June 15 (Cointime) - Beijing has established China's first patent pool for metaverse, which currently contains approximately 170 metaverse-related patents. The initiative is part of the city's plan to attract more than 100 metaverse companies by the end of 2024. China is interested in the metaverse's potential benefits for real-world industries, and the government has released a Web 3.0 whitepaper outlining its plans to develop the metaverse industry. Despite China's national metaverse strategy, some of its largest technology companies, such as Tencent and Baidu, appear to be losing interest in the metaverse.

Japan is exploring the use of the metaverse to tackle socio-economic issues such as repopulating rural areas and helping those with extreme social withdrawal. However, the development of the metaverse has been slow due to insufficient funding and a lack of agreement on where to allocate resources.

Online Blockchain is set to release a collection of Rocky Horror Show NFTs on OpenSea to celebrate the 50th anniversary of the musical's debut. The first NFT, called TimeWarp, will feature the classic bloody font logo of the show's title sequence and will be priced at 0.1 ETH.

In February 2022, the South Korean government announced a Digital New Deal to invest in a digital-based economy and create 1 million new jobs, with a small portion of the investment earmarked for metaverse development. Despite support from major technology companies and K-pop stars, locally developed metaverse platforms have failed to gain public adoption due to the lack of decentralized blockchain technologies.

My Neighbor Alice, a decentralized open-world game, has announced that its Chief Product Officer (CPO) has joined the board of directors of OMA3, an alliance that collaborates with Web3 metaverse platform creators to ensure interoperability between platforms.

While the editor remains optimistic about the future of cryptocurrency, they believe that crypto-based metaverse projects such as Decentraland and the Sandbox are doomed to fail. Decentraland currently has fewer than 500 users, and even Facebook's Meta project has not been successful in attracting users.

Financial institutions are beginning to take notice of the metaverse, a blockchain-fueled virtual world that offers new social experiences through virtual and augmented reality. With a young, tech-savvy user base, metaverse applications provide banks with unique opportunities to build relationships with a growing consumer base that has embraced fintech.

New Frontier Presents is aiming to redefine the augmented reality (AR) landscape by using the Apple Vision Pro to create unique apps and games. The platform allows for unlimited exploration, creativity, and interaction, and New Frontier Presents is taking this immersive technology to the next level by creating apps and games that transition smoothly from simplicity to a fully immersive 3D scene.

Luxury fashion brand CULT&RAIN has launched a new digital experience called CULTR PAD for its metaverse, CULTR WORLD. Users can explore the metaverse, attend live events, and enjoy virtual shopping. CULT&RAIN aims to create a bridge between fashion, luxury, and innovative technology as a Web3 brand. The CULTR PAD offers personalized digital rooms for users to socialize, watch videos, attend live events, and customize their own PAD.

Swarovski, the renowned jewelry brand, has filed trademark applications for its products in the metaverse, indicating its interest in the virtual world and potential expansion into new industries. The applications cover a wide range of products, including cosmetics, virtual reality glasses, and digital files authenticated by NFTs.