The metaverse is here and things have been moving fast.

Depending on who you speak to its the next big thing or an overhyped fad but it’s no longer an abstract concept that’s years away.

This week saw the first major sporting event hosted in the metaverse as well as more corporate giants joining the scene.

Australian Open debuts in the metaverse

The Australian Open is now the first official tennis grand slam to be hosted in the metaverse.

Virtual participants can explore a virtual recreation of Melbourne Park, including the Grand Slam Park and the Rod Laver Arena.

Tennis Australia has leased the virtual land from Vegas City in Decentraland.

The virtual arenas opened on Monday, 17, January and will run for a fortnight.

There’s a number of perks for virtual participants, such as behind-the-scene footage from around Melbourne Park including player arrivals and practice areas.

The event will also showcase archival footage from tennis matches dating all the way back to the 1970s, as well as virtual meet-ups with players like Mark Philippoussis.

Project Manager Ridley Plummer hopes the Australian Open will become the “world’s most accessible and inclusive sports and entertainment event.”

He added: “With the unique challenges fans have faced getting to Melbourne, we’ve fast-tracked our launch into the metaverse.

“Taking the AO into the metaverse is an important step to provide truly global access to our great event.

“The metaverse is not going anywhere, and as a company, we’re invested in continuing to grow our online presence and push the boundaries of innovation.

“We definitely think of ourselves more as an entertainment event rather than just a tennis event.

“Whether we’re providing entertainment via the metaverse twelve months of the year or only a few months of the year, that’s definitely a decision to be made in our roadmap going forward.”

The Sandbox parent company Animoca raises $359 million for metaverse acquisitions and investments

Animoca, the parent company of The Sandbox, raised $359 million in a funding round led by Liberty City Ventures on Tuesday, 18, January.

This values the company at over $5 billion.

The money will be used to fund “strategic acquisitions and investments, product development, and licenses for popular intellectual properties.”

Yat Siu, co-founder and executive chairman of Animoca Brands, said: “We have set ourselves the ambitious goals of building an open Web3 and facilitating an open metaverse that expands financial inclusion.

“We believe we are still at the initial stages of a new Internet revolution, and there are tremendous opportunities ahead of us in 2022 and beyond.”

Walmart gears up for imminent metaverse launch

Retail giant Walmart appears to be gearing up to enter the metaverse with plans to create its own cryptocurrency and collection of NFTs.

On December, 30, 2021, Walmart submitted seven trademarks to the US Patent and Trademark Office outlining new ways it could expand its operations into the metaverse.

In a statement, Walmart said it is “continuously exploring how emerging technologies may shape future shopping experiences.

“We are testing new ideas all the time.

“Some ideas become products or services that make it to customers.

“And some we test, iterate and learn from.”

One of the patents describes “downloadable e-commerce software” that would allow users to “perform electronic business transactions” in an online marketplace authenticated by NFTs.

Microsoft is buying Activision Blizzard for $69 billion

Microsoft is buying gaming giant Activision Blizzard for $69 billion as they move towards ramping up their gaming and metaverse plans.

Activision Blizzard owns world renown franchises such as Call of Duty, Overwatch, Candy Crush, World of Warcraft and Tony Hawk’s Pro Skater.

According to the announcement on Tuesday, 18, January from Microsoft, the firm will acquire Activision Blizzard for $95 per share at a valuation of $68.7 billion.

Microsoft said the acquisition will support its growth across a number of platforms, such as mobile, PC, console and cloud gaming while providing the “building blocks for the metaverse.”

Microsoft added: “Gaming is the most dynamic and exciting category in entertainment across all platforms today and will play a key role in the development of metaverse platforms.”

Patrón launches NFTs to unlock access to “one-of-a-kind” tequila

Patrón are collaborating with BlockBar.com to sell Chairman’s Reserve, “an incredible aged tequila reserved for the most discerning fans.”

BlockBar.com is a platform which partners with wine and spirits companies to sell NFTs, each of which represents a physical bottle.

This is the first time Chairman’s Reserve will be made available to the public.

The sale will start at 10am ET on Tuesday, 25, January with the tequila NFTs costing 1.5 ETH each.

This will give the consumers “ownership rights” to a physical bottle.

Only 150 bottles of Chairman’s Reserve will be available through the NFT drop.

Miller Lite will open a metaverse-based bar during Super Bowl 2022

This year, Miller Lite will have a virtual space in Decentraland where fans can view the beer company’s 2022 Super Bowl advert.

The advert will not be airing on the televised game itself.

Ralph Lauren hints at expanding the brand’s digital footprint

Ralph Lauren CEO Patrice Louvet said during the annual National Retail Federation conference the fashion company will expand its presence in the metaverse as a way to attract younger shoppers.

He said: “One of our strategies is to win over a new generation and the new generation is there. So we have to be there.”

Customers can currently dress their avatars in Ralph Lauren apparel in ZEPETO and Roblox.

Last year, Ralph Lauren launched a virtual store in collaboration with ZEPETO modelled on its flagship store on Madison Avenue in New York City.

PlayStation inventor said he ‘can’t see the point’ of the metaverse

The inventor of the PlayStation has said he “can’t see the point” of the metaverse.

Ken Kutaragi said: “Being in the real world is very important, but the metaverse is about making quasi-real in the virtual world, and I can’t see the point of doing it.

“You would rather be a polished avatar instead of your real self?

“That’s essentially no different from anonymous message board sites.”

London’s Queen Mary university students receive first lecture in the metaverse

A group of Queen Mary medical students received their first lecture in the metaverse this week.

The lecture is believed to be the first in the metaverse in the UK.

Professor Shafi Ahmed, who led the lecture, said the metaverse has several significant benefits compared to traditional online learning.

Professor Ahmed added: “This represents a significant shift in how we can deliver education, especially when there is a practical element like when studying medicine.

“Future education will rely on hybrid learning platforms.”

“A 3D environment enables us to create 3D assets for example an anatomical model and interact with one another, which can be invaluable in teaching and clearly isn’t a possibility over Zoom or Teams.

“For example, we can simulate a real-life medical procedure in VR – which can be extremely useful technology in helping to train the doctors and surgeons of tomorrow.”