Nifty News: Queen, HSBC filings hint at NFTs, Yuga teases robot game and more

June 21, 2023 Coin Telegraph

The rock band Queen and big bank HSBC eye up the metaverse while Yuga Labs launched the next iteration of its NFT gaming saga.

HSBC files metaverse and NFT patents

British banking institution HSBC filed a series of metaverse and nonfungible token (NFT)-related trademark applications.

A June 12 filing to the United States Patent and Trademark Office (USPTO) show the bank’s trademarks including metaverse banking, consulting, and financial services, along with virtual credit cards that point to a potential launch of a metaverse bank branch and further virtual banking services.

#HSBC continues its move into the #Metaverse!

The company has filed a new trademark application covering:

▶️ Metaverse banking, consulting, financial services
▶️ Virtual credit cards
▶️ NFTs + NFT-backed media
… and much, much more!#NFT #Crypto #Web3 #NFTs #DeFi pic.twitter.com/rb6UdA2Iq3
— Mike Kondoudis (@KondoudisLaw) June 19, 2023

HSBC also applied for trademarks relating to online marketplaces, specifically aimed at NFTs. It’s not the first time HSBC has ventured into the virtual. In December 2022, it filed trademark applications for a slew of crypto and NFT-related technologies.

The interest in — and prices of — metaverse property has recently taken a dive, but regardless HSBC joins a growing number of firms showing interest in exploring the virtual world.

In Feb. 2022, JPMorgan became the first bank to launch a virtual branch in Decentraland’s metaverse. Since then Visa, PayPal, and Western Union have all filed for metaverse trademarks.

Queen eyes metaverse trademarks

HSBC isn’t the only U.K. heavyweight eyeing the virtual world. Queen Productions Ltd — the production company managing the intellectual property of iconic British rock band Queen — also filed a series of patents relating to the metaverse and NFTs.

A June 12 patent application submitted to the USPTO shows Queen plans to offer NFT-authenticated media as well as virtual merchandise including clothing, footwear and accessories.

Additionally, Queen is looking to develop virtual and mixed-reality software.

The rock group #Queen has filed a new trademark application covering:

NFT authenticated media
Software for #VR + #Metaverse experiences
Virtual clothing, footwear, audio gear
Software to make NFTs + Meta tokens
...and much more!#NFT #Web3 #Crypto #Blockchain pic.twitter.com/ohytBr63pF
— Mike Kondoudis (@KondoudisLaw) June 19, 2023

Yuga Labs teases HV-MTL Forge NFT game

Yuga Labs announced the launch of its latest NFT game, marking the ninth iteration of its ten-step gaming-focused storyline.

A June 21 tweet from Yuga said the HV-MTL Forge event will kick off on June 29 and involves users building homes for their respective NFT characters.

First unveiled in March 2023, the HV-MTL NFT project is a 30,000-piece collection of “Mech” NFTs that stands adjacent to the project's flagship collection the Bored Ape Yacht Club (BAYC).

In a similar way to the predecessor game Dookey Dash, players will battle it out in a competitive, tier-based environment. However, instead of competing for a high score, the winner will be decided by community vote.

HV-MTL Forge.

Build. Flex. Fight. Evolve.

Season 1 begins June 29th. pic.twitter.com/rsZd9ChVqh
— Bored Ape Yacht Club (@BoredApeYC) June 20, 2023

Users questioned the future utility of Sewer Pass NFTs that were once used to compete in Dookey Dash, however Yuga recently revealed the passes could be burned to summon a “Power Source” that will unlock an “Evo 1 Mech.”

According to Yuga, competing in the HV-MTL Forge game will unlock further upgrades for the Mechs.

The announcement was met with mixed reviews on Twitter, with some users critiquing the trailer for resembling a game they “would have played on Miniclip in 2003.”

Enter the Slim Jim's ‘Meataverse’

It’s been a meaty week for announcements related to the metaverse and NFTs and American snack brand Slim Jim just made it even meatier.

In a June 21 tweet, the jerky stick manufacturer known for its meme-based marketing efforts announced its first step into Web3 with the launch of its humorously named “Meataverse” that includes NFTs and a cryptocurrency.

It's 11:69 with a forecast of MEAT so we bring you the MEATAVERSE
https://t.co/K8YEJlVB8a pic.twitter.com/MgX7G6xP0l
— Slim Jim MEATA (@SlimJim) June 20, 2023

According to Slim Jim, a total of 10,000 NFTs are now up for grabs on its website. The NFTs, dubbed “GigaJims” are free-to-mint on the Ethereum scaling network Polygon (MATIC) and will reportedly function as a digital membership card in the future.

Marketed as a way for crypto and jerky enthusiasts alike to join the “long boi gang” the NFTs provide holders with access to perks and benefits that are set to be unveiled in the near future.

Additionally, GigaJims’ owners will be able to upgrade their NFTs by collecting Slim Jim’s digital currency “S.A.U.C.E.”

Other Nifty News

On June 21, Czech auto manufacturer Škoda launched an NFT platform in collaboration with Layer-1 blockchain Near protocol.

On June 17, Genius.com co-founder Tom Lehman launched “Ethscriptions,” a new protocol for minting NFTs and other digital assets on Ethereum. It draws its namesake from Bitcoin Ordinals where assets are called “inscriptions.”

NFT Creator: ‘Holy shit, I’ve seen that!’ — Coldie’s Snoop Dogg, Vitalik and McAfee NFTs

AI has a ‘symbiotic relationship’ with blockchain: CEO, Animoca Brands

June 19, 2023 Coin Telegraph

The CEO of Animoca Brands, Robby Yung spoke with Cointelegraph at the Proof of Talk blockchain conference in Paris about the future of AI and blockchain in the gaming space.

Artificial intelligence (AI) has become a hot topic in public discord both in and outside of the emerging tech industry, after an increase in popularity of OpenAI’s chatbot ChatGPT.

At the Proof of Talk 2023 blockchain and Web3 conference in Paris, Cointelegraph sat down with Robbie Yung, the CEO of Animoca Brands to discuss the relationship between AI, blockchain and gaming.

*Robbie Yung CEO of Animoca Brands (left) with Cointelegraph Reporter Savannah Fortis at Proof of Talk 2023 in Paris. Source: Cointelegraph*

Yung told Cointelegraph that Animoca has been involved with AI for “a long time,” both incubating AI companies and utilizing it in game development. He said for art teams, generative AI changes the game in terms of productivity and development.

“Generative art has the potential to dramatically increase the productivity of art teams. It's like giving farmers tractors instead of horses.”

AI has been particularly pervasive in the gaming industry. On May 29, Nvidia announced a new suite of AI tools called Nvidia ACE for Games. Among other capabilities, the tools use AI to give non-player characters (NPC), also known as background players, in games more character capabilities.

The Animoca Brands CEO explained that AI integrations allow players to have a more interactive experience with the universe, as it takes on a “life of its own.” When the game is blockchain-based, AI integration becomes even more relevant.

“AI has a very symbiotic relationship with what we do in blockchain. NPCs will actually become characters in a blockchain game, which means they will have transactions amongst each other.”

Yung pointed out that transactions between NPCs on a blockchain game will most likely have to use crypto for transactions. He believes:

“Crypto will become the native currency of AI.”

If AI-enhanced games are able to create active and blockchain-based NPCs that are making transactions, he said it will be equivalent to having lots of employees that don’t sleep.

According to Yung, the current limitations of AI are similar to those seen in the blockchain space - cost and power. “Like everything in tech,” he said, “it will come down quickly.”

Both the AI and Web3 industries have been a major focus for regulators around the world, as the technologies become more available to mainstream users.

When asked about the implications of regulations on the gaming and metaverse industries that use emerging tech such as AI, blockchain and cryptocurrencies he said they welcome regulations for the sake of clarity.

“Clarity is what everybody's after… It's about being able to have an environment that's more predictable because that's conducive to investment.”

He said when investors have a more clear understanding of the rules, they feel more comfortable investing versus doing so in an industry with a lot of uncertainty.

“There's a knock-on effect,” he said. “We get reluctant to invest, our shareholders get reluctant to invest in us and so on. It's not good for markets.”

Magazine: ‘Moral responsibility’: Can blockchain really improve trust in AI?

‘Already explored’ — Apple Vision Pro fails to impress Mark Zuckerberg

June 9, 2023 Coin Telegraph

Apple

Zuckerberg highlighted divergent philosophies, with Meta emphasizing a social metaverse, while Apple’s device seemed designed for solitary use.

As Meta struggles to lead the way in virtual and augmented reality, Apple’s recent entry into the market has generated curiosity and apprehension. With the official announcement of its Vision Pro headset, speculations arose about Mark Zuckerberg’s viewpoint as Meta CEO on the competition posed by Apple’s mixed reality headset.

During an all-hands meeting observed by The Verge, Zuckerberg discussed his response to the technical features of the Vision Pro. Expressing his curiosity about Apple’s offering, Zuckerberg acknowledged that he had yet to experience the Vision Pro firsthand. He revealed that Meta’s teams had “already explored” and contemplated the constraints of laws and physics, implying that Apple’s solutions were not entirely groundbreaking.

He mentioned that the headset’s pricing resulted from a deliberate “design trade-off” aimed at emphasizing more expensive technology and demanding increased computational capabilities. Zuckerberg remarked that Apple opted for a higher resolution display, leading to a sevenfold increase in costs and energy consumption, ultimately necessitating a wired connection and battery.

Expanding on his comments, the Meta CEO delved into the divergent philosophical outlooks embraced by Apple and Meta, emphasizing the differences in their values and overarching goals. During this discussion, Zuckerberg naturally explored the concept of the metaverse, which notably did not receive any mention during Apple’s recent Worldwide Developers Conference.

Zuckerberg stated:

“Our vision for the metaverse and presence is fundamentally social. Our device also encourages active engagement and participation. In contrast, every demo they showcased featured an individual sitting alone on a couch.“

He highlighted that Meta Quest is designed to foster virtual communities and encourage interaction, emphasizing its role in promoting engagement. In contrast, Apple’s Vision Pro was characterized as a device primarily intended for solitary use.

Unlike the Meta Quest and Meta Quest Pro, Apple’s Vision Pro introduces control through eye movements and hand gestures, eliminating the requirement for controllers. It also features a translucent display and a lighter design. However, these advanced technologies contribute to a higher price point, with the Vision Pro starting at $3,500. Meta’s most expensive headset, the Meta Quest Pro, starts at $1,000.

Magazine: Is the Metaverse really turning out like ‘Snow Crash’?

Dogecoin Rival Shiba Inu Releases Trailer for Upcoming Rocket Pond Metaverse

June 8, 2023 The Daily Hodl

Metaverse investments: Opportunities and risks of the trillion-dollar VR market

June 7, 2023 Coin Telegraph

Coin Telegraph

What are the best metaverse projects that investors should keep on their radar? Cointelegraph Research Metaverse Ranking Awards the top projects

The metaverse continues to expand, with industry giants and upcoming players racing to seize a slice of the potentially trillion-dollar pie. Close to $2 billion was invested in blockchain-based metaverse deals in 2022, according to Cointelegraph Research’s VC database.

A 2022 report by McKinsey estimated the metaverse industry to potentially generate up to $5 trillion in revenue by 2030, an estimate overtaken by Citi's forecast of $8 to $13 trillion. These estimations reflect significant growth from the global metaverse market of $65.5 billion recorded in 2022. To realize these optimistic forecasts, the metaverse industry would need to sustain an impressive 85% compound average growth rate.

*VC metaverse funding in 2022. Source:* *Source: Cointelegraph Research.*

Investors will never guess which metaverse won Cointelegraph’s 2023 Ranking of Metaverses. This blockchain-based metaverse has over $61 million in value locked in its smart contracts and over 8,000 monthly users. To learn more about the project that enables true ownership of in-game assets and has a deflationary token model, read the report now.

Download the report on the Cointelegraph Research Terminal.

Stronger than ever

Yet, the metaverse landscape is not without its difficulties. Market cap losses have plagued industry leaders, with Meta, formerly known as Facebook, losing 77% of its market cap equivalent to $800 billion between late 2021 and 2022. As a result, Meta’s CEO, Mark Zuckerberg, plans to eliminate 21,000 jobs in 2023.

Despite setbacks, industry titans like Microsoft, Apple, Nvidia, and Qualcomm are all developing their metaverse strategies. Apple's entry into the metaverse is highly anticipated with its AR/VR headset launch slated for June 2023. Similarly, gaming firms like Epic and Roblox utilized the pandemic lockdown to their advantage, successfully launching metaverse concerts that reached millions worldwide.

In 2022, mergers, acquisitions, and financing in the metaverse realm rose from $13 billion in 2021 to over $120 billion, bolstered by Microsoft's $69 billion acquisition of Activision. This deal had a 7.6x EV/Sales multiple and a 20.2x EV/EBITDA multiple. Although valuation multiples are expected to decrease in line with higher interest rates, investment activities remain robust.

*Metaverse marketing efforts. Source: Cointelegraph Research.*

Top blockchain metaverse projects are also attracting significant capital. Leading blockchain metaverses measured by market cap include The Sandbox ($1.02 billion), Decentraland ($905 million), and Axie Infinity ($830 million). Year to date (YTD) performance of The Sandbox is 44%. Decentraland’s YTD is 62%. Neither of them surpasses Bitcoin’s YTD retu of 68%.

For investors seeking exposure to the metaverse, ETFs like the Fidelity Metaverse ETF (FMET) and Roundhill Ball Metaverse ETF (METV) offer viable options. However, the new Cointelegraph Research study reveals that a majority of token transactions in metaverse projects result from speculation rather than actual in-metaverse usage, a trend that calls for cautious investment.

The Cointelegraph Research team

Cointelegraph’s Research department comprises some of the best talents in the blockchain industry. The research team comprises subject matter experts from across the fields of finance, economics and technology to bring the premier source for industry reports and insightful analysis to the market. The team utilizes APIs from a variety of sources in order to provide accurate, useful information and analyses.

The opinions expressed in the article are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.

Apple confirms acquisition of AR startup Mira following Vision Pro launch: Report

June 7, 2023 Coin Telegraph

Apple

While Apple Vision Pro comes with features geared toward personalized virtual reality, Mira’s headsets are purpose-built for industrial applications.

Just a day after launching a new virtual reality (VR) product line, Apple Vision Pro, the tech giant confirmed the acquisition of Mira, an augmented reality (AR) startup that provides hands-free, smartphone-powered headsets.

On June 7, The Verge reported Apple’s latest acquisition was revealed through a private Instagram post shared by Mira CEO Ben Taft, which Apple later confirmed as accurate to the outlet. Expected to hit the market in early 2024, Apple Vision Pro stands as the most expensive mixed-reality gear — currently being priced at $3,499.

While Vision Pro comes packed with innovations geared toward personalized virtual reality, Mira’s headsets are purpose-built for industrial applications. Current use cases include chemical, steel and food manufacturing, mining services and defense. Other prominent implementations include building AR headsets for Universal Studios in Nintendo World theme parks.

Responding to The Verge’s request for comment, Apple stated:

“Apple buys smaller technology companies from time to time, and we generally do not discuss our purpose or plans.”

Mira reportedly raised $17 million in funding in the past from investors including Blue Bear Capital and Sequoia, however, Apple’s investment for the company’s acquisition remains undisclosed.

According to PrivCo data, Mira had a post-money valuation in the range of $50 million to $100 million as of Jul 29, 2020. Moreover, IPqwery confirms that the company holds 14 patents and 8 trademarks.

Apple has not yet responded to Cointelegraph's request for comment.

While Apple decided to explicitly exclude the words “metaverse” or “virtual reality” during Vision Pro’s launch, tech entrepreneurs see the device’s potential to expedite the sub-crypto ecosystem’s adoption.

Along with tech giants, government agencies have also started experimenting with the metaverse. Most recently, the Chinese city of Nanjing inaugurated the China Metaverse Technology and Application Innovation Platform to advance metaverse research and development across the country.

The platform aims to serve as a central hub of resources for metaverse-related endeavors. Other major Chinese cities, including Shanghai, have also launched various metaverse initiatives with the hopes to cash-in annual revenue of 350 billion yuan ($49.6 billion) by 2025.

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Apple’s Vision Pro headset reveal swaps metaverse for ‘spatial computing’

June 6, 2023 Coin Telegraph

Apple

The tech giant finally dropped details of its new pricey mixed-reality headset during the Worldwide Developers Conference, though it made no mention of the word “metaverse.”

Apple’s newly revealed mixed-reality headset, the Apple Vision Pro, has both turned tech-enthusiast heads and raised eyebrows after its unveiling at the WWDC on June 5.

There was however, one glaring omission from the launch — a single mention of the word “metaverse.”

Apple Vision Pro is everything we hoped for and then some.

But at $3,499 you're either an early adopter or a AR/VR developer.

Yet two things change after today:

1. "Metaverse" will stop being a bad word (even though Apple didn't use the word) - sparking a resurgence in… pic.twitter.com/x8FcGsKTbj
— Bilawal Sidhu (@bilawalsidhu) June 5, 2023

The tech company appears to have taken deliberate steps to call its technology the first “spatial computer.” It will be launched in the U.S. in early 2024, for a hefty retail price of $3,499, and will roll out to other countries shortly after.

The announcement is a firm step away from Microsoft’s Hololens launches and that of Meta’s headsets, which both notably used the term generously in comparison.

*Using apps with Apple Vision Pro. Source: Apple*

Instead, Apple’s marketing is focused on the words “spatial” and “spatial computing,” as opposed to words such as “metaverse,” “AR” and "VR.”

“Creating our first spatial computer required invention across nearly every facet of the system,” noted Apple’s vice president of the technology development group, Mike Rockwell.

“Through a tight integration of hardware and software, we designed a standalone spatial computer in a compact wearable form factor that is the most advanced personal electronics device ever,” he said.

*Looking at photos with Apple Vision Pro. Source: Apple*

Back in January 2022, Bloomberg’s Apple tech reporter, Mark Gurman, suggested via Twitter that the firm had no intention of approaching the sector in a similar vein to Mark Zuckerberg’s Meta, particularly relating to the notion of the metaverse.

“I’ve been told pretty directly that the idea of a completely virtual world where users can escape to — like the can in Meta Platforms/Facebook’s vision of the future — is off-limits from Apple,” Gurman said, adding that the firm will place its focus providing a mixed-reality headset intended for use in short bursts for work, gaming, communication, etc.

Apple’s Vision Pro has both augmented reality and virtual reality capabilities, as it can make it look like apps have been projected out into the nearby physical space around the user or provide a fully virtual experience via modes such as Immersive Environments.

“Featuring visionOS, the world’s first spatial operating system, Vision Pro lets users interact with digital content in a way that feels like it is physically present in their space,” the announcement reads.

Anticipation over Apple’s new headset had some investors hoping metaverse-related tokens would see a meteoric rise; however, a new Securities and Exchange Commissionlawsuit on the same day appears to have spoiled optimism for metaverse-related tokens.

According to CoinGecko, the top-ranked metaverse token Internet Computer (ICP) is down 9.5% over the past 24 hours, while second and third-placed The Sandbox (SAND) and Decentraland (MANA) are also down 12.7% and 11.2% apiece.

*Metaverse token prices. Source: CoinGecko*

Going further down the list, there are no projects of note with positive price action over that time frame, with the total market cap for metaverse tokens decreasing by 10% to $7.7 billion over the past 24 hours.

Magazine: Web3 Gamer: Illuvium controversy, Aurory Prologue review, Fornite CEO salty, Assassin’s Creed NFTs

Top metaverse property investments suffer massive losses: Report

May 27, 2023 Coin Telegraph

Coin Telegraph

Popular metaverse properties, such as Otherdeeds, The Sandbox, Decentraland, Somnium and Voxels, have all depreciated in value over the past year.

Prices of virtual lands on some of the top metaverses have declined significantly from their peak prices of 2022, with most depreciating around 90% in value.

A study published by CoinGecko shows that popular metaverse properties, such as Otherdeeds, The Sandbox, Decentraland, Somnium and Voxels, have all depreciated in value during the period studied, from January 1, 2022, to May 24, 2023.

*Metaverse land prices comparison. Source: CoinGecko*

As shown above, the most expensive property at the time, Otherdeeds by Otherside, which once sold properties for 5 Ether (ETH), is currently selling at 1.09 ETH, down by 78.2%. The Sandbox and Decentraland properties are also down by 89.76% and 87.88%, respectively.

CoinGecko noted that the cheapest land in the metaverse could be found in Voxels, which sells for 0.16 ETH as of May 24. Voxels’ virtual properties faced a 93.8% loss, as did Somnium. Despite the massive drop in prices, Voxels remains optimistic about a comeback. Its official Twitter account stated:

“We’re number 5! We’re number 5! (It hurts me too, but winters gonna winter, only thing to do is to keep building).”

Tech giants and major economies continue to test the ultimate potential of metaverse through various investments and initiatives.

IPhone manufacturer Apple will soon release a mixed-reality headset, which could reignite global interest in the metaverse.

CT is completely oblivious to the fact that Apple is about to launch a mixed reality headset in 3 weeks

Metaverse shitcoins are going to pump so hard it’s not even funny

But you morons keep buying influencer coins

Ok
— Udi Wertheimer ‍♂️ (@udiWertheimer) May 15, 2023

Speaking to Cointelegraph, eToro market analyst Josh Gilbert said the new headset could set the markets ablaze, considering Apple’s proven record of delivering high-quality, market-shifting products. Gilbert stated:

“When Apple does it, they usually do it right.”

According to a report from Apple product soothsayer Mark Gurhman, the new Apple headset is set to launch on June 5.

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The Sandbox CEO’s Twitter was hacked, used to promote alleged ‘airdrop’ scam

May 26, 2023 Coin Telegraph

Coin Telegraph

The executive appears to have now recovered his account.

Arthur Madrid, co-founder and CEO of metaverse project The Sandbox, was the victim of a Twitter account hack on May 26, according to a post from Madrid that was apparently made after he recovered the account. The attacker allegedly used Madrid’s account to promote a fake “airdrop” phishing scam.

In Madrid’s post, he warned Sandbox users that they should “never click on any link that promote Airdrop or URL and look SCAMMY - and not 100% using our proper and unique URL/domain name : http://sandbox.game.”

My Twitter was hacked today. and now is back. Please never click on any link that promote Airdrop or URL and look SCAMMY - and not 100% using our proper and unique URL/domain name : https://t.co/X3rXN9z8z7
— Arthur Madrid (@arthurmadrid) May 26, 2023

Four hours before Madrid’s post, The Sandbox’s official Twitter account also warned that a scammer had taken control of the account and was promoting “a scam / phishing link for a fake airdrop of SAND tokens.”

The post included a screenshot of the alleged scam post, which advertised a SAND token airdrop and encouraged users to “check eligibility and claim on the site,” referring users to a website with a different URL than the official one.

The Sandbox team stated that they were “working on getting the site down and fix it ASAP.”

⚠️ Our CEO & Co-Founder Arthur Madrid's Twitter account has been hacked ⚠️

The hacker is posting a scam / phishing link for a fake airdrop of SAND tokens.

⛔️Do NOT click on the link and instead report the post so it is blocked.

We're working on getting the site down and fix… pic.twitter.com/sOqzAV5OUT
— The Sandbox (@TheSandboxGame) May 26, 2023

As of 8:26 pm UTC, the alleged scam site appears to have been taken down, as it now produces a 404 error.

Phishing attacks have become a frequent problem in the crypto community. On May 19, a scam-as-a-service called “Inferno Drainer” was reportedly discovered to be operating on Telegram, recruiting website builders to create hundreds of these phishing scam sites. By the time it was discovered, it had reportedly stolen nearly $6 million from users.

On April 15, cybersecurity firm Kaspersky reported that these types of attacks increased by 40% in 2022 compared to the previous year.

Chinese city releases policy draft for metaverse industry development

May 26, 2023 Coin Telegraph

China

The policies include a series of cash benefits to attract metaverse-related companies to set up shop in the city.

On May 24, the Chinese city of Zhengzhou announced a series of policy proposals to support metaverse companies operating in the region. As part of the initiatives, the municipal government will establish a dedicated fund worth 10 billion yuan ($1.42 billion) to foster growth and development in the industry.

Per the government draft, metaverse companies that choose to relocate their headquarters to Zhengzhou will have the opportunity to receive a startup capital investment of up to 200 million yuan ($28.34 million). The companies will also qualify for other benefits, including rent subsidies.

Any company engaged in the development of metaverse use cases in the city — regardless of its headquarters location — will have the opportunity to receive up to 5 million yuan ($710,000) for each project certified as viable by the municipal government.

The specific date of the fund allocation has not been disclosed as of now. In addition to unveiling the funding policies, the municipal government of Zhengzhou has also outlined its long-term vision for the metaverse development in the city. It foresees that metaverse-related industries in Zhengzhou will achieve an annual revenue surpassing 200 billion yuan ($28.34 billion) by the end of 2025.

These policies apply to local enterprises operating in two distinct areas: 1) research endeavors focused on metaverse-related technologies, such as virtual reality, augmented reality and brain-computer interfaces; and 2) the utilization of metaverse technologies in real-world industries, such as education, entertainment and commerce.

Additionally, the government will collaborate with other governmental agencies and investment firms to secure an additional 50 billion yuan ($7.08 billion) in funding to support various metaverse-related development projects. Moreover, the city intends to offer cash rewards to metaverse companies upon their listing on China’s primary stock exchanges.

The plan includes blockchain — a crucial technology in the metaverse industry — alongside next-gen computer rendering, human-computer interfaces and artificial intelligence. Additionally, it aims to create a digital asset market using nonfungible token technology.

Zhengzhou has joined a plethora of Chinese cities and provinces vowing to become leaders in the country’s metaverse development. The south-eastern metropolis of Shanghai is actively pursuing its metaverse aspirations, predicting its metaverse industry will reach annual revenue of 350 billion yuan ($49.6 billion) by 2025.

Magazine: China’s wave of ChatGPT rivals, Alibaba goes multichain: Asia Express

Metaverse

HSBC files metaverse and NFT patents

Queen eyes metaverse trademarks

Yuga Labs teases HV-MTL Forge NFT game

Enter the Slim Jim's ‘Meataverse’

Other Nifty News

Stronger than ever

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