Digestible news about the latest developments across the areas of NFTs, blockchains and the Metaverse in Greater China, edited weekly by Pandaily.
this week: TencentThe acquisition of the game phone brand fails as Beijing intensifies Metaverse scrutiny, Animoca Brands advances into education, and cryptocurrency sales are trending on Chinese social media despite a cryptocurrency ban. It ends in.
Shanghai Court confirms that Bitcoin is subject to property rights
The District Court in Shanghai has ruled that Bitcoin owners have the right to indemnity in cases involving unpaid loans, Cointelegraph reported.
- The Shanghai Higher People’s Court has issued a document stating that Bitcoin is subject to property rights, laws and regulations. The findings were related to a proceeding filed in the district court in 2020, including the recovery of a 1-bitcoin loan.
- The lower court found that Bitcoin has value, rarity, and disposability, and therefore meets the definition of virtual property and is subject to property rights.
- The Shanghai Baoshan District People’s Court ruled in favor of the plaintiff and ordered the defendant who no longer has Bitcoin to provide compensation with a discount on the value of Bitcoin at the time of financing.
- Since crypto trading is banned in China, the case was complicated by several factors, including the difficulty of determining the current price of rented Bitcoin. In addition, the court’s investigation was hampered by the inability to inquire about virtual property. ((((Cointelegraph).
Cryptography sold out on Chinese social media despite banning cryptography
Luna, a cryptocurrency whose price plummeted by more than 80% on Tuesday, has become a top-trend search on China’s social media platform Weibo, SCMP reported.
- Bitcoin, which fell from its peak in November to half this week’s value, was also one of the most searched terms on Weibo as of Tuesday.
- Searches suggest that a quiet community of crypto enthusiasts still exists, even though the country banned crypto trading and mining in September.
- Investors have sold more risky assets in response to the Federal Reserve’s move to raise interest rates and curb inflation, causing prices of various popular cryptocurrencies to fall.
- Bored ApeYacht Club (BAYC), one of the most popular NFTs in the world, has seen its average selling price drop by 29% on a US dollar basis over the past 7 days, with transactions and users down 21% and 27%, respectively. ..
- State media and regulators have repeatedly warned the public about the speculative risks of crypto assets, but the crypto community has found a way around the restrictions. According to SimilarWeb data, nearly 10% of OKX’s desktop web traffic, one of the world’s largest cryptocurrency exchanges, comes from China. ((((SCMP).
TencentAcquisition of game phone brand fails as Beijing tightens scrutiny of Metaverse regulations
- Tencent We have been discussing with gaming phone and accessory niche makers since January to further enhance our ambitions in the Metaverse. The XiaomiAccording to a previous report by Bloomberg, the backed acquisition target will pivot to make a virtual reality headset after the transaction.
- The acquisition would have been marked TencentFirst investment in Metaverse / VR hardware maker. However, the plan was unsuccessful because the Shenzhen-based company was unable to obtain approval from government authorities.
- The development of specialized hardware is one of the key pillars of achieving the Metaverse. Meta was one of the earliest moves to acquire VR headset maker Oculus in 2014, and last year China’s top rival ByteDance acquired domestic VR headset maker Pico.
- The failure of the acquisition is due to the regulatory danger of a Chinese tech giant in a Metaverse venture. Meanwhile, numerous trademark applications, including the World Metaverse (or “Yuzhou Yuzhou” in Chinese), have been rejected by the National Intellectual Property Office. Both suggest that Beijing is increasing its scrutiny of the Metaverse industry. ((((SCMP, Bloomberg).
read more: Pandaily’s view of a failed acquisition
Animoca brand for education
Hong Kong-based gaming software and venture capital firm Animoca Brands is looking to enter the education sector, according to reports from TechCrunch and TechinAsia.
- “Animoca Brands will enter the education sector to reward students and teachers with #LearnToEarn or #TeachToEarn,” the company tweeted on Saturday.
- While the company continues to grow and focuses on blockchain games, it also aims to expand into new segments and markets such as education to facilitate the adoption of large blockchains.
- Animoca Brands provides educational tools that can be applied to a variety of disciplines, not just education on cryptographic topics.
- “Why we are so focused [education] Because we are thinking about NFTs about the creator economy. And what is one of the biggest creator economies in the world? Teachers, “said Shiu.
- According to Tech in Asia, the company is considering an acquisition later this month.
- Founded in 2014 by entrepreneur and angel investor Yat Siu, Animoca Brands is a prolific software and VC company that has invested in over 220 portfolios including blockchain games, NFT, decentralized finance and Metaverse.
- As of January this year, the company has raised $ 360 million and is valued at $ 5.4 billion. ((((TechCrunch, Asian technology).
read more:Animoca Brands NFT Game Empire
Instagram tests selected artists and NFTs
According to TechCrunch and The Verge, Meta CEO Mark Zuckerberg confirmed in a Facebook post last week that the company is testing NFTs on Instagram.
- The CEO said the new feature will allow collectors and creators of digital collections to view NFTs on their profiles, and similar features will soon be introduced on Facebook. “With the augmented reality NFT of Instagram stories via the augmented reality platform Spark AR, users create AR effects for mobile cameras, similar to Photoshop and Sketch.
- Instagram head Adam Mosseri tweeted a video that a small group of users in the United States will be able to view NFTs in feeds, stories, and messages. For now, there is no charge for posting or sharing digital collections on Instagram.
- Moseri said he wanted to keep the tests small, perhaps to address public distrust of the major social networking platforms that undermine the decentralized spirit of Web 3. It’s all about distributing trust and distributing power, “Moselli said. “But Instagram is basically a centralized platform, so there’s tension there.”
- Instagram’s NFT test will be available as a Twitter-enabled NFT profile picture for premium users earlier this year. YouTube CEO Susan Wojcicki has suggested that the platform may adopt Web 3 technologies, including NFTs, to support the creator community.
- Facebook acquired Instagram for $ 1 billion in 2012. This was a shocking amount at the time for a company with 13 employees. Instagram has about 1 billion monthly active users today, more than half of its parent company Meta’s $ 50 billion in advertising revenue in 2021. ((((TechCrunch, The Verge).
Boring Ape Yacht Club Invests in Metaverse Virtual Landsale
According to the Financial Times, Miami-based Yuga Labs is the startup behind Bored Ape Yacht Club, the world’s most popular NFT collection, creating a metaverse to sell lots of virtual land.
- Yuga Labs is working with London-based startup Impropable to develop a virtual land plot called “Otherside” for the next Metaverse.
- Users are allowed to move assets between different virtual worlds, Improbable CEO Herman Narula told the Financial Times.
- “We’ve seen how walled gardens and closed networks abuse people who spend their time in service for the benefit of a small number of people,” said Nicole Munz, CEO of Yuga Labs. “.
- The company claims that its vision is to create an “open” alternative to virtual worlds built by major technology companies such as Apple and Meta. However, “Otherside” recently sold for a total of $ 300 million and was priced at all prices except the wealthiest buyers.
- Yuga Labs is one of the most valuable Web3 startups and has been valued up to $ 5 billion in a recent funding round by venture capital group Andreesen Horowitz. ((((Financial Times).
That’s it for this week’s newsletter – Thank you for reading! As always, we welcome your feedback on how to make this newsletter better.My email is [email protected].. See you next week!