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- Metaverse Market To Grow To $4 Trillion Powered By AR and VR 🔮😎
Metaverse Market To Grow To $4 Trillion Powered By AR and VR 🔮😎
PLUS: First Abu Dhabi Bank completes cross-border payments testing on JPMorgan Onyx. USDR team vows to provide solutions amidst slump.
Manan Vora
October 12, 2023
Snapshot Web3
October 12, 2023
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Regulatory and Legal News
Seven U.S. Senators are urging the Treasury Department and IRS to speed up the implementation of crypto tax reporting requirements. They criticized the currently scheduled start date of 2026 for transactions in 2025, stating that the delay could lead to a loss of around $50 billion in annual tax revenue and enable tax evasion. They emphasized the urgency of imposing reporting requirements on the largely unregulated crypto sector. The proposed rules, open for public comments until October 30, aim to have brokers assist taxpayers in determining tax liabilities related to crypto and report digital asset transactions.
The European Securities and Markets Authority (ESMA) has released a report on decentralized finance (DeFi) in the EU market. It acknowledges potential benefits like financial inclusion and innovation, but also points out significant risks. These include liquidity risk, high volatility of crypto assets, susceptibility to scams due to the lack of KYC protocols, and the potential for counterparty risk. The report notes the absence of identifiable responsible parties and recourse mechanisms as further concerns. Currently, the ESMA sees DeFi and the broader crypto market as not posing "meaningful risks" to financial stability due to their relatively small size and limited connection to traditional financial markets.
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Innovation and Launches
First Abu Dhabi Bank (FAB) has successfully completed a pilot project for blockchain-based cross-border payments with JPMorgan's Onyx Coin Systems. The pilot phase went smoothly with satisfactory response times. This follows a similar test in Bahrain with Bank ABC. JPMorgan's permissioned distributed ledger, launched in 2020, has been gaining traction, processing between $1 billion and $2 billion daily. Onyx has also been used for euro-denominated payments in Europe and interbank USD settlements in India. Additionally, the first public trade was settled on JPMorgan’s new Tokenization Collateral Network.
CoinMarketCap, a cryptocurrency data aggregator owned by Binance, has launched a plugin for the ChatGPT AI chatbot. Users with a ChatGPT Plus account can enable the plugin for free, allowing them to ask the chatbot a range of crypto-related questions. The plugin sources real-time crypto data directly from CoinMarketCap, providing information on listings, gainers and losers, and blockchain statistics. The tool is compatible with both desktop and mobile devices.
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NFT, Gaming and Metaverse
Acumen Research predicts the metaverse market could reach $4 trillion by 2032, driven by VR and AR tech. North America and Asia-Pacific are key regions. ByteDance, Meta Platforms, and Microsoft lead the way. Blockchain is the economic backbone. Challenges include privacy and platform integration. Digital twin market could hit $274 billion by 2032, if tech advances. Blockchain may tokenize physical assets.
Immutable, a Web3 gaming platform, has partnered with Amazon Web Services (AWS) to offer more options for game developers. AWS includes Immutable in its ISV Accelerate Program, providing software solutions that integrate with AWS. Developers using Immutable’s blockchain can join AWS Activate for technical support, training, and $100,000 in AWS cloud credits. Immutable has increased scalability using AWS services. In August, Immutable began public testing of its zero-knowledge Ethereum Virtual Machine (zkEVM) with Polygon Labs to reduce development costs. Immutable was valued at $2.5 billion in March 2022 after receiving significant funding from Temasek.
Renowned Ferrari designer Alessandro Fiori, known as "Mr. Uramaki," has unveiled his NFT creation "After All This Time" on Exchange.art. This collection represents a departure from his industrial engineering roots, showcasing a deeply personal exploration of artistry influenced by his automotive design career. Fiori's creative process remains simple, relying on an iPad and a pen. "After All This Time" is a poignant tribute to a cherished memory, reflecting his personal and professional journey. This NFT is now available exclusively on Exchange.art, offering a fusion of art and technology.
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Interesting Reads
As the digital landscape embraces decentralized governance, finding a balance between transparency and control is crucial. Organizations play a vital role in this, acting as collaborative leaders and catalysts for community growth. They must uphold responsibilities, ensuring fairness, integrity, and trust within the ecosystem. Embracing Web3 means prioritizing transparency, fostering community participation, and centering design around user needs. Businesses should also focus on broader values like social impact and sustainability. By actively engaging with the community and embracing these principles, we can create a vibrant, inclusive, and effective decentralized governance system for a brighter future. This evolution builds upon the foundation of Web2, emphasizing decentralization, user empowerment, and innovation.
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Quick Links
Real estate-backed stablecoin USDR fell to $0.53 per coin on Oct. 11, but the team said it was merely a liquidity issue and that real estate holdings and digital assets will be used to support redemptions.
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Miscellaneous
On October 11, Lido Finance experienced 20 slashing events due to validator configuration issues with Launchnodes. The impact amounted to 20 Ether (ETH), approximately $31,000, and additional penalties. The affected validators have been taken offline for investigation. Slashing occurs when a validator violates a blockchain's consensus rules, resulting in penalties. Stakers on the protocol will see a reduction in daily rewards. Lido DAO has an insurance fund to mitigate the impact, but it doesn't trigger automatically. Compensation and cover methods are being decided. Launchnodes has pledged to reimburse all losses incurred.
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The information provided in this newsletter is for informational purposes only and should not be interpreted as investment advice, endorsement, or recommendation. Cryptocurrency investments carry significant risk due to their volatility. You should consider your financial situation, investment goals, and risk tolerance before making any investments. We strongly recommend consulting a qualified financial advisor before making any investment decisions. Past performance is not indicative of future results.
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