Digestible news about the latest developments across the fields of Web3, NFT, blockchain and Metaverse in China and beyond, edited weekly by Pandaily.
This week: Animoca Brands acquired education startup TinyTap, China’s NFT platform has grown five-fold in four months, despite regulatory oversight, and Yahoo is for Hong Kong residents restricted by COVID measures Starts a metaverse event.
Animoca Brands Acquires Education Startup TinyTap
Animoca Brands, a Hong Kong-based blockchain gaming software venture capital firm, announced this week that it has acquired the educational gaming platform TinyTap to build a tokenized learning platform. SCMP first reported this story.
- The transaction is worth $ 38.9 million and Animoca Brands has acquired an 84.13% stake in TinyTap. This is a platform that allows users to create their own video games without any coding experience.
- With this acquisition, Animoca Brands will build a blockchain-based ecosystem of user-generated educational content.
- Yogev Shelly, CEO of TinyTap, said: “By becoming part of Animoca Brands, we will leverage blockchain to advance this vision and build a new education system that is independent of schools and governments and is owned and led by the educators themselves.”
- The new platform will be interactive as it rewards educators who design tools and content with ownership enforced through blockchain-based tokens, the company said, and certificates and diplomas can also be issued as digital tokens. He added that he could.
- Animoca Brands held a 3.73% stake in TinyTap prior to the acquisition. ((((SCMP).
Chinese cryptocurrency mining chip maker Nano Labs reportedly filed Nasdaq IPO
Hangzhou-based cryptocurrency mining chip designer Nano Labs has applied for an IPO on Nasdaq despite the recent downturn in the global crypto market. Cointelegraph first reported this story.
- Nano Labs has submitted to the US Securities and Exchange Commission (SEC) about an upcoming public offering on Nasdaq, the world’s second largest stock exchange, citing information from Renaissance Capital’s IPO monitoring tools, Cointelegraph. Reported.
- High-tech companies in China and the United States are under regulatory pressure as the Chinese government introduces laws covering areas ranging from antitrust to data protection. Meanwhile, in the United States, President Joe Biden signed a new presidential order last year aimed at cracking down on anti-competitive acts. Practice at Big Tech, among other sectors.
- Due to regulatory friction, there is a shortage of foreign funding for Chinese issuers. Only two Chinese IPOs in New York in 2022 raised $ 49.5 million. In contrast, 28 IPOs in 2021 raised $ 5.8 billion.
- However, Nano Labs is promoting Nasdaq, even though it has not yet developed a viable product. According to Cointelegraph, the company plans to transform into a metaverse business that provides computing power for games and entertainment.
- The two major shareholders of Nano Labs are co-founders Kong and Sun Qifeng, who hold 32.8% and 22.3% shares, respectively.
- Nano Labs products are used to mine cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Filecoin (FIL). ((((Cointelegraph).
China’s NFT platform will grow five-fold in four months, despite regulatory scrutiny
According to recent data, the number of NFTs, or digital collection platforms known in China, has exceeded 500, quintupling from February 2022. Cointelegraph first reported this story.
- According to local media, the number of NFT platforms is skyrocketing when digital collections are becoming more and more popular in the country. Tencent When Alibaba Join the space with the launch of your own NFT Marketplace.
- As an alternative to NFTs, digital collectibles exist on private blockchains, are backed by Chinese fiat currencies, and cannot be sold or traded for commercial purposes.
- Companies and individuals continue to work on digital collections as regulatory oversight is not clear. China officially banned all crypto-related mining and trading activities in July last year.
- The ban on cryptocurrency mining has reduced the hash rate of the BTC network by 50%, but it has not completely surpassed the domestic mining industry. China’s Bitcoin miners accounted for 21.1% of the global BTC mining hash rate distribution as of early 2022, following the United States, which produced 37.8% of total hash rates as of January. ((((Cointelegraph).
Chinese crypto investors who are unaffected by the collapse of the market
Chinese crypto investors are not upset by the recent market collapse, where the value of BTC has plummeted by more than 70%. SCMP first reported this story.
- Bitcoin has lost more than 74% of its value from its record high in November. Its price fell below $ 20,000 as the brutal selling of cryptocurrencies showed no signs of waning.
- Cryptocurrency lending platform Celsius Network has stopped withdrawing, but there is growing concern about the financial position of Coinbase Global, the major US cryptocurrency exchange, which recently announced plans to extend the job freeze to a “foreseeable future.” .. Coinbase was once the administrator of $ 256.0 billion worth of cryptocurrencies.
- However, many Chinese crypto investors are optimistic about the market. In an interview with SCMP, Jeremy HM Chou, director of the Asia Pacific region of the cryptocurrency and NFT platform Chains.com, said: [overvalued assets].. It’s time to return to basic values. “
- A significant community of crypto investors has begun to emerge in the country amid strict government crackdowns on crypto. These investors typically have access to foreign bank accounts and can trade on exchanges such as Coinbase and Binance using virtual private networks. ((((SCMP).
Yahoo Launches Metaverse Event for Hong Kong Residents Restricted by COVID
Yahoo has announced a series of Metaverse and NFT-related activities in Hong Kong. The news came after Meta Platforms outlined its own Metaverse plan for the region. Cointelegraph first reported this story.
- A US-based internet media company has announced that it will host a series of virtual events and concerts for Hong Kong residents in Decentraland, a 3D virtual world running on the Ethereum blockchain.
- Lorraine Cheung, Yahoo’s head of audience, said the company sees the Metaverse as an attractive alternative for Hong Kong residents to engage in social activities while pandemic restrictions remain in effect.
- Hong Kong began its obligation on June 9 to require people to provide a negative COVID test for people to enter all public places, including bars and restaurants.
- Yahoo will also launch an NFT exhibition called Kwun Tong’s Abyss. At this exhibition, local artists will virtually recreate the historic district of Kwun Tong, which was heavily affected by the redevelopment. ((((Cointelegraph).
Meta adds child safety features to the Metaverse
Meta announced last week that it will roll out several features to make it more secure in the early teens of the virtual world. We will also add new safety features to Instagram. Forbes first reported this story.
- Parents can use the app connected to Meta’s Quest VR headset to monitor and control how their child interacts with the Metaverse platform. Parents can approve or reject purchases, block apps, view apps owned by teenagers, and more.
- The parental control feature is only active when a teenager links their account to their parent’s account. Parents can now view their child’s screen time, see who their child has become friends with, and block content from their PC to their VR headset.
- “We are adding more in-app interventions to encourage teens to have a more positive experience online with diverse content,” said Meta’s Youth Welfare Officer. One Vaishnavi J told Forbes in an interview. “And pay more attention to the time they spend online.”
- Instagram will allow parents to limit their use of the app and view information about posts reported by their children. Instagram will also start sending notifications (“nudge”) to teenage users to reduce the time spent on certain potentially harmful topics.
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.Please write to us [email protected].. See you next week!