Madison Avenue continues to scale in the metaverse, which is experiencing a land-grab for the best storefronts as brands like Gap and Nike unveil digital-only versions of their goods competing against — and sometimes collaborating with — digital-first brands like sneaker maker RTFKT and fashion house Fabrikant. Mobile game destination The Sandbox has already sold more than 70 percent of its “land” to businesses including cryptocurrency exchange Binance and video-game maker Atari. Even traditionalists like NASCAR and JPMorgan Chase are pitching virtual tents. The bank has signed a lease in Decentraland, a 3D online world. Continue reading Major Brands Are Starting to Experiment with the Metaverse

After purchasing Bungie for $3.6 billion in February, Sony Interactive Entertainment is aiming to grow its live gaming services from one to 12 by the end of 2025. SIE president and CEO Jim Ryan detailed a plan to funnel 49 percent of the company’s PlayStation Studios development budget into live games this year, increasing the number to 55 percent by 2025. Sony wants to move to a model of launching and continually updating online franchises, much like Epic Games has done with “Fortnite” or Bungie with “Destiny.” SIE didn’t specify which titles would be part of its new live game network. Continue reading Sony Uses Bungie to Expand Presence in Live Service Gaming

Los Angeles-based avatar technology firm Genies Inc. has secured Bob Iger as an investor and board member, a coup for the five-year-old startup, which crafts celebrity avatars and also allows people to create their own avatars, fashion, worlds and experiences. The move into the metaverse is Iger’s first entertainment play since exiting Disney in December after 15 years as CEO. Genies says Iger will help “navigate its mission to empower humans to create their own avatar ecosystems” in Web3 — including avatars, fashion lines, immersive experiences and virtual worlds.  Continue reading Bob Iger’s Act 2: Into the Metaverse with Avatar Firm Genies

Google is following in Apple’s footsteps by lowering the commissions it charges app developers in its Google Play Store. Apple and Google, currently the primary marketplaces for apps, charge developers 30 percent for app sales and in-app purchases. Now, beginning in July, Google stated it will lower the traditional fee to 15 percent for the first $1 million developers earn. That is slightly different than Apple’s plan, which is to lower its rate to 15 percent for developers who generate less than $1 million in annual sales. Continue reading Google Joins Apple in Reducing App Store Commission Fees

Newzoo reports that, for the first time, eSports revenue will surpass $1 billion this year, even without including broadcasting platform revenues. By revenue, China is the largest market ($385.1 million), with North America coming in second, with $252.8 million. Although Newzoo has been criticized for hyping eSports, the research company said it has re-evaluated the size of the market with better methodologies. It stated that the total global eSports audience will grow to 495 million in 2020. Continue reading Newzoo Predicts Global eSports Revenue to Top $1B in 2020

VR games and cryptocurrencies are joining forces. Social virtual reality company High Fidelity, co-founded by “Second Life” creator Philip Rosedale, began developing a blockchain for in-game cryptocurrency and intellectual protection in 2017. Now the company has debuted Avatar Island, a VR shopping center for avatars created by digital artists around the globe, and will accept payment in a new cryptocurrency running on blockchain. Rosedale notes that Linden Dollar for “Second Life” was one of the first digital goods currencies. Continue reading VR Gaming Turns to Cryptocurrencies for Buying Virtual Assets

This week, publishing executives, technology leaders, and public interest groups gave testimony regarding ownership of purchased digital goods. The “first sale” rule currently allows people to resell or lend out physical goods like music and books, while this law does not cover digital goods, such as those sold by Amazon and Apple. Post-testimony, the House Judiciary Committee remained skeptical that property rights of physical goods should extend to the digital world. Continue reading Congress: Should the First Sale Rule Include Digital Goods?

ReDigi, the online platform that allows consumers to buy and sell used MP3 files that were initially purchased legally through retailers such as iTunes, has been deemed unlawful by U.S. District Judge Richard Sullivan. The case considered the first sale copyright doctrine, which gives people in possession of copyrighted materials the right to resell them. But the judge ruled that this first sale theory does not apply to the reselling of digital goods. Continue reading ReDigi: Judge Rules Reselling of Digital Goods not Legal