The realization of an interoperable and scalable virtual platform, currently known as the “metaverse,” is inevitable, but many technological challenges need to be overcome first. With the metaverse still in a nascen...The realization of an interoperable and scalable virtual platform, currently known as the “metaverse,” is inevitable, but many technological challenges need to be overcome first. With the metaverse still in a nascent phase, research currently indicates that building a new 3D social environment capable of interoperable avatars and digital transactions will represent most of the initial investment in time and capital. The return on investment, however, is worth the financial risk for firms like Meta, Google, and Apple. While the current virtual space of the metaverse is worth $6.30 billion, that is expected to grow to $84.09 billion by the end of 2028. But the creation of an entire alternate virtual universe of 3D avatars, objects, and otherworldly cityscapes calls for a new development pipeline and workflow. Existing 3D modeling and digital twin processes, already well-established in industry and gaming, will be ported to support the need to architect and furnish this new digital world. The current development pipeline, however, is cumbersome, expensive and limited in output capacity. This paper proposes a new and innovative immersive development pipeline leveraging the recent advances in artificial intelligence (AI) for 3D model creation and optimization. The previous reliance on 3D modeling software to create assets and then import into a game engine can be replaced with nearly instantaneous content creation with AI. While AI art generators like DALL-E 2 and DeepAI have been used for 2D asset creation, when combined with game engine technology, such as Unreal Engine 5 and virtualized geometry systems like Nanite, a new process for creating nearly unlimited content for immersive reality is possible. New processes and workflows, such as those proposed here, will revolutionize content creation and pave the way for Web 3.0, the metaverse and a truly 3D social environment.展开更多
There has been disagreement over the value of purchasing space in the metaverse, but many businesses including Nike, The Wendy’s Company, and McDonald’s have jumped in headfirst. While the metaverse land rush has be...There has been disagreement over the value of purchasing space in the metaverse, but many businesses including Nike, The Wendy’s Company, and McDonald’s have jumped in headfirst. While the metaverse land rush has been called an “illusion” given underdeveloped infrastructure, including inadequate software and servers, and the potential opportunities for economic and legal abuse, the “real estate of the future” shows no signs of slowing. While the current virtual space of the metaverse is worth $6.30 billion, that is expected to grow to $84.09 billion by the end of 2028. But the long-term legal and regulatory considerations of capitalizing on the investment, as well as the manner in which blockchain technology can secure users’ data and digital assets, has yet to be properly investigated. With the metaverse still in a conceptual phase, building a new 3D social environment capable of digital transactions will represent most of the initial investment in time in human capital. Digital twin technologies, already well-established in industry, will be ported to support the need to architect and furnish the new digital world. The return on and viability of investing in the “real estate of the future” raises questions fundamental to the success or failure of the enterprise. As such this paper proposes a novel framing of the issue and looks at the intersection where finance, technology, and law are converging to prevent another Dot-com bubble of the late 1990s in metaverse-based virtual real estate transactions. Furthermore, the paper will argue that these domains are technologically feasible, but the main challenges for commercial users remain in the legal and regulatory arenas. As has been the case with the emergence of online commerce, a legal assessment of the metaverse indicates that courts will look to traditional and established legal principles when addressing issues until the enactment of federal and/or state statutes and accompanying regulations. Lastly, whereas traditional regulation of real estate would involve property law, the current legal framing of ownership of metaverse assets is governed by contract law.展开更多
文摘The realization of an interoperable and scalable virtual platform, currently known as the “metaverse,” is inevitable, but many technological challenges need to be overcome first. With the metaverse still in a nascent phase, research currently indicates that building a new 3D social environment capable of interoperable avatars and digital transactions will represent most of the initial investment in time and capital. The return on investment, however, is worth the financial risk for firms like Meta, Google, and Apple. While the current virtual space of the metaverse is worth $6.30 billion, that is expected to grow to $84.09 billion by the end of 2028. But the creation of an entire alternate virtual universe of 3D avatars, objects, and otherworldly cityscapes calls for a new development pipeline and workflow. Existing 3D modeling and digital twin processes, already well-established in industry and gaming, will be ported to support the need to architect and furnish this new digital world. The current development pipeline, however, is cumbersome, expensive and limited in output capacity. This paper proposes a new and innovative immersive development pipeline leveraging the recent advances in artificial intelligence (AI) for 3D model creation and optimization. The previous reliance on 3D modeling software to create assets and then import into a game engine can be replaced with nearly instantaneous content creation with AI. While AI art generators like DALL-E 2 and DeepAI have been used for 2D asset creation, when combined with game engine technology, such as Unreal Engine 5 and virtualized geometry systems like Nanite, a new process for creating nearly unlimited content for immersive reality is possible. New processes and workflows, such as those proposed here, will revolutionize content creation and pave the way for Web 3.0, the metaverse and a truly 3D social environment.
文摘There has been disagreement over the value of purchasing space in the metaverse, but many businesses including Nike, The Wendy’s Company, and McDonald’s have jumped in headfirst. While the metaverse land rush has been called an “illusion” given underdeveloped infrastructure, including inadequate software and servers, and the potential opportunities for economic and legal abuse, the “real estate of the future” shows no signs of slowing. While the current virtual space of the metaverse is worth $6.30 billion, that is expected to grow to $84.09 billion by the end of 2028. But the long-term legal and regulatory considerations of capitalizing on the investment, as well as the manner in which blockchain technology can secure users’ data and digital assets, has yet to be properly investigated. With the metaverse still in a conceptual phase, building a new 3D social environment capable of digital transactions will represent most of the initial investment in time in human capital. Digital twin technologies, already well-established in industry, will be ported to support the need to architect and furnish the new digital world. The return on and viability of investing in the “real estate of the future” raises questions fundamental to the success or failure of the enterprise. As such this paper proposes a novel framing of the issue and looks at the intersection where finance, technology, and law are converging to prevent another Dot-com bubble of the late 1990s in metaverse-based virtual real estate transactions. Furthermore, the paper will argue that these domains are technologically feasible, but the main challenges for commercial users remain in the legal and regulatory arenas. As has been the case with the emergence of online commerce, a legal assessment of the metaverse indicates that courts will look to traditional and established legal principles when addressing issues until the enactment of federal and/or state statutes and accompanying regulations. Lastly, whereas traditional regulation of real estate would involve property law, the current legal framing of ownership of metaverse assets is governed by contract law.
