Tag: Metaverse

SHIB Inu Upcoming Developments Revealed: Shibaswap 2.0, Shibahub, Bone, TREAT, Metaverse

by Blockchain News

Lucie, a core member of the SHIB Inu (SHIB) team, took to Twitter today to provide an overview of the forthcoming developments for the SHIB Inu ecosystem. The tweet has already garnered significant attention with over 4,000 views in a short span.

Lucie listed the following advancements on the horizon for SHIB Inu: Bone contract renouncing, Shibaswap 2.0, $TREAT, Shibahub, Metaverse.

However, in a move to manage expectations, Lucie emphasized that these developments are “steps in our development journey” and cautioned that they won’t materialize overnight. The core member also clarified that the team’s focus is on the technology and its evolution, rather than market-driven price surges. “No price pumping involved,” Lucie stated.

In subsequent tweets, Lucie highlighted the importance of community cohesion and positivity. “If we don’t come together and spread positive vibes, progress will be slow,” she noted. Addressing the broader crypto community, Lucie also commented on the counterproductive nature of spreading false information and the significance of being part of a constructive community.

Lucie’s remarks come at a time when the crypto market is rife with speculation and rapid price movements. Her emphasis on technology over market hype serves as a reminder of the foundational goals of many blockchain projects.

While the exact timeline for these developments remains unspecified with Lucie noting, “When? When it’s ready!”, the SHIB Inu community and investors will undoubtedly be watching closely for further updates.

About Bone 

BONE is set to play a pivotal role in the SHIB Inu ecosystem, especially the Shibarium ecosystem, SHIB’s Layer 2 blockchain. In the lead-up to this launch, there will be a minting of the remaining BONE supply, followed by the renouncement of the BONE contract, ensuring no further minting can occur. This action is crucial for initiating the blockchain, as a significant chunk of BONE is reserved for its first role: VALIDATORS. Furthermore, BONE will act as a passport in the system, being the token that DELEGATORS bury for rewards, serving as the GAS TOKEN FOR SHIBARIUM, and playing a role in technology GOVERNANCE within the new framework.

About $TREAT

Ryoshi’s Shiba Inu vision is built on the synergy of core tokens: SHIB, LEASH, BONE, SHI, and the integral $TREAT. While not new, $TREAT’s role is paramount. It fortifies the $SHI Stablecoin’s liquidity and is slated to replace $BONE as ShibSwap’s primary reward. Additionally, $TREAT is earmarked for rewards within the Metaverse and the blockchain version of the Shiba Collectible Card Game. Collectively, these tokens, with $TREAT at the helm, weave the multifaceted tapestry of the Shiba Inu ecosystem.

Disclaimer & Copyright Notice: The content of this article is for informational purposes only and is not intended as financial advice. Always consult with a professional before making any financial decisions. This material is the exclusive property of Blockchain.News. Unauthorized use, duplication, or distribution without express permission is prohibited. Proper credit and direction to the original content are required for any permitted use.

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BIGG to Acquire Web3 Company TerraZero in $20M Deal

by Blockchain News

According to GlobeNewswire, BIGG Digital Assets Inc. (BIGG) has formalized its intent to acquire all outstanding shares of TerraZero Technologies Inc. not already under its umbrella. The transaction, with an estimated valuation of approximately $20 million, is set to be facilitated through an issuance of around 62 million common shares of BIGG.

TerraZero is not just another name in the Web3/Metaverse arena. With a clientele that reads like a who’s who of the industry, including stalwarts such as Miller Lite, PwC, and Warner Records, this acquisition is a testament to BIGG’s vision to diversify and deepen its footprint in the rapidly evolving metaverse landscape. This move is not just about expansion; it’s a strategic alignment that promises to offer BIGG’s shareholders a diversified portfolio with enhanced reach into the metaverse business.

Diving deeper into the financials, TerraZero’s performance in the first half of 2023 has been nothing short of impressive. The company reported a robust revenue of around $1.5M, marking a significant 161% growth year-over-year. But TerraZero isn’t resting on its laurels. The company has charted out an ambitious roadmap that focuses on the development and launch of its Intraverse technology ecosystem by Q1 2024.

The Intraverse platform, as envisioned by TerraZero, is poised to redefine the realms of immersive e-commerce and the upcoming 3D Internet. Beyond its core functionalities, the platform is gearing up to seamlessly integrate features such as credit card payments. Furthermore, in a move that underscores the synergy between the two companies, the platform will soon incorporate KYC, AML, and data analytics capabilities from Blockchain Intelligence Group. This integration, coupled with Netcoins’ fiat to crypto exchange features, promises to elevate the platform’s offerings.

In terms of the specifics of the acquisition, once the dust settles, TerraZero is slated to operate as a wholly-owned subsidiary of BIGG. The share exchange dynamics have been worked out to an approximate rate of 1.69 BIGG Shares for each TerraZero share. This pegs the offer’s value at roughly $0.54 per TerraZero Share, a figure derived from the average trading price of BIGG Shares on the CSE as of August 22, 2023.

Post-acquisition, the shareholder landscape will undergo a significant shift. Existing BIGG and TerraZero shareholders will find themselves holding about 80% and 20% stakes in BIGG, respectively. Adding to the post-deal developments, TerraZero’s CEO, Dan Reitzik, is set for a 12-month tenure as a non-voting observer on BIGG’s board.

In conclusion, this acquisition, backed by endorsements from both BIGG’s and TerraZero’s boards, promises to be a game-changer in the crypto and metaverse sectors, setting the stage for exciting developments in the near future.

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Digital Transformation in Finance and Accounting Accelerated by Pandemic, ISG Reports

by Blockchain News

Finance and accounting departments globally are undergoing a digital transformation, aiming to streamline and automate processes, as highlighted in the 2023 ISG Provider Lens™ global Finance and Accounting Outsourcing (FAO) Services report. The push for digitalization was notably accelerated by the COVID-19 lockdowns, which necessitated a shift from traditional methods to accommodate remote work requirements.

The research indicates a growing reliance on external providers to assist in formulating digital strategies. Robert Stapleton, a partner at ISG, mentioned, “Organizations are creating connected finance teams with the technology to collect and analyze larger data sets for long-term decision-making.” This technological empowerment has positioned CFOs to play more strategic roles within their organizations.

The report also sheds light on the challenges businesses face due to disruptions since the pandemic, such as inflation and supply-chain issues. To navigate these challenges, many are turning to new operational methods and technologies. Notably, there’s a surge in the adoption of tools like SAP S/4HANA, generative AI, blockchain, and the metaverse. Recognizing the potential vulnerabilities of integrating these new technologies, there’s an emphasized focus on bolstering cybersecurity measures.

A significant shift in the FAO sector is the preference for outcome-based contracts, where both risks and rewards of digital transformation are shared between companies and FAO providers. Jan Erik Aase, global leader at ISG Provider Lens Research, stated, “FAO providers are becoming strategic partners that collaborate with clients in addition to delivering services.”

Furthermore, the report explores the importance of global delivery models for FAO services and emphasizes the need for clear strategies surrounding environmental, social, and governance (ESG) initiatives.

The comprehensive 2023 ISG Provider Lens™ report evaluates 28 providers across four key areas: Procure to Pay (P2P), Order to Cash (O2C), Record to Report (R2R), and Financial Planning and Analysis (FP&A). Leading firms such as Accenture, Capgemini, and Cognizant have been recognized as leaders in all quadrants.

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China Targets Overseas Telecom Fraud Leveraging Blockchain, Crypto, Metaverse, and AI

by Blockchain News

In a recent meeting, China’s Central Political and Legal Affairs Commission has emphasized the need for a systematic, legal, and source-based approach to combat overseas telecom network fraud and related criminal activities. The announcement was made on August 6, 2023, as reported by the Economic Daily.

The commission pointed out that fraud groups have been increasingly utilizing new technologies such as blockchain, metaverse, virtual currency, and AI intelligence to update their criminal tools, making them more concealed and deceptive.

Overseas Telecom Fraud: A Growing Concern

In recent years, overseas telecom network fraud groups have been luring ordinary people into fraudulent activities under the guise of “high-paying job recruitment.” These activities have led to violent detention, human trafficking, and a series of dark industrial chains, causing significant harm to the safety of people’s lives and property.

The diversity of fraudulent methods, the ruthlessness of coercion, and the enormity of the defrauded amounts have led to public outrage. The commission stressed the need to “resolutely maintain the people’s vital interests, firmly uphold social decency, and firmly uphold the authority of the rule of law.”

Organized Crime Features

The overseas telecom network fraud groups are characterized by tight organization, clear division of labor, multi-industry support, industrial distribution, group operation, and refined division of labor. This has necessitated strengthening international law enforcement cooperation and joint efforts with relevant countries to eradicate fraud dens, rescue trapped individuals, and bring the criminal forces and their organizers to justice.

Utilizing New Technologies for Fraud

The commission noted that fraud groups are leveraging blockchain, metaverse, virtual currency, and AI intelligence to constantly update their criminal tools, making them more concealed and confusing. This requires coordination between public security, finance, telecommunications, and internet departments to apply advanced technological means and fulfill regulatory responsibilities.

Efforts are being made to compress online crime space from offline, organize concentrated investigations and disposals of high-risk telephone cards and bank cards related to fraud, clean up associated internet accounts, and smooth network reporting channels. Thorough investigations are being conducted into domestic criminal gangs colluding with overseas entities, with full efforts to cut off smuggling channels.

There are increasing crimes related to crypto, blockchain, NFT and Metaverse in China.

On July 18, 2023, Chinese authorities in Qingshui County, Shanxi Province, successfully cracked a money laundering case involving the cryptocurrency Tether (USDT). The operation led to the arrest of 21 suspects and the confiscation of cash and USDT worth over 1 million yuan. 

The investigation revealed a complex network of individuals across four provinces and six cities, using USDT to launder money for cybercriminals. The criminal group helped settle payments of over 54.8 million USDT, equivalent to about 380 million yuan.

In December 2022 in Inner Mongolia, 63 suspects were arrested for laundering money with USDT, amounting to 12 billion yuan.

Public Awareness and Education

The public security and judicial departments are urged to further strengthen publicity and education to continuously enhance people’s awareness and ability to identify and prevent telecom network fraud. Special attention is being paid to young people entering society, guiding them to be vigilant against opportunistic psychology and herd mentality, and to seek a solid footing in serving society.

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Yuga Labs Acquires Roar Studios to Expand Metaverse Vision

by Blockchain News

Yuga Labs, the web3 company known for its association with Bored Ape Yacht Club (BAYC), CryptoPunks, Meebits, 10KTF, and Otherside, has announced its agreement to acquire Roar Studios, a firm at the intersection of gaming, social media, and the metaverse with deep technology and AI roots. The announcement was made on July 31, 2023.

Key Details of the Acquisition

Roar Studios’ Contribution: Roar Studios is the developer of ROAR, an immersive media experience that allows artists and fans to connect, collaborate, and compete in real time. The platform combines innovative proprietary technology with established MMO game and platform systems, creating an experiential, semi-autonomous music and entertainment world.

Integration with Yuga Labs: As Yuga Labs develops Otherside, its ambitious, interoperable metaverse, the Roar team will contribute their innovative technology, specialized expertise, and leadership. The acquisition aligns with Yuga’s vision of creating new ways for communities to connect and express themselves.

Leadership Changes: Eric Reid, Founder and CEO of Roar Studios, will join Yuga as the General Manager of Otherside. He will be responsible for evolving the vision and leading the development and production of the platform.

Yuga Labs’ Background: Yuga Labs has been shaping the future through storytelling, experiences, and community in the web3 space. Since their launch in April 2021, they have made headlines for releasing IP licenses to their NFT holders, acquiring rights to other top collections, and making web3 history with Otherside. In March 2022, Yuga Labs raised a $450M seed round at a $4B valuation.

Statements from the Companies

Daniel Alegre, CEO of Yuga Labs, stated, “Roar Studios has redefined what it means to experience media content in the metaverse. Roar’s dedication to creative content creation and social connections will accelerate our execution of our bold vision for Otherside and Yuga’s ecosystem more broadly.”

Eric Reid added, “Our team’s mission is to empower players to create and be social in a community-driven, open media experience, so our work fundamentally aligns with Yuga’s larger web3 metaverse strategy. When Daniel and Mike Seavers opened the door for us to contribute to Yuga’s paradigm-shifting approach to content and immersive experiences, we jumped at the opportunity.”

The acquisition of Roar Studios by Yuga Labs signifies a strategic move to enhance Yuga’s metaverse offerings and leverage Roar’s technological innovations. By integrating Roar’s immersive media experience and aligning with Yuga’s web3 metaverse strategy, the collaboration aims to redefine the way media content is experienced in the virtual world. The addition of Eric Reid to Yuga’s leadership team further strengthens the company’s vision for Otherside and its broader ecosystem.

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McDonald’s Hong Kong Partners with Sandbox to Launch First Metaverse Experience, McNuggets Land

by Blockchain News

McDonald’s Hong Kong has teamed up with The Sandbox, a decentralized virtual gaming platform owned by Animoca Brands, to create the first Web3 experience platform. This partnership has resulted in the launch of “McNuggets Land”, a unique metaverse gaming experience that marks the 40th anniversary of McNuggets.

Users of the game, which went live on July 20, 2023, may communicate with a variety of McNuggets-inspired game characters. Users can share their in-game experiences on social media platforms.

The game also includes a virtual art gallery where users can explore the 40-year history of McNuggets, and a virtual McDonald’s themed game where they can serve McNuggets to customers.

Participants in the McNuggets Land experience stand a chance to win a variety of digital and physical rewards. These include a share of a prize pool worth 100,000 SAND coins and a mystery gift box. Registered participants in Hong Kong can also share 10,000 McNuggets vouchers, with ten winners standing a chance to win the ultimate prize of “Free McNuggets for 365 days”.

The Sandbox platform, which is preparing to accelerate its development in 2023, has attracted over 400 partners, including major brands like Warner Music Group, Ubisoft, and Adidas. The platform aims to provide more self-publishing features and tools for brand partners and users.

Since 1975, McDonald’s has operated in Hong Kong, where it presently has over 250 outlets.

The Sandbox, on the other hand, is a subsidiary of Animoca Brands and has collaborated with numerous mainstream intellectual properties and brands. It has emerged as a significant driver of virtual real estate demand in recent years.

This partnership between a global fast-food giant and a leading metaverse platform highlights the growing trend of traditional businesses exploring the potential of the metaverse to engage with their customers in innovative ways.

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BNB Chain: Driving the Next Billion User Revolution in Web3, NFTs, and the Metaverse – An Exclusive Interview

by Blockchain News

Blockchain technology has been a game-changer, fueling the rise of decentralized applications and introducing novel concepts like Web3, NFTs, and the Metaverse. Leading this significant transition is BNB Chain, a platform dedicated to creating cross-chain/multi-chain infrastructure and interoperability. They aim to lay the groundwork for the next 1 billion Web3 users, making it effortless for Web3 Gaming, NFTs, and Metaverse dApps to scale.

In our exclusive interview today with Walter Lee, Web3 Gaming Growth Lead  in BNB Chain Innovation, we delve deeper into the strategies BNB Chain is employing to reach this ambitious target, their plans to bridge the gap between decentralized technologies and traditional users, their approach to keeping transaction fees affordable, and a sneak peek into some upcoming updates and features. We also touch upon BNB Chain’s competitiveness in the rapidly evolving blockchain space and their unyielding support for the development of decentralized applications (dApps). Keep reading to discover their innovative strategies, upcoming developments, and insights on the future of Web3.

BNB Chain aims to reach 1 billion users. What strategies are in place to achieve this ambitious goal?

BNB Chain provides cross-chain/multi-chain infrastructure and interoperability to lay the foundation for the next 1 billion Web3 users making it super easy for Web3 Gaming, NFTs and Metaverse dApps to scale.

To accommodate a large number of users, BNB Chain will improve performance and scalability. In addition to its storage network BNB Greenfield, it has optimized its infrastructure by implementing layer 2 solutions including opBNB into BNB Chain’s modular stack. Its EVM-compatibility means that it will be a value-add to the network and handle increased transaction volume and user demand

Performance improvements including its Layer 2 solutions such as opBNB is able to hit around 4K TPS. Also, it has an estimated 90% reduction in gas fees at $0.005. This creates a responsive and low latency environment for users.The gaming industry is huge and growing at a rapid pace, there are an estimated 3 billion gamers out there and there has been a lot of growth for web3 gaming on BNB Chain in recent times. Hence, we believe that Gaming will be one of the key verticals for BNB Chain to achieve 1 billion users!

How does BNB Chain plan to bridge the gap between decentralized technologies and users who still rely on consistent, centralized relationships and identities?

Web3 technology is not exactly a revolution for existing industries, it is in fact a market expansion. BNB Chain understands that existing users cannot be disrupted instantly. There has been observable maturity in the development growth in the web3 space to bridge this gap, starting from the user journey. For most dApps, there has been a move away from “forcing” users to connect to a blockchain wallet. Instead, dApps could leverage social logins to generate wallets attached to the social identity and assets would be automatically dropped into the linked wallet. Users would then be empowered to make their own decisions in terms of managing the owned assets.

For developers, BNB Chain’s goal is to provide the best and most extensive infrastructure for true web3 developments. For example, BNB Greenfield, which is a decentralized storage platform designed to revolutionize the data economy by utilizing the power of decentralized technology for data ownership and management. Built within the BNB Chain ecosystem, this platform introduces a decentralized approach to data management that seamlessly integrates with BNB Smart Chain (BSC).

Features include:

  1. Native integration of data permissions and management logic onto BSC as exchangeable assets and programmable smart contract programs.

  2. Providing of developer-friendly API and performance equivalent to popular Web2 cloud storage solutions;

  3. Comprehensive incentivization of all participants of the network to ensure high-quality service and a sustainable ecosystem

Compared to other decentralized storage services like IPFS, Filecoin, Arweave, and Web3.storage, Greenfield offers several advantages. It is designed to be highly scalable, cloud-native, and compatible with both Web2 and Web3 standards. It provides strong performance and reliability regardless of the amount of data being stored. The integration with BSC and the EVM environment allows for fully programmable capabilities and a wide range of use cases.

Overall, the web3 industry is still very young so there will be continued innovations that will aid users and developers in adding benefits and features to various industries such as in Finance and Gaming.

Can you tell us about BNB Chain’s transaction fees, and what measures are in place to keep them affordable for users?

BNB Chain’s transaction fees have been one of the lowest in the industry, starting off at around 5 gwei. In recent times, BNB Chain’s validators have opted towards reducing that further in order to encourage competitiveness, which will result in positive ecosystem growth. As of April 2023, BNB Chain’s gas fees have further reduced to 3 gwei, and that is around a few cents per transaction.

On top of that, BNB Chain has recently launched the testnet for opBNB, which will further reduce the gas fees by around 90% to $0.005! This should be very exciting for both developers and users, opBNB is expected to launch into the mainnet in Q3 this year.

Can you discuss any upcoming updates or features that users can look forward to on BNB Chain?

opBNB – The opBNB Testnet is live and we are calling on testnet Validators and dApp Builders to try the Testnet and provide feedback.

opBNB represents our commitment to ensuring a seamless and efficient experience for users, developers, and projects on BSC. This development is part of our ongoing mission to bring the power of blockchain to everyone while embracing and driving forward innovation.

opBNB is BSC’s answer to the scalability challenge that has limited the mass adoption of blockchain technology. As an Ethereum Virtual Machine (EVM) compatible layer 2 chain, opBNB solution is based on Optimism OP Stack to further enhance BSC scalability while preserving affordability and security.

Optimistic Rollups was proposed to reduce the computational load on the main chain by executing transactions off-chain and only posting transaction data on-chain as calldata. This approach drastically improves scalability by bundling multiple transactions together before submitting them to the main chain.

The mix of BSC’s strong ability and opBNB’s dedicated new features, which includes making data access easier, improving the cache system, and adjusting the submission process algorithm to allow simultaneous operations (also known as batcher), allows OpBNB to push the gas limit up to a whopping 100M. This is a big jump from Optimism’s 30M (source: link). Thanks to these new features, OpBNB can handle over 4000 transfer transactions each second and keep the average cost of a transaction below 0.005 USD. By harnessing the power of Optimistic Rollups, opBNB moves computation and state storage off-chain, alleviating congestion and driving down transaction costs.

BNB Greenfield – The BNB Greenfield testnet is live and the community is calling on testnet Validators, Storage providers (SPs), and dApp Builders to join the decentralized storage tech stack to shape the future of data ownership in Web3.

BNB Greenfield is an innovative blockchain and storage platform that seeks to unleash the power of decentralized technology on data ownership and the data economy. It is a decentralized, open-source storage chain with BNB as its token.

With a focus on facilitating decentralized data management and access, Greenfield aims to revolutionize the data economy by easing the storing and management of data and linking data ownership with the DeFi context of BNB Smart Chain (BSC).

  1. Greenfield, a decentralized storage chain using BNB tokens is now Live, marking asignificant milestone as it implements core features outlined in the whitepaper. Developers can explore various features like account creation, data storage, access control, cross-chain communication, storage provision, node validation, and staking.

  2. Greenfield aims to offer the fastest data service among decentralized storage solutions with cost-effective features, comparable to Web 2 cloud storage. This sets the stage for widespread adoption.

  3.  A native relayer links BSC and Greenfield, enabling BSC Dapps to integrate with Greenfield using a simple SDK and minimal development. Upon Greenfield mainnet launch, thousands of Dapp data sets will be available, fostering rapid ecosystem growth and easing data-related innovation compared to other chains.

  4. Users will have control over their data, meaning they can decide who can access it and set the access fees. This broadens ownership from assets to data.

  5. The BNB token’s use will extend to large-scale data storage and trading, which will enhance its value over time

What sets Greenfield apart from existing centralized and decentralized storage systems are its three key components:

  1. Data Ownership: Users own the data and can grant permissions either manually or programmatically.

  2. EVM Compatibility by Integration with BSC : It allows Ethereum-compatible addresses to create and manage both data.It natively links data permissions and management logic onto BSC as exchangeable assets and smart contract programs with all other assets.

  3. High Performance Rich API/SDK: It provides developers with similar API primitives and performance as popular existing Web2 cloud storage. The performance is comparable to commercial cloud as well.

Hackvolution – BNB Chain are inviting all developers, researchers and scientists to participate in the online Hackvolution event that seeks to redefine and empower the next-generation of dApps with the potential of opBNB and BNB Greenfield.

Whether you are interested in Infrastructure, DeFi, Gaming, or AI, this hackathon provides the platform to explore, innovate, and make a lasting impact. This is your chance to demonstrate your creativity, technical skills, and entrepreneurial spirit as you work alongside a vibrant community of like-minded individuals.

The hackathon is supported by industry leaders such as COMBO, CyberConnect, Hooked Protocol, Alibaba Cloud, Google Cloud and Ultiverse. Generous rewards, including cash prizes, marketing packages, participation in the BNB Chain’s Gas Grant program, and discounted access to essential tools and services, are up for grabs.

It’s an exciting chance for dvelopers to gain recognition, network with industry experts, and propel their project to new heights.

How does BNB Chain plan to stay competitive as the blockchain space continues to evolve and new players enter the market?

BNB Chain is one of the most up to date and extensive infrastructure technology. A good example would be the launches of zkBNB and opBNB, as well as the fully decentralized storage layer, Greenfield. With an extensive infrastructure, developers and users get to build and experience Web3 in the best ways possible, building the strongest advantage of BNB Chain our large and fast growing community.

BNB Chain has more than 3 million in our social communities, and over 1500 dApps. This vibrant range of products and community size are the key contributions for over 1 million daily active on-chain users in this current market.

As “BNB” actually means “Build N Build”, we believe by continuously building with developers and community through support provision and engagements respectively, BNB Chain will continue to be a dominant ecosystem in the web3 industry.

How does BNB Chain support the development of decentralized applications (dApps)?

BNB Chain recognizes the importance of the community and hence, we have been constantly engaging developers and users. We understand that developers are our pillars for growth, and there are many challenges in developing Web3 products, so BNB Chain has been providing various supports including but not limited to:

  1. Marketing collaborations and support – BNB Chain plays an active role in bringing useful information and knowledge of its Web3 dApps to the community

  2. Grants – For projects that are in need of funding, BNB Chain offers the Builders’ & Gas Grants. The Builders’ grant aims to encourage projects to bring value and growth to the ecosystem, while the gas grant helps projects to run growth campaigns by offering grants based on gas fees incurred by the on-chain transactions

  3.  Developer Programs – the industry is ever-changing and the BNB chain is agile in its program creation and implementation to help developers in the space. One of the most popular programs would be the Kickstart program, where providers of various essential web3 services such as on-chain wallet development and security audits are able to list and get connected to new developers. This helps start-ups in web3 navigate and develop their projects effectively

There’s no doubt that BNB Chain is making significant strides in propelling the mass adoption of blockchain technology, particularly in the realms of Web3, NFTs, and Metaverse. The platform’s cutting-edge features such as opBNB, BNB Greenfield, and upcoming initiatives like Hackvolution, promise to revolutionize not just the world of blockchain but the larger digital ecosystem as well.

BNB Chain’s commitment to remaining agile in the ever-changing tech industry, their comprehensive support to developers, and their dedication to building a robust, active, and vibrant community all testify to their potential for continued growth and success. As the blockchain space continues to evolve, we look forward to seeing more innovative developments from BNB Chain and its dedicated team. 

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UK lawmakers propose metaverse-specific online safety bill

by Blockchain News

Members of the House of Lords are of the opinion that activities taking place in the metaverse need to be included into any law that is written in the United Kingdom with the goal of regulating certain internet services.

On the 12th of July, members of the upper house of the British Parliament debated the question of whether or not the Online Safety Bill would include “certain harmful content users may encounter in services, for example in the metaverse”. The debate took place in the course of a sitting of the Parliament of the United Kingdom.

Several members of the legislative branch conducted research on the ways in which laws may address the ghastly stuff that children could find online. Illora Finlay, a lawmaker from Llandaff in Wales, was quoted as saying “whether there is a gap between provider-generated content and user-generated content and whether provider-generated content could lead to a whole lot of ghastly stuff on the metaverse without any way of tackling it because it is deemed to have fallen outside the scope of the Bill.”

The fact that the regulation would be applicable to anything communicated by means of an internet service constituted the central tenet of the argument that was offered by a number of members of the United Kingdom Parliament.

Stephen Parkinson, a user from Whitley Bay, England, suggested that this scope may include not just the text and photographs given by other users, but also any virtual things or avatars that they create. He made this suggestion in response to another user’s suggestion that this scope may not include virtual goods or avatars.

On July 17, it is anticipated that members of the House of Lords will resume their discussion of the United Kingdom Online Safety Bill.

A final reading in the House of Representatives is required to take place before the bill can be voted on to become a law and before any modifications can be made to the text.

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PwC Report: Asian Institutional Investors Opt for Third-Party Custody Solutions for Digital Assets

by Blockchain News

A joint report by Aspen Digital and PwC titled “State of Digital Asset Custody – Understanding and implementing digital asset custody for institutional investors” reveals a rising demand for institutional-grade digital asset custody solutions among family offices, high-net-worth individuals (HNWIs), and external asset managers (EAMs) in Asia.

The report highlights that digital assets, now a $1.2 trillion market, have evolved into an alternative asset class over the past decade, with more than 120 custody providers as of April 2023. While self-custody solutions offer full control and access over digital assets, many institutions are recognizing their limitations for ongoing trading and operational needs, leading to a preference for third-party custody service providers.

According to PwC’s 2022 Metaverse Survey, 82% of executives expect to integrate metaverse into their business activities within three years. However, the report indicates that most NFT custody services offered by self-custody solutions may pose a challenge for institutions new to the industry.

Digital asset custodians have expanded their role from merely safeguarding cryptocurrencies to helping investors navigate and participate in new business opportunities and asset classes, such as Decentralized Finance (DeFi), non-fungible tokens (NFTs), and metaverse. The report predicts an increase in third-party custodians worldwide enhancing their technical capabilities and service offerings.

Duncan Fitzgerald, Digital Assets & Web3 Co-Leader of PwC, emphasized the importance of safekeeping assets in the digital environment. Elliot Andrews, CEO of Aspen Digital, stated that understanding the unique characteristics of custody solutions and providers compared with traditional assets is one of the biggest impediments when considering investment.

Despite the growing need for institutional-grade digital asset custody, there are hesitations among family offices and HNWIs about adopting custodian solutions, particularly regarding asset security, navigating fragmented regulations across jurisdictions, and providing comprehensive insurance coverage.

The report findings are based on feedback from family offices, HNWIs, and EAMs based in Asia in the second quarter of 2023. In-depth follow-up interviews were also conducted to acquire additional perspectives on custodian adoption.

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Hong Kong International Airport Launches First-Ever Metaverse

by Blockchain News

Hong Kong International Airport (HKIA) has partnered with JCDecaux Transport Hong Kong to introduce the first-ever HKIA Metaverse. This groundbreaking initiative, which runs from July 6 to August 31, 2023, provides an immersive virtual world for brands to connect with international visitors and local travelers.

The HKIA Metaverse, built on the Web3 ecosystem, comprises three Metaverse Airport scenes. Visitors can start their virtual journey by navigating through the Departure Hall, crossing the Sky Bridge, and entering the boarding gate area where they can find instructions for various games. This innovative approach transforms the airport environment into a gamified space, offering visitors a unique adventure with multiple levels of engagement, including game participation and interaction with other airport passengers.

Adding to the excitement, the HKIA Metaverse features a daily treasure hunting game. Visitors have the opportunity to discover hidden treasures and stand a chance to win the first-ever limited-edition HKIA Metaverse NFT, launched in honor of HKIA’s 25th anniversary.

Alby Tsang, Head of Retail & Advertising of Airport Authority Hong Kong, expressed pride in HKIA being the first international airport in Greater China to launch a Metaverse, offering visitors a novel way to immerse themselves in a virtual world and engage with brands in an unprecedented manner.

Shirley Chan, Managing Director of JCDecaux Transport, highlighted the role of the HKIA Metaverse in enhancing HKIA’s digital transformation in advertising. She emphasized the potential of Web3 technology as a hot trend and expressed confidence that the new platform would significantly boost engagement between brands and visitors at HKIA.

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