How do NFTs work?
At a very high level, most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also supports these NFTs, which store extra information that makes them work differently from, say, an ETH coin. It is worth noting that other blockchains can implement their own versions of NFTs.
At a very high level, most NFTs are part of the Ethereum blockchain. Ethereum is a cryptocurrency, like bitcoin or dogecoin, but its blockchain also supports these NFTs, which store extra information that makes them work differently from, say, an ETH coin. It is worth noting that other blockchains can implement their own versions of NFTs.
🔫 Microsoft’s Activision buy may see more metaverse in the office and crypto in gaming
A lot was said about the metaverse when the Microsoft deal to acquire Activision Blizzard was announced in January 2022. The attention was mainly on business communications rather than gaming. If public statements and leaked documents are any guide, the Activision deal could promise more for the future of crypto than the metaverse. The metaverse had high visibility in Microsoft’s announcement of its deal for Activision in January 2002. Nadella’s emphasis on work is telling. He listed four things and referred to them as “all three” — apparently, “meetings and games” count as one. Microsoft’s metaverse platform, Mesh, which began previews this month, is positioned as a complement to its Teams business communications platform. Spencer questioned what the metaverse even is in an interview with Bloomberg in August. “My view on Metaverse is that gamers have been in the Metaverse for 30 years,” he said. He said little about the Web3 metaverse except that he was “cautious” about play-to-earn. He was later quoted as calling the metaverse “a poorly built videogame” and saying, “Building a metaverse that looks like a meeting room, I just find that’s not where I want to spend most of my time.”
A lot was said about the metaverse when the Microsoft deal to acquire Activision Blizzard was announced in January 2022. The attention was mainly on business communications rather than gaming. If public statements and leaked documents are any guide, the Activision deal could promise more for the future of crypto than the metaverse. The metaverse had high visibility in Microsoft’s announcement of its deal for Activision in January 2002. Nadella’s emphasis on work is telling. He listed four things and referred to them as “all three” — apparently, “meetings and games” count as one. Microsoft’s metaverse platform, Mesh, which began previews this month, is positioned as a complement to its Teams business communications platform. Spencer questioned what the metaverse even is in an interview with Bloomberg in August. “My view on Metaverse is that gamers have been in the Metaverse for 30 years,” he said. He said little about the Web3 metaverse except that he was “cautious” about play-to-earn. He was later quoted as calling the metaverse “a poorly built videogame” and saying, “Building a metaverse that looks like a meeting room, I just find that’s not where I want to spend most of my time.”
NFTs of digital land is a growing market
Virtual worlds like Decentraland and The Sandbox are paving the way for digital real estate. Leveraging NFTs, these platforms allow users to not only inhabit and interact with virtual worlds but buy, sell, and own the land within it, developing on it as they see fit. With plot sales now reaching the $1 million mark, the market is set to explode.
Virtual worlds like Decentraland and The Sandbox are paving the way for digital real estate. Leveraging NFTs, these platforms allow users to not only inhabit and interact with virtual worlds but buy, sell, and own the land within it, developing on it as they see fit. With plot sales now reaching the $1 million mark, the market is set to explode.
📊 Metaverse In Automotive to Reach $27.18 billion, Globally, by 2032 at 29.9% CAGR: Allied Market Research
Allied Market Research published a report, titled, "Metaverse in Automotive Market by product (Hardware, Software), Technology (Virtual Reality, Augmented Reality, Mixed Reality), and Application (Simulation, Testing and Designing, Advertising, Online Car Purchasing): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global metaverse in automotive market generated $2.18 billion in 2022, and is anticipated to generate $27.18 billion by 2032, witnessing a CAGR of 29.9% from 2023 to 2032. Factors such as surge in focus on leveraging the metaverse for marketing campaigns, increase in demand for modern vehicle shopping experiences with immersive virtual showrooms, and growing demand for intuitive metaverse design for product development and manufacturing. However, car maintenance and repairs by metaverse, and incorporation of metaverse in automotive infotainment are anticipated to hinder market growth. On the other hand, cost associated with installing and maintaining premium components and issues related to cybersecurity and privacy provide a remarkable growth opportunity for the market players operating in the market.
Allied Market Research published a report, titled, "Metaverse in Automotive Market by product (Hardware, Software), Technology (Virtual Reality, Augmented Reality, Mixed Reality), and Application (Simulation, Testing and Designing, Advertising, Online Car Purchasing): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the global metaverse in automotive market generated $2.18 billion in 2022, and is anticipated to generate $27.18 billion by 2032, witnessing a CAGR of 29.9% from 2023 to 2032. Factors such as surge in focus on leveraging the metaverse for marketing campaigns, increase in demand for modern vehicle shopping experiences with immersive virtual showrooms, and growing demand for intuitive metaverse design for product development and manufacturing. However, car maintenance and repairs by metaverse, and incorporation of metaverse in automotive infotainment are anticipated to hinder market growth. On the other hand, cost associated with installing and maintaining premium components and issues related to cybersecurity and privacy provide a remarkable growth opportunity for the market players operating in the market.
MetaMask is now back on the Apple App Store.
We previously received a statement from a MetaMask spokesperson on the situation:
“We're aware that MetaMask isn't currently available for download on the App Store. This issue is unrelated to any malicious activity. Our dedicated team is working diligently to resolve it as quickly as possible. Importantly, this is not a security concern, and there is no compromise or action required on users’ part. Additionally, it's not related to the app's functionality. We anticipate that MetaMask will be back on the App Store shortly, and we sincerely apologize for any inconvenience this temporary unavailability may have caused. If users come across any fake MetaMask apps on the App Store, we kindly ask them to report those immediately. Our top priority is to get this sorted out quickly and protect users from any fake apps.”
We previously received a statement from a MetaMask spokesperson on the situation:
“We're aware that MetaMask isn't currently available for download on the App Store. This issue is unrelated to any malicious activity. Our dedicated team is working diligently to resolve it as quickly as possible. Importantly, this is not a security concern, and there is no compromise or action required on users’ part. Additionally, it's not related to the app's functionality. We anticipate that MetaMask will be back on the App Store shortly, and we sincerely apologize for any inconvenience this temporary unavailability may have caused. If users come across any fake MetaMask apps on the App Store, we kindly ask them to report those immediately. Our top priority is to get this sorted out quickly and protect users from any fake apps.”
🔫 BitNile Metaverse Regains Compliance with the Nasdaq Voting Rights Rule
BitNile Metaverse, Inc. (Nasdaq: BNMV) (“BitNile Metaverse” or the “Company”), announced today that it has regained compliance with the Nasdaq Voting Rights Rule. On September 28, 2023, the Company amended the Certificates of Designation for both the Series B and Series C Preferred Stock to remove all voting rights from these series. As a result, the Company has regained compliance with the Voting Rights Rule. Founded in 2011, BitNile Metaverse owns 100% of BNC, including the BitNile.com metaverse Platform. The Platform, which went live to the public on March 1, 2023, allows users to engage with a new social networking community and purchase both digital and physical products while playing 3D immersive games. In addition to BNC, BitNile Metaverse also owns three non-core subsidiaries either directly or indirectly: approximately 66% of Wolf Energy Services Inc. (OTCQB: WOEN) indirectly; and approximately 89% of Agora Digital Holdings Inc. directly. BitNile Metaverse also owns approximately 70% of White River Energy Corp (OTCQB: WTRV). “We are pleased to regain compliance with Nasdaq’s Voting Rights Rule and look forward to a continued healthy relationship with the exchange.
BitNile Metaverse, Inc. (Nasdaq: BNMV) (“BitNile Metaverse” or the “Company”), announced today that it has regained compliance with the Nasdaq Voting Rights Rule. On September 28, 2023, the Company amended the Certificates of Designation for both the Series B and Series C Preferred Stock to remove all voting rights from these series. As a result, the Company has regained compliance with the Voting Rights Rule. Founded in 2011, BitNile Metaverse owns 100% of BNC, including the BitNile.com metaverse Platform. The Platform, which went live to the public on March 1, 2023, allows users to engage with a new social networking community and purchase both digital and physical products while playing 3D immersive games. In addition to BNC, BitNile Metaverse also owns three non-core subsidiaries either directly or indirectly: approximately 66% of Wolf Energy Services Inc. (OTCQB: WOEN) indirectly; and approximately 89% of Agora Digital Holdings Inc. directly. BitNile Metaverse also owns approximately 70% of White River Energy Corp (OTCQB: WTRV). “We are pleased to regain compliance with Nasdaq’s Voting Rights Rule and look forward to a continued healthy relationship with the exchange.
🪙 ApeCoin DAO Launches All-New NFT Accelerator
According to reports, and following the successful approval of Ape Improvement Proposal (AIP) 209, ApeCoin DAO is poised to launch an NFT accelerator program alongside Forj - an NFT platform of Animoca Brands origin. As first reported by Decrypt, Forj has been bestowed the responsibility of constructing and running the new accelerator program, with ApeCoin DAO providing the funding to facilitate it, as detailed in AIP-209, which was first proposed in ApeCoin’s forum in early 2023. ApeCoin’s new collaboration with NFT-creation platform, Forj, may come as a much needed boost to the current state of the NFT industry. ApeCoin’s choice of using the Forj platform is alleged to have stemmed from its pre-existing network, owing to its Animoca affiliation, as well as its apparent track record across gaming, music, collectible items, and the entertainment industry. The news may come as a much needed boost for the NFT industry which, having soared to near-unbelievable levels in 2021 and early 2022, has since collapsed in value and monthly transaction volume.“We chose to launch on ApeCoin because it has the most collaborative and socially engaged community across Web3", Forj’s CEO is reported to have said.
According to reports, and following the successful approval of Ape Improvement Proposal (AIP) 209, ApeCoin DAO is poised to launch an NFT accelerator program alongside Forj - an NFT platform of Animoca Brands origin. As first reported by Decrypt, Forj has been bestowed the responsibility of constructing and running the new accelerator program, with ApeCoin DAO providing the funding to facilitate it, as detailed in AIP-209, which was first proposed in ApeCoin’s forum in early 2023. ApeCoin’s new collaboration with NFT-creation platform, Forj, may come as a much needed boost to the current state of the NFT industry. ApeCoin’s choice of using the Forj platform is alleged to have stemmed from its pre-existing network, owing to its Animoca affiliation, as well as its apparent track record across gaming, music, collectible items, and the entertainment industry. The news may come as a much needed boost for the NFT industry which, having soared to near-unbelievable levels in 2021 and early 2022, has since collapsed in value and monthly transaction volume.“We chose to launch on ApeCoin because it has the most collaborative and socially engaged community across Web3", Forj’s CEO is reported to have said.
CGI Federal and Partners Pioneering Metaverse Integration for the U.S. Marine Corps
CGI Federal has successfully concluded a real-time pilot within a planetary-scale Metaverse environment, in collaboration with the U.S. Marine Corps, marking a significant milestone in the convergence of digital technology and military operations. The pilot, executed in partnership with Microsoft and Battle Road Digital, involved the integration of the Marine Corps Platform Integration Center’s (MCPIC) logistics and asset management systems with digital twin technology.
CGI Federal has successfully concluded a real-time pilot within a planetary-scale Metaverse environment, in collaboration with the U.S. Marine Corps, marking a significant milestone in the convergence of digital technology and military operations. The pilot, executed in partnership with Microsoft and Battle Road Digital, involved the integration of the Marine Corps Platform Integration Center’s (MCPIC) logistics and asset management systems with digital twin technology.
🔫 Open Metaverse Alliance Seeks Universal Standard for Creator Royalties
Industry leaders have finally had enough of the ongoing back-and-forth nonsense involving the integration of NFT creator royalties that continues to hinder the fundamental growth of our digital age through decentralization and fair compensation. Traditionally, royalties have served as a mechanism for creators to fairly receive compensation for their intellectual property – copyrights, trademarks, and patents – long after the first sale. For creators of digital art and NFTs, this mechanism is no different, except for bringing the secondary market into the picture as an entirely new avenue for these artists to continue producing their work without fear of losing out on secondary sales – or, at least that’s what has been touted as the heart and soul of true decentralization in our digital age. Creator royalties, historically ranging in fees between 2.5% and 10%, were initially hailed as a revolutionary feature. However, the crypto bear market and greed have led newer NFT platforms to abolish such fees, using “other” appealing factors to try and divert users from dominant platforms like OpenSea and Blur.
Industry leaders have finally had enough of the ongoing back-and-forth nonsense involving the integration of NFT creator royalties that continues to hinder the fundamental growth of our digital age through decentralization and fair compensation. Traditionally, royalties have served as a mechanism for creators to fairly receive compensation for their intellectual property – copyrights, trademarks, and patents – long after the first sale. For creators of digital art and NFTs, this mechanism is no different, except for bringing the secondary market into the picture as an entirely new avenue for these artists to continue producing their work without fear of losing out on secondary sales – or, at least that’s what has been touted as the heart and soul of true decentralization in our digital age. Creator royalties, historically ranging in fees between 2.5% and 10%, were initially hailed as a revolutionary feature. However, the crypto bear market and greed have led newer NFT platforms to abolish such fees, using “other” appealing factors to try and divert users from dominant platforms like OpenSea and Blur.
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🖼 Layer 2 and DeFi Shine in 2023 as NFTs Lose Their Luster: Nansen
Layer 2, bridging, and infrastructure sector is leading 2023 growth with 149.28% daily user surge. In 2023, the Ethereum blockchain witnessed intriguing transformations in the way users and entities engage. According to Nansen’s recent report, there has been a remarkable surge, with more than 300,000 daily active Ethereum addresses. Among these active addresses, DeFi entities have maintained their position as the dominant players. As of October 12th, 2023, DeFi users alone outnumbered NFT and layer 2 scaling users by more than twice, solidifying the sector’s central role in on-chain activities. In terms of new users, layer 2 activities have seen a notable uptick. Nansen’s report states that this indicates a shift towards scalability solutions, with new users increasingly embracing layer 2 platforms as their initial choice. The transition also aligns with a broader trend where the user counts for layer 2 and scaling have seen substantial growth, driven by the adoption of more efficient layer 2 infrastructure and the potential for airdrop farmers. A closer examination of entity interactions confirms these trends. While nearly all sectors have experienced growth in year-to-date incoming transaction counts, the ‘Layer 2, Bridging, and Infrastructure’ category has led the way with a remarkable 149.28% increase. NFT users surpassed DeFi users at times in 2022 before starting a sharp decline from the start of 2023. In fact, the daily user count in this sector has taken a plunge by over 50% since the beginning of the year.
Layer 2, bridging, and infrastructure sector is leading 2023 growth with 149.28% daily user surge. In 2023, the Ethereum blockchain witnessed intriguing transformations in the way users and entities engage. According to Nansen’s recent report, there has been a remarkable surge, with more than 300,000 daily active Ethereum addresses. Among these active addresses, DeFi entities have maintained their position as the dominant players. As of October 12th, 2023, DeFi users alone outnumbered NFT and layer 2 scaling users by more than twice, solidifying the sector’s central role in on-chain activities. In terms of new users, layer 2 activities have seen a notable uptick. Nansen’s report states that this indicates a shift towards scalability solutions, with new users increasingly embracing layer 2 platforms as their initial choice. The transition also aligns with a broader trend where the user counts for layer 2 and scaling have seen substantial growth, driven by the adoption of more efficient layer 2 infrastructure and the potential for airdrop farmers. A closer examination of entity interactions confirms these trends. While nearly all sectors have experienced growth in year-to-date incoming transaction counts, the ‘Layer 2, Bridging, and Infrastructure’ category has led the way with a remarkable 149.28% increase. NFT users surpassed DeFi users at times in 2022 before starting a sharp decline from the start of 2023. In fact, the daily user count in this sector has taken a plunge by over 50% since the beginning of the year.
FaZe Clan has been sold at a $16M valuation to GameSquare, just a little over one year after its $725M valuation when it IPOed in July 2022.
FaZe also reported a $52M loss in 2022.
The deal is being characterized as a merger, and the leadership team is being reverted back to the original founders, including FaZe Banks, FaZe Temperr and FaZe Apex.
FaZe also reported a $52M loss in 2022.
The deal is being characterized as a merger, and the leadership team is being reverted back to the original founders, including FaZe Banks, FaZe Temperr and FaZe Apex.
🖼 Galaxis Says NFTs Are Maturing Towards ‘Genuine-Utility’, as 95% Of Digital Collectibles May Now Be Useless
CEO and founder András Kristof believes as people become more educated about NFTs, the focus will be on utilities. The inventor of Tembusu Terminals (first Bitcoin ATMs) in Singapore says he’s spent the last two years building a post-hype utility NFT platform. Although, founder András Kristof is gratified to see people almost unknowingly engaging with digital collectibles worldwide amidst the ‘NFT winter’ of late. These significant developments shed light on members within the NFT industry ‘picking through the wreckage’. Over the course of 2021, beginning earnestly with the landmark Beeple sale, the NFT market was sky high, with around $1 billion a week – with average prices of NFTs above $3,000, despite the turbulent market. Like most other economic bubbles that eventually burst, the NFT bubble has done so in spectacular fashion with an NFT collapse of 95 percent. Although what triggered the crash is unclear, the fall in demand – catalysed by a slump in the cryptocurrency market has wiped out billions of the combined value of all NFTs in circulation. Kristof says the new breed of use cases is surfacing that take advantage of the particular properties of NFTs (such as Chainlink’s CCIP that allows people to move NFTs cross-chain), which is one of the core factors at Galaxis.
CEO and founder András Kristof believes as people become more educated about NFTs, the focus will be on utilities. The inventor of Tembusu Terminals (first Bitcoin ATMs) in Singapore says he’s spent the last two years building a post-hype utility NFT platform. Although, founder András Kristof is gratified to see people almost unknowingly engaging with digital collectibles worldwide amidst the ‘NFT winter’ of late. These significant developments shed light on members within the NFT industry ‘picking through the wreckage’. Over the course of 2021, beginning earnestly with the landmark Beeple sale, the NFT market was sky high, with around $1 billion a week – with average prices of NFTs above $3,000, despite the turbulent market. Like most other economic bubbles that eventually burst, the NFT bubble has done so in spectacular fashion with an NFT collapse of 95 percent. Although what triggered the crash is unclear, the fall in demand – catalysed by a slump in the cryptocurrency market has wiped out billions of the combined value of all NFTs in circulation. Kristof says the new breed of use cases is surfacing that take advantage of the particular properties of NFTs (such as Chainlink’s CCIP that allows people to move NFTs cross-chain), which is one of the core factors at Galaxis.
📣 Microsoft Shuts Down Industrial Metaverse AI Projects
This week, reports from BussinessInsider highlighted how Microsoft is closing down Project Airsim, an AI ambition tied to the firm’s Industrial Metaverse roadmap. As part of the closure, Microsoft is also laying off the project’s employees as it plans to discontinue the Azure AI-based service by December 15 2023. Moreover, the news comes after Microsoft shut down Bonsai, another acquired start-up set to play a significant role in the firm’s industrial Metaverse. The acquisitions were initially led by Microsoft’s Chief Technology Officer Kevin Scott, who also directed the firm’s OpenAI partnership. While the two services appeared to play an important role in Microsoft’s long-standing industrial Metaverse roadmap – with a 2024 launch window – the firm may be closing Bonsai and Airsim to streamline Metaverse-based AI services towards OpenAI technology. Following the rise of emerging genAI, Microsoft entered a deep partnership with Chat GPT developers OpenAI to expand genAI business use cases across its digital services portfolio- including the Industrial Metaverse. OpenAI is bringing great value to Microsoft. The firm is working on AI integrations into its Teams and Dynamics 365 portfolio, including Co-Pilot, which promises to bring great value to Microsoft customers.
This week, reports from BussinessInsider highlighted how Microsoft is closing down Project Airsim, an AI ambition tied to the firm’s Industrial Metaverse roadmap. As part of the closure, Microsoft is also laying off the project’s employees as it plans to discontinue the Azure AI-based service by December 15 2023. Moreover, the news comes after Microsoft shut down Bonsai, another acquired start-up set to play a significant role in the firm’s industrial Metaverse. The acquisitions were initially led by Microsoft’s Chief Technology Officer Kevin Scott, who also directed the firm’s OpenAI partnership. While the two services appeared to play an important role in Microsoft’s long-standing industrial Metaverse roadmap – with a 2024 launch window – the firm may be closing Bonsai and Airsim to streamline Metaverse-based AI services towards OpenAI technology. Following the rise of emerging genAI, Microsoft entered a deep partnership with Chat GPT developers OpenAI to expand genAI business use cases across its digital services portfolio- including the Industrial Metaverse. OpenAI is bringing great value to Microsoft. The firm is working on AI integrations into its Teams and Dynamics 365 portfolio, including Co-Pilot, which promises to bring great value to Microsoft customers.
Singapore court authorizes freeze order attached to wallets as soulbound NFT
The Singapore High Court has allowed financial investigation firm Intelligent Sanctuary (iSanctuary) to attach nonfungible tokens (NFTs) containing a legal document to cold wallets associated with a hack, according to United Kingdom-based iSanctuary and local press accounts. A court-issued worldwide freeze order was tokenized as soulbound NFTs and attached to the wallets in question. The NFTs will not prevent transactions with the wallets but will serve as a warning to counterparties and exchanges.
In addition, iSanctuary claimed it has devised a means of tracking funds leaving the wallets, thanks to the NFTs. The NFTs will be permanently attached to the wallets. No additional details were provided. iSanctuary named Mintology, an app created by Singaporean NFT studio Mintable, as the producer of the NFTs.
The Singapore High Court has allowed financial investigation firm Intelligent Sanctuary (iSanctuary) to attach nonfungible tokens (NFTs) containing a legal document to cold wallets associated with a hack, according to United Kingdom-based iSanctuary and local press accounts. A court-issued worldwide freeze order was tokenized as soulbound NFTs and attached to the wallets in question. The NFTs will not prevent transactions with the wallets but will serve as a warning to counterparties and exchanges.
In addition, iSanctuary claimed it has devised a means of tracking funds leaving the wallets, thanks to the NFTs. The NFTs will be permanently attached to the wallets. No additional details were provided. iSanctuary named Mintology, an app created by Singaporean NFT studio Mintable, as the producer of the NFTs.
🖼 Australia’s $145M exchange scandal, Bitget claims 4th, China lifts NFT ban: Asia Express
Changjiang Currency Exchange, a money transmitter business based in Australia, has beenbustedin a 230 million Aussie dollar ($145 million) money laundering scandal. On Oct. 26, a 300-strong police operation spanning Melbourne, Sydney, Brisbane, Adelaide and Perth arrested seven individuals — four Chinese citizens and three Australian nationals — after a 14-month investigation. Operating under the front of a legitimate currency exchange business, police say that Changjiang Currency Exchange helped launder dirty funds. In one single incident, a 37-year-old Chinese national was accused of using Changjiang’s services to launder AU$100 million ($63 million) worth of funds received from a multinational Ponzi scheme. The investigation began after law enforcement officials noticed irregular traffic at Changjiang kiosks across Australia during a time of strict COVID-19-related lockdowns. Police have since seized AU$21 million ($13.27 million) in cash and various luxury items believed to have been purchased using proceeds of crime. The investigation remains ongoing. Bitget claimed that its market share had risen to 9.43%, compared to negligible volume just two years ago. During Q3 2023, the exchange says it onboarded over 9,000 traders along with 85,000 followers or copy-traders, who together achieved a net trading profit of $6.7 million.
Changjiang Currency Exchange, a money transmitter business based in Australia, has beenbustedin a 230 million Aussie dollar ($145 million) money laundering scandal. On Oct. 26, a 300-strong police operation spanning Melbourne, Sydney, Brisbane, Adelaide and Perth arrested seven individuals — four Chinese citizens and three Australian nationals — after a 14-month investigation. Operating under the front of a legitimate currency exchange business, police say that Changjiang Currency Exchange helped launder dirty funds. In one single incident, a 37-year-old Chinese national was accused of using Changjiang’s services to launder AU$100 million ($63 million) worth of funds received from a multinational Ponzi scheme. The investigation began after law enforcement officials noticed irregular traffic at Changjiang kiosks across Australia during a time of strict COVID-19-related lockdowns. Police have since seized AU$21 million ($13.27 million) in cash and various luxury items believed to have been purchased using proceeds of crime. The investigation remains ongoing. Bitget claimed that its market share had risen to 9.43%, compared to negligible volume just two years ago. During Q3 2023, the exchange says it onboarded over 9,000 traders along with 85,000 followers or copy-traders, who together achieved a net trading profit of $6.7 million.
