NEW YORK, Sept. 07, 2023 (GLOBE NEWSWIRE) — Leading virtual worlds Decentraland, Vegas City, and innovative digital architecture studio, Voxel Architects, are partnering to create the biggest automotive event in the history of the Metaverse: The Metaverse Motor Show 2024 (MVMS 2024). This collaboration aims to connect automotive enthusiasts, world-renowned car brands, and the global metaverse community to demonstrate the future of personal transportation.

MVMS24, slated for launch in February 2024, promises to be the ultimate convergence of technology, art, and imagination. By combining the expertise of Decentraland, the largest decentralized Metaverse, Vegas City, the pinnacle of gaming districts, and Voxel Architects, the renowned Metaverse-native digital architecture studio, this event will mark a new era for the automotive industry.

Hosted on an 800-parcel Estate within Decentraland, the MVMS 2024 will introduce an innovative approach to fan engagement, brand promotion, and experiential automotive showcases. With an array of features that include car runway shows, real-life car displays, wearable collections, live conferences, and live racetrack races, this event is poised to revolutionize how car lovers and automotive brands interact.

Sam Hamilton, Creative Director Decentraland Foundation expressed excitement about the potential of MVMS 2024, stating, “MVMS 2024 is a manifestation of the limitless possibilities that arise from the synergy of technology, design, and community. Our team is thrilled to create a visionary venue that will not only redefine how car enthusiasts experience automotive events but also pioneer the fusion of virtual and physical realities.”

The MVMS 2024 represents a transformative journey into the future of automotive innovation. The event will facilitate unprecedented interactions between brands and their digitally native audiences. Automotive enthusiasts worldwide will witness a week-long celebration that blends reality and imagination, as cars take center stage in a Metaverse built for engagement, inspiration, and collaboration.

Brands participating in the MVMS 2024 will have the unique opportunity to embrace the next-generation internet, explore innovative Web3 fan engagement strategies, and pioneer new monetization models using NFT technology and exclusive ticket-access experiences.

Vegas City and Voxel Architects will design an exceptional event venue that mirrors the innovative spirit of the MVMS 2024. The organic-shaped building, surrounded by a racetrack, will host a central stage connected to brand plazas and pavilions that showcase iconic automotive brands in captivating and interactive ways.

The MVMS 2024 is more than an event; it’s a leap into the uncharted territories of automotive experiences. This is the future of automotive innovation, and the world is invited to be a part of history. Vroom Vroom.

About Decentraland
Decentraland is the first decentralized Metaverse built, governed, and owned by its users and creators. With renowned brands like Coca-Cola, Sotheby’s, Vogue, and more, Decentraland offers unparalleled opportunities for brand engagement and community building.

About Vegas City
Vegas City, the largest gaming district in Decentraland, offers prime real estate and exciting venues. As a pioneer in the virtual social platform space, Vegas City presents a dynamic and engaging experience for virtual world enthusiasts.

About Voxel Architects
Voxel Architects is a Metaverse-native digital architecture studio and a benchmark in the creation of immersive experiences. With a diverse portfolio of clients, Voxel Architects is at the forefront of designing transformative virtual spaces for leading brands.

Harvard scholar and esteemed law professor from Yeshiva University, Christine Kim, has unveiled a compelling study. It makes a case for taxing the metaverse and viewing it as a cutting-edge policy testing ground.
Wealth Creation in Metaverse Realms

Participants have the unique opportunity to generate wealth entirely in a virtual ecosystem within the metaverse. This new frontier of wealth accumulation prompts the question: how should it be regulated?

Kim’s research suggests that economic actions in the metaverse align with the established Haig-Simons and Glenshaw Glass income definitions. She warns, “Excluding it might inadvertently establish a tax haven.“

One of the metaverse’s hallmark features is its ability to record digital actions, enabling real-time wealth tracking meticulously. This attribute, Kim proposes, revolutionizes how governments might approach tax law, especially in the U.S. Immediate taxation upon income receipt could redefine existing practices.

Currently, metaverse enthusiasts in the U.S. face taxation only during specific taxable events, such as withdrawals. However, Kim advocates for a paradigm shift. She recommends immediate taxation on all gains, even those unrealized, retained within the metaverse’s confines.
Navigating Enforcement Challenges

With new tax norms come the challenges of enforcement. Kim outlines two probable enforcement strategies:

Platform-Led Withholding: Individual platforms would retain taxes on their users’ behalf.
Residence Taxation: A less favored method, this requires platforms to dispatch tax details to users, placing the onus on them to settle their tax dues.

Beyond mere taxation, Kim posits that the metaverse offers lawmakers, even those distant from Web3 and metaverse tech, a golden chance. She eloquently states, “The Metaverse serves as an innovative lab for experimentation,” alluding to its potential to mimic situations the tangible world may never witness.

The rise of the metaverse presents not just challenges but immense opportunities. Lawmakers and policy enthusiasts can delve deep, harnessing its potential to reshape fiscal policies and, perhaps, redefine our understanding of wealth and taxation in the digital age.

The metaverse and the creation of virtual worlds have had a push-and-pull dynamic among brand marketers over the past couple of years.

Many marketers are enticed by the blossoming opportunities to connect with and bring together loyalists through bold, bright, and beautiful immersive spaces. In these worlds, technological innovation is the catalyst and storytelling acts as a harness to bring communities together.

In contrast, some marketers see the metaverse as a mirage: a prosperous opportunity, perhaps, but with no accompanying clear vision as to how to successfully get there. It takes time and money to reap the rewards, and brands are often unsure how to monetize their presence in these virtual spaces.
Enter AI: even bigger dreams in virtual worlds

Instead of having to invest in native metaverse infrastructures from scratch, immersive virtual platforms like our own BZAR now exist, acting as a beacon for brands to enter the metaverse through a scalable, tech-supported web3 platform. Birthed by Invnt.Atom, the digital innovation division of Invnt Group, BZAR gave us the opportunity to host the world’s first 1:1 NFT supercar, and experiment with the creation of flying dragons and DJ-powered concerts.

The capabilities of these platforms are ever-evolving, due to the pace the technology moves, and now with AI being a main player in the game, brands are empowered to visualize virtual worlds with almost no limitations.

With the latest AI advancements, the next chapter of the metaverse and virtual worlds is here. The metaverse is certainly not ‘dead’. It is instead ready for its new evolution, in partnership with the wondrous technologies of AI. So, how can artificial intelligence assist in the better creations of these virtual worlds?
1. AI-powered content creation and modification

Digital content in the metaverse can now be easily generated, from AI-generated music, art, to other creative assets populating the virtual world. This enables metaverse and virtual world experiences that are ever-changing and attuned to different audiences’ tastes in elements such as music.
2. Expansive AI-generated environments

With the rise of generative AI with generative rendering and worldbuilding capabilities, making virtual worlds even more immersive through the use of amplified audio experiences and graphics is now a possibility. Brand marketers can limitlessly visualize the world in which they would like to immerse their community in.
3. Intelligent avatars and NPCs

AI can generate non-player characters (NPCs) to populate the metaverse and provide more dynamic interactions. These characters can respond to user actions, engage in conversations, and adapt their behavior and interactions based on user input, making virtual environments lively and interactive.
4. Virtual commerce

Brands can now leverage AI for targeted advertising and product placements towards users, creating new avenues for commerce and bringing a whole new meaning to online shopping.

AI can also drive virtual economies within these worlds by predicting demand, setting prices, and managing supplies of commercial goods, driving a thriving marketplace.
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5. Learning and training

AI-powered educational platforms in virtual worlds offer curated and personalized learning paths, simulations, and training experiences that will enhance skill developments and knowledge acquisition.

We’re stepping into a brave new world through the constant evolution of virtual worlds and the metaverse. These worlds can, ultimately, defy space and time, and bring loyalists across global communities together through inspired and immersive spaces filled with games, learnings, NFT programs, concerts, and artist collaborations – the opportunities are endless.

As with all AI technologies, this should work in partnership with humans. With their all-encompassing machine learning capabilities, metaverses are now able to train AI to better adapt to human behavior. By capturing information such as the way users interact with the metaverse, AI can better learn to adapt to the needs of users within these virtual worlds.

When virtual worlds are combined with AI technologies, these worlds can evolve and adapt to individual loyalists, allowing brand marketers to dream with no boundaries. The future community is here.