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SoftBank and Bessemer Venture Partners boosting investment in AI-focused firms, Metaverse market

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TechInsight360   Ever since OpenAI launched the generative AI tool in the form of ChatGPT and Microsoft invested US$10 billion to take up the competition with Google, artificial intelligence has emerged as a hotbed for tech giants. From Meta to Google and Tencent, everyone is jumping on the AI bandwagon to drive the next growth phase for their businesses. Now, global investors such as SoftBank Group and Bessemer Venture Partners are also seeking to increase their investment in the area ofartificial intelligence , while also trying to improve their financials through these investments. In H2 2023 and H1 2024, SoftBank Group is eyeing significant investment in the area of generative AI. The announcement comes at a time when the firm had continued to post an annual net loss for the second straight year in fiscal 2022. The growth of the firm has been significantly affected by the slowdown in the global market, denting its shareholdings. For fiscal 2022, the
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Rise in Web3 funding - Tech start-ups innovate new ways to simplify NFT trading and exchange_Tech

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NFT marketplaces have over 100 million unique visitors each month, indicating a sharp increase in interest in the Web3 market. Web3 funding increased dramatically in 2022 despite the crypto bear market. TechInsight360 expects continued growth in the Web3 funding in the year 2023. The startups will continue to attract funds for innovations in development of Web3 technologies and streamlining process to augment adoption of Web3. A recent analysis by PayNXT360, reported a Y-o-Y increase of over 167% in funds raised by startups in 2022 over 2021. This was targeted at artificial intelligence, augmented reality, metaverse infrastructure and virtual reality. Read more at: https://www.techinsight360.com/view-point/venture-capitalists-continue-to-in/35 US-based Redeem, a Web3 technology provider, has streamlined the onboarding procedure by giving consumers the ability to use their phone numbers to send and receive non-fungible tokens (NFTs) using WhatsApp, SMS and Apple’s iMessage.
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Metaverse adoption in agriculture sector expected to be a key focus area in 2023

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TechInsight360     The concept of the metaverse has been gaining significant attention inrecent years , and its potential applications in various industries are being explored and the agriculture industry is no exception. Revolutionizing the approach to agriculture, metaverse is driving the growth with innovative opportunities towards sustainable agricultural practices and profitability. TechInsight360 expects the adoption of metaverse in the agricultural industry will gain rapid momentum in the coming years owing to its potential to contribute to the growth of the industry. One of the major advantages of metaverse adoption in agriculture is its prospects to improve farming practices. Farmers can use the metaverse to replicate different scenarios and test the impact of various factors on their crops. The recent partnership between Aerofarms and Nokia Bell labs is an example of how sensing, machine-learning (ML) and immersive technologies can be used to attain oper
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API security firms are raising funds from venture capitalists to accelerate expansion and growth

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TehInsight360     As cyberattacks have continued to become more and more sophisticated, API security has evolved into an even more important focus area for businesses around the world. The steep rise in API attacks is harming business innovation, consequently leading to higher demand for API security around the world. Read More - Roblox metaverse ecosystem shows strong user adoption in a boost for the global metaverse sector Amid the growing demand, the space has experienced several new entrants in the segment, and these firms are now raising venture capital funding to accelerate their expansion and growth. In February 2023, Secure Blink, an Indian startup incubated by DSCI National CoE, announced that the firm had raised an undisclosed amount of funding from Expert Dojo, the venture capital firm based in the United States . The firm is planning to use the capital round to further strengthen its position in the domestic market. Furthermore, the firm is also
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Launch of a state-backed NFT marketplace in China

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TechInsight360       Non-fungible tokens (NFTs) had gained widespread popularity among both brands as well as consumers. Many of the leading domestic and global luxury brands have launched NFT projects to better engage with their customers while driving the popularity of their brands in a tough and competitive market. Amid the surging popularity, leading tech giants have launched NFT marketplaces over the last two years, thereby allowing Chinese individuals to buy, sell, and trade their digital collectibles. However, unlike the rest of the world, buying NFTs using cryptocurrencies is prohibited in the country. Read More - Adaptation of NFTs by luxury brands in China While the Chinese government had banned cryptocurrencies, it has consistently shown interest in the NFT segment. The launch of a state-backed NFT marketplace is a testament to its interest. According to a report published by the Chinese official media source China Daily, the government is planning
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Starbucks launches Polygon NFT loyalty program for beta testers in the United States

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  TechInsight360   As part of its strategy to move into the world of Web3 technologies, Starbucks has extended its rewards program to the blockchain. In December 2022, the popular coffee chain launched a beta version of its Odyssey program, combining customer rewards with non-fungible tokens and other gamified elements. The new initiative allows loyalty program members to earn a wide range of rewards and has therefore garnered strong interest from consumers. While the firm did not disclose how many of its customers have signed up for the waitlist or how many have been given access in the beta launch, the firm did announce that Starbucks has received unprecedented interest in its NFT-powered loyalty program . The firm first announced the experiential rewards program earlier in September. Built on the Layer-2 Ethereum scaling protocol, Polygon, Starbucks Odyssey introduces a new platform where members can engage with interactive activities known as Journeys. When completed members ar
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Luxury fashion brands are foraying into the metaverse with NFT launches

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  TechInsight360 Luxury brands have turned out to be the early adopters of non-fungible tokens and metaverse technology globally. With both high-end fashion and non-fungible tokens operating on the model of exclusivity and scarcity, luxury brands have been highly receptive to the digital asset class. From Europe to China, many of the global leading luxury fashion brands have already launchedinnovative NFT and metaverse projects , and the trend is now catching up with players in the United States. Read More - Adaptation of NFTs by luxury brands in China ·        The Council of Fashion Designers of America (CFDA) has entered into a strategic partnership with The Sandbox for conducting an exhibition on the metaverse platform. As part of the exhibition, CFDA will present 60 American fashion looks from over the last 60 years to celebrate its 60 th -anniversary celebration. Along with the event, exclusive NFTs are also up for grabs from some of the leading fashion brands inthe United St
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