By 2026, more than 2.0 billion users will spend at least one hour a day in the metaverse for work, shopping, education, social and/or entertainment, according to Gartner, Inc. Amid the rapid metaverse growth and its significant economic potential, which is projected to be an US$8 trillion to US$13 trillion market by 2030 according to Citi (www.citi.com), TerraZero is ideally positioned with its three distinct areas of focus: the studio, the technology division, and the data analytics engine:
The studio is a technology agnostic, professional services revenue generating business in hyper-growth mode, that works with brand clients to create their experiences and events within the various metaverse worlds by providing the 3D modeling, gamification and programming to enable functionality and e-commerce. Many of the Company’s activations, like Miller Lite’s Super Bowl 2022 event, and those during Metaverse Fashion Week, continue to gain significant consumer and media attention. TerraZero is currently working on activations for multiple leading international brands.
The studio is also building a major destination entertainment district which will include one of the world’s largest multi-purpose arena e.g. with concert stadium functionalities with potential future capabilities to host millions of fans, interactivity and games, retail shopping stores, bars and nightclubs, and much more, with a specific goal to attract, entertain, and retain an increasingly large number of visitors.
TerraZero studio is also in advanced discussions with various new advertising clients who are highly interested in the company’s billboard promotion capabilities in Decentraland. Recently, music label Atlantic Records (www.atlanticrecords.com) and its artist A Boogie Wit Da Hoodie (www.aboogiehbtl.com) engaged TerraZero for a marketing campaign with music streaming integration.
The technology platform division creates solutions that brands, businesses and individuals use to bridge the real world with the metaverse. For example, Amadea is the first of several tools in the product pipeline of the Company’s software platform division.
Amadea is currently in beta testing and projected to be launched and deployed in Q2 2022, enabling brands, companies, and individuals to buy, sell, and rent multiple virtual worlds’ land NFTs. An NFT rental marketplace to separate ownership and utility has great potential to enable large-scale adoption of blockchain games, guilds and projects. The company expects Amadea to become a flagship product that will help brands, businesses and individuals accelerate their projects. A roadmap of new functionalities and modules are scheduled to be rolled out over the next 24 months.
TerraZero’s Data division is taking expansion through the capturing of new data feeds within the metaverse to provide TerraZero’s brand clients better understanding of consumer behaviors and effectiveness of marketing campaigns. As the industry matures, TerraZero sees a tremendous opportunity to continue to expand its data division to provide a next generation data platform that will deliver new consumer insight and market intelligence that simply don’t exist today. As TerraZero’s Studio & Technology solutions take expansion through the continuous creation of new data feeds, TerraZero’s data will become indispensable to its customers and industry.
Dan Reitzik, Blockchain-veteran and CEO of TerraZero, states: “We are tremendously excited about the progress of our studio, technology platform, and data analytics divisions. The studio continues working with Fortune 500 brands and companies, as they navigate their way into the metaverse. The launch of Amadea will be a significant milestone for TerraZero as it represents one of the first technology platforms to be released that truly bridges the real world with the metaverse. The data analytics products are already proving to be invaluable to our brand clients and will continue to become more and more intelligent as the metaverse matures.”
Please see a few videos below for an example of TerraZero’s current work:
Interested corporations or individuals, which might wish to receive more information about TerraZero’s divisions and services or which might be looking for an individual metaverse project proposal, should visit the Company’s website www.terrazero.com or contact TerraZero’s metaverse specialists at [email protected].
About TerraZero Technologies Inc.
TerraZero Technologies Inc. (“TerraZero“) was founded by cryptocurrency and blockchain pioneer Dan Reitzik, founder and former CEO of DMG Blockchain Solutions Inc., one of North America’s leading Bitcoin miners. TerraZero is a vertically integrated Metaverse development group and leading Web 3.0 technology company specializing in the Metaverse space. The Company’s Metaverse agnostic vision is to develop, acquire, and finance the Metaverse’s most promising companies, entrepreneurs, and developers, while creating solutions to further enhance the Metaverse usability for greater community engagement within the Metaverse, and to connect the real world to the Metaverse, for the creation of new economies and user experiences that will shape the future of Web 3.0. TerraZero also owns digital real estate and provides offices and services to those interested in the Metaverse. Furthermore, TerraZero acquires, designs, builds, and operates virtual assets and solutions to monetize the Metaverse ecosystem. The Company’s businesses are segmented into five (5) divisions which include: (1) virtual real estate; (2) advertising; (3) data analytics; (4) events and marketing; and (5) infrastructure. TerraZero aims to support the community, foster innovation, and drive adoption. For more information, please visit www.terrazero.com or contact [email protected].
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain statements and information that may constitute forward-looking information or statements. Forward-looking statements relate to future events or future performance and reflect the expectations or beliefs of management of the Company regarding future events. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “intends,” “expects,” or “anticipates,” or variations of such words and phrases or statements that certain actions, events, or results “may,” “could,” “should,” “would,” or will “potentially” or “likely” occur. This information and these statements, referred to herein as “forward‐looking statements,” are not historical facts and are made as of the date of this news release, which includes without limitation, statements regarding discussions of future plans, estimates, and forecasts and statements as to management’s expectations and intentions with respect to, among other things: the Company’s intention to develop and drive traffic to its assets and location within virtual worlds; that establishing an early presence within the Metaverse will provide the Company with new users, branding, and marketing opportunities; launching the Amadea platform and the expectations of the platform; developing products and services; growth outlook; events, courses of action, and the potential of the Company’s technology and operations, among others, are all forward-looking information.
Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, market and other conditions, business, economic, and capital market conditions; the ability to manage operating expenses, which may adversely affect the Company’s financial condition; the ability to remain competitive as other better financed competitors develop and release competitive products; regulatory uncertainties; access to personnel, employees, and consultants; market conditions and the demand and pricing for products and services; the demand and pricing of cryptocurrencies and NFTs; security threats, including a loss/theft of TerraZero’s NFTs, cryptocurrencies, and other assets; TerraZero’s relationships with its customers and business partners; TerraZero’s ability to successfully define, design, and release new products in a timely manner that meet customers’ needs; the ability to attract, retain, and motivate qualified personnel; competition in the industry; the impact of technology changes on the products and industry; failure to develop new and innovative products; the ability to successfully maintain and enforce our intellectual property rights and defend third-party claims of infringement of their intellectual property rights; the impact of intellectual property litigation that could materially and adversely affect the business; the ability to manage working capital; and the dependence on key personnel. As a result, TerraZero may not actually achieve its plans, projections, or expectations. In addition, such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the demand for its products, the ability to develop software successfully, that there will be no regulation or law that will prevent the Company from operating its business, anticipated costs, the ability to secure sufficient capital to complete its business plans, the ability to achieve goals, and the price of cryptocurrencies and NFTs. Given these risks, uncertainties, and assumptions, you should not place undue reliance on these forward-looking statements.
Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain regulatory approval, the continued availability of capital and financing, technology failures, failure to obtain any permits required to operate the business, the impact of technology changes on the industry, the impact of COVID-19 or other viruses and diseases on the Company’s ability to operate and hire personnel, competition, security threats including stolen NFTs and cryptocurrencies from TerraZero or its customers, consumer sentiment towards TerraZero’s products, services and Metaverse technology generally, failure to develop new and innovative products, litigation, increase in operating costs, increase in labor costs, fluctuation in exchange rates, decrease in the price of cryptocurrencies and NFTs, failure of counterparties to perform their contractual obligations, government regulations, loss of key employees and consultants, and general economic, market, or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information. The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Additionally, the Company undertakes no obligation to comment on the expectations of or statements made by third parties.
As a small but growing number of Indian users of the Metaverse– a virtual three-dimensional world that is termed as the next frontier of the internet–report cases of assault and sexual violation of their digital avatars, it is stoking consternation amongst legal experts confronted by new-age crimes that are not covered under existing laws.
Earlier this year, a young woman based in one of the country’s top metros sought legal recourse for what she termed as “violation” of her avatar on the virtual reality platform. But criminal and judicial systems in India, and even world over, are still not ready to handle the challenges thrown up by the Metaverse, according to lawyers being approached to handle such issues.
Avatars represent the virtual identity of individuals while on the Metaverse with all actions conducted through these digital representations.
“There is a need for a new legal framework,” said cyberlaw expert Pavan Duggal, who is a part of the Metaverse Law , a global body working towards bringing in common guidelines on how to manage such virtual conflicts.
Pointing out that “the current law doesn’t recognise (digital) avatars,” Duggal said the problem is exacerbated by the Metaverse being a “global ecosystem, which makes it hard to litigate.”
“Attribution of identity and jurisdiction are some of the challenges at present,” he added.
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While still at a nascent stage, there is rising interest in the virtual 3D platform that combines social interaction with virtual and augmented reality, allowing users to live different experiences virtually.
Gartner reports that 25% of people will spend an hour per day in the Metaverse by 2026 for work, shopping, education, and entertainment, while 30% of organisations will have products and services ready for metaverse. Late last year, Facebook renamed itself Meta Platforms and said that it would invest $10 billion in the business, given the huge potential it sees in the space. Several brands and individuals have started investing in buying land virtually and building their virtual worlds.
Goldman Sachs predicts the Metaverse market size will be worth $1-12 trillion, while not specifying a time period for the same.
This influx of activity is drawing brands and consumers to the virtual world and is also leading to instances of cyber bullying and harassment, as well as financial crime, point out industry experts.
Mukul Shrivastava, Partner, Forensics and Integrity Services, EY said “this is a very fragmented space with no centralised set up. Several of the platforms are not based in India so that makes it harder when trying to litigate.” he said.
The inability to apply the same regulations applicable to such crimes in the real world is a major challenge, as well. “In the case of non-economic crimes, you have to prove that you are connected to the avatar that was harmed in the virtual world,” said Abhishek Malhotra, founding partner of TMT Law Practice. And when it comes to financial or economic crimes, it is still a grey area since the foundation is cryptocurrency, which is still not legal in India.
Noting that prevailing laws cannot be invoked to deal with virtual crimes of assault and molestation, Supreme Court advocate NS Nappinai said one must “look for remedies based on the mode and manner of commission of crimes.”
“ For instance, in a case of rape of an avatar on Metaverse, or even in an online game, whilst Section 376 IPC will not be applicable, other offences such as hacking and tampering with source codes and even publishing and transmission of obscene or sexually explicit content punishable under IT Act can be invoked,” she said.
However, the first step, is to take it up with the platform itself according to Nappinai who also runs the CyberSaathi Foundation,
Platforms strengthen screening
Rajat Ojha, Founder & CEO, Gamitronics, which runs the PartyNite metaverse platform said that they have set up predefined emotes and movements to ensure that the system is protected for any ‘physical or sexual’ gestures.
At a recent public event, PartyNite mandated users to undergo a KYC to go to a bar area, as it helps to associate digital identities with real world identities. “That gave us enough insights and adoption metrics and we are currently working on our learnings from that,” said Ojha.
Some Metaverse platforms offer built-in safety features like safe zones, or methods to not allow strangers within a certain radius of your avatar.
“At this moment, every public event has our policing, and we warn the person if an issue is raised. We have features to kick the offender out, but we know it’s not sufficient, so we focus a lot on letting our attendees know how to reach out to us and we then go case by case basis,” Gamitronic’s Ojha said.
The Cannes Lions International Festival of Creativity may be in person this year for the first time since 2019, but that hasn’t stopped brands and agencies from thinking virtual. Not only are some marketers making Cannes sessions available in virtual real estate platforms, but parties and activities outside of the normal programming are also being offered in the metaverse.
A common theme running through many of these activations is democratizing what has hitherto been an inaccessible event for many in the industry. The ticket price for Cannes is steep, not to mention fees for transportation and a hotel. But through virtual experiences, which can be accessed from anywhere using only a desktop or sometimes a mobile phone, more of adland can celebrate creativity in the industry.
Of course, not all the metaverse activations at Cannes are designed specifically with this goal in mind, yet the democratizing effect is still there. Marketers may be realizing that the virtual tools they use to reach consumers can also help them reach each other.
Here are some of the ways that marketers are activating in the metaverse during Cannes.
Certified LGBT Owned Business, Fun Team Events, Co-hosts one of the first Metaverse Pride Parades and Drag Queen Bingo Events on Thursday, June 30th, 2022 in Virbela’s New Metaverse Campus
ATLANTA, June 23, 2022 /PRNewswire/ — Fun Team Events is set to co-host one of the first metaverse Pride Parades and Drag Queen Bingo Events in Virbela’s new open campus on Thursday, June 30th, 2022 at 2PM ET. This event is open to all and gives individuals the opportunity to celebrate Pride Month and check out the metaverse space. Participants can also learn about notable stories and resources related to LGBTQ+ experiences through Virbela’s Pride Month exhibit.
“Virbela builds engaging experiences to inspire our community and drive education around important topics,” said Sarah Segrest, VP of Community at Virbela. “Our Pride Month exhibit highlights the positive and celebrates success, while acknowledging the difficulties of past and present. We’re excited to partner with Fun Team Events to bring this Pride Parade to life in the metaverse.”
“As a certified LGBT-owned business, Pride Month is such a special time for us. We’re thrilled to partner with Virbela on this Pride Month celebration. Our team loves hosting events in the metaverse and we can’t wait to share this fun experience with others in the community,” said AJ Seliga, CEO, Fun Team Events.
Everyone is welcome and newcomers can enter the metaverse earlier to get acclimated to the space and dress up their avatar ahead of the Virbela Pride Parade. There will be prizes for the “Most Fun and Fabulous” avatar and bingo game winners. San Francisco-based Drag Queen, Pollo Del Mar, will be the Grand Marshall for the Parade and will emcee the Pride Bingo Event on the Virbela beach after the parade.
About Fun Team Events: Fun Team Events (https://www.funteamevents.com/) hosts custom virtual and metaverse events for corporate clients and non-profit organizations. These events include Team Trivia, Drag Queen Bingo, Office Olympics, and much more. Fun Team Events’ U.S. clients are Amazon, Google, EY, Home Depot, Anthem, Johnson & Johnson and many more including many up-and-coming tech startups. Fun Team Events is a certified LGBT-owned business with the National LGBT Chamber of Commerce (NGLCC) and a proud member of the OUT Georgia Business Alliance.