Tag: Metaverse

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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$707 Million Investment in Metaverse So Far in 2023 Despite Metaverse Land Collapse

by Blockchain News

Despite a significant downturn in the virtual world market and a drastic drop in metaverse land prices, the metaverse industry has attracted substantial investment in 2023. According to a recent report by DappRadar, venture capital funds have invested $707 million into metaverse projects this year.

The report highlights a sharp decline in trading volumes in Q2 2023, falling 81% to $56M due to shifting interests towards AI, memes, and DeFi services. This has led to decreased trading volumes for top virtual dapps like Otherdeed for Otherside and Topia.

Furthermore, metaverse land prices have plummeted. Topia’s floor price fell by approximately 99.58%, and Otherdeed for Otherside saw an 86% decrease in land value. Other platforms like The Sandbox and Decentraland also experienced significant drops in land prices.

Despite these challenges, the metaverse market has seen some positive developments. The debut of Apple’s VR Pro sparked significant market shifts, and the rise of decentralized identity solutions, with dapps like Ethereum Name Service (ENS), ADA Handle, and Unstoppable Domains gaining traction.

Another notable development is the introduction of Token Bound Accounts (ERC-6551), set to revolutionize the way we interact with NFTs. ERC-6551 allows every NFT to own Ethereum (ETH) and other ERC-20, 721, 1155 tokens, opening avenues for a range of use cases previously inaccessible or difficult to implement on-chain.

The report also emphasizes Asia’s potential to dominate the metaverse market, with a projected boost to its GDP by up to $1.4 trillion by 2035. Countries or Regions like Hong Kong, Mainland China, and Japan are leveraging the metaverse as a strategic asset for their digital future.

In the face of these challenges, companies like Animoca are still making significant investments in metaverse startups, indicating a promising future for the industry. This continuous funding and development hint towards an exciting future in the metaverse space, despite the current market downturn.

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China Mobile Launches Metaverse Industry Alliance, Involving Tech Giants Like Huawei and Xiaomi

by Blockchain News

On June 28, 2023, in Shanghai, China Mobile announced the formal establishment of the China Mobile Metaverse Industry Alliance during the Mobile World Congress (MWC) Shanghai 2023. This initiative marks a significant stride in China Mobile’s strategic foray into the rapidly expanding metaverse landscape.

The alliance, comprising 24 initial members including Huawei, iFlytek, Xiaomi, and Mango TV, aims to foster collaboration, sharing of resources, and mutual development in the realms of metaverse content creation, XR devices, key technology, and computation network.

Highlighting the inaugural event, alliance members, such as Mango TV, iFlytek, BrightWeb, Unity China, HTC, Haima Cloud, and Nolo VR took part in the establishment ceremony, signifying the first algorithmic network ecosystem alliance for the metaverse.

To bolster the efficient operation of the metaverse industry alliance, China Mobile also unveiled a funding initiative that includes one fund and four support policies. The “Metaverse Investment Promotion Center” will be established under the China Mobile and Creation Fund, offering financial services to the alliance members and granting support to outstanding metaverse projects, technologies, and companies.

Moreover, China Mobile has introduced the first metaverse industry standard, leading the development of the first domestic XR device interconnection standard GSXR, which aims to guide the development of the XR industry and promote the construction of metaverse industry standards.

Recognizing the metaverse as a crucial vector for digital economy and construction of Digital China, China Mobile envisions the alliance to further the concept of standard co-construction, resource sharing, and joint development for a mutually beneficial growth in the digital economy.

China Mobile is actively engaged in cutting-edge technologies including blockchain, Metaverse, and Web 3.0. Back in April, China Mobile International initiated the Hong Kong Web 3.0 Institute with the aim of amplifying Hong Kong’s prominence as a pivotal center for Web 3.0 and Metaverse development.

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Chinese Media Criticizes OKEx for Illegal Advertisements as Bitcoin Surges Above $30K

by Blockchain News

On June 27th, the Chinese media outlet Beijing Business Daily published an article titled “Bitcoin’s Soaring Market Triggers Illegal Speculation Activities, OKX Resorts to ‘Indirect’ Marketing.”

Beijing Business Daily reporters noticed a resurgence in speculative activities related to virtual currency trading, following Bitcoin price climbing above the $30,000 mark.

The reporters observed that platforms such as OKX were running advertisements on certain cryptocurrency websites, offering “free Bitcoin upon registration.” Upon investigating further, the reporters found that clicking on the ad would redirect them to Okex’s trading platform. Users could register an account and undergo identity verification to proceed with purchasing cryptocurrencies such as Bitcoin. However, as of the time of reporting, the advertisement had been taken down.

Apart from illicit marketing activities by exchanges, scams and illegal fundraising schemes disguised as virtual currency ventures continue to proliferate. In response to this, the People’s Bank of China recently issued warnings titled “Beware of Risks Related to NFTs and Metaverse Speculation” and “Say No to Illegal Financial Activities in Virtual Currency (crypto or digital asset) Trading Speculation.” Analysts believe that consumers must remain vigilant, enhance risk prevention awareness, and actively steer clear of speculative activities such as virtual currency trading to avoid falling into related illegal and criminal traps.

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China’s Shanghai Unveils Action Plan to Forge a New Path in the Metaverse Tourism Industry

by Blockchain News

Shanghai has taken a significant step in the realm of metaverse tourism with the release of the “Shanghai Action Plan for Creating a New Path in Metaverse Tourism (2023-2025)”. The plan, unveiled by the Shanghai Municipal Bureau of Culture and Tourism, outlines the city’s strategic focus on five key areas to propel the development of metaverse tourism in the coming years.

Recognizing Shanghai’s immense potential in terms of its large-scale cultural and tourism consumer market, advanced digital infrastructure, diverse cultural and tourism applications, abundant creative resources, and thriving innovation and entrepreneurship culture, Shanghai aims to harness these advantages to foster the growth of metaverse tourism. Embracing the digital wave and technological revolution is crucial for Shanghai’s tourism industry to enhance its overall competitiveness in the digital era.

The plan emphasizes the need to actively embrace the transformative experiences brought about by immersive technologies, the evolving spatial-temporal dimensions, and the industrial transformations driven by new technologies. To achieve these goals, Shanghai will launch five specialized initiatives under the plan: “Digital Tourism Infrastructure,” “Technological Breakthroughs,” “New Metaverse Tourism Scenarios,” “Digital Art Platforms,” and “Immersive Interactive Content.”

The “Digital Tourism Infrastructure” initiative will focus on accelerating the construction of key network infrastructure in designated areas, establishing new cloud platforms tailored for the tourism industry, promoting edge computing capabilities, and facilitating access to cultural resources through the development of international, industry, and local standards.

Under the “Technological Breakthroughs” initiative, Shanghai aims to conduct collaborative research on key areas such as digital cultural rights protection, real-time audio and video, immersive interactions, and smart media. The plan also calls for the accelerated development and application of technologies like digital humans, AIGC tools platforms, rendering engines, and virtual production techniques.

The “New Metaverse Tourism Scenarios” initiative aims to continuously enhance the supply side of metaverse tourism experiences. Shanghai plans to create digital cultural scenes, expedite the digitization and display of precious cultural relics, encourage immersive tourism experiences in cultural and commercial districts, and develop high-quality and innovative performing arts products.

Through the “Digital Art Platforms” initiative, Shanghai intends to leverage its urban blockchain infrastructure to establish digital creative alliances and a storage system for digital artworks. This initiative will encourage cultural institutions, professional organizations, and artists to intensify their creative efforts and explore cross-chain applications of digital artworks in museums, scenic spots, games, and other contexts.

Lastly, the “Immersive Interactive Content” initiative aims to establish Shanghai as a hub for digital content creation. The plan focuses on leveraging artificial intelligence to empower both professional and user-generated content, thereby fostering the development of next-generation high-tech audiovisual products. Additionally, the plan encourages the convergence of innovative elements through the incubation and upgrading of characteristic industrial parks, the construction of digital IP chains, the creation of open and shared environments, and the protection of digital copyrights.

During the Shanghai Metaverse Tourism Initiative event, Shanghai Immersion Opportunities Technology Development Co., Ltd. and Shanghai iQiyi New Media Technology Co., Ltd. shared their latest advancements in metaverse technology applications, content production, scene development, and market promotion. They highlighted the successful implementation of the “Wind Rises in Luoyang” project at the Shanghai Opportunities Center, which exemplifies the integration of popular IPs and technological innovations in offline tourism experiences. Representatives expressed their intention to replicate such projects across the country, encompassing not only virtual reality but also other cultural and entertainment ventures, in order to establish a model for Shanghai’s modernized metaverse tourism.

On 15 June, Shanghai also announced its ambitious “Three-Year Action Plan for Promoting High-Quality Development of Manufacturing (2023-2025)”, which also highlights the metaverse as a crucial aspect of its vision.

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