The Web 3.0 Report - 26/01/22

The Web 3.0 Report is our bi-weekly newsletter helping readers keep their fingers on the pulse of everything Web 3.0 whether that be Blockchain, NFTs, the Metaverse, or of course, AR/VR.?Today we focus on recent job cuts in the tech sector, the delayed release of Apple's AR glasses, ChatGPT in education and new insights on the metaverse.

Tech Giants Purge Silicon Valley Workforce

Alphabet (Google) and Microsoft both cut 10,000+ jobs this past week in an effort to cut costs amidst rising interest rates and increased inflation. Tough news for many, but a favourable move for the market as shares rallied for each of the firms by around 5%. The news comes in the wake of Amazon and Salesforce making similar moves; each respectively cutting 10,000+ jobs making up 10% of Salesforce’s workforce. Daniel Ives, managing director of wealth management firm Wedbush Securities, criticised the tech giants, stating that "the reality is tech stalwarts over-hired at a pace that was unsustainable”, forcing job cuts in light of reckless spending in a period of “hypergrowth”. The news is less than positive, however, a lot of experienced workers now exist with the talentpool looking to apply their skills to new employers or better yet drive innovation in a period of economic downturn through entrepreneurship and collaboration. Taking a glass half full perspective it will be exciting to see what this wealth of talent does next.

Technical Challenges force Apple to Suspend Release of AR Glasses

Believed by some to make handheld devices such as the iPhone obsolete, Apple’s upcoming AR glasses have been potentially shelved from 2023 to 2025. Despite significant advancement in the miniaturisation of tech as showcased in CES this month, Apple’s AR glasses could cost up to $3000+ according to Bloomberg reporter Mark Gurman. For AR glasses to gain the same traction and adoption as the iPhone did in 2008,? they must be affordable as much as they are effective. However, a $3000 price point amidst rising inflation is anything but affordable. The mediascape in 2022 would tell you that AR glasses were just around the corner, the news today on Apple’s major setback in the race to AR glasses could prove to push that corner just a few miles away.? It will be interesting to see how Apple’s competitors will respond. Will there be an affordable pair of AR glasses in the next two years? Or will brands such as Meta and Vuzix struggle to meet consumer expectations of affordable pricing, giving Apple much needed time to refine and develop their product building further anticipation for its 2025 release.

AI Chatbot ChatGPT has Education Sector Reeling

You may have come across ChatGPT the last couple weeks but for those who are unaware, it’s an interactive chatbot that can fulfil a number of tasks using a downloaded database of the entire internet to teach itself how best to effectively fulfil each user's request. The AI is incredibly informed to say the least, providing legible and high quality responses to nearly any question, perhaps even a request to complete a university level essay or assignment. Universities have been reported to start banning the use of ChatGPT under fear that students might use the bot to write their essays and finish dissertations. Christopher Terwiesch, professor at the University of Pennsylvania business school, tested ChatGPT finding that in his operations management exam the bot would have received a B/B- grade. A somewhat amusing story but also a real indicator of how far AI technology has come, will jobs become obsolete as the technology continues to develop? Could this be an indication for many within the marketing space to start learning how to utilise AI? Microsoft seems to think so, confirming? a multi billion dollar investment in the firm behind ChatGPT, OpenAI, earlier this week.

Study finds Consumer Electronics Could be Set for the Metaverse

A recent study conducted by Outform approached consumers around how they see the future of retail technology, touching on the all too familiar metaverse as a subject for discussion. 45% of the 400 consumers surveyed believed that the metaverse would be the future of shopping in regards to exploring and evaluating products through the metaverse. Not only this but 79% of consumer electronic shoppers were willing to use augmented reality in-store to evaluate their purchase. Another case study that emphasises consumer sentiment in the current climate explaining why so many brands are investing in AR tech as the future of consumer electronics.