A new study shows a slump in the non-fungible token market, with low trading activity and steep price drops hinting at potential market oversaturation. Demand and Supply Mismatch A study finds that 98% of non-fungible token (NFT) drops in 2024 have seen no trading activity since September, with 64% having fewer than 10 mints. This…
Alibaba has laid off employees at its metaverse unit, Yuanjing, reflecting a broader industry trend of waning interest in metaverse projects by large Chinese corporations. Despite Layoffs, Alibaba Remains Committed to the Metaverse Chinese tech giant Alibaba has reportedly laid off dozens of employees at its metaverse unit, Yuanjing, as part of a restructuring exercise….
Alibaba has laid off employees at its metaverse unit, Yuanjing, reflecting a broader industry trend of waning interest in metaverse projects by large Chinese corporations. Despite Layoffs, Alibaba Remains Committed to the Metaverse Chinese tech giant Alibaba has reportedly laid off dozens of employees at its metaverse unit, Yuanjing, as part of a restructuring exercise….
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,…
🚀 Stay Ahead with AltcoinDaily.co! 🌐 Alibaba, the Chinese e-commerce powerhouse, is reportedly paring back its metaverse operations, joining a wave of major tech firms reshaping their priorities in response to growing demand for artificial intelligence (AI). According to the South China Morning Post, Alibaba’s restructuring has led to layoffs in its Yuanjing metaverse division,…
October 28, 2024 at 03:45 AM GST updated: October 27, 2024 at 02:47 PM 2 mins read News NFTs and the metaverse serve distinct purposes in the digital ecosystem, with NFTs focusing on ownership and the metaverse on experience. The technologies differ significantly in their interaction models, with the metaverse enabling dynamic social engagement. Their…
The Financial Industry Regulatory Authority has released a report highlighting the potential benefits and risks of the metaverse for the securities industry. The report emphasizes the importance of addressing challenges identified to ensure the responsible and ethical development of metaverse applications. Firms Must Weigh Challenges in Metaverse Adoption While the metaverse is said to provide…
🚀 Stay Ahead with AltcoinDaily.co! 🌐 The Financial Industry Regulatory Authority (FINRA), a U.S.-based, self-regulatory organization, has issued a detailed report outlining potential regulatory challenges for financial firms stepping into the metaverse. As the concept of a shared digital space gains traction, FINRA’s Oct. 24 report warns that its regulatory framework, along with U.S. securities…
October 23, 2024 at 01:23 AM GST updated: October 22, 2024 at 01:21 PM 2 mins read News Chainlink’s decentralized oracle network ensures secure integration of off-chain data, enhancing smart contract functionality. Avalanche leverages a multi-chain architecture to offer scalability and interoperability, handling up to 6,500 transactions per second. Decentraland enables users to trade virtual…
Tennessee has secured a multi-million dollar settlement with GS Partners over alleged deceptive investment schemes involving digital assets and the metaverse. Investors were enticed with tokens and vouchers linked to physical gold, skyscrapers, and virtual staking pools. Now, affected individuals have 90 days to file claims, with promises of refunds for all deposited funds or…
October 14, 2024 at 03:13 AM GST updated: October 13, 2024 at 04:31 PM 2 mins read News The metaverse is built on six fundamental layers: discovery, creator economy, spatial computing, decentralization, human interface, and infrastructure. Each layer plays a crucial role in shaping the functionality and potential of the metaverse, from user access to…
Video game developer Epic Games says it wants to incorporate Fortnite; Minecraft and Roblox into one interoperable metaverse. Epic aims for the Unreal 6 gaming engine to be the starting platform for future metaverse development in gaming. Epic Games CEO Tim Sweeney recently spoke on the plans in an interview with The Verge. He discussed…
In the latest episode of Regina’s Web3 Gaming Odyssey, she dives headfirst into Nifty Island—a metaverse brimming with customizable islands, NFT integration, and social interaction. Last week’s quick recap Last episode’s livestreamed game showcased Spellborne’s side quests. After delving into Spellborne’s side quests, I also shared my personal insights and explored the game’s tokenomics. Want…
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…
Meta’s stock price today surged roughly 1% to $572.44, coinciding with the development. In 2025, Meta’s newest Mixed Reality device, the Quest 3S, will be mass-produced in Vietnam. With its latest investment in Vietnam, Mark Zuckerberg’s Meta has made news all over the world once again. In addition to increasing manufacturing of its newest mixed…
Animoca Brands, a company specializing in digital property rights and gaming, alongside The Sandbox, a decentralized virtual world, and Smobler, a metaverse architecture firm, have launched the virtual Universal Peace Sanctuary. The project, hosted in The Sandbox metaverse, aims to foster global peace and cultural understanding. Virtual Peace Sanctuary Debuts in The Sandbox Metaverse, Backed…
Five U.S. states have reached a settlement with GSB Group over unregistered securities sales tied to digital assets. Residents of the states will receive refunds for all fiat and cryptocurrency deposits. GSB chairman Josip Heit agreed to cease selling unregistered securities without admitting or denying violations. 5 States Reach Settlement With GSB Group Over Unregistered…
Luis Oscar Ramirez, founder and CEO of Mawari, believes the idea that artificial intelligence (AI) has contributed to the decline in metaverse interest and investment is misguided. Instead, Ramirez said he sees AI as a powerful catalyst for metaverse innovation, enhancing user experiences and making digital interactions more natural, intuitive, and engaging. Metaverse, NFT Decline…
September 2, 2024 at 12:18 PM GST updated: September 2, 2024 at 10:30 AM 2 mins read News Klaytn’s DeFi TVL dropped from $1.2B to $415M, but its low latency and rapid block times highlight its strong tech capabilities. Despite handling 4,000 TPS, Klaytn’s upcoming Klaytn 2.0 upgrade aims to enhance scalability, Metaverse integration, and…
IVC is a Web3 venture capital fund backed by leading Japanese gaming studios. They focus on Web3 gaming, digital entertainment, AI, DeFi, and infrastructure, and have invested in over 200 projects. They also host Japan’s largest Web3 conference, IVS Crypto, which attracts over 12,000 attendees annually. Ann Chien serves as a Partner at IVC. She…
The founder of cryptocurrency project Clucoin has pled guilty to wire fraud, admitting to diverting $1.14 million in investor funds for personal use, including gambling. Despite promoting the cryptocurrency for charitable causes, Taylor used his social media influence to attract investments, which he then misappropriated. He faces up to 20 years in prison. Clucoin Founder…