Our latest video from Alt Ethos, a Metaverse and Experiential Design Studio, where we’re bringing you the latest in Metaverse, XR, and Web3 news to keep you ahead of the curve. In just under 5 minutes, we’ll give you the lowdown on the industry’s hottest topics, including Disney’s recent decision to cut its Metaverse unit and Elon Musk’s call for an AI pause.

Hi there! I’m Ethan Bach, and I’m thrilled to be coming to you from Alt Ethos, a Metaverse and Experiential Design Studio in our weekly roundup. In under 5 minutes, we’ll be giving you the latest Metaverse, XR, and Web3 news to keep you ahead of the curve.

The Metaverse, XR, and Web3 industries are quickly evolving, and we’re here to keep you up-to-date. Today, we’ve got two hot topics that are shaking up the industry.
First, Disney’s recent decision to cut its Metaverse unit and let go of its entire team of 50 employees, and second, Elon Musk’s call for an AI pause, citing “risks to society.” So, let’s dive right in.

Although it’s disappointing to hear about Disney’s decision, it’s important to note that Disney is a huge entertainment company,
but Disney is not known for being a leader in storytelling and entertainment technology in recent years. They’ve been slow to embrace VR and AR and were late to the game in streaming.
So, we wouldn’t use them as a barometer for the Metaverse.

Despite Disney’s decision, the Metaverse industry as a whole is still on the rise, with tech giants like Nvidia and Amazon are active.
Bloomberg predicts that the Metaverse will become a $2.5 trillion market by 2030,

THAT’S HUGE! and we’re thrilled to witness major advancements in gamification and interactivity development in the Metaverse.

We’re are also excited to see more integration of AI, which will enable designers to create from text prompts, use AI NPCs for more dynamic interactions, and develop storytelling across various industries. Not to mention we not that Unreal Engine platform provider is currently available on browsers and will be available on mobile this year! That means an Unreal Engine Metaverse that you can access from your mobile device. Exciting times lie ahead.

Although Disney’s decision is unfortunate, it presents an excellent opportunity for other entertainment companies to step up their game and take advantage of this growing industry. For instance, our friends over at Meow Wolf can use this chance to innovate and create immersive experiences for their audiences.

Moving on, let’s talk about the recent open letter signed by some heavy hitters, such as Elon Musk, Steve Wozniak, and Andrew Yang, calling for a six-month break on AI experiments.This call has sparked a lot of discussion about the future of AI. We asked ChatGPT its thoughts on the matter.

“As an AI language model, I recognize the benefits of progress and advancements in technology, but I also acknowledge that with great power comes great responsibility. AI can bring significant benefits to society, but we need to make sure we’re doing it in a safe, ethical, and transparent way.”

That’s where the proposed six-month pause comes in.
The letter states that It’s not about putting a complete halt on AI development but taking a step back to assess the potential risks and develop shared safety protocols. The pause will give AI researchers and policymakers time to refine AI governance systems, ensure advanced AI systems are audited and overseen by independent experts, and mitigate any potential harms before they become unmanageable.

Given the current economic climate, with a rise in unemployment expected, AI taking jobs is already happening, and it’s only going to increase.
We need to make sure that AI development remains aligned with societal values and that we’re not leaving people behind.

That’s it for this week
Thanks for tuning in, make sure to hit subscribe and put your thoughts below, and we’ll see you next week for our first XR, Metaverse and Web3 news roundup in under 5 minutes.