products such as cup carriers, egg trays, seed pots, and food packaging trays
Glass waste into bowls, lights, candle holders, serving trays and coasters
Aim is for 85 per cent of waste from the site to be diverted from landfill
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Normal People
Sally Rooney, Faber & Faber
Tenet
Director: Christopher Nolan
Stars: John David Washington, Robert Pattinson, Elizabeth Debicki, Dimple Kapadia, Michael Caine, Kenneth Branagh
Rating: 5/5
Disposing of non-recycleable masks
Use your ‘black bag’ bin at home
Do not put them in a recycling bin
Take them home with you if there is no litter bin
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Where to buy
Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com
Empire of Enchantment: The Story of Indian Magic
John Zubrzycki, Hurst Publishers
How to keep control of your emotions
If your investment decisions are being dictated by emotions such as fear, greed, hope, frustration and boredom, it is time for a rethink, Chris Beauchamp, chief market analyst at online trading platform IG, says.
Greed
Greedy investors trade beyond their means, open more positions than usual or hold on to positions too long to chase an even greater gain. “All too often, they incur a heavy loss and may even wipe out the profit already made.
Tip: Ignore the short-term hype, noise and froth and invest for the long-term plan, based on sound fundamentals.
Fear
The risk of making a loss can cloud decision-making. “This can cause you to close out a position too early, or miss out on a profit by being too afraid to open a trade,” he says.
Tip: Start with a plan, and stick to it. For added security, consider placing stops to reduce any losses and limits to lock in profits.
Hope
While all traders need hope to start trading, excessive optimism can backfire. Too many traders hold on to a losing trade because they believe that it will reverse its trend and become profitable.
Tip: Set realistic goals. Be happy with what you have earned, rather than frustrated by what you could have earned.
Frustration
Traders can get annoyed when the markets have behaved in unexpected ways and generates losses or fails to deliver anticipated gains.
Tip: Accept in advance that asset price movements are completely unpredictable and you will suffer losses at some point. These can be managed, say, by attaching stops and limits to your trades.
Boredom
Too many investors buy and sell because they want something to do. They are trading as entertainment, rather than in the hope of making money. As well as making bad decisions, the extra dealing charges eat into returns.
Tip: Open an online demo account and get your thrills without risking real money.
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Nepotism is the name of the game
Salman Khan’s father, Salim Khan, is one of Bollywood’s most legendary screenwriters. Through his partnership with co-writer Javed Akhtar, Salim is credited with having paved the path for the Indian film industry’s blockbuster format in the 1970s. Something his son now rules the roost of. More importantly, the Salim-Javed duo also created the persona of the “angry young man” for Bollywood megastar Amitabh Bachchan in the 1970s, reflecting the angst of the average Indian. In choosing to be the ordinary man’s “hero” as opposed to a thespian in new Bollywood, Salman Khan remains tightly linked to his father’s oeuvre. Thanks dad.
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UAE currency: the story behind the money in your pockets
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Pharaoh's curse
British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.
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Electoral College Victory
Trump has so far secured 295 Electoral College votes, according to the Associated Press, exceeding the 270 needed to win. Only Nevada and Arizona remain to be called, and both swing states are leaning Republican. Trump swept all five remaining swing states, North Carolina, Georgia, Pennsylvania, Michigan and Wisconsin, sealing his path to victory and giving him a strong mandate.
Popular Vote Tally
The count is ongoing, but Trump currently leads with nearly 51 per cent of the popular vote to Harris’s 47.6 per cent. Trump has over 72.2 million votes, while Harris trails with approximately 67.4 million.
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How to protect yourself when air quality drops
Install an air filter in your home.
Close your windows and turn on the AC.
Shower or bath after being outside.
Wear a face mask.
Stay indoors when conditions are particularly poor.
If driving, turn your engine off when stationary.
Mohammed bin Zayed Majlis
F1 line ups in 2018
Mercedes-GP Lewis Hamilton and Valtteri Bottas; Ferrari Sebastian Vettel and Kimi Raikkonen; Red Bull Daniel Ricciardo and Max Verstappen; Force India Esteban Ocon and Sergio Perez; Renault Nico Hülkenberg and Carlos Sainz Jr; Williams Lance Stroll and Felipe Massa / Robert Kubica / Paul di Resta; McLaren Fernando Alonso and Stoffel Vandoorne; Toro Rosso TBA; Haas F1 Romain Grosjean and Kevin Magnussen; Sauber TBA
