In line with a broader trend among major tech firms, Chinese e-commerce behemoth Alibaba is downsizing its metaverse operations. The restructuring, which aims to improve efficiency, led to layoffs in Yuanjing, Alibaba’s metaverse unit, as the company recalibrates its focus in this sector. Downsizing Metaverse Unit According to the report by South China Morning Post,...Read More
Upon analyzing over 1,200 publicly available crypto pre-seed and seed rounds from 2022, Lattice Fund found that the seed-stage crypto market saw investors refocus on the more stable and established sectors of Infrastructure and Centralized Finance (CeFi). This came after a period of exploration into emerging sectors in 2021. Infrastructure and CeFi According to the...Read More
Animoca Brands reported $558 million in digital assets on its balance sheet, as per its latest unaudited financial disclosures. Since December 2023, the company has acquired an additional $266 million in digital assets through various recent investments and token launches. According to the official announcement released earlier this week, the Hong Kong-based Web3 giant disclosed...Read More
The team behind the Wilder World metaverse has entered a partnership with technology giant Samsung to bring its multiplayer virtual world to a wider audience through the company’s smart TVs. According to an announcement sent to CryptoPotato, the collaboration will leverage Samsung’s extensive distribution network to introduce Wilder World to millions of households. Wilder World...Read More
Meta’s metaverse unit – Reality Labs – recorded its most successful quarter to date despite sustaining significant financial losses. Its recently released Q4 report revealed that the division clocked over $1 billion in revenue in the last quarter of 2023, primarily driven by sales of its Quest headsets and the Ray-Ban Meta smart glasses. Reality...Read More
Meta Platforms Inc.’s ambitious pursuit of the metaverse concept, championed by CEO Mark Zuckerberg, continues to come at a staggering financial cost. In its recently released third-quarter earnings report, Meta disclosed that its Reality Labs division, responsible for developing metaverse-related technologies, recorded an operating loss of a colossal $3.7 billion. The revelation underscores the steep...Read More
Yuga Labs, the creative force behind the popular Bored Ape Yacht Club (BAYC) NFT collection, has completed a restructuring phase to position it for long-term success. In a message to the community, Yuga Labs CEO Daniel Alegre shared insights into the company’s journey, achievements, and a renewed focus on the metaverse project, Otherside. Yuga Labs...Read More
Fortnite developer – Epic Games – has confirmed reports about laying off around 16% of its employees, affecting nearly 830 staff members. Epic CEO Tim Sweeney said the company has been working towards reducing costs across the globe, including its transition to “net zero hiring and cutting operating spend on things like marketing and events.”...Read More
While the advent of Metaverse is seen as a major step in the crypto frontier, a report released by NYU Stem Center for Business and Human Rights (CBHR) warned that these developments could lead to an unprecedented erosion of privacy and a rapid surge in physical aggression. CBHR’s report recommends adopting solid steps by both...Read More
Darewise Entertainment, a subsidiary of Animoca Brands, has partnered with Horizen Labs to launch the first-ever metaverse ecosystem token on the Bitcoin blockchain. This partnership aims to usher in a new era of possibilities for gaming, brands, and real-life experiences within the Bitcoin ecosystem. Bitcoin’s First Metaverse Ecosystem Token Darewise Entertainment, known for its visionary...Read More
The state-owned telecom operator China Mobile has reportedly proposed the creation of a “Digital Identity System” to keep track of all local metaverse users. The idea has been discussed between tech experts and Chinese officials and could set global rules focused on that technology. A Safety Measure or Additional Government Control? According to a recent...Read More
On July 18, Ripple announced it had invested in AI and metaverse technology and content company, Futureverse. The move has given a second wind to XRP prices which are outperforming the top 20 crypto assets at the moment. The company has raised $54 million in a Series A round of funding in an effort to...Read More
Leading cryptocurrency exchange, Binance, has just concluded its first metaverse reality show dubbed “Build The Block.” The show ends with the blockchain project zkPass emerging as the winner, opening the way to several awards from the exchange. zkPass is a decentralized privacy-protecting identity protocol that harnesses Multi-party Computation (MPC) and Zero-knowledge Proof (ZKP) technology to...Read More
Blockchain gaming giant – Animoca Brands – revealed around $3.4 billion in assets in an interim financial update that outlined its key unaudited financial positions as of April 30, 2023. The Hong Kong-based company announced that it remains financially strong with a cash and stablecoin balance of $194 million. The financial statement also reported liquid...Read More
Alibaba Cloud – a subset of Chinese e-commerce behemoth Alibaba – along with Avalanche has built a launchpad for businesses to deploy metaverses on the layer 1 blockchain. Dubbed “Cloudverse,” the platform is designed to serve as a one-stop, end-to-end solution for businesses to easily customize, launch, and maintain their own metaverse space, thereby creating...Read More
On April 12, IMVU and Nadya Tolokonnikova, creator of Pussy Riot, a Russian feminist punk-rock collective, announced the creation of a community space in the Web3 metaverse during the NFT NYC 2023 event. According to Venture Beat, the Pussy Riot community space will be launched within the interactive 3D chatroom game IMVU. Additionally, the first...Read More
Walt Disney has knocked metaverse plans off its priority list. The entertainment giant’s “next-generation storytelling and consumer experiences” division had been tasked with exploring metaverse strategies. But now Disney is eliminating the entire division as part of its restructuring map, which entails reducing the headcount by nearly 7,000 across the company over the next two months....Read More
Gucci announced a multi-year partnership with Yuga Labs, the company behind well-known NFT collections such as Bored Ape Yacht Club (BAYC), CryptoPunks, and Meebits. The main aim is to explore “the intersection between fashion and entertainment in the Metaverse,” according to the press release. With the latest move, the Italian high-end luxury fashion house is...Read More
Animoca Brands has established itself as one of the most prominent investors in NFT, blockchain gaming, and metaverse-focused firms. But its appetite for metaverse appears to have taken a hit. In the latest development, the Hong Kong-based blockchain gaming giant has reportedly reduced the target for its metaverse fund by 20%. The report suggests that...Read More
Japanese multinational automobile manufacturer – Nissan – has reportedly filed for four Web3-related trademarks at the United States Patent and Trademark Office (USPTO) last week. The applications are for its Infiniti, Nismo, and Nissan brands. According to the filing, Nissan intends to strengthen its foothold in the web3 space by creating virtual clothes, cars, headgear,...Read More
Mark Zuckerberg-led social media giant – Meta – is developing a decentralized text-based app called Codenamed P92. According to a report, users can log in to the new app through their Instagram credentials. The latter’s head, Adam Mosseri, has been roped in to lead the project. With the new app using existing Instagram data, including...Read More
Two United States senators have asked Mark Zuckerberg, the CEO of Facebook’s parent company Meta Platforms Inc., to cease plans to release its Horizon Worlds metaverse app to teenagers. According to a report from the Wall Street Journal (WSJ), the senators sent a letter to the CEO, insisting that Meta stop the plans immediately as...Read More
A group of cryptocurrency veterans acquired the comic-focused, blue-chip NFT collection – 0N1 Force. 0N1 Force is among the first anime-themed NFT collections and comprises 7,777 side-profile characters and more than 100 hand-drawn features. According to a press release seen by CryptoPotato, a collective of cryptocurrency industry veterans led by blockchain investment firm Old Fashioned...Read More
Web3 infrastructure provider Ankr announced a partnership with Microsoft to offer a node hosting service for enterprises and organizations needing access to blockchain data. According to the official press release shared with CryptoPotato, the deal will see an integration of technology of Ankr’s innovations in blockchain infrastructure with the software giant’s cloud solutions. The service...Read More
The company behind the play-to-earn blockchain game – Sandbox – signed a Memorandum of Understanding (MOU) with the Saudi Arabia Digital Government Authority (DGA) to incite developments in the Metaverse space. The native token of the platform – SAND – climbed to $0.91 shortly after the announcement, a 27% increase compared to yesterday’s figures. Sebastien...Read More
Mark Zuckerberg’s Metaverse bid proved costly for the company amidst a persistent bear market as Reality Labs lost $13.7 billion in 2022. According to Meta’s earnings release, the company’s metaverse arm recorded an operating loss of $4.28 billion in the fourth quarter, dragging down its total for the year. Facebook was rebranded as Meta in...Read More
On Dec. 27, licensed trademark attorney Mike Kondoudis revealed the latest crypto trademark applications from Fidelity Investments. There were three applications filed broadly covering Metaverse technologies and services, NFTs and marketplaces, virtual land, and cryptocurrency trading. The first relates to digital media and NFTs, and the second is the provision for an online marketplace for...Read More
The extended COVID-19 lockdown changed the travel industry —and the lifestyle of millions of people. But now that the pandemic seems to be under control, businesses are looking to rise from the ashes with new ideas to engage customers, and the metaverse seems like an exciting topic to explore. According to a survey conducted by...Read More
American entertainment and record label conglomerate – Warner Music Group – is continuing to expand its metaverse strategy, evident in its latest partnership and investment in DressX, a digital fashion retailer. Under the agreement, Warner Music artists will be able to collaborate directly with DressX to design and launch 3D and AR virtual clothing, which...Read More
Hong Kong-based blockchain gaming giant Animoca Brands is all set to roll out a massive $2 billion fund, dubbed “Animoca Capital,” to invest in metaverse businesses, according to co-founder and executive chairman Yat Siu. While speaking to Nikkei Asia, the exec revealed that the upcoming metaverse fund, which will make its first investment in 2023,...Read More
