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OKX launches metaverse training session with football star Rúben Días

The experience will allow fans to connect with Días and experience training techniques and coaching tips in virtual reality.

Cryptocurrency exchange and Web3 technology developer OKX has been active in the space over the last month, with the latest announcement on its first immersive metaverse fan experience as a part of its “OKX Collective."

On April 3, the company revealed a collaboration called “Train Like Dias” with one of its brand ambassadors and footballer from Manchester City, Rúben Días.

According to the announcement, fans will be able to virtually experience Días’ favorite training techniques and have exposure to coaching and tips. The experience is open to fans within the OKX Collective metaverse.

Haider Rafique, the global chief marketing officer at OKX, commented that the new immersive experience helps connect fans and “is another great example of what this technology allows."

"The possibilities that Web3 can offer are vast and only limited by our own imaginations."

OKX and Manchester City officially became partners back in July 2022, and the platform hinted at future offerings of Web3-content from other players on the team including Alex Greenwood, Ilkay Gündoğan and Jack Grealish.

Metaverse avatar for OKX Collection immersive metaverse experience. Source: OKX

Cointelegraph reached out to OKX and Días for a comment on the immersive experience. 

Related: To be or not to be: Ethics, democracy and morality in the nascent metaverse

The metaverse continues to be the next frontier to explore connections between physical reality and Web3 applications as seen with “Train Like Dias”. However, recent events surrounding development in the metaverse have been mixed after Disney reportedly scraped its metaverse division. 

That came only a week after rumors began to circulate that Animoca Brands, a prominent metaverse developer in the space, had cuts of around $200 million to its metaverse fund. Animoca promptly denied those claims. 

Nissan recently filed On the other hand, South Korea launched a ‘Metaverse Fund’ on March 12 intending to accelerate metaverse initiatives within the country and automotive manufacturer Nissan recently filed multiple Web3 trademarks and trialed sales in the metaverse.

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

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Former Activision Blizzard executive joins Yuga Labs as CEO

With Daniel Alegre on board, Yuga Labs is expected to ramp up its metaverse efforts. Previously, he held leadership positions at Google, Activision Blizzard, and Bertelsmann.

Yuga Labs, the company behind the Bored Ape Yacht Club (BAYC) and CryptoPunks NFT collections, has a new CEO: Daniel Alegre. The executive resigned as president and chief operating officer of the gaming giant company Activision Blizzard to join the NFT startup on April 1. 

"Couldn't be more excited for this next chapter," he wrote on Twitter. Alegre was a key player in Activision Blizzard's growth in the past years, overseeing popular gaming franchises like Call of Duty, World of Warcraft, Diablo, and Candy Crush.

The executive has been involved in the gaming, entertainment, and technology industries for many years. According to his LinkedIn profile, he worked for the German media conglomerate Bertelsmann for nearly six years before joining Google, where he served for more than 16 years in various leadership positions overseeing areas such as global shopping revenue, retail ecosystem engagement, as well as operations in Asia Pacific and Latin America.

Yuga Labs announced Alegre's arrival in December. In a press release at the time, the executive said  “the company’s pipeline of products, partnerships, and IP represents a massive opportunity to define the metaverse."

The opportunities will also come with challenges. A class-action lawsuit filed in December in the United States accuses BAYC creators of misleading investors about financial benefits of Yuga securities, as well as using celebrity promoters to lure in more investors. Investors that bought BAYC and APE between April 23, 2021, and Dec. 8, 2022 may be entitled to compensation, claims Rosen Law Firm.

Aside from that, Yuga Labs co-founder Wylie Aronow took a leave of absence in January to prioritize his health following a congestive heart failure diagnosis. It's unclear when he will be able to resume his responsibilities.

Alegre's arrival has been considered a bold move in the NFT industry. Kieran Warwick, co-founder of blockchain role-playing game Illuvium, said that Yuga Labs’ new hire is “big for all of GameFi,” suggesting that Web3 gaming will spark the next crypto bull run.

Magazine: 4 out of 10 NFT sales are fake: Learn to spot the signs of wash trading

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‘AI Tools Will Provide Very Interesting Enhancements for the Metaverse’ — Upland Co-Founder

‘AI Tools Will Provide Very Interesting Enhancements for the Metaverse’ — Upland Co-FounderAccording to Dirk Lueth, co-founder of the Upland Metaverse, the colonization of the metaverse by tech giants and the building of so-called “walled garden systems” is not sustainable. Lueth argues that instead of “locking users in,” the metaverse should usher in “a future where they are free to move between platforms and can easily take […]

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Disney Reportedly Axing Metaverse Division Amidst Company Restructuring

Disney Reportedly Axing Metaverse Division Amidst Company RestructuringThe metaverse division of Disney has apparently fallen victim to the latest round of layoffs announced by the company. Per reports from the Wall Street Journal citing people “familiar with the situation,” the whole next-generation storytelling and consumer-experience unit, comprised of 50 people, has been axed — this being part of the 7,000 layoffs the […]

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AI makes the metaverse safer and more inclusive: The Sandbox co-founder

AI continues to be more pervasive in emerging technologies, and according to a co-founder of The Sandbox, it will make digital spaces more inclusive places.

Artificial intelligence (AI) is the new buzzword in the emerging tech scene after the release of OpenAI’s chatbot ChatGPT-4. However, opinions on this groundbreaking technology are mixed, with some claiming it is something to be feared

Speaking to Cointelegraph reporter Jesse Coghlan at the WOW Summit Hong Kong 2023, Sebastien Borget, co-founder and chief operating officer of The Sandbox and president of the Blockchain Game Alliance, said he is excited about “the possibilities that AI offers for creators.”

Rather than fearing AI, Borget said essentially it is here to help creators create even faster. 

“With this tool, generative AI, [creators] can show and materialize ideas in seconds. It’s fantastic. The speed at which ideas can come to life has been accelerated so much.”

Borget continued by saying this will help bring more life into the metaverse, moreover, more “diverse and inclusive” avatars for users. 

The Sandbox co-founder Sebastien Borget and Cointelegraph reporter Jesse Coghlan at WOW Summit Hong Kong 2023. Source: Cointelegraph

He signaled to a company developing an AI application that allows users to upload videos from a smartphone, take emotions directly from the live feed, and add them to an avatar. According to The Sandbox co-founder, this AI use case allows “more expression and feeling” in content creation.

“AI also helped to make the metaverse safer because it can moderate text in chats to reduce toxicity, for example, in a more automated manner.”

This is not the first time AI has been mentioned as a way to improve safety in the Web3 space. AI-based tools are said to be able to bring security and transparency to nonfungible token markets.

Related: 7 artificial intelligence examples in everyday life

Others have echoed Borget’s sentiment of AI being used to make the metaverse more interactive. It can help in more accurate representations of physical-world social experiences that are yet to be possible in the metaverse available today.

Nonetheless, AI skeptics are still sounding alarms over the potential negative effects stemming from the technology. On March 22, over 2,600 leaders and researchers in the tech industry, including Elon Musk, signed an open letter stressing the need for a pause on further AI development. 

The letter cites “profound risks to society and humanity” with the current speed of developments.

Magazine: All rise for the robot judge: AI and blockchain could transform the courtroom

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To be or not to be: Ethics, democracy and morality in the nascent metaverse

If human interactions in digital reality should mimic those of real life, this raises questions as to what and who will dictate important moral judgements and ethical standards.

The metaverse has the potential to be the next frontier of human interaction, as evidenced by the amount of activity that continues to pour into the space.

It’s not just game developers pushing digital worlds but entire countries are setting up metaverse development funds. Major automotive firms, such as Nissan, are conducting trial sales in the metaverse, and even court cases are being moved to digital reality.

According to data compiled by licensed trademark attorney Mike Kondoudis in November 2022, trademarks filed for nonfungible tokens (NFTs), cryptocurrencies and the metaverse hit new levels at the end of the year.

However, if countries and court cases are entering the metaverse and human activity increases in digital reality, it’s only a matter of time before major ethical questions come into play.

What are the moral codes of a society that is a digital conglomerate of many societies in physical reality? Or, given the fact the metaverse is in theory open to anyone around the world, how do local and metaverse laws interfere and interact with one another?

These are new concepts that have sprung from emerging technologies, but they have roots in some of the major ethical questions with which humans have struggled throughout history.

A moral metaverse

With new technology, there are always questions raised about the morality and ethics of its capabilities. This has certainly been the case with artificial intelligence (AI) and invasive wearable technology.

Recently, the release of ChatGPT-4, an advanced AI chatbot application, raised major ethical questions as it was able to ace the bar exam and SATs. In an effort to dictate morality around this technology, Cambridge University released its first official policy regarding the ethics of artificial intelligence.

As the metaverse expands, it, too, is becoming a topic both users and developers will continue to face from a moral and ethical perspective.

For Yat Siu, CEO and co-founder of Animoca Brands, the “framework in the physical world” is still something to fall back on in this early stage of digital reality development.

“It’s certainly an ongoing process,” he told Cointelegraph. “Some jurisdictions are looking at incorporating digital assets within local law frameworks.”

Related: US enforcement agencies are turning up the heat on crypto-related crime

Siu’s comment regarding jurisdiction refers to the fact that the metaverse is theoretically accessible to users from all over the world, but it’s also being developed intentionally and in specific ways in certain countries.

For example, Saudi Arabia recently announced a partnership with The Sandbox for future metaverse development, while in Colombia, a local legal jurisdiction held a trial in the metaverse.

Therefore, in instances involving specific physical geographical locations, local perspectives of ethics and morality will come into play.

Metaverse crime and punishment

The aforementioned court case in Colombia created a buzz in the online legal community as to what is legally possible in virtual worlds and, more importantly, what is ethical for all those involved.

The Colombian court case was a civil case involving a traffic violation that took place outside of the metaverse. However, the situation becomes more complex when dealing with punishment for behavior deemed unethical that has taken place within the metaverse. On this, Siu commented:

“At the moment, the immediate measures against criminals in the open metaverse are often enacted by the community itself and are technologically based, such as blacklisting the offenders’ wallets and sanctioning them.”

Another way to tackle metaverse crimes, according to Siu, would be to reverse transactions by securing a general consensus on the blockchains where the crimes took place.

He said this way is “more controversial” and still a “degree of law enforcement in the physical world is required.”

Decentralized democracy

John Kobs, CEO and founder of digital artist residency Wildxyz, echoed Siu, telling Cointelegraph that the ethics and morality of the metaverse are currently being created, and developers should be creating this new ethical standard with integrity and trust for its users.

“Ensuring these new online spaces are filled with respect and inclusivity and held to a high ethical standard is the bar we are holding ourselves accountable to.”

Civilizations in physical reality have been wrestling with moral and ethical codes for centuries. One of the world’s most recognizable and ethical societal systems, democracy, was created in Greece in 5 B.C.

However, the various cultures and societies that have tried to take on democracy have influenced this moral system. The democracy that exists today in many countries around the world still is not exactly how the ancients first envisioned it.

Therefore, as humans create a new digital world, the cultural code of morals and ethics will most likely be shaped by the digital environments around it.

Kobs said that at Wildxyz, “We believe the culture and structures we create will play a huge role in defining a safe space for all who want to participate.”

On digital, decentralized democracy, Siu commented that “justice” is an important value of the open metaverse although it is “more subjective.”

“The metaverse offers us the opportunity to create new digital lives that are less affected by unfair factors that might plague us in the real world like disease, disability or poverty.”

Before our societies took the shape they’re currently in, “physical world societies began in a fairly decentralized manner and eventually grew into monarchy systems, which are not at all democratic or decentralized,” said Siu.

He continued by pointing out that despite this oscillation between decentralized and centralized ways of building societies, today, almost all those systems have been “replaced by democratic ones.”

“In terms of democratic potential, the open metaverse actually has some advantages over the physical world because participation is already codified by the framework itself, making it harder to be illegitimately disenfranchised, cheated, ostracized, etc.”

On the radar

Increased use of the metaverse is expected to change many areas of life as it is known in physical reality. In fact, 69% of users believe that metaverse activities will reshape social life.

However, the metaverse is still in its infant stage, and so are many aspects of its usability, including those with regard to ethical procedures. For now, there is not one blanket set of ethics and moral codes that dictate digital reality, just as there is not even a singular “metaverse” at present.

Related: ​​Death in the metaverse: Web3 aims to offer new answers to old questions

Nonetheless, the way humans will interact with each other morally and ethically in a digital replication of reality is definitely on the mind of developers and scholars.

Numerous academic articles are beginning to surface on the subject. A talk on the topic was even held at the mainstream South by Southwest festival called, “Good, Evil and Avatars: Ethics in the Metaverse.”

More attention is shifting to the digital world and what it takes to make it a sustainable reality. As Siu concluded on the topic, “a new culture is emerging.”

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How blockchain can help reimagine a new state in Africa

Eche Emole, the co-founder of Afropolitan, explains how the nation-state experiment has failed, especially in Africa, and how blockchain can be used to reimagine a new state.

On episode 12 of Cointelegraph’s Hashing It Out podcast, Eche Emole, co-founder of Afropolitan, explains what it means to build a country on the blockchain.

From an event and media company, Afropolitan has transitioned to a blockchain-based state of Africans on the continent and in the diaspora. Emole, an African in the diaspora with a political science, philosophy and law background, believes the nation-state experiment has failed in Africa. According to him, the existing state structures have stifled the development of people on the continent.

“We truly believe that the nation-state experiment has failed for Africans globally. It has yielded nothing but poverty, weakness, corruption, and it very stifling.“

The co-founder of Afropolitan explains that the inspiration to build a network state comes from an article titled “How To Start a New Country,” written by former Coinbase chief technology officer Balaji Srinivasan, who has recently been in the news for a $2 million bet on Bitcoin reaching $1 million in 90 days. Another piece of literature that inspired the creation of Afropolitan is the first of the federalist papers, published by Alexander Hamilton.

According to Emole, the plan to build Afropolitan will occur in four phases: building a community, offering governance as a service, becoming a minimum viable state and securing land for the real-life version of the state, featuring a Chinatown and an embassy.

Emole believes that another reason why Afropolitan is necessary is the lack of opportunities that exist for Africans. Emole explains that the issue is a two-part problem beginning from the point where most Africans are not in the rooms where major decisions are being made. Moreover, the lack of cross-industry communication prevents collaborations between Africans in a way that solves problems.

Related: US Bank collapse — Is crypto being targeted?

Elisha (GhCryptoGuy) and Emole also discuss the hurdles of creating a nation on the blockchain, the future of crypto in Africa and Vitalik Buterin’s visit to the continent.

Listen to Hashing It Out Episode 12 on Spotify, Apple Podcasts, Google Podcasts or TuneIn. You can also check out Cointelegraph’s full catalog of informative podcasts on the Cointelegraph Podcasts page.

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German Government Invests $1.2 Million in Metaverse Startup Flying Sheep Studios

German Government Invests .2 Million in Metaverse Startup Flying Sheep StudiosThe German government has allocated $1.2 million in funding for a metaverse game being developed by Flying Sheep Studios. The company, based in Cologne, will use the funds for the development of a game called Star Life, which will also include blockchain elements in the form of non-fungible tokens (NFTs). Flying Sheep Studios Raises $1.2 […]

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Deloitte dives into immersive experiences as more industries turn to Web3

The Big Four accounting firm is betting on immersive experiences and other Web3 solutions to address various corporate needs.

Immersive experiences are already popular in the entertainment, gaming and fashion industries, but they can also be a tool to address various other corporate needs, like simulating manufacturing operations and training managers to have sensitive conversations. 

Deloitte made this bet in late February when it announced a partnership with virtual spaces company Vatom to offer immersive experiences for various industries, from companies seeking to boost culture with virtual reality to brands focused on building community engagement. Together, the companies claim to deliver the ability to host thousands of people simultaneously in the same virtual space at the same time, along with a cross-chain wallet and access to a collection of digital assets and tokens of their metaverse experiences.

Training Underground - Virtual Reality. Source: Deloitte

The hidden goal, however, is to provide companies with underlying data about users. “One of the key trends impacting companies across all industries is the decreased accessibility of third-party data,” Khusro Khalid, managing director at Deloitte Digital, told Cointelegraph.

According to Khalid, firms that rely on knowing and connecting with customers are looking to replace third-party data and cut customer acquisition costs. “Given the customizable nature of the product, companies can leverage a host of Web3 tools, including virtual spaces, Programmable Digital Objects, a cross-chain universal Wallet, POS redemption, token gating and loyalty points, among other features, for a diversity of business applications,” he said.

Deloitte envisions a variety of metaverse tools for companies. Virtual spaces offer companies a way to “not only gather global team members together for events and meetings but also provide gamified tools that enable more engaging and interactive employee training,” Khalid noted.

3D Asset Generation - Omniverse. Source: Deloitte

Other examples include digital twins for real estate, providing prospective buyers with an immersive tour of a property without ever leaving their homes. “In each of these instances, virtual spaces not only create a direct channel for engagement but also a simple way to gain valuable first- and zero-party data from those engaging in the virtual spaces — helping to inform future efforts and strategies,” explained Khalil.

Virtual reality experiences are attracting billions of dollars in investments from companies around the world. The market size of global immersive technology was valued at $21.6 billion in 2021 and is expected to reach approximately $134.18 billion by 2030, according to Precedence Research.

Tech giants such as Nvidia, Qualcomm, Google, Facebook-owner Meta and Microsoft have already disclosed metaverse-related initiatives, while decentralized and blockchain-based platforms operating in metaverse businesses include Decentraland, The Sandbox, Axie Infinity, Metahero and Star Atlas, to name a few.

Eric Pulier, founder and CEO of Vatom, believes the metaverse is the internet of tomorrow and, as such, no businesses will be untouched by immersive experiences:

“Web3 represents the next iteration of the internet. In the same way that there is no company or industry that does not use the internet as a tool of engagement, there is no sector of business that cannot benefit from more effectively engaging their target audiences at scale with Web3.”

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‘Get comfortable with discomfort’ for Web3 success: PBW 2023

A group of professionals in Web3 took the Venus de Milo stage at Paris Blockchain Week 2023 to discuss the dos and don’ts of metaverse regulation.

The metaverse continues to be a hot topic in the Web3 space, as a group of industry professionals took to the Venus de Milo stage at Paris Blockchain Week 2023 to discuss the future of digital reality. 

In the panel “Metaverse Regulation: Dos and Don’ts,” the group discussed how regulators around the world might interpret what goes on in the metaverse, along with how businesses should navigate their entrance into digital reality.

PBW venue, Paris, France. Source: Cointelegraph

Lawyer and founder of Jacob Avocats Julie Jacob said she sees privacy, regulation, and ethical standards as having “different cultures in different countries.” According to Jacobs, the new challenge is creating regulations that can be applied worldwide:

“There is no standard. It's really a fantastic opportunity, in my opinion, to now create rules all together and also to create ethical standards.”

Arnaud Pelletier, the innovation director for IBM Consulting France, said regulation is key to ensuring “fairness, competition and protection of individuals,” especially as more businesses enter the metaverse

However, Pelletier stressed that too much regulation would have “drawbacks” such as limited innovation, too much interpretation and stunted adoption.

Related: South Korea launches ‘Metaverse Fund’ to expedite domestic initiatives

In the United States, this has already started to happen, according to Andy Albertson, partner and co-lead at Fenwick. He said it's pushing "good, hard-working entrepreneurs" out of the country into others that are more receptive:

“It also creates an opportunity for countries that want to lean into this innovation and provide an appropriate level of regulation.”

For enterprises ready to jump into the space, Albertson said they need to “get comfortable with discomfort” to succeed in Web3. As the industry continues to grow, there are still a lot of "grey areas" to work with, he said, adding:

“You have to be comfortable with the strategic risk. I'm not talking about being reckless. I'm talking about marrying up the business opportunity with the risk that you couldn't eliminate.”

Recently, Margrethe Vestager, the executive vice president of the European Commission, said that current legislation lags behind the technology. She also said that the Commission wants to ensure "healthy competition" in the metaverse in its jurisdiction.

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