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It’s not just a game. It’s not just an escape. This is real commerce | ticker VIEWS

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Vans’ collaboration with Roblox highlights the endless commercial possibilities of the metaverse

The Virtual experience inside the video game creation platform Roblox will allow people to create a custom avatar and visit a Vans store, where they can purchase virtual items.

Players will be able to purchase virtual items with in game currency – Roblox – and skate around in virtual recreations of famous skate parks.

The move is an example of commercial businesses exploring the metaverse, which combines virtual and augmented reality.

Mat Cole, from ACT Capital Partners, told Ticker News the experience was another step towards commerce embracing the metaverse.

“The metaverse is essentially a convergence between your physical world and the digital world where you can actually sort of simultaneously in real time connect with people through avatars or shared experiences.” he said.

Cole believes the experience will allow Vans the ability to reach a new audience, through giving people the ability to engage with the brand through the metaverse.

“It allows people to build a really emotional attachment to the Vans brand inside the inside the metaverse.”

According to Cole the metaverse can create an inclusive experience for customers to engage with the world’s biggest brands.

“If I speak French, Italian, German Mandarin, I can log on in my own portal and have a metaverse experience and talk to someone inside the Nike flagship store in my own language and purchase something that is then sent to my house,” Cole said.

“So we know we’ve got this frictionless E-commerce now, where things are delivered in 24 hours, 48 hours.”

Cole does however highlight the potential ethical issues in marketing through a platform geared towards children in Roblox.

“The challenge with Roblox is because it’s got a younger audience. How do you how do you monetize it?” he said.

“It’s an ethical issue of how you start monetizing and getting kids to pay for consumers and consumer goods.”

The metaverse term was first coined by writer Neal Stephenson in his 1993 sci-fi novel Snow Crash. In the book, the metaverse was the successor to the internet, and was used as an escape by people from the dystopian earth.

People in the metaverse would express their status through the appearance of their digital avatars. In recent years payable skins have become common in video games.

Non Fungible Tokens (NFT) have allowed people to have ownership of digital assets in recent times, and can contribute to the E-commerce that is beginning to boom within the digital world.



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TikTok launches Instagram competitor ‘Notes’

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TikTok Notes has launched in Australia & Canada as a formidable competitor to Instagram, offering a unique platform for content creation, text and sharing.

“TikTok Notes is a lifestyle platform that offers informative photo-text content about people’s lives, where you can see individuals sharing their travel tips and daily recipes,” reads the official App Store description.

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The app allows users to create content by combining short videos with text-based notes, closely resembling that of Meta’s Instagram.

Whether it’s sharing a quick tutorial, a personal anecdote, or a thought-provoking message, TikTok Notes is positioned to be a formidable social media platform.

Currently, the app is only available for download and “limited testing” in Australia and Canada.

As it gains momentum, the platform is poised to contest Instagram’s established reign in the social media landscape.

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Ramifications of a TikTok ban to impact Open Internet

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The United States’ longstanding advocacy for an open internet faces a critical juncture as Congress considers legislation targeting TikTok.

The proposed measures, including a forced sale or outright ban of TikTok, have sparked concerns among digital rights advocates and global observers about the implications for internet freedom and international norms.

For decades, the U.S. has championed the concept of an unregulated internet, advocating for the free flow of digital data across borders.

However, the move against TikTok, a platform with 170 million U.S. users, has raised questions about the consistency of America’s stance on internet governance.

Read more – Big tech to handover misinformation data

Critics fear that actions against TikTok could set a precedent for other countries to justify their own internet censorship measures.

Russian blogger Aleksandr Gorbunov warned that Russia could use the U.S. decision to justify further restrictions on platforms like YouTube.

Similarly, Indian lawyer Mishi Choudhary expressed concerns that a U.S. ban on TikTok would embolden the Indian government to impose additional crackdowns on internet freedoms.

Moreover, the proposed legislation could complicate U.S. efforts to advocate for an internet governed by international organizations rather than individual countries.

China, in particular, has promoted a vision of internet sovereignty, advocating for greater national control over online content.

A TikTok ban could undermine America’s credibility in urging other countries to embrace a more open internet governed by global standards.

 

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BlackRock CEO Larry Fink says AI leads to higher wages

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Larry Fink, the CEO of BlackRock Inc., has outlined his vision for the impact of the firm’s investment in artificial intelligence.

During the company’s recent earnings call, Fink emphasized the connection between productivity gains driven by AI and the potential for rising wages among BlackRock’s workforce.

He explained the firm’s ambition to leverage AI technology to enhance efficiency, enabling employees to accomplish more with fewer resources.

Fink’s remarks underscore BlackRock’s strategic approach to harnessing AI as a tool for optimising operations and driving organisational growth.

Read more – Australia’s productivity gap widens

By leveraging AI-driven productivity enhancements, the company aims to empower its employees to deliver greater value, thereby paving the way for wage increases across the organisation.

The CEO’s statement reflects a broader trend in the intersection of technology and labor dynamics, where advancements in AI and automation have the potential to reshape workforce dynamics and compensation structures.

Fink’s optimism about the transformative impact of AI investment on employee wages highlights BlackRock’s commitment to embracing technological innovation as a catalyst for sustainable business growth and employee prosperity.

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