SEARCH RESULTS

Nike's subsidiary, RTFKT, which made waves in the world of virtual collectibles, including virtual sneakers, announced on Monday that it will cease operations by the end of January. The decision marks a significant turning point for the company, which was once considered a trailblazer in the intersection of fashion, technology, and the metaverse. RTFKT, known for its futuristic and digitally native sneakers, entered the virtual fashion space with the ambition of blending the worlds of sneaker culture and the emerging digital economy. By creating limited-edition virtual sneakers and other collectibles, RTFKT quickly gained a loyal following, positioning itself as one of the premier brands within the digital fashion industry. Its creations were not just shoes, but pieces of art, fueling interest among both collectors and fashion enthusiasts. The brand's collaboration with Nike in 2021 further amplified its presence, offering new opportunities to experiment with virtual and augmented reality as part of Nike’s broader strategy to dominate the metaverse. One of the most notable aspects of RTFKT’s history is its ability to bring virtual products into the physical world. A Nike RTFKT shoe was recently featured in the Portland Art Museum’s exhibit, "Future Now: Virtual Sneakers to Cutting-Edge Kicks," co-organized by the American Federation of Arts and the Bata Shoe Museum. The exhibit showcased the evolution of footwear, blending traditional craftsmanship with futuristic designs and digital concepts. It was a testament to how RTFKT, with its cutting-edge digital designs, had started to shape the narrative of what sneakers could be in a digital-first world. Despite its initial success and recognition, the announcement to close down operations signals a shift in the priorities of both RTFKT and its parent company, Nike. The decision raises questions about the long-term viability of virtual goods, especially as the metaverse continues to evolve and the interest in digital assets fluctuates. In its brief but impactful existence, RTFKT was part of a larger movement exploring the future of virtual economies, digital ownership, and the role of NFTs (non-fungible tokens) in the world of fashion and art. Nike’s move to close RTFKT's doors could indicate a shift in strategy or perhaps a reevaluation of the role that virtual fashion plays in its overarching business model. While the closure marks the end of one chapter, it doesn't necessarily signal the demise of digital sneakers and collectibles. The industry is still in its infancy, with companies, creators, and innovators continuing to push boundaries. For now, RTFKT’s legacy lives on in the virtual products it created and in the conversations it sparked about the future of fashion. Whether or not Nike will continue to pursue virtual products or adjust its focus remains to be seen. However, RTFKT’s journey, from the excitement of virtual fashion to its eventual closure, remains a fascinating chapter in the larger story of digital innovation.

Commissioned by KFC’s Global Design Unit, the project pushed beyond the limits of what can be physically built today, creating an entirely virtual space that serves as a beacon for innovation. The result? A fully immersive VR experience that demonstrates futuristic possibilities for design, operations, and customer service. Inside the Experience The VR tour allows users to explore a futuristic KFC venue from a bird’s-eye view, seamlessly transitioning to specific areas with the help of an AI-guided narrator and a dynamic heads-up display. From the moment the headset goes on, participants are immersed in a bold vision of what the KFC brand could evolve into, offering: Interactive exploration  of various zones. Narrated innovation highlights  designed to inspire and inform. A unique way to engage internal stakeholders and global franchisees. A Vision Beyond the Real World KFC’s Global Design Unit tasked I-AM with creating a design so forward-thinking that it couldn’t yet be built. Instead, this ambitious vision was brought to life in virtual space, offering the brand and its stakeholders a chance to explore the possibilities of a fully imagined future. The project allows users to experience this conceptual restaurant through high-end VR headsets. Viewers can explore the venue from a bird’s-eye perspective, select areas of interest, and take a guided journey through the design. An AI-style narrator and dynamic heads-up display highlight key features and innovations along the way, making the experience both immersive and informative. More than just a design experiment, this project serves as a tool for engaging internal teams and franchise partners, ensuring everyone is aligned on KFC’s future direction in an increasingly competitive market. Inside the KFC of 2050 The concept features four layers, each with its own futuristic design and purpose: Ground Level: KFC Park An outdoor destination integrating cutting-edge convenience and leisure. This level features EV charging stations, an ultimate drive-thru, a pop-up marketplace, a kids’ play zone, 11 Herbs & Spices gardens, and even a drive-in 4D cinema. Mid-Level: KFC Instant & Team Spaces At the heart of the experience is KFC Instant, a fast and efficient take-out area built around a stunning red atrium. From here, an elevator and stairway lead to the dine-in space, where visitors can enjoy live music, bars, and hyper-personalized VIP experiences. Behind the scenes, the Smart Kitchen automates routine tasks, freeing up staff to focus on quality and service. A private clubhouse and garden terrace provide employees with space to relax and connect. Top Level: The Secret Recipe Garden A rooftop retreat complete with a lush garden and a drone pad for remote deliveries, blending sustainability with cutting-edge logistics. Recognition and Impact KFC’s VR project has not gone unnoticed, earning accolades across the industry: Digital Impact Awards 2024  – Winner, Best Use of AR/VR MUSE Creative Awards 2023  – Platinum Winner, Experiential & Immersive Experience Vega Awards 2023  – Platinum Winner, Best Experiential Design These awards reflect not only the creativity and technical excellence of the project but also its importance as a tool for driving the future of hospitality. The Role of Virtual Reality in Hospitality For global brands like KFC, VR is more than a novelty—it’s a game-changing tool. As Circus Creative Director Jay explains: “Virtual technology has become a game-changer for restaurant chains, offering a visionary glimpse into the future and serving as an invaluable tool to engage internal teams and stakeholders worldwide.” Through VR, brands can showcase their vision in ways that are impossible to replicate in traditional formats, offering immersive experiences that inspire innovation and alignment. Looking Ahead The KFC Virtual Restaurant of the Future is a bold statement of intent. By exploring what’s possible decades from now, the project provides a roadmap for today’s innovations and a clear direction for the brand’s growth. For KFC, this vision isn’t just about imagining what’s next—it’s about staying ahead of the competition and redefining what a restaurant can be in a fast-changing world. Could your brand benefit from a similar approach? The future is closer than you think, and tools like VR can help bring it to life today

The growing debate over "curation" in ad tech could lose steam before it fully takes off, now that Google has entered the scene. Earlier this month, Google Ad Manager introduced a fresh suite of curation services in collaboration with several key partners, underscoring the growing significance of this trend in the ad tech space. Joe Root, CEO of Permutive, one of the companies working with Google, emphasized the significance of the move: "This is a pivotal moment for the open web, particularly given how much ad inventory flows through Google's platform." To fully grasp why this matters, it's important to understand what “curation” involves in advertising. Essentially, it’s the process of using audience data, contextual signals, and supply chain insights from publishers to create curated sets of ad auctions from multiple sellers, streamlining the open auction process for greater efficiency. Google's approach to curation allows publishers to share their first-party data within its programmatic marketplace, also known as a supply-side platform (SSP). This enables advertisers to target ads using that data, a shift away from the traditional model, where ad targeting was primarily driven by demand-side platforms (DSPs). To bring this vision to life, Google has formed several partnerships, further deepening the divide between buy-side and sell-side ad tech providers. Google has been developing this model for the past year, and sources indicate that discussions around its curation approach are already underway with major agency holding groups. The key points so far are that Google’s curation differentiates itself from competitors for two primary reasons. First, it is powered by Google’s ad server—the technology publishers rely on to manage and serve ads on their sites—which provides more accurate and dependable signals for targeting. Second, Google offers a vast array of ad formats thanks to its dominant position in the publisher ecosystem, giving it a data advantage that other SSPs simply can’t match. Drew Stein, CEO of Audigent, a company specializing in curation and working with Google, noted: “While Google may not have been the first to market, it has the opportunity to offer a level of targeting and long-term stability that others can’t match.” Stein emphasized Google’s ability to aggregate and analyze a wealth of first-party data, allowing for more precise audience segmentation and ad targeting. What’s New? Google is positioning its new curation partnerships as a tool for agencies to easily identify the best ad inventory packages within Google Ad Manager (GAM) through its DSP, Display & Video 360, and Yahoo’s DSP. Some of the key partners include: Audigent Integral Ad Science Liveramp Lotame Multilocal Permutive PrimeAudience Scope3 Peentoo Patel, director of product management at Google Ad Manager, mentioned in a blog post that additional DSP support would be rolling out soon. One significant benefit of this new partnership structure is the simplification of billing for agencies, centralizing payments for data providers and inventory curators and removing the need for multiple invoices. Some industry insiders speculate that Google’s new approach could help mitigate potential risks related to its ongoing antitrust case in the ad tech sector. These partnerships allow Google’s DSP to connect with third-party exchanges, which could provide the company with greater flexibility. Chris Kane, CEO of Jounce Media, pointed out that “sell-side curation is really just the starting point” at this stage, warning that there’s a risk of low-quality players entering the space without adding meaningful value. Fern Potter, SVP of partnerships and strategy at Multilocal, shared that media buyers are increasingly focused on how to practically implement curation within their marketplace strategies. Many are assessing how curation aligns with their broader goals and ensuring they’re making the right strategic choices. The conversation, she added, is shifting toward understanding how curation works, rather than just who is offering it. John Piccone, regional president at Adform, suggested that while some might view these curation services as just another type of ad network, others see them as essential tools in the ad tech ecosystem. He explained that as long as these services continue to deliver value to advertisers and publishers, it will be difficult for DSPs to shut them down. In conclusion, Google is well-positioned to be a dominant force in the move toward curation, particularly in sell-side programmatic advertising. With its vast reservoir of first-party data and powerful ad server, Google is poised to provide more precise and comprehensive targeting than many of its competitors. Industry consultant Matt Barash believes the debate over which players provide the most value in the ad tech supply chain will persist until there’s a clear, industry-wide definition of “curation.” He noted that the IAB Tech Lab has yet to establish a formal definition or standard for the term, leaving it open to interpretation.

Artificial intelligence (AI) is opening new frontiers in consumer behavior, and according to VML’s “ Future Shopper Report 2024 ,” almost 47% of global consumers are intrigued by the idea of shopping after they’ve passed away. This concept, known as “post-death consumerism,” is introduced in the report as the possibility of training an AI to learn an individual’s shopping and financial habits while they are alive. The AI would then take control of their digital estate after death, continuing to make purchasing decisions on their behalf. VML explains this idea with examples like “paying for your grandchildren's education or sending a birthday gift, even after you're gone.” The study, which surveyed 31,500 consumers across 20 countries, revealed that interest in post-death shopping is particularly high in places like India and the UAE, where nearly 70% of respondents expressed interest. In the U.S., the figure was lower, with 36% of those surveyed showing curiosity about continuing to make purchases after death. One notable finding was that older consumers were less likely to embrace the idea of maintaining a digital presence after their death, highlighting generational differences in how people view the role of technology in life and beyond. Other intriguing insights from the report on post-death consumerism include: 45% of respondents said they would be interested in uploading their personalities to the cloud or metaverse, allowing them to exist as AI avatars after their death. 46% of consumers said they would be interested in having virtual dinner parties in the metaverse, featuring historical figures brought back to life using AI. Another 46% expressed interest in communicating with deceased loved ones, with AI bringing them “back to life” for conversations. Only 31% of respondents were not interested in this idea. Though these findings were shared around Halloween, VML made it clear that it is not suggesting brands should immediately implement a post-death consumer strategy. Rather, the study highlights the growing influence of AI in redefining consumer behavior and interactions. AI-driven chatbots are already replacing human customer service agents, and bots are frequently used to handle high-demand purchases like sneaker releases and concert tickets. Jason Carmel, VML’s global lead of creative data, emphasized that the report serves as a “wake-up call” to how open consumers are to allowing AI to represent important aspects of their lives. The idea of post-death consumerism also brings to mind an episode of Black Mirror  titled “ Be Right Back .” In the episode, a woman named Martha, who is grieving the loss of her boyfriend Ash, uploads all of his online content—texts, social media posts, videos, and photos—into an AI system that mimics his personality. The AI version of Ash soon becomes a robotic replica, but Martha finds that the lack of spontaneity and imperfections makes the replica less fulfilling, eventually leading to her disappointment. As Chris Ryan wrote in his review of the episode for The Ringer , Black Mirror  often examines the emotional costs of fulfilling our desires, and “Be Right Back” explores the consequences of bringing someone back exactly as we want them, without the flaws that made them human.

While the idea of AI becoming self-improving has long existed in the realm of science fiction, recent developments suggest it’s becoming increasingly tangible. Researchers are now making real progress toward AI systems that can autonomously improve themselves. These systems aren’t ready for prime time, but they’re closer than you might think. Artificial intelligence is on the cusp of a major breakthrough. In a provocative essay published this summer, Leopold Aschenbrenner—a former OpenAI researcher—argues that artificial general intelligence (AGI) could arrive as early as 2027. He predicts that AI will consume 20% of U.S. electricity by 2029 and reshape global geopolitics, largely because AI will soon be able to conduct AI research. This recursive self-improvement could spark an “intelligence explosion,” a concept explored by thinkers like I.J. Good in 1965, Nick Bostrom, and many others. AI’s Self-Improvement Cycle The idea behind self-improving AI is simple: once AI can automate tasks across various industries—from customer service to taxi driving—it will only need to automate one more job to trigger an intelligence explosion: AI research itself. Currently, AI automates narrow aspects of its own development (e.g., neural architecture search, hyperparameter optimization). But an AI that can autonomously conduct the entire AI research process—designing experiments, testing new methods, and discovering superior AI architectures—could create an accelerating cycle of self-improvement. In theory, this could lead to increasingly powerful AI systems. It might seem implausible that AI could handle the cognitive complexity of AI research. After all, creating new AI models involves creativity and insight. But the role of an AI researcher—reading literature, generating hypotheses, designing experiments, and interpreting results—may be surprisingly amenable to automation. As Aschenbrenner explains, "The job of an AI researcher is fairly straightforward" and "AI research can be automated." The First AI Researcher A significant step toward this vision of self-improving AI occurred this past August when Sakana AI , a Japanese startup, unveiled its “AI Scientist.” This system can autonomously carry out AI research: reviewing existing papers, generating new ideas, designing and conducting experiments, and even writing and submitting research papers. The AI Scientist has published multiple papers in areas like transformers, diffusion models, and neural network dynamics. While the research it produces isn’t yet at the cutting edge, the system shows that AI can indeed contribute meaningfully to advancing the field. Take, for example, the paper titled " DualScale Diffusion: Adaptive Feature Balancing for Low-Dimensional Generative Models ." The AI Scientist identified an unsolved problem in diffusion models and proposed a new solution involving dual branches in the denoiser network to balance global and local features. It then designed and executed experiments to validate its hypothesis, and generated a detailed research paper outlining the results. Though the work is still early-stage, the AI Scientist demonstrated the ability to conduct independent research, generate meaningful hypotheses, and write clear, well-structured papers. Some of the papers it produced were even rated for potential acceptance at top conferences like NeurIPS, showcasing real promise. What’s Next? The Path to Self-Improvement Sakana’s AI Scientist is in its early stages, with several limitations. It only processes text, lacks internet access, and was trained on a limited amount of computational resources. However, the potential for improvement is clear. With access to more compute power and further algorithmic developments, systems like this could rapidly advance. As Cong Lu, a researcher at Sakana, put it, "We really believe this is the GPT-1 of AI science." Just as GPT-1 laid the groundwork for GPT-3 and GPT-4, AI research tools like Sakana’s AI Scientist could soon undergo rapid development, leading to breakthroughs we can’t yet fully predict. The Coming Revolution Today’s AI technology, like GPT-4, is impressive but still requires human involvement to improve. However, the prospect of AI creating increasingly powerful AI systems could lead to an “intelligence explosion”—where AI begins making itself more capable faster than humans can keep up. This could dramatically accelerate the pace of innovation across all fields, from life sciences to climate change. But it also poses significant risks, as AI could quickly advance beyond our control. AI systems capable of self-improvement might soon become a central concern for policymakers and AI developers alike. While we can’t yet predict whether AI will deliver truly groundbreaking innovations like the transformer model or convolutional neural networks, the early progress shows that AI will be able to automate much of today’s incremental research, amplifying the speed and scope of AI advancements. This could be the first step toward a world where AI is creating and improving itself, radically altering the technological landscape. As Eliot Cowan, CEO of the AI startup AutoScience , notes, “The vast majority of AI research is incremental in nature. AI can autonomously complete that kind of research today.” The implications are profound, and AI companies like OpenAI and Anthropic are already taking this shift seriously. The possibility of an AI-driven research explosion is now more than just a theoretical fantasy—it’s fast becoming a reality. The coming years could bring dramatic and unexpected changes.

Silicon Valley leaders, including the heads of Amazon, Apple, Google, Meta, and Microsoft, have warmly congratulated Donald Trump on his election victory, signaling their interest in mending ties and capitalizing on a more business-friendly administration. This contrasts with their reserved responses in previous elections, as they faced regulatory crackdowns during Joe Biden's presidency. Deals and Antitrust Relief Big Tech executives are optimistic about a regulatory shift that could reignite corporate mergers, acquisitions, and venture capital activity, which were stifled under Biden’s administration. The Federal Trade Commission (FTC), led by Lina Khan, became a significant obstacle for tech giants by scrutinizing partnerships and blocking major deals. Many believe that a Trump presidency could ease antitrust pressures, with some speculating that Khan’s tenure at the FTC might come to an end. The renewed optimism has already triggered conversations among boards and investors, with industry insiders anticipating a boom in dealmaking. Trump’s leniency toward tech mergers could reverse decisions made under Biden and counter European regulatory actions, including significant fines imposed on Apple. Social Media and Speech Social media companies, which Trump has previously accused of censorship, are treading carefully. Trump’s pledge to curb federal agency involvement in restricting online speech aligns with his broader push for free expression. Leaders like Mark Zuckerberg have softened their stance toward Trump, highlighting a strategic shift in Silicon Valley. One critical issue is the future of TikTok. While Trump once sought to ban the platform over national security concerns, he has since indicated that competition with Facebook is in America’s interest. This position could shape the administration’s approach to ByteDance, TikTok’s Chinese parent company, amid ongoing legal battles over a potential US ban. Artificial Intelligence: Innovation vs. Regulation AI policy is expected to be a defining issue for the tech industry during Trump’s second term. While Trump has not outlined specific AI regulations, his administration’s historical preference for minimal oversight suggests a focus on fostering innovation. This approach contrasts sharply with Biden’s emphasis on safety and security in AI development. Trump’s stance resonates with Elon Musk, one of his most prominent Silicon Valley supporters. Musk, who has heavily invested in AI ventures, including xAI, shares Trump’s commitment to ensuring US leadership in AI innovation over rivals like China. Both have emphasized the strategic importance of unrestrained AI development while acknowledging its potential risks. A New Chapter for Tech and Trump The Trump presidency represents both an opportunity and a challenge for Big Tech. While his policies may ease regulatory hurdles, the unpredictable nature of his leadership requires careful navigation. With Elon Musk acting as a bridge between Trump and Silicon Valley, the stage is set for a complex but potentially transformative relationship between the administration and the tech industry.

Unreal Engine 6 to Power the Future of Metaverse Development Epic Games is pushing forward with bold ambitions for the future of gaming, centered around its next-generation platform, Unreal Engine 6. Epic's CEO, Tim Sweeney, recently outlined a vision that could finally bring the dream of an interoperable metaverse to life—one where games like Fortnite, Minecraft, and Roblox coexist seamlessly. In a conversation with The Verge , Sweeney shared details on Unreal Engine 6, the successor to Unreal Engine 5, one of the most popular game engines used to create AAA titles like Fortnite and the Mass Effect series. While Unreal Engine 5 only launched in 2022 and has just started to showcase its full potential, the company already has its eyes on the future. With Unreal Engine 6 not expected until the end of the decade, Sweeney’s early statements highlight an ambitious goal for the platform: driving the shift towards a more interconnected and interoperable gaming experience. According to Sweeney, the future of multiplayer gaming will be driven by games that allow players to collaborate across platforms and bring their digital assets wherever they go. Towards an Interoperable Metaverse Sweeney’s vision moves beyond traditional walled gardens of individual games. He believes the gaming industry must evolve into a fully interoperable ecosystem where digital assets—like in-game skins or items—can be used across different games and platforms. The idea is to give players more long-term value for their purchases and build trust that their digital items will retain utility across multiple environments. "If you're only playing a game casually, why invest in digital items that can't be used elsewhere? With an interoperable economy, players can trust that their purchases today will hold value across different platforms tomorrow," Sweeney explained. This concept aligns with broader trends in Web3, blockchain, and the metaverse. The next generation of gaming, according to Epic Games, will be underpinned by the commoditization of digital assets, where interoperability keeps gamers engaged no matter what platform they prefer. Interoperability and Unreal Engine 6 Epic’s executive vice president, Saxs Persson, added that the future may see games like Roblox, Minecraft, and Fortnite connected through a federated system. Despite the fact that these games use different engines—Minecraft being built on Java and Roblox on a proprietary engine—the vision for Unreal Engine 6 includes potential for interoperability across platforms. Persson noted, “There’s no reason why players shouldn’t be able to transition seamlessly between games like Roblox, Minecraft, and Fortnite. It would be incredible for keeping communities together and fostering the most vibrant gaming ecosystems.” Blockchain technology would likely play a critical role in enabling this interoperable future, ensuring trustless verification across different gaming systems while maintaining data security and privacy for companies. Navigating Industry Challenges While Epic is clearly committed to this future, the gaming industry has faced headwinds recently. A period of mass layoffs across the sector—largely attributed to the post-pandemic correction after the industry’s boom—has left even major players like Epic Games reorganizing. In September 2023, Epic announced layoffs affecting 16% of its workforce, or about 830 employees. Despite these challenges, Epic’s roadmap for Unreal Engine 6 suggests the company is committed to shaping the future of gaming through innovative technology and cross-platform integration. While the full realization of this vision may take years, it could transform how gamers interact with digital assets and redefine the metaverse as we know it.

The metaverse is emerging as a revolutionary force in Saudi Arabia’s hospitality sector, poised to reshape engagement strategies and customer experiences across the industry. As one of the core technologies shaping 2024 and beyond, the metaverse is unlocking unprecedented opportunities for innovation in hospitality. Digital Twins: A New Era in Hotel Management One of the most significant advancements in hotel management is the use of digital twins —virtual 3D replicas of physical spaces. This technology allows hospitality operators to visualize and test designs, layouts, and materials before any physical work begins, enhancing efficiency and space utilization. Digital twins also allow for virtual tours and room interaction, elevating guest experiences and streamlining operations. Immersive Guest Experiences The metaverse is transforming how guests interact with hotels by offering immersive virtual reality experiences. Prospective guests can explore rooms and services virtually, customize decor, and engage with interactive concierge services before booking. Hotels are increasingly using virtual events, games, and branded experiences, creating new revenue streams through e-commerce, virtual items, and ticket sales. Enhancing Operational Efficiency and Cost Reduction Operational efficiency is critical in hospitality, and digital twins are key to improving it. With real-time monitoring of systems like HVAC and lighting, hotels can optimize energy use and predict maintenance needs, reducing costs. For instance, Deloitte’s digital twin models have led to operational savings of up to 20% due to improved resource management. Challenges and Considerations Despite its promise, the adoption of metaverse technologies presents challenges. Data security and privacy are top concerns, alongside the high costs of integrating these systems. Additionally, technical barriers and the complexity of meeting evolving user needs require careful consideration by hospitality businesses. Market Trends and Future Growth The digital twin market in hospitality is projected to grow significantly, with a compound annual growth rate of 32.6%, increasing from $1.26 billion in 2022 to $15.97 billion by 2031. Major hotel brands such as Marriott, CitizenM, and Millennium Hotels are already investing in metaverse technologies, showing the industry’s commitment to innovation and virtual engagement. Implications for the Future The integration of AI, digital twins, and the metaverse is expected to revolutionize the future of hospitality, offering highly personalized, efficient guest experiences. While challenges remain, technological advancements will drive broader adoption, setting new standards for the industry and opening up new opportunities for professionals and guests alike.

Generative AI (GenAI) is transforming the shopping experience by offering highly personalised and intuitive customer interactions. This innovative technology enables retailers to provide seamless, data-driven services, from AI-powered search to dynamic product customisation. GenAI is not only enhancing the digital shopping experience but also bridging the gap between online and offline retail, creating a unified and engaging journey for consumers. Transforming Retail: From Transactional to Personalised GenAI is reshaping how customers interact with brands and make purchasing decisions. It’s shifting online shopping from a purely transactional process to a deeply personalised one. Brands can now use GenAI to gain insights into customer preferences, delivering hyper-targeted experiences that foster loyalty and engagement. As Gopi Polavarapu, Chief Solutions Officer at Kore.ai , explained to Silicon UK , “Generative AI is transforming the online shopping experience by creating highly personalised customer interactions.” Polavarapu further explained, “GenAI’s ability to analyse vast amounts of customer data—such as past purchases, browsing behaviour, and shopping history—enables it to generate tailored product recommendations and marketing strategies. This level of personalisation mimics the experience of having a personal shopper, keeping customers engaged and encouraging repeat visits.” Beyond recommending products, GenAI can offer practical solutions, such as predicting the best size or product fit for a customer, reducing the number of returns and improving operational efficiency. With some retailers like H&M now charging for returns, such innovations can have a significant impact on both customer satisfaction and cost savings. Connecting the Digital and Physical Shopping Experience While GenAI is revolutionising online retail, consumers still value a seamless connection between digital and in-store shopping. Shopify’s State of Commerce Report  found that 67% of European consumers and 65% of UK shoppers expect brands to offer an integrated experience. Polavarapu noted, “By using a GenAI-powered chatbot to reduce returns, consumers save time and money, and are guided towards products better suited to their preferences.” This integration isn’t just about consistency; it’s about creating a seamless journey across all touchpoints, allowing customers to effortlessly switch between digital and physical retail. The Rise of AI-Powered Search Dom Couldwell, Head of Field Engineering, EMEA at DataStax, highlighted to Silicon UK  how GenAI is transforming product searches. Traditional search engines often rely on exact keywords, which can frustrate users unsure of what they’re looking for. Couldwell explained, “Using semantic-based search combined with generative AI, results respond to what the customer means, not just what they type in.” This allows for more intuitive searches that understand the user’s intent and context. AI-powered visual search is also becoming increasingly common, allowing customers to search using images. Couldwell added, “Visual search, combined with GenAI, can significantly improve the customer experience, making shopping faster, more intuitive, and ultimately driving higher conversion rates.” Balancing Personalisation with Privacy As retailers adopt GenAI, one of the key challenges is balancing personalisation with customer privacy. Couldwell stressed the importance of secure methods like Retrieval-Augmented Generation (RAG) to ensure data privacy. He noted, “RAG provides better context to large language models (LLMs) without compromising customer privacy, ensuring that personal data isn’t trained into the AI.” Maintaining consumer trust is crucial in an age of increasing data privacy concerns. As Couldwell pointed out, if the experience improves and consumers enjoy it, privacy concerns are less likely to become an issue—provided security remains a top priority. The Future of GenAI in Retail Looking ahead, Couldwell and Polavarapu offered insights into how retailers can prepare for the future of GenAI. Couldwell predicted a rise in autonomous AI agents, capable of handling more complex customer queries and offering proactive service. These agents could take on tasks far beyond product recommendations, such as planning an entire holiday itinerary based on user preferences. Polavarapu pointed to the growing importance of social commerce, where consumers share shopping experiences on platforms like Instagram and TikTok. GenAI will play a key role in generating real-time content, with Polavarapu advising retailers to capitalise on this trend to reach more customers through user-generated content. Practical Considerations for Retailers For retailers looking to integrate GenAI into their operations, several factors need to be considered. Couldwell noted, “GenAI is not a one-size-fits-all technology—it depends on the quality of your data.” Retailers need to evaluate their current infrastructure and data quality to maximise the benefits of GenAI. Polavarapu recommended investing in AI Platform as a Service (AIPaaS) solutions to manage the complexity of deploying and maintaining advanced AI systems. By adopting GenAI as a core platform rather than a series of point solutions, retailers can better leverage its full potential. GenAI: Leading the Future of Retail GenAI is set to revolutionise the retail landscape. By personalising customer experiences and improving operational efficiency, this technology offers significant benefits for both consumers and brands. As retail continues to evolve, one thing is clear: GenAI will be at the forefront of this transformation, making online shopping more intelligent, personalised, and interactive than ever before.

The Bored Ape Yacht Club (BAYC) is teaming up once again with Japanese streetwear giant BAPE for Season 2 of their NFT-themed streetwear collection. The new line is set to drop in September 2024, marking the continuation of the successful partnership that began in 2023. The first season, which launched last year, featured an array of apparel including hoodies, caps, and sneakers, all emblazoned with the iconic Bored Ape aesthetic. What’s Coming in Season 2? Details about the upcoming collection are still under wraps, but fans can expect Season 2 to uphold the bold, innovative style that defines both BAYC and BAPE. There’s speculation that the new collection may include digital elements linked to the physical items, continuing the trend of blending NFTs with everyday fashion. The initial collaboration was praised for merging BAPE’s streetwear legacy with BAYC’s digital art influence, creating a unique fusion of the physical and virtual worlds. A Thriving Partnership The BAYC and BAPE collaboration is a testament to the evolving landscape of fashion in the digital era. Since its founding in 1993, BAPE has been a pioneering force in streetwear, and its alliance with BAYC showcases a forward-thinking approach to integrating digital culture into fashion. As we count down to the September launch, both the BAYC community and fashion enthusiasts are eagerly anticipating how Season 2 will build on the success of the first collection. Stay tuned for more updates by following Bored Ape Yacht Club on X.

Global Metaverse Market Poised for Remarkable Growth Newark, Aug. 26, 2024 (GLOBE NEWSWIRE)  – The global metaverse market is set to experience extraordinary expansion, with its value anticipated to surge from USD 62.22 billion in 2023 to an impressive USD 1,248.55 billion by 2033. This growth trajectory will be fueled by significant advancements in virtual reality (VR), augmented reality (AR), and mixed reality (MR) technologies over the coming decade. Request PDF Brochure:   Download Here Emerging Opportunities According to Brainy Insights, the metaverse market, valued at USD 62.22 billion in 2023, is on track to reach USD 1,248.55 billion by 2033. The COVID-19 pandemic has been a catalyst for this growth, accelerating the demand for immersive and interactive virtual environments due to the rise of remote work and distance learning. Initially prominent in the gaming sector, the metaverse now extends its influence across various industries, including business, healthcare, automotive, and retail. The increasing shift towards online platforms has led to a greater adoption of metaverse technologies, enhancing customer engagement and management. As the world becomes more automated and interconnected, the metaverse is poised to drive further business growth. Key Market Insights North America to Lead Market Growth:  North America is expected to remain the dominant region in the metaverse market throughout the forecast period. The region benefits from a robust operational base, home to key market players and developers who drive innovation and research in the sector. Advanced technologies and favorable regulatory conditions provide North America with a competitive edge, boosting market expansion. Software Segment Dominates:  In 2023, the software segment led the market with a share of approximately 34.89%. The market is segmented into hardware, software, and services, with software emerging as the predominant category. Augmented Reality Takes the Lead:  The AR segment commanded a market share of about 31.33% in 2023. The technology segment includes VR, AR, MR, blockchain, and others, with AR playing a crucial role in the sector. Media and Entertainment Sector Prevails:  In 2023, the media and entertainment sector led with a market share of around 20.11%. This segment falls under the broader end-user category, which also encompasses retail, automotive, healthcare, education, aerospace and defense, BFSI, and more. Procure Complete Report:   Download the Full Report (230 Pages PDF with Insights, Charts, Tables, and Figures) Report Metrics Market Size Available For:  2024–2033 Base Year Considered:  2023 Forecast Period:  2024-2033 Market Size in 2023:  $62.22 billion Projected Market Value in 2033:  $1,248.55 billion CAGR:  34.97% (2024 to 2033) Segments Covered:  Component, Technology, End User Geographies Covered:  North America, Asia Pacific, Europe, Middle East and Africa, Latin America Companies Covered:  Alibaba Group Holding Limited, Alphabet Inc., Antier Solutions, Meta Platforms Inc., NetEase Inc., Nextech AR Solutions Inc., NVIDIA Corporation, Roblox Corporation, Tencent Holdings Limited, Unity Technologies Market Developments In June 2023, Shanghai unveiled plans to expand its cultural and tourism metaverse initiatives, aiming to generate USD 6.9 billion in annual revenue by 2025. The project will integrate metaverse technologies with the city’s physical tourist attractions, offering visitors AR-enhanced experiences and services. Shanghai will also promote digital art on blockchains, explore its use in gaming, and support metaverse entertainment ventures, including virtual idols. The city’s plan underscores blockchain, VR, and AI as pivotal technologies driving metaverse growth. Market Dynamics Driving Force:  The growing demand for immersive gaming experiences will propel the metaverse market. The use of VR, AR, and MR technologies in gaming offers players realistic and engaging experiences. Investment in game development and competitive gaming arenas is further boosting market growth. The rising interest in exploring virtual worlds is also contributing to the sector’s expansion. Restraint:  High development costs pose a challenge for the metaverse. Integrating advanced technologies like AI, AR, VR, big data, and IoT involves significant expenses, which can constrain market growth. Ongoing R&D costs due to the metaverse’s evolving nature add to the financial burden. Opportunities:  Advances in AI, AR, and IoT technologies are extending the metaverse beyond gaming and entertainment into education, healthcare, and remote work. The metaverse holds potential for creating interactive learning environments, supporting universal health coverage, and enhancing virtual collaboration. It also offers opportunities in military, aerospace, travel, and BFSI sectors, broadening its applications and contributing to market growth. Challenge:  Increasing cybersecurity threats present a challenge as the metaverse integrates into critical sectors like energy, defense, aerospace, healthcare, and education. Without robust cybersecurity frameworks, the rising risk of cyber-attacks poses a significant obstacle to market growth.

Meta's social media empire continues to generate substantial digital ad revenue, while its AR/VR and metaverse business incurs increasing losses. The company, which operates Facebook, Instagram, and WhatsApp, reported $39.07 billion in revenue, a 22% year-over-year increase, driven almost entirely by advertising. Net income reached $13.47 billion, or $5.16 per share, surpassing Wall Street's expectations of $38.31 billion in revenue and $4.73 EPS, according to LSEG. "We had a strong quarter, and Meta AI is on track to be the most used AI assistant in the world by the end of the year," said Meta co-founder, CEO, and chairman Mark Zuckerberg. He highlighted the release of Meta's first frontier-level open-source AI model, success with Ray-Ban Meta AI glasses, and growth across its apps. The company forecasts Q3 2024 revenue between $38.5 billion and $41 billion, aligning with analyst expectations. However, Meta’s Reality Labs segment, which includes the Quest AR/VR headset and metaverse initiatives, reported increased Q2 losses. The unit's sales rose 28% to $353 million, but it posted an operating loss of $4.49 billion, up from $3.74 billion a year earlier. Since 2019, Reality Labs has accumulated losses of $59.5 billion. Meta anticipates these losses to increase in 2024 due to ongoing product development in AR/VR and ecosystem scaling investments. Meta is also heavily investing in artificial intelligence. In April, the company raised its 2024 capital spending forecast to $35 billion-$40 billion, up from $30 billion-$37 billion, due to accelerated AI infrastructure investments. Recently, Meta adjusted this forecast to $37 billion-$40 billion. While no 2025 guidance was provided, Meta expects significant capital expenditure growth next year to support AI research and product development. As of Q1 2024, Meta no longer reports average monthly users for its apps or daily/monthly user figures for Facebook. In June 2024, daily active users across Meta’s apps averaged 3.27 billion, a 7% year-over-year increase.