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NFT Weekly: The Future of Metaverse Innovation in China

by Lottar


Digestible news on the latest developments in the fields of Web3, NFTs, blockchain and metaverse in Greater China and beyond, curated for you every week by Pandaily.

This week: Beijing announces two-year plan for metaverse innovation and development, Huobi-backed NFT platform iBox to halt international operations, The Sandbox launches its latest Alpha season, and more.

Beijing announces two-year plan for metaverse innovation and development

Last Tuesday, the Beijing municipal government announced a two-year (2022-2024) metaverse innovation and development plan, which will require all districts to comply with its new rules on Web3 innovation. Cointelegraph first reported the story.

  • The plan refers to the metaverse as a new generation of information technology that could drive the Internet to Web3, according to Cointelegraph, citing the government announcement.
  • The plan will promote the development of metaverse-related industries in Beijing and establish it as a benchmark city for the digital economy.
  • The plan also lays out some priorities, one of which is the consolidation of industry resources, which includes think tanks, cloud computing, artificial intelligence and blockchain companies, as well as other entities across the metaverse value chain.
  • Another priority is to provide support to the industry at national and municipal level, as well as to encourage industry leaders to innovate new technology and business models.
  • The plan also calls for the continued development and improvement of digital infrastructure.
  • On the content creation side, the Beijing government is calling for the establishment and standardization of sub-sectors within the metaverse industry, as well as the creation of user-generated content platforms and creator communities.
  • Finally, it claims to strongly support the development of “secure, stable and credible digital asset trading services”. (Cointelegraph)

Huobi-backed NFT platform iBox to cease overseas operations

Chinese NFT marketplace iBox announced last week that it plans to cease its overseas operations. Forkast first reported the story.

  • iBox is one of the first NFT platforms supported by Huobi X Center, an incubator program that supports innovative projects in the field of Web3 and the metaverse.
  • In a letter addressed to its international users, the NFT platform said it is in the process of “orderly liquidation and exit” due to adjustments in the direction of its core business.
  • iBox said that users who bought NFTs from the platform will be reimbursed at the purchase price starting September 1, and that they must provide screenshots showing their crypto wallet addresses.
  • In a separate announcement, Huobi Global wrote:
    • Huobi Global has withdrawn its business from China since May 2021 and has completely withdrawn the accounts of users from the Chinese mainland on December 31, 2021 at 16:00 (UTC).
    • Through this process, Huobi Global also ended its partnership with iBox and completed the share transfer on January 14, 2022. Huobi Global has no shareholding or business relationship with iBox at this stage. (front cabinet)

READ MORE:All our previous articles about Huobi!

Shanghai Data Exchange Debuts Non-Tradable NFTs

Last week, the Shanghai Data Exchange announced the launch of blockchain-based digital assets, without provision for secondary trading. Forkast first reported this story.

  • The debut took place despite Beijing’s continued crackdown on crypto, which has eliminated all providers of related services, including foreign exchanges.
  • Regional governments are also starting to look at NFTs and the metaverse as a way to boost the economy, despite official warnings against speculation risks associated with virtual assets.
  • The bundle of digital assets was issued by the Shanghai Data Exchange, together with Chinese footwear manufacturer Warrior, and Bilibili, a video streaming platform popular among Chinese youth. The new NFTs live on the High Energy Chain, a specialized blockchain developed by Bilibili.
  • The tokens are distributed for free, and each item can be exchanged for a pair of physical shoes, according to an official press release.
  • Established in November 2021, the Shanghai Data Exchange is a state-owned institution that offers companies that trade data and related services. (front cabinet)

The Sandbox introduces the latest Alpha season

The Sandbox, a metaverse platform backed by Hong Kong-based venture capital firm Animoca Brands, is launching Alpha Season 3 for its future open metaverse that connects several Lego-like virtual worlds. Venture Beat first reported the story.

  • The blockchain-based virtual universe has more than 90 different experiences and 100 hours of gameplay available for the new season, according to Sebastien Borget, the company’s chief operating officer.
  • The platform currently has four million users accessing its wallets, up from two million in March when the company launched Alpha Season 2, the COO noted, adding that virtual land ownership has also increased, with nearly 22,000 people holding decent paid money for virtual rights. estate.
  • Borget is optimistic about the company’s growth momentum as it works to build a decentralized virtual metaverse. However, it remains to be seen whether the metaverse concept will be accepted by mainstream users.
  • In The Sandbox metaverse, users can create avatars, purchase skins, and participate in music, art, architecture, gaming, and fashion-related activities.
  • The company expects Alpha Season 3 to surpass more than 350,000 active users. Ubisoft makes its debut in Season 3. DJ Steve Aoki will also participate as an avatar. (Venture Beat)

READ MORE:All our previous articles on The Sandbox!

Singapore is stepping up scrutiny of crypto-related firms

Singapore is stepping up its scrutiny of cryptocurrency-related firms in the city-state ahead of planned regulatory changes. Bloomberg first reported the story.

  • The Monetary Authority of Singapore (MAS), the country’s central bank, has sent out a questionnaire to selected applicants and holders of its digital-payments license seeking detailed information about their business activity and holdings.
  • The questionnaires were sent out last month and recipients were expected to answer promptly.
  • The regulators also inquired about their top tokens owned and top lending and borrowing counterparts, in addition to checking with local crypto exchanges about the processes they follow after getting their license to understand related risks.
  • The news comes ahead of planned changes to crypto regulation in the city-state, where authorities encourage innovation and development of the Web3 ecosystem on the one hand, and limit speculation risks and crypto contamination on the other.
  • “License holders and applicants are required to notify MAS of any events that materially impede or impair the operations of the entity, including any matter that may affect its solvency or ability to meet its financial, statutory, contractual or other obligations affected,” said a MAS spokesperson. Bloomberg. (Bloomberg)

Meta deploys new Metaverse ID system

Meta announced last week that it has officially launched what it calls Meta Accounts and Meta Horizon Profiles, a new login system for the company’s VR headsets that will be used in place of personal social media accounts like Facebook and Instagram. TechCrunch first reported the story.

  • Both old and new users of Oculus, Meta’s VR devices, will be required to create new Meta accounts to log in and access the metaverse. The company developed the new login system in response to growing privacy concerns surrounding personal social media accounts.
  • Right now, the company still allows users to create a Meta account with Facebook or Instagram, according to a spokesperson.
  • While users will be asked to migrate from their previous social media accounts, they will still have access to all their “previous VR purchases and downloads” once the transfer is complete, according to the company.
  • The firm also claims that those who choose to link their Meta-managed social media accounts will have access to better experiences in the metaverse, such as live sharing, messaging and gaining followers faster.
  • In addition to the Meta Account, a “Meta Horizon Profile” will replace the one-time Oculus Account. The profile will be home to all things avatar based and is considered the social media for the metaverse. (TechCrunch)

That’s it for this week’s newsletter – thanks for reading! As always, we welcome any feedback on how to make this newsletter better. Write for us [email protected]. See you again next week!





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